Our sedentary lifestyle and unchecked dietary habits have increased health complications in this fast-paced era. Thanks to medical advancements, health professionals can treat numerous illnesses successfully. However, the cost of treatment can get expensive. If you want to prevent your savings from being depleted, you should get health insurance. Here, we shall understand what is health insurance and its importance.
Health Insurance – Meaning
Health insurance is a contract between an insurance company and an insurance buyer. Under this contract, you, as the insurance buyer, need to pay an annual premium to the insurance company. The insurance company, in turn, covers the costs of medical expenses when you need hospitalisation. The insurer covers expenses like bills, doctor’s fees, diagnoses costs, ambulance charges, etc., up to a specific sum insured.
Insurers typically offer different types of health insurance plans. For instance, you can choose from individual plans, family floater plans, senior citizen health plans, critical illness plans, and so on. You also get customisation benefits, i.e., you can choose from various types of additional riders to get comprehensive coverage. However, you must ride out a 6-48 months waiting period (based on your chosen insurance plan) before filing an insurance claim.
Why Is Health Insurance Important?
The importance of health insurance is best summed up in the following points.
Minimal financial burden: Inflation affects the medical segment, too; hence, medical treatments keep getting expensive. The total cost of treatments, such as chemotherapies, dialysis, etc., can drain your savings significantly. Health insurance covers all such expenses and more.
Covers expensive treatment costs: With health insurance, you can avail of the best medical treatment without worrying about the expenses. Health insurance typically covers the cost of expensive treatments such as organ transplants, heart, brain, and/or kidney surgeries, laparoscopic surgeries, cancer, and other critical health conditions.
Family cover benefits: You can safeguard yourself and your family under one health insurance plan. That way, your spouse, ageing parents, and children are protected simultaneously against a single insurance premium.
Hassle-free claims: You can receive treatment at a hospital in the insurer’s network to enjoy cashless claim benefits. Your insurer directly pays the hospital for expenses incurred up to the sum insured. You can also claim reimbursements if you seek treatment at your preferred hospital, not in the insurer’s network.
Income tax benefit: Another reason why health insurance is important is the incredible tax benefits you get. Under section 80D of the Income Tax Act, 1961, you can claim tax deductions of up to ₹100,000 per annum against annual premiums paid.
Final note: The importance of health insurance in India is now more critical than ever, thanks to rising inflation. But what if we told you that you could enjoy health insurance benefits with your Vi mobile connection. That’s right; Vi offers medical insurance coverage of up to ₹1000/day with Vi hospicare insurance packs. Recharge your Vi prepaid account for ₹51 per month to claim this benefit. Vi has tied up with Aditya Birla Health Insurance to offer this exclusive benefit to its customers.
Recharge your Vi pack for ₹51 per month to get ₹1000/day health insurance benefits.
