A health emergency will not knock on your door before entering your life. Especially with our desk-bound lifestyle, diseases are becoming more common. When the medical bills pile up, your savings drain quickly out of your pocket. A regular health check-up may also cost you more than you can afford. This doesn’t mean that you cannot have access to the best treatments available for you and your family.
A health insurance policy comes to your aid in such a scenario. It covers your medical expenses so that you can lead a long and healthy life. A health insurance plan will offer you a cushion in times of medical emergencies. It provides you and your family with financial assistance that will cover you and your family’s urgent medical needs. Apart from this, buying a health insurance policy can also offer you tax benefits under Section 80D of the Income Tax Act. 1961.
Here are some key benefits of online health insurance:
Medical Check-Up Facility
You should get a full health check-up once a year to nip any oncoming diseases in the bud. Most of us ignore this fact because we don’t have the resources. A health insurance plan offers you the facility of regular health check-ups. These check-ups can be inclusive, or you can have it as an add-on with your medical insurance plan.
The transportation fee for the patient from their home to the hospital can be costly. Most health insurance plans offer coverage of the ambulance fee up to a certain amount. This way, the patient and the family can only focus on the treatment and forget about the frill charges.
Coverage of Pre and Post-Hospitalization Expenses
If the insurance covers the disease or illness, they will provide pre and post-hospitalization expenses. This means that if any medical bills arise before hospitalisation, they will be covered. If you need medical care at home after your stay at the hospital, the health insurance will cover that too.
Cashless Medical Treatment
If you get treatment from one of the network hospitals of the insurance company, you can avail the Cashless Claim facility. This facility allows you to get treatment without paying for it. The network hospital and the insurance company will settle your bills amongst themselves. The list of network hospitals is available on the website of the company. There is no hassle of filing a claim, making a payment and waiting for reimbursement. You simply get a treatment and go home.
Tax Benefits of Health Insurance Plans
Health insurance plans offer you tax benefits under Section 80D of the Income Tax Act. You get a tax rebate, the amount depending upon the premium and specific factors. If you are below 60 years, you can get a rebate of up to Rs.25000 in a year. If over 60 years, this amount can go up to Rs. 50000. If you are paying an insurance premium for your parents, you get a rebate up to Rs. 55000.
*Tax benefits are subject to changes in tax laws
Third Party Administrators or TPAs assist both the insurer and the insured. They help insurers against fake claims or overhead costs. TPAs help the insured to avail secure and swift services. These TPAs handle claims, reimbursements, premium collection, etc. on behalf of the insurance company.
Pre-Existing Disease Cover
After a certain incubation period (generally 2-4 years) insurance plans begin to cover pre-existing diseases. Pre-existing diseases are illnesses that the policyholder has before buying the policy. These may include diabetes, hypertension, etc. You can claim for these illnesses only after the incubation period is over. But these diseases should be mentioned in the policy.
A health insurance policy gives you the freedom to live your life to the fullest. You don’t have to worry about piling medical bills or hospital expenses if you simply plan. You can cater to yours and your family’s medical needs without worrying about the money. You can quickly get treatment and return to your regular life without having a burden on your shoulders. A health insurance policy is an absolute necessity in today’s time.