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Having health insurance plan is mostly beneficial for defraying medical expenses in the event of illness, accident, or hospital stay. Long-term cost savings on health insurance make it a crucial component of your annual financial planning. If you want to purchase insurance plans, check out Policy Ghar.
1. Cost of Hospitalization:
The fact that hospitalization costs are covered by health insurance policies, whether due to disease or unintentional harm, is one of its most important advantages.
- Hospitalization for illness:
Health insurance plans pay for expenses incurred when receiving hospital treatment for any kind of illness. The following types of linked treatment-related charges are included in the covered expenses:
- Intensive care unit (ICU) charges
- Diagnostic tests costs
- Room charges
- Doctors’ fees
- Surgery charges
- Accidental hospitalization:
Policies for health insurance pay for any expenses related to treating injuries sustained in an accident. These consist of any additional expenses for treating an unintentional injury that are covered by the health insurance plan, like:
Accommodation fee
fees for physicians and surgeons
ICU fees
Costs of diagnostic testing
- Capping on room rent:
The ability to select a cap on room rent within your health insurance policy is a crucial factor to consider because costs like diagnostic and physician fees are closely linked to the type of room a patient selects while receiving hospital treatment.
This feature includes choices like a set fee based on the entire amount covered for an individual or a single private room, or even no cap on room rental during hospital treatment.
- Daycare costs:
With improvements in treatment techniques, many surgeries no longer need an overnight stay in a hospital. Health insurance plans are made to assist policyholders in situations like these by paying for similar treatments in lieu of the usual hospital stay.
- Alternative medical care:
Many people these days do not want allopathic medicine, and there are some diseases that respond well to alternative therapies including homeopathy, ayurveda, Siddha, and unani. Such alternative treatments are also covered by several health insurance plans.
2. Pre-and Post-Hospitalization Costs:
When receiving treatment at a hospital, a patient must undergo a number of doctor visits in addition to the necessary diagnostic testing both before and during their stay. Some health insurance policies reimburse these costs.
For example, health insurance policies cover hospital treatment costs, but typically also account for pre-hospitalization costs for a period of time, usually 15 to 60 days before treatment begins. Upon your release from the hospital, they also pay for the costs of prescription drugs, diagnostic testing, and follow-up visits. For a period of thirty to ninety days following a patient’s hospital release, certain health insurance plans cover these costs.
- Cost of transportation:
This benefit pays for ambulance expenses and is typically provided up to a sublimit of around INR 5,000 for each hospitalization you have over the course of your insurance.
3. Health Assessments:
Health insurance plans are primarily intended to alleviate financial strain in the event of an emergency medical situation. But healthy individuals are also what insurers want in their portfolio.
Preventive health check-ups are often provided annually by most health insurance plans to make sure a person is informed of their health. This enables a person to take proactive measures to modify their lifestyle and learn about their health vitals. Over time, this may help insurance companies reduce their out-of-pocket expenses related to claims.
- Waiting period:
Within a health insurance policy, there are some conditions that are not covered from the outset. A waiting time ranging from one year to four years applies to certain illnesses. After policyholders reaffirm their commitment to continuing their health insurance plans with the same provider for a duration that varies from one to four years, contingent upon terms and circumstances, the illnesses that are specifically excluded are taken into consideration for coverage.
Early enrollment in a health insurance plan facilitates people’s crossing of the waiting period, which occurs at a point of life when certain illnesses—which are typically excluded during the waiting period—do not typically strike healthy people. This enables policyholders to avail full benefit of the insurance cover at an early age.
4. No Claim Bonus:
Health insurance compensates people who do not need to use its benefits and do not file a claim during the policy period in addition to paying for the medical costs of those who must be admitted to the hospital due to illness or unintentional damage. These people are rewarded by having their insurance cover amount increased without having to pay an extra fee.
One can accumulate a “No Claim Bonus” equal to 100% of the policy’s initial insured amount. This feature is helpful in older age groups when certain illnesses are more prone to occur and allows one to double the coverage at no additional expense. These include heart-related complications, diabetes, cancer, and hypertension.
5. Age Is No Barrier:
Nowadays, health insurance is accessible at every stage of life. To control insurance costs and still have a sizable level of protection for medical emergencies, a person can combine their base hospitalization coverage with a top-up health insurance plan.
- An individual can enjoy protection and tax benefits at a young age when tax-saving tailored products with a low hospitalization cover are offered.
- When it comes to family insurance, one can purchase a family floater policy and search for policies that include maternity benefits, ideally with a waiting period. Among the options offered are plans that cover costs for children’s immunization consultations and outpatient department (OPD) visits.
- When illnesses brought on by growing older and bad lifestyle choices begin to manifest in a middle age, one should consider raising the maximum insured to include people with a comparatively high coverage.
- Due to entry age limitations and pre-existing disease, it might be challenging to receive adequate and reasonable coverage at a post-retirement age. Getting health insurance early in life can help people plan their retirement better because one of the few major expenses that come with being an adult is medical costs after retirement.