The growing medical cost has become a serious issue in India. If you need to get admitted in a respected hospital or need emergency treatment then you will have to take care of various medical expenses. The insurance companies have health insurance policies that can help you with this issue. If you buy health insurance then the insurer takes care of your medical bills and hospitalization expenses. If the insurance company has a tie-up with the hospital, you avail of cashless treatment. Otherwise, the insurer will reimburse your medical bill.
A health insurance policy offers various benefits that protect you against the rising medical cost.
Benefits of health insurance
A good health insurance policy comes with a wide range of covers like hospitalization costs, critical illness insurance, medical tests, doctors’ fees, and more. If you want to benefit from the right insurance policy then you first need to know the facilities that come with the policy.
- Cashless treatment
The trusted insurers have tie-ups with most of the known hospitals. If you are treated in one of them, you can get cashless treatment, as your insurer will take care of the cost.
- Post-hospitalization costs
Some health insurance policies offer post-hospitalization cost covers. That means, the insurer will take care of your medical expenses for a certain period after you are released from the hospital
- No Claim Bonus (NCB)
If you do not make any claims for a year then the insurer pays you an NCB the next year.
- Health checkup
Regular health checkups are important to take good care of your body. The insurance companies provide you with cover for the same.
- Tax benefits
Under the section 80D of the Income Tax Act, the premium you paid towards the health insurance is tax deductible.
- Critical illness cover
The health insurance for critical illness is one of the most effective tools for saving your medical costs. Life-threatening critical illnesses require the most expensive care. You need to be hospitalized and usually, the duration is quite long. If you have bought a critical illness insurance policy then your insurer pays you a lump sum to take care of the medical bills
How to find the best health insurance policy provider
When you decide to buy a health insurance policy, the first thing you have to do is to find the best insurance company. Many reputed insurers provide similar covers and facilities. So, it can be confusing to find one particular insurance company that is suitable for you. Here are a few points that you need to look for before you decide which policy to buy:
- The amount of sum assured they are offering
- The minimum age requirement for buying the policy
- The regulations regarding the renewal of the health insurance policy
- The expenses for renting a hospital room are covered or not
- The list of illnesses that are included in and excluded from your policy
- The insurer offers NBC or not
Medical expenses can be a stressful challenge. However, if you have bought the right health insurance plan, you can stop worrying about that and start focusing on taking care of your health.