Everything that you ever need to know about Health Insurance

A brief introduction

The Pandemic COVID-19 situation has certainly alerted more Indians to get Health Insurance plans. Apart from the already existing financial stress, sudden medical expenses add to their worries. With increasing inflation and rising medical costs, individuals will require a much-needed financial cushion during a medical emergency.

As a result, awareness of the importance of Health Insurance is now higher than ever.

By opting for Health Insurance with comprehensive coverage, you can ease the financial burden of medical expenses.

But before we delve in, let us cover the basics of Health Insurance.

What is Health Insurance?

Health Insurance, often known as medical insurance, covers medical expenses that arise due to an illness, injury and/or accident. These medical costs include the cost of hospitalization, pre- and post-hospitalization, medications, implants, specialist fees, the cost of surgery, etc.

Know the importance of Health Insurance

The health care costs in our country keep rising annually and the incidence of disease is becoming more common.

As we know, health risks and uncertainties are unavoidable aspects of life. No one plans to fall sick, but one can indeed plan for the unexpected medical costs. Buying Health Insurance is one approach to being financially prepared for unforeseen health risks.

A good Health Insurance covers medical expenses such as pre- and post-hospitalization costs, inclusive of doctor fees, medical tests, ambulance fees, coverage for specific diseases, treatment for accidents, expenses of maternity for organ transplantation charges and much more.

By paying a nominal premium, the insured gets access to a substantial sum insured that can be used in case of medical emergencies.

What benefits do Health Insurance policies offer?

Health Insurance gains more importance when it offers comprehensive coverage and helps meet the individual’s and family’s requirement. Be aware of the benefits and features of the plans in your best interest.

Here are the benefits of purchasing a HEALTH INSURANCE POLICY

1. Offers financial stability

Medical emergencies might arise all of a sudden and result in acute financial difficulties. To pay for treatment, one might have to sell all their assets or possessions. In such circumstances, a medical insurance plan can provide financial protection and allow them to safeguard their long-term savings.

2. Protects your loved ones

When you are looking for a Health Insurance plan, the top-most priority is the need of your family. Given the significance of Health Insurance in covering medical costs, those who have dependent family members should consider it more. The financial burden of providing quality health care access for all individuals in a family from a single revenue source is indescribable.

Hence, it is essential to analyze your requirements carefully and invest in a health plan that gives you optimum benefits. For example, if you have ageing parents, they may be vulnerable to diseases and require adequate coverage in health insurance.

3. Gives access to the best medical treatment

People tend to compromise on medical treatments when they are financially challenged. With an effective Health Insurance Cover, they may choose the best doctor, hospital and treatment options.

When you get a Health Insurance policy, the following aspects are covered.

        ·    Pre- and Post-hospitalization costs

        ·      Room rent charges

        ·       Ambulance charges

        ·       Consultation fees

        ·        Day care procedures

        ·        Modern treatments

        ·        Maternity and delivery charges

        ·        Vaccination charges of newborns

        ·        Annual and preventive health check-ups and many more.


4. Protects savings

Medical expenses have skyrocketed in recent times.Unfortunately, many people end up spending their life savings in case of a medical emergency.

The importance of Health Insurance in preserving your savings can be extraordinary. You can hold on to your savings and use them for your future needs, such as buying a home, spending for your child's academics and more.

5. It helps manage treatment expenses of lifestyle disorders

Lifestyle diseases are on the rise. Diabetes, obesity, respiratory problems and heart disease are common nowadays in youngsters and adults. Sedentary lifestyles, stress, pollution, bad eating habits, gadget addiction, etc., are the contributing factors.

As a result, it is more crucial than ever to protect your health with complete Health Insurance coverage. Deciding to invest in Health Insurance that covers diagnostic tests will help identify these illnesses early and make it easier to pay for medical bills, giving you one less thing to worry about.

Enrolling in wellness programs offered by various insurers helps prevent or manage chronic diseases.

6. Tax benefits

Planning for the future should not strain your current income. Given the importance of Health Insurance, the Government of India provides tax deductions for obtaining Health Insurance. To better understand the benefits, refer to Section 80D of the Income Tax Act, 1961.

7. Helps when your existing insurance coverage is inadequate

You should always check the terms and conditions of your existing Health Insurance policy to see what expenses are covered and what are not covered.

Some of them offer only basic protection. Unfortunately, your existing insurance may be insufficient if more than one family member get hospitalised simultaneously. In that case, you can increase your Sum Insured by opting for Top-up plans, thereby getting additional coverage, and ensuring that a major part of your medical need is financially covered.

If you cannot afford a higher coverage plan right now, do not panic. Start with a basic cover and build it up over time.

Why should you get a Health Insurance policy when you are young?

Purchasing a Health Insurance policy when you are young has several advantages.

·         The Premium of Health Insurance is calculated based on your present age. You can pay a low Premium if you choose Health Insurance when you are younger.

·         Most insurance policies often cover pre-existing conditions with certain waiting periods. While you are still young and healthy, the possibility of you developing illnesses might be comparatively lower, thus giving you the benefit of comprehensive coverage that will be beneficial if you fall sick later in life.

·         Early enrollment in a Health Insurance plan guarantees extensive coverage and also helps you plan your finances in a better way. You can opt for a Health Insurance plan with lifetime renewability and avail holistic coverage. In addition, you can enjoy greater security during employment and even after retirement.

What are the different types of Health Insurance?

The different types of Health Insurance plans include:

       · Individual Health Insurance

       · Family Floater Health Insurance

       ·         Senior Citizen Health Insurance

       ·         Critical Illness plan

       ·         Top-up plan

       ·         Corporate medical plan

To sum up

In today's fast-paced and sedentary lifestyle, it is essential to have a Health Insurance policy. This will help protect yourself and your loved ones from any incident that might lead to financial stress.

There are several kinds of Health Insurance policies in India. You can make a choice among them based on your needs. And it is always advisable to read the policy terms and conditions of your health plan to know the inclusions and exclusions.

Star Health Insurance offers a varied range of affordable Health Insurance plans that suit your budget and requirements, covering the medical cost of the majority of health ailments and diseases.


Date: 23/11/2022/ Source: India Today