Top 5 Benefits of Health Insurance

Posted by amrina alshaikh on January 30th, 2020

Getting a health insurance plan should be a must-do for every working individual and household. With the costs of hospitalisation and medication soaring higher, it becomes really difficult to overcome the burden of these expenses at the time of a medical emergency.

Hence, at such circumstances, medical insurance offers vital financial aid, ensuring that all your savings do not flow out in a jiffy due to hospitalization and treatment costs. This is where a good health policy will work as a saviour and shield you from skyrocketing expenses.

Although different plans from various companies offer different health insurance benefits, here are the top five health insurance benefitswhich any company is bound to offer its policyholder:

Key benefits that you can expect

It helps to treat various illnesses: Many critical illnesses that require heavy expenditure, can be treated with the help of a medical insurance plan. For this, you just have to pay a percentage of your salary as premiums to the insurance company and in exchange, the company will take care of all the medical expenses for the treatment.

Financial coverage against hospitalisation expenses: A medical insurance plan gives the policyholder financial support at the most crucial time when the policyholder or a family member gets hospitalised for some or the other reason. It provides coverage from pre-hospitalisation charges to post-discharge expenses. All medicines and tests also come under this coverage.

It also covers additional expenses for the treatment: Many medical insurance companies also provide health insurance benefits like providing for the ambulance charges and check-ups that may or may not be prior to/post hospitalisation of the policyholder. Some employers also offer health insurance to their employees but when they leave their respective organizations, they end up with no coverage at all. Hence, choose a health insurance policy for yourself without solely depending on your employer.

It can be claimed for free: Many other insurance plans require the policyholder to pay a certain percentage of the total billings when the policyholder is getting discharged from the hospital after the treatment. But with a health insurance plan, you do not have to pay any additional charges to the hospital or the insurance company from your side if you’re opting for the cashless facility.

Tax breaks: Section 80D of the Income Tax Act of 1961 states that individuals paying premiums on health insurance will get deductions on taxes likewise.

Thus, we see how health insurance benefits are numerous and why you should get a policy right away without any further ado. Even if you are young and employed, you should start early and secure yourself and your family with the right health insurance coverage. This will prove to be immensely beneficial to you in the long run.

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amrina alshaikh

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amrina alshaikh
Joined: April 24th, 2018
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