Health Insurance
Health Insurance

An insurance policy is a plan that provides financial protection against unexpected incidents. The 3 main types of insurance plans are health, life, and property. Among those, health insurance is the most purchased policy. Health insurance is one of the most sought-after policies due to its benefits.

The main benefit of having the best health insurance plan is that it provides financial security. Because of high medical treatment expenses, families often fall prey to debt due to a costly illness. In such times of need, health insurance provides the required money for treatment, medicines, and other medical expenses.

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10 Major Benefits of a Good Health Insurance Plan

Financial security is not the only benefit of a good health insurance plan. A health insurance plan offers several other benefits. Read to know the ten major benefits of buying a health insurance plan.

1. Complete Hospitalisation Cover

A good health insurance plan will provide complete hospitalisation cover. It includes the expenses of check-ups, reports, pre-hospitalisation treatment, medicines, consumables, room, and food for the patient. Due to the huge coverage, an insured person does not need to worry about paying for anything. They can go for the best treatment option without any restrictions.

2. Day-Care Treatments

Health insurance also includes cover for treatments that do not require hospitalisation. They cover the charges for procedures in the emergency room or one-time consultation. Hence, you do not even have to spend on small medical expenses with a good health insurance plan.

3. Zero-cash Treatment

One of the safest health insurance benefits is that you can opt for the zero-cash option. In such policies, the insured person can admit themselves to any hospital, and the insurance provider directly pays to the hospital. It allows the insured person to manage money and make payments everywhere without any stress.

4. Mediclaim Portability

A great feature of health insurance is that it also gives Mediclaim portability. Mediclaim portability is a facility given by insurance providers to transfer your policy from another company to another company. So, if a person bought a policy and are currently disappointed with the service, they can easily transfer to another insurance provider. Medicare Supplement Plan F is one of the most popular Medicare supplement policies on the market.  It covers a wide range of medical expenses and is offered by many health insurance providers. If you’re wondering exactly what your Medicare benefits will look like under Plan F, you’re in the right place.

But there are some guidelines in porting Mediclaim policies. You must have an active policy for a least 4 years to become eligible for portability. Mediclaim portability also gives the options to group or ungroup existing group policies.

You do not have to worry about the waiting period as you are allowed to transfer the current waiting period to the new policy. So, if you have already completed your waiting period in the old policy, you will not have to start the waiting period afresh in the new policy.

5. Rider Benefits

Another great benefit of a health insurance plan is adding rider benefits. The rider benefits allow you to include your spouse or family members in your policy. It only increases nominally, thus providing you with coverage for two persons at a low price.

6. No-claim Bonuses

Health insurance providers give a no-claim bonus to the customer for not raising a claim in the previous year. This bonus will be in the form of deductions in the total premium amount. So as time passes without you taking a claim, the bonus also increases. Thus, reducing the premium amount each year. And suppose if the customer raises a claim, their no-claim bonus percentage resets to zero.

7. Tax Relaxations

Another great financial help from health insurance is getting tax relaxations on the premium payments. According to Section 80D of the Income Tax Act, 1961, you can get relaxations up to ₹50,000 in an A.Y. depending on your age. So, if you are a taxpayer, you can reduce your taxable amount by showing the premium expenses in your ITR.

8. Lifetime Renewals

A good health insurance plan will have no age limit to apply. Having no age limitations will allow you to have health coverage even in old age. It is beneficial as older people are more vulnerable to diseases and require more time to recover. Health insurance will cover their costly treatment and prolonged recovery expenses. In India, almost 50 crore people have active health insurance as of 2020. Lifetime renewal is also a factor why so many people choose health insurance.

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9. Non-allopathy Treatments

There are some health insurance plans which include the treatment expenses of non-allopathy treatments. Examples of non-allopathy treatments are Ayurveda, Yunani, Homoeopathy, and even Psychiatric Treatment.

10. Home Treatment

Insured people can also claim expenses borne during home treatment. Ailments like dengue, typhoid, sprains, fractures do not require hospitalisation. They are treatable at home with proper medication and care. Health insurance gives coverages for all the expenses incurred at home.

Now that you know all the main advantages of health insurance, what is holding you back? Make sure to verify that all these benefits are part of your health insurance as add-ons without extra charges. Also, remember to read the terms and conditions before purchasing, and everything else will be fine. So, go ahead and buy the best health insurance plan for yourself.