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  • Writer's pictureShruti GOCHHWAL

7 Reasons Why You Should Get A Medical Insurance Today

Although modern times have seen a significant increase in the lifespan of humans, it has also seen a rise in the number of diseases that are increasingly affecting the current generation. Everyone knows that the treatment of diseases is not inexpensive. In other words, the medical expense is very high. Therefore, not every person can afford the treatments. Health insurance policy makes its presence felt in such a scenario. It fills the medical expenditure and thus enables even a common man to heal avail the treatment.

You should avail health insurance in India right from the time when you are young and are not suffering from any diseases. You never know what the future has in store for you. Taking preventive actions as early as possible will eliminate or lower your risks of not getting proper treatment for myriad diseases.

Features of Health Insurance in India

health insurance features

health illustration, Credit: Canva

  1. A good health insurance plan will provide you with extensive insurance coverage. It should cover at least more than thirty diseases in its health insurance plan.

  2. It does not necessarily need to cover a serious illness. Instead, it can regard a serious illness as an additional cover.

  3. A great health insurance plan should provide you with a benefit. It is generally provided when the time comes for you to renew your insurance plan. The benefit is called No Claim Bonus.

  4. Your health insurance plan can also provide you with a functionality of co-payment. In this option, some amount of the expenditure is paid by the one getting the insurance, that is, the insured and the other part of the balance is filled by the insurance company.

  5. A health insurance plan according to section 80 D in the income tax act is liable to provide tax benefits.

What Does Health Insurance Cover?

health insurance cover

health insurance papers, Credit: Canva

  1. A health insurance plan covers the expenses of hospitalization, pre and post-hospitalization expenses as well as the expenditure incurred through the usage of the ambulance. It also covers any income loss that may have occurred during the accident.

  2. The health insurance plan also covers the expenses that are accrued as part of the treatment of any critical illness, the expenses accrued due to a personal accident, expenses related to disability caused by the accident, and expenses that come up during the time of maternity.

  3. A health insurance plan is very flexible. insurers have the full freedom to either reduce their premium amount after a certain period of time. They can even modify the policy to suit their needs.

  4. A health insurance plan does not go beyond the mark of Rs. 6 crores. Thus, health insurance provides intensive coverage.

The Top Benefits of a Medical Insurance

health insurance benefits

health insurance illustration, Credit: Canva

Health or medical insurance can offer you a variety of lifelong benefits. Here is exactly why you should get it.

  1. Health insurance is a great alternative to the cover that your employer provides you. Firstly the employer-sponsored cover is not sufficient and secondly, you always run the risk of being left uninsured in case you decide to change your job.

  2. The modern lifestyle is marked by a rapid increase in the consumption of fast food and zero physical activity. These things have brought forth a variety of diseases that can impact even a young person. Once you get the illness you will soon realize the high medical costs associated with its treatment. When you are insured, you can well rest on this front.

  3. Dealing with a sudden illness does not only take a mental toll on the individual. It also leaves one shocked as to the expenses that come about. A health insurance policy makes its benefits felt in this case by helping you with the expenditure without letting it eat your savings.

  4. Health insurance policy is issued only after a medical underwriting. The process of underwriting may not happen smoothly when you age and develop certain illnesses. To save yourself from rejection, it is best to apply for the policy as early as possible.

  5. The waiting period of health insurance policy spans a period of 2 to 4 years. In this waiting period, you cannot claim coverage for the health complications that you have developed during the time of buying the policy. You can reduce this waiting period if you purchase a policy at a younger age as you will be relatively healthy at that time.

  6. Everyone knows that treatment costs are rising at a rapid pace. You can find the costs of diagnostic testing, ambulance charges, operation, and medicine costs, room rent, etc. are also way higher these days. But you can navigate such expenses by paying a nominal premium every year.

  7. People who are young should not wait for availing an insurance plan till a later age. Apart from the obvious advantages described above, they can also purchase these plans at a lower cost. If you wait for a later stage, then you will need to avail more extensive coverage plans. So buy a plan early.

What Is the Premium for 5 Lakh Health Insurance?

premium 5 lakh

health insurance papers, Credit: Canva

Many people look for cheaper health insurance policies and wonder what is the cheapest type of health insurance? There are many cheap plans that primarily cover the needs of individual persons, children, and elderly. Some of them are

  1. HDFC ERGO Silver Smart Plan (premium Rs. 8744)

  2. Aditya Birla Platinum Enhanced (premium Rs.12648)

  3. Star Red Carpet Senior Citizen Health Plan (premium Rs. 21240)

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