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Why is Health Insurance Important?

Posted On : 19 April 2023, 1 Years Ago. Health-Insurance
Health Insurance

In today's world, healthcare insurance has become an essential requirement for individuals and families. With rising medical costs and the increasing prevalence of lifestyle diseases, having adequate insurance can provide financial security and peace of mind. Whether you are young and healthy or have chronic illnesses, investing in a health insurance policy plan can help you access quality healthcare without worrying about the financial burden.

 

This article will discuss the benefits of health insurance policy. Understanding health insurance policy details and their importance can help individuals and families make informed decisions about the best health insurance policy.

 

Why is Health Insurance Important?

The best health insurance policy is essential in modern times as it provides numerous benefits to the insured and their family. Here are some reasons why medical insurance is important:

 

Protection against High Medical Costs

With the rise in medical costs, a single hospitalisation can wipe out a person's savings. Healthcare insurance helps to cover medical expenses such as hospitalisation, surgery, doctor's consultation fees, and medication. Moreover, the best health insurance policy not only covers medical expenses but also offers a range of additional benefits such as preventive care, teleconsultation, and wellness programs.

 

Coverage for Pre-existing Conditions

Healthcare insurance covers pre-existing conditions such as diabetes, hypertension, asthma, and others. As a result, the insured can access treatment for these conditions without worrying about the high costs. This is especially important for individuals who have chronic illnesses.

 

Coverage for Preventive Care and Critical Illnesses

Medical insurance provides access to preventive care such as annual health check-ups, vaccinations, and screenings. These services help to detect illnesses early and prevent them from becoming serious health issues. In addition, coverage is also provided for critical diseases such as cancer, heart attack, and stroke.

 

Peace of Mind

Knowing that you have medical insurance can provide peace of mind. You can be assured that you and your family can access quality healthcare without stressing about the financial burden. Without insurance, individuals are forced to take debt to access treatment. This adds strain to their savings, and the pressure to pay back the loan on time causes anxiety.

 

Tax Benefits

Healthcare insurance premiums paid are eligible for tax deductions under Income Tax Act's section 80D. The government has taken this measure to incentivise individuals to invest in health plans. When we take into account the insurance's tax benefits, the overall cost of the plan comes to be substantially lower.

 

Cashless Hospitalisation

Most health plans offer cashless hospitalisation. The insured can access treatment at network hospitals without paying any upfront fees. The insurance company settles the bills directly with the hospital. The reduced documentation requirements under this facility make the process easier. The policy buyers do not have to wait for approval of the reimbursement claim. Moreover, these policies enable the insured to access a wider network of healthcare providers. The insured can choose from a range of hospitals and doctors, depending on their needs.

 

Family Coverage

By purchasing the family floater version of the insurance policies, you can obtain coverage for the entire family. This means that your spouse, children, and parents can all be covered under a single policy. This will help you to avoid the hassle of remembering multiple payment schedules and is also more affordable as a single premium is to be paid.

 

Customisable Policies

Health policies can be customised to meet the specific needs of the insured. For example, if the insured is young and healthy, they may opt for a policy with lower premiums and higher deductibles.

 

Employer-provided Medical Insurance

Many employers provide healthcare insurance as part of their employee benefits package. This provides an additional incentive to work for the company and helps to attract and retain talent. Employees feel they are cared for by the organisation they work for. This gives them a sense of belonging.

 

Thus, investing in health insurance is a wise decision that can provide long-term benefits for individuals and families. By prioritising healthcare insurance, you can ensure that you are prepared for any health-related challenges that come your way.

Secure your health with comprehensive insurance plans from Nivabupa

Tell us a bit about you

Whom are you buying for ?
Myself Icon Individual
Wife Icon Husband & Wife
Family Icon Family
Enter valid name
Enter Valid DOB
OTP sent Resend OTP
otp icon
OTP Expires in
I authorize Niva Bupa to call me. This will override your existing registry in DNCR. I want to get my quote and policy details on WhatsApp.
FIND MY PLAN