No one prepares for an emergency when it comes to health issues. No one ever makes provisions for an unexpected illness or a surgery that can’t be delayed any further. These things are bound to happen sooner or later to everyone, and it is during these situations that having and not having health insurance makes all the difference.
By appreciating the benefits of health insurance, one goes from knowing what needs to be done, but procrastinating to actually doing it.
Financial Protection Against Medical Expenses
Of all the advantages offered by health insurance, the first and foremost of those is the basic financial cover against healthcare expenses which would otherwise have to be covered either from one’s own savings or from the family’s overall financial stability.
Medical costs in India have been increasing almost up to 14 percent per year for quite a few years now. ICU admission costs can reach several lakhs. The treatment procedure at a well-known private hospital requires hefty payment initially. Chronic disease treatments lead to expenses that even affluent households can’t manage out of their income.
With no insurance in place, a person uses savings accumulated for years; takes loans under difficult terms or settles for second-best when it comes to choosing the best medical care possible due to financial reasons. Health insurance makes any concerns about money irrelevant.
Access to Better Quality Healthcare
This is a feature that is often overlooked but can be very impactful in its tangible effect on the decisions your family makes about healthcare each year.
When cost is not an issue, people tend to go to the doctor sooner instead of waiting until their condition worsens before seeing a physician. They go to the proper specialists instead of the general practitioner for problems that require a specialist. They follow through on their treatment regimens without quitting because the cost gets too high.
Health insurance doesn’t just safeguard your finances. It actually makes a difference in the healthcare you get.
Cashless Hospitalisation Convenience
Having health insurance plans with extensive network hospitals ensures that you can access the services at these hospitals without having to pay anything upfront or go through the process of reimbursement at a time when you least want to deal with additional stressors.
This way, the insurer pays the hospital, and your family or loved ones need not worry about finances while you recuperate. In my personal experience, the impact of just this one factor alone on an experience at the hospital when there was no cashless coverage is truly remarkable.
Tax Benefits Under Section 80D
The advantages of health insurance go well beyond basic medical coverage and have practical implications during yearly taxation planning.
The premiums of health insurance are deductible from taxable income under Section 80D of the Income Tax Act. The maximum deductible amount of Rs. 25,000 applies to premiums on policies for oneself, spouse, and dependent children. The maximum deductible amount can be increased by another Rs. 25,000 for premiums paid for parents, and Rs. 50,000 if parents are senior citizens.
The tax advantage brings down the actual expense of your premium considerably.
Coverage Beyond Basic Hospitalisation
The health insurance plans offered provide for much more than just the costs incurred while staying at the hospital. The medical procedures conducted before entering the hospital, specialists’ visits prior to admission to the hospital, medication expenses, and rehabilitation costs post-discharge are some of the expenses that increase the financial burden of the illness.
Health insurance plans that pay for such expenses take care of the complete financial burden arising out of a medical emergency and not just the part incurred within the hospital.
Peace of Mind That Changes Daily Life
Undoubtedly, the most humanistic benefit of health insurance out of all of them would be the feeling of being at peace knowing that you have comprehensive coverage for yourself and your loved ones every day of your lives, and not only when there is an emergency.
The stress about possible medical expenses will impact your decisions, your relations with your family members, and the overall quality of your life significantly, even if nothing happens to you. However, once you replace the fear with the security of having comprehensive health insurance coverage, your family will live differently and be able to take on any challenges in life.
To get professional and personalized assistance in selecting a suitable health insurance plan which will provide you with all these benefits, visit Insurance Guru.
