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Why Should You Go For Health Insurance And What Are The Types Of Health Covers Available ?
[Posted by: InsuringIndia Blog on 01-Nov-2016]
With an increase in the cost of living, the cost of medical treatment and facilities has also gone through the roof. In fact certain studies indicate that by 2040 the average human life span could be 84 years. With the advancement in technology the human longevity has also increased therefore resulting in very expensive medical facilities. Not only do hospitals and nursing homes have high treatment charges, medication and other consumables, especially life-saving drugs can be exorbitantly expensive. In a time when going to a doctor for even something as basic as a fever will cost you a lot, it’s sensible to opt for a health insurance cover.
Your income will cover all your expenses today and you may have future financial goals and other liabilities to fulfil. But remember, in this time of global downturn there is no saying when you may suddenly find yourself without a job. In that scenario its best to opt for a health insurance that will give you financial back up and ensure you don’t pay for anything out of your pocket in case a medical emergency crops up.
Here’s a look at why health insurance is a must-have for everyone:
1. As per rules if you buy a health plan then you are eligible for tax benefit under Section 80D. 
2. Peace of mind that your family’s medical needs are taken care of. 
3. If you need to raise a monetary loan against something, then your health plan comes in handy. Of course you must carefully read the terms and conditions in this regard. 
4. Most health plans do not cap your hospital expenses like room rent, cost of certain treatments etc. 
5. Many health plans factor in OPD procedures which require a few hours of hospitalization
6. Extra charges like diagnosis, tests and doctors’ fees are usually covered by most health insurance providers. 
7. You can avail a cashless benefit at any one of the hospitals which are part of your insurance company’s network. In other words, it means no more running around for money and documentation. 
8. Certain health insurers also go an extra mile and provide Convalescence benefit when you are recovering from a major illness or surgery. So no more worries about extra costs! 
9. No one can predict when a serious ailment can strike. Therefore it’s best to beef up your health cover with a critical illness rider. This will factor in lifestyle diseases like diabetes, heart ailments and stroke among others. 
10. You can choose from these plans to see what would suit you the best:
Family floater health insurance: This will cover your parents, spouse and children.
Individual cover: This is usually recommended for those individuals who have a high health risk.
Go to an online aggregator to choose the best health plan based on the comparison of premium, advantages and drawbacks. Read the terms and conditions carefully. Choose wisely.
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