With increasing healthcare expenses, health insurance is now considered a fundamental necessity. It acts as a crucial financial safeguard during medical emergencies, preventing financial strain during challenging times. Various types of health insurance plans are available, tailored to meet diverse needs and preferences. These plans include a broad spectrum of benefits that can provide comprehensive coverage for both you and your families. Keep reading to explore the key health insurance benefits.

Advantages of Health Insurance

Check out this list of some of the many benefits of health insurance in India.

1. Financial Security

One of the notable benefits of health insurance policy is the assurance it offers against the continuously rising costs of healthcare. Covering healthcare expenses out of pocket can be a major reason for financial instability. In such circumstances, the importance of medical insurance benefits cannot be overstated. Integrating a health insurance policy into your financial strategy can provide invaluable peace of mind.

2. Cashless Hospitalisation

Health insurance companies collaborate with numerous network hospitals, offering policyholders the convenience of cashless treatment. At these network hospitals, the insurer settles hospital expenses directly, saving policyholders considerable time. Covered hospitalisation expenses typically include:

• Accidental Hospitalisation: Costs incurred due to hospitalisation resulting from an accident are reimbursable.
• Illness-related Hospitalisation: Expenses related to hospitalisation due to an illness or a disease are covered.
• ICU Room Rent: Coverage extends to the rental costs of intensive care unit (ICU) rooms.
• Domiciliary Treatment: Expenses for treatment at home under medical supervision are covered.
• Organ Donor Expenses: Treatment and surgical expenses for organ recipients are covered.
• Pre- and Post-hospitalisation: Expenses preceding treatment and after discharge are covered under health insurance policies, subject to terms and conditions.

3. Tax Benefits

The Indian government permits taxpayers to lower their tax liability through the purchase of a health insurance plan. Specific tax benefits related to health insurance apply under Section 80D, by prevailing tax laws, which are subject to change.

4. Safety of Family

Numerous health insurance plans, such as family floater health insurance, offer coverage for your entire family. This implies that your whole family can be safeguarded with just one health insurance plan. Additionally, opting for a family health insurance plan can lead to savings on additional premiums. Plus, managing just one policy for all family members is easier and more convenient.

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5. Rider Benefits

Add-ons or riders further enhance the benefits of medical insurance policy by offering additional coverage for specific conditions. There are multiple riders available like maternity, critical illness, or room-rent waiver benefits, which can be customised by policyholders for an additional premium charge to enhance their protection.

6. Maternity Benefits

Health insurance benefits encompass coverage for pregnancy and childbirth expenses. 
At times, pregnancies may come with complications. During such times, a health insurance plan can offer a financial safety net, allowing you to concentrate on treatment without concerns about the cost. Moreover, maternity covers in health insurance policies extend protection to newborns as young as 90 days.

7. Coverage of Pre-existing Diseases

At the time of purchase, individuals, especially the elderly, may have existing illnesses such as chronic conditions like asthma, and heart diseases. When you invest in a health insurance plan, its coverage extends to pre-existing conditions as well as future treatments for specific ailments. However, it's important to note that insurance companies typically impose a waiting period before covering such illnesses in the policy.

8. Lifetime Protection

The lifetime renewability benefit in medical insurance enables the policyholder to renew their health insurance plan without any age restriction. This proves beneficial, especially in cases where you are covered by a family floater plan and the oldest member reaches the upper age limit. Under normal circumstances, the coverage might cease, but with the lifetime renewability benefit of health insurance, you can continue renewing your policy throughout your life. Additionally, for senior citizens, lifetime renewability relieves any financial strain during a medical emergency.

9. Preventive Healthcare

Lately, health insurers are prioritising preventive healthcare initiatives, extending beyond basic health check-ups. These health insurance benefits include fitness tracking apps, discounts on gym memberships, and incentives for healthy habits. Some of these offerings are also integrated into employee health insurance plans. By promoting preventive measures, employees can maintain an active lifestyle, leading to increased productivity.

10. No-claim Bonus

This is one of the lesser-known health insurance benefits. In instances where policyholders do not make any claims during their policy tenure, the insurance company rewards this by increasing the sum insured at the time of renewal, without increasing the premium. This increment in the sum insured is termed a no-claim bonus and typically ranges from 10% to 100% of the original sum assured.

Conclusion

Health insurance is a vital component of contemporary life, serving as a crucial safeguard in times of medical crises. It guarantees individuals to afford high-quality healthcare services without the burden of exorbitant medical expenses. The benefits of health insurance encompass coverage for hospitalisation and pre- and post-hospitalisation expenses, as well as the costs associated with treatments and surgeries. 

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