With rising healthcare costs and the COVID-19 pandemic, having a health insurance policy can provide individuals and their families with peace of mind.
Also Read– Vitamin B6 Deficiency: Skin Rash To Mood Swings, 5 Major Signs And Symptoms That Indicate Lack Of B6
Health insurance is an indispensable part of financial planning, especially with the rising healthcare costs in India. It is a type of insurance that offers financial protection to individuals against medical expenses incurred due to an illness, injury, or disability. It is an agreement between the insured and the insurer, wherein the insurer pays for the medical expenses incurred by the insured.
Also Read- Wait Time For US Visitor’s Visa Interview In India Cut By 60% This Year
As per the National Health Accounts Estimates, healthcare expenses in India are expected to reach 10.2% of the GDP by 2025. The COVID-19 pandemic has also highlighted the importance of health insurance, as medical expenses for hospitalization and treatment can be a significant financial burden. Thus, having a
health insurance policy in place can provide individuals and their families with peace of mind.
Read More: Know How Obesity Can Affect Your Pregnancy
This beginner’s guide to health insurance will cover the basics of what health insurance is, the different types of health insurance policies available in India, the benefits of having health insurance, and how to choose the right policy.
What is Health Insurance?
Health insurance is an agreement between an individual (the insured) and an insurance company (the insurer). The individual pays a premium to the insurer, and in return, the insurer covers the medical expenses incurred by the insured due to an illness or injury. Health insurance can cover hospitalization expenses, pre and post-hospitalization expenses, ambulance charges, and other medical expenses, depending on the policy.
Read More: UP Sees Three-Fold Rise In Covid Cases In Last 10 Days; Noida, Ghaziabad, Lucknow Worst-Hit
Types of Health Insurance Policies
There are several types of health insurance policies available in India. The most common types of policies are:
● Individual Health Insurance: As the name suggests, this policy covers only one individual. The premium for an individual policy is generally lower than a family floater policy.
● Family Floater Health Insurance: This policy covers the entire family under a single policy. The sum assured can be used by any family member covered under the policy. The premium for a
family floater policy is generally higher than an individual policy.
Also Read– PAN-Aadhaar Linking Date Extended: Know How To Check Status Online Here
● Group Health Insurance: This policy is offered by an employer to its employees. The premium for the policy is generally borne by the employer.
● Senior Citizen Health Insurance: This policy is specifically designed for senior citizens. The premium for this policy is generally higher than a regular policy due to the higher healthcare risks associated with aging.
Also Read– Gpay, Paytm And Other UPI Merchant Transactions Above Rs 2,000 To Be Charged From April 1
Benefits of Health Insurance
Having a health insurance policy provides several benefits, including:
● Financial Protection: Health insurance provides financial protection against unforeseen medical expenses, reducing the financial burden on the insured and their family.
Read More: SBI Credit Card Charges: New Changes to Know About in March 2023
● Cashless Hospitalization: Many health insurance policies offer cashless hospitalization, wherein the insured can avail of medical treatment without paying cash upfront.
● Tax Benefits: Premium paid towards health insurance is eligible for tax deductions under Section 80D of the Income Tax Act.
● Peace of Mind: Health insurance provides peace of mind to individuals and their families, knowing that they are covered in case of a medical emergency.
Choosing the Right Health Insurance Policy
Choosing the right health insurance policy can be a daunting task, given the many options available in the market. Here are a few factors to consider when choosing a policy:
● Coverage Amount: The coverage amount should be adequate to cover medical expenses for the insured and their family.
● Network Hospitals: Choose a policy that has a wide network of hospitals for cashless hospitalization.
● Premium: Compare the premium of different policies to choose a policy that is affordable and provides adequate coverage.
Read More: Indian Railways Update: IRCTC Cancels THESE Trains On March 29; Check Full List
● Exclusions: Read the policy document carefully to understand the exclusions and limitations of the policy.
Also Read- PAN-Aadhaar Link failure: What to do if PAN and Aadhaar linking fails after paying Rs 1000
In conclusion, health insurance is an essential component of financial planning in India. With rising healthcare costs and the COVID-19 pandemic, having a health insurance policy can provide individuals and their families with peace of mind. By understanding the basics of health insurance, choosing the right policy, and considering the benefits it provides, individuals can ensure that they have adequate financial protection against medical expenses. It is important to research and compare different policies to find one that meets individual needs and budget. With the right health insurance policy in place, individuals can focus on their health and well-being, without worrying about the financial implications of medical emergencies.
