Though no one intends to become hurt or sick, still majority of people require medical attention, such as a physician visit, a test of lab, a prescription medicine, counselling or physical treatment at some stage. All these services may involve expenses that are of an emergent nature.
Furthermore, if something occurs that needs emergency medical attention or surgery, coverage becomes truly important. Mending a fractured leg can require nearly 7,500 dollars, while the average expense of a stay for 3 days at the hospital costs about 30,000 dollars. The different top grade health coverage options offered by the Health Insurance Marketplace for routine as well as non-routine health facilities can fulfil your budget and family needs.
In the present day and times of growing medical inflation, fears concerning health have unfortunately turned into a norm instead of an exception. Choosing a health insurance policy is thus mandatory. The health insurance segment in India is intricate and developing.
Majority of health insurance plans will include expenses concerning pre plus post day care, hospitalization and ambulance expenses besides the rest. It is vital to remember that different insurance providers within the country provide health insurance services presenting comprehensive benefits extending beyond coverage for hospitalization concerned expenses.
The following are the advantages of health insurance:
1. Online Purchasing Facility
The days have passed when customers were limited to agents for buying insurance policies. Currently, policies can be conveniently purchased online by courtesy of expert insurance brokers. They perform a comparative examination of merits and disadvantages of different products furnished by several insurance firms for the advantage of customers to select the finest health insurance scheme which suits them best.
2. Separate Premium Payment Situations
Till now, the premium payments arrangement of majority health insurance plans in the country was, largely, similar. Nevertheless, most companies like Star Health and Bharti AXA besides others have established ‘Zone oriented premiums’ for metros and towns. As a result, health insurance schemes are more expensive in metros as against towns in view of greater medical expenses involving the metros.
3. Coverage
Recently, insurance firms are offering an extensive assortment of services to serve all types of requirements. As for instance, various health insurance firms are increasingly providing family floater schemes which furnish cover for the whole family under one umbrella. Consequently, family members exchange the sum guaranteed and may therefore, claim the advantage in the event of any adverse happening during the policy period.
4. Renewal
As against conventional health insurance schemes which carry a prescribed age limit, most current policies carry more flexibility in renewal terms for customers to revive their coverage on any occasion during their lives.
5. No Claim Bonus
The recent trends show insurance firms furnishing their clients greater sums of no claim bonus increasingly as a plan to maintain them. Few insurance furnishers are presenting a ‘no claim bonus’ for nearly 100% insured sum.
6. OPD Costs
Whereas as per conventional health insurance products, consumers have to undergo 24 hours hospitalization to claim repayment, the present insurance providers furnish cover for outpatient department (OPD) costs also. Consequently, the insured does not necessarily require admission to a hospital for obtaining the benefits. Currently, health insurance encompassing OPD expenses are provided by ICICI Complete Health and Star Health.
7. Restoration
Certain health policies reinstate the insured sum if the coverage sum is exhausted by the insured within a year. As an example, the restoration advantage may also be availed in cases when an insured is to undergo costs regarding any medical situation that is separate from the circumstances which evoked a claim.
8. Maternity Cover
At present times, various health insurance suppliers are providing maternity cover in contrast to conventional insurance firms. Leading companies like Max Bupa and Star Health besides others even give vaccination expenses cover for the newly-born.
9. Sub-Limits
Professionals have requested consumers to possess a distinct idea of sub-limits prior to subscribing to a health insurance scheme. Many traditional policies carry a sub-limit like restriction on doctors’ expenses, room rents besides other expenses regarding operation theatre, recent policies presented by insurance suppliers like Apollo Munich and Tata AIG do not contain these sub-limit provisions.
10. Cashless Hospitalization Facilities
Various major insurance providers within India have a hospital network which may render cashless hospitalization facilities for the advantage of consumers. Thus, customers need not unnecessarily bother about instant cash demands in the event of emergencies. In many situations, the third party administrators foot the bill for the institute or hospital.
11. Tax Advantages
Policyholders can get certain tax benefits u/s 80D (deduction for premium dispensed apart from separate deduction for purchasing policies for parents who are senior citizens) and 80DD of the Income Tax Act 1961. Overall, a policyholder may use tax benefit till Rupees.55,000 u/s 80D. The insured sum is not regarded as ‘income’, thus, exempt from tax
Nevertheless, certain conditions must be fulfilled to avail deduction as enumerated below:
- Policyholder must either be individual or HUF
- Premium payment by any different means except by cash mode
- Proof of payment
- Portability
Policyholders may now use a facility under which they can transfer their present insurance policy to a different insurance provider asking improved grade of services and advantages on offer.
18% rate of GST is applies to entire financial services with effect from 1 July, 2017.
Some more benefits of health insurance are as under:
12. Convalescence Benefit
Another term for recovery benefit, insured’s recovery costs it attended to by insurers under this segment. The advantage is offered to meet supplementary expenses that may result from hospitalization, like deprivation of earnings. The insurer dispenses a lump sum amount in the event of extended hospitalization, between 7 and 10 days, for the policyholder.
Some policies also involve associated expenses like compassionate visits from family members.
13. Alternative Therapy
The fame of alternative therapy has grown manifold in current years. This has induced several insurance firms to cover optional therapies like Ayurveda, yoga and homeopathy. As an example, MediPrime of TATA AIG covers alternative therapy till Rs 25000.
Nevertheless, alternative treatment is covered by insurers only when it occurs either within a government hospital or at an institute acknowledged by the Quality Council of India and National Accreditation Board on Health.
14. Expenses Concerning Organ Donor
A kidney transplant may cost from Rs 3 to 5 lakhs. Possessing a health insurance assures that you don’t have to bother regarding your medical costs prior to undergoing a surgery for organ transplant. Majority of general insurance firms include organ transplant surgery as a component of their normal health insurance schemes.
Few insurers repay the whole cost, whereas others place a limit on these costs to furnish it like an additive advantage. However, only expense of surgery for harvesting the organ is covered by insurers. Other expenses like donor’s hospitalization, expense of screening and post-surgical intricacies are not included by the insurer.
15. Domiciliary Treatment
Several insurers have spread their insurance cover to incorporate treatment undergone at home with medical supervision. Furthermore, insurers have limited the sum and the duration for which the gain can be used. Likewise, Heartbeat Silver Policy of Max Bupa extends to domiciliary treatment till only Rs 15000.
16. Allowance To Attendant
Insurance companies provide attendant allowance for adults attending the insured in a hospital, when the insured comprises a kid. In majority of cases, the duration for which the attendant allowance is paid by an insurer is fixed. As an example, Happy Family Floater Health Insurance Plan of Oriental Insurance furnishes attendant allowance amounting to Rs 500 daily till ten days.
17. Daily Hospital Cash Allowance
Additional financial security is offered by insurers to attend to expenses not included in the policy, like travelling and food. As an instance, the Hospital Daily Cash Policy of SBI provides everyday cash benefit till Rs 2000 daily. The amount increases to Rs 4000 daily for accidental hospitalization and ICU.
18. Free Health Examination
Another advantage of health insurance schemes offer free regular health examinations for their policyholders following every Four or Five claim-free years. Cashless health examination is offered by Insurers when tests are performed at empanelled hospitals or centers.
19. Dental Treatment
Different insurance companies involve dental therapy once in some years containing sub-limits. As an instance, Apollo Munich’s Maxima Health and Easy Health Insurance (Family) plans contain outpatient dental treatment following a waiting duration of 3 to 4 years.
20. Bariatric Or Weight Reducing Surgeries
Bariatric surgeries do not constitute a cosmetic weight reduction procedure anymore but a life-preserving technique for fat patients fighting medical conditions resulting from or concerning weight. Various insurers, like ICICI Lombard and Star Health include bariatric surgeries when performed for medical needs.
21. Prescription Drugs
While medical studies and latest technologies discover more treatments and methods to tackle diseases, the prescription drugs demand keeps on growing. These drugs may frequently be quite costly, particularly in case of non-availability of generics.
Coverage of prescription drugs can considerable lower the sum a patient spends for these drugs, commonly without requiring deductible. The patient’s portion of the expense can take the shape of a co-pay or definite percentage from the total expense.
22. Preventive Care
While preventive care gets highlighted, insurance firms are reacting by furnishing greater advantages in that sphere. This might comprise coverage for yearly physicals and examinations, apart from including the costs for certain family-planning means. Such benefits are viewed like an investment by insurance companies, probably aiding to prevent bigger expenses in future.
23. Vision
Certain cases may include vision benefits as a component of a regular policy furnished by a hirer. It may form portion of a premium coverage scheme in other cases. Vision advantages may cater to a doctor’s test, contact lenses, eyeglasses or whole of these items.
Some packages might provide total coverage while some might pay merely a percentage. Certain coverages might even provide permanent vision rectification benefits, like LASIK surgery.
24. Mental Hygiene
Mental health coverage comprised a rarity within a regular medical package previously. The drive for parity, implying coverage that’s as nice for mental hygiene as it remains for physical health, has emerged a popular theme for few specific interest groups. Mental health coverage frequently funds counselling sessions with psychologists along with visits to a psychiatrist.
Now you know that health insurance schemes offer much more than meeting hospitalization expenses. Ensure to read the policy document fully to avail maximum benefit from it.
