If you are looking for an alternative to draining your hard-earned savings for medical treatments, then the answer is a health insurance policy. They are the only trusted schemes capable of providing extensive coverage in any health complications. India is a developing country with several sectors still under development. One such growing sector is the healthcare sector, where the quality of medical care increases day by day.
But with the rise in the quality of the treatment, the expenses are also bound to rise. And sometimes people are not so financially stable to meet these unexpected expenses. In those cases, health insurance plans play a pivotal role in providing health coverage. Read on to know more about health insurance plans and some compelling reasons why you must have one.
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Health insurance plans provide medical coverage in return for premium payments. They are an excellent choice to meet the high and unexpected hospitalization and medical treatment expenses. Health insurance comes under the non-life insurance category, and currently, there are about 33 health insurers in India.
During the fiscal year 2021, almost 512 million people in India had health coverage in one form or another. And this figure was the highest till date in terms of health insurance penetration. But this still means more than half the population does not have access to proper health insurance.
To reduce this huge gap in people covered under insurance, people need to understand the importance of health insurance. They will purchase a plan to protect their family from any medical emergencies only through understanding those. Given below are seven great reasons that showcase the benefits of having health insurance coverage.
Extensive Health Coverage
Health coverage is the basic advantage of all health insurance plans. But what makes it interesting is the high number of treatments included in this health cover. Some common claimable medical conditions are accidents, critical diseases, chronic diseases, cancer, mental care, cardiovascular, raspatory, tumors, and much more.
The IRDAI has some exclusion in the diseases covered under health insurance. But what is health insurance if it cannot provide for critical and expensive procedures? So, some insurers also provide coverage for those diseases at an increased price. A common example of such health coverage is maternity insurance, where they provide maternity protection but at an increased premium.
Financial Freedom to Choose Best Treatment
The best aid from health insurance is the freedom of choosing the necessary treatments. While paying for these treatments with their own money, people have to consider the restriction of funds. And it leads to compromising on necessary treatment and procedures, which causes complications. But with a plan with an adequate amount of cover, people get the freedom to choose the best treatment without the cost constraints. In doing so, several people benefit from good coverage and that too at very minimum investment.
Treatment at network hospitals is the most beneficial and rapid mode of claiming health insurance. While treating at other network hospitals, they carry out every aspect of health insurance, from raising claims to the final reimbursement. This saves the family members and close ones from the hassle of making necessary actions around raising a claim. Also, you don’t have to wait much longer for approval and sanctions to provide the necessary medical attention. Thus, rapidly attending to the necessary treatments.
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Sometimes there might be limitations in the available network hospitals, or the distance to the nearest one will be longer. So, the policyholder has to resort to going to an out-of-network hospital. But even in such cases, most insurers provide rapid claim approval and direct payments to the hospital. Thus, redeeming the patient’s bystanders from handling huge amounts of money through cashless treatment.
Means To Meet Hospitalization and Related Expenses
The expenses that occur at a hospital are not only limited to the treatment and medicines. There are also related expenses, including daycare treatment, room rent, bystander expense, food, ambulance, home treatment, tests, scanning, and consultations. All health insurance plans provide funds to meet these expenses as well.
Accident And Third-Party Liability Cover
Apart from diseases, accidents are the major reason requiring emergency and expensive treatment. In such cases, the injured patient needs the assistance of doctors with different specializations. Also, the legal liabilities due to the unintentional mistake of the policyholder needs attention. Health insurance covers all the expenses due to these unfortunate circumstances.
Policy migration is the best benefit that the IRDAI provides Indian policyholders. A policyholder can change the insurer if they feel the insurer is not providing the necessary support. The benefits and bonuses obtained in the previous insurer also shift to the new insurer. So, you won’t have any losses due to migration.
These reasons are sufficient to show the advantages of buying health insurance plans. If you don’t have one, you must purchase one and look for plans that provide all the benefits mentioned above. While searching for plans, do go through plans from Max Life Insurance. They have some of the greatest health insurance plans in the country, providing better healthcare facilities to the customers. So, check out the Max Life Insurance plans personally, from official sources, to get first-hand experience on the several returns.