pays for your hospital bills for diagnostics, surgery etc.
Health insurance has become inevitable these days due to skyrocketing medical cost. Protection for you and your family is a predominant reason for going for Health Insurance as it would cover all the medical expenses in unforeseen circumstances. There are lots of benefits associated with the Heath insurance policy. Protection in medical insurance terms is considered as the financial security and wellness is considered as the advice from professional health practitioner. So, one should gain both protection and wellness from medical insurance policies. When compared to other insurance, medical insurance growth rate is high; this shows the awareness of people and their concern for themselves and their family.
Today, there are numerous insurance companies offering different health plans. Some companies even cover Hospitalization expenses up to 140 days depending upon the sum assured. With the advent of latest technological advancements, medical insurance sector too have seen a sea change. Many well established health sector businesses have started offering health insurance policies. You have gamut of plans with different features to choose from.
This is the greatest benefit of having health insurance cover; one need not pay the medical bills when hospitalized. The insurance company will directly pay the bill to the hospital. This is something awesome to the insurance holder. With a health card issued at the time of purchasing a Policy and with relevant policy documents a person can get cashless Claimfrom the insurance company's network hospital. In case you get admitted in non network hospital, you can pay the bill and get it reimbursed within 24 hours of time.
This cover takes care of the pre and post hospitalization expenses. Basically, the treatment taken before the hospitalization like X-rays, scans, tests etc and after hospitalization medical expenses will be paid by the insurance company. This again offers great relief to the insurance holder as most costly medical expenses are paid by the insurance company. All you have to do is to read the policy guidelines to utilize the policy to the fullest.
The insurance policy taken from a company can be availed in any of the insurance company’s network hospital meaning the company would already have a tie up with the hospital. Usually, most of the hospitals would come under the company's Network Hospitalsso that the Insured person claims are processed as soon as possible without any hassle.
Many people by mistake opt for the wrong health insurance policy without viewing the benefits and offers provided by the insurer. And they will have real problem when reimbursing the money spent. Health Insurance Portability is an option approved by the Government of India to switch to a different policy. However, during the switch over, the policy benefits are retained. Portability is a wonderful option to change the policy if you are not happy with the services of the present insurer.
The insurance holder is entitled for a Bonus for no claim for that specific year. This bonus is offered to the insured on every renewal period. So, when No claim bonus gets added, it enhances the Coverage at no additional cost.
Under Section 80D of the Income tax act, you will get tax benefits for the Premium paid.
Remember to read the policy documents thoroughly to know the policy Exclusions and restrictions. By doing so, you can also be aware about the limitations of your policy. Health insurance policies are boon to those who can’t afford a big money for treatments and medical bills and it comes with various benefits and perks to encourage the policy holders.