Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

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I am Young and Healthy, Do I Need Health Insurance?

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Most of us fail to realize that health is the most important asset in our lives. Health is priceless, and the best way to protect your health is to get all-encompassing Health Insurance coverage. Most youngsters have doubt in their minds whether they need a health insurance or not. As a general rule of the thumb, regardless of whether you are old or young, you should have a comprehensive medical coverage. As medical expenses are sky-high, even a couple of visits to the hospital could drain your savings completely.

Remember, diseases and illnesses are uninvited and can strike even the healthiest of persons without warning. Medical expenses are injurious to your savings. You need to think and decide whether you want to take high financial burden of an unexpected mishap from your pocket or get a cheap health insurance at affordable monthly premiums with meticulous planning. When you calculate and see, you will realize that health insurance premiums leverage many times their value in coverage.

There are mainly two types of insurance plans. They are:

  • Individual health insurance plan
  • Family floater plan

While individual health insurance plans cater only to the needs of that lone person who is taking the insurance, the family floater plans are designed to provide cover for the entire family.

Let’s take a look at some of the benefits offered by an all-inclusive health insurance in India

  • Pr-hospitalization charges- This includes hospital charges like consultation fee, prescriptions, diagnostic tests, minor treatment for any illness etc. Generally, per-hospitalization charges covered by the insurance plan are the ones that happen 30 days prior to the patient being admitted in the hospital.
  • Post-hospitalization charges- This type of benefit covers the hospital expenses after the patient is discharged from the hospital. As the patient needs to take up a series of tests and medications after being discharged, most insurance plans offer this benefit to the insurer. It includes expenses such as the doctor’s consultation fee, medicines bought from the time of discharge till about 60 days post discharge date.
  • Day care- In addition to the major hospital expenses mentioned above, a good insurance plan also includes Coverage for Day Care Procedures (less than a 24 hour cycle).
  • Ambulance charges- There may be severely critical instances when the patient requires to be carried to the hospital in an ambulance. With the best health plan, the Insurer who is the patient can Claim a maximum of Rs 1000 per ambulance service, provided he or she spends less than a day in the hospital.
  • No-claim bonus-This is an additional advantage offered by most insurance plans. With this option, you can get the Bonus if you haven’t made any claim the previous year. The bonus will be in the form of a reduced Premium or an increased sum Assured which is a certain percentage of your premium.
  • Tax benefits- Under the laws of Section 80D of the Income Tax Act, a tax exemption will be provided to the Insured person for up to Rs 15, 000 while it is a maximum of up to Rs 20, 000 for senior citizens.

So, by now, you would have got some idea of why you should buy health insurance. If your question was, “I am young and healthy, do I need health insurance?” then you should have discovered the answer to that by now!