Benefits of Health Insurance
Health insurance refers to a contract in which a health insurance company (insurer) agrees to offer coverage for a portion of your health care expenses in exchange for regular premium payments, thus giving financial protection against healthcare costs. A health insurance policy refers to a contract between an insurance company and an individual/group in which the insurance company agrees to offer particular health insurance coverage at a specified premium. The key benefits of health insurance coverage include financial protection, safeguarding you from high medical expenses, and offering access to quality healthcare, like hospitalization, pre- and post-hospitalization care, and, in some cases, critical illness coverage. The health insurance benefits include income tax benefits, hospitalization expenses, cover for daycare procedures, health check-ups, cashless claim benefits, alternative treatments, cumulative bonus, organ transplant expenses, hospital daily cash, dental treatment, maternity cover, cover for domiciliary treatment, ambulance charges for transporting a patient and wellness benefits. However, while you choose a health insurance policy, it is important to think of your individual medical needs and the health care needs of your family. There are several other additional health insurance benefits. By buying a good health insurance policy, you can be assured of needed financial help during times of need. One of the benefits of buying health insurance early is that you might be ready to pay for health care expenses without the need to disturb your savings, which will keep you financially protected in the future.
Unlocking the Benefits of Health Insurance in India
In today's fast-paced world, health is undoubtedly one of our most precious assets. With rising medical costs and the increasing prevalence of various illnesses, it has become essential to secure our well-being through a comprehensive health insurance plan. Health insurance not only provides financial protection during medical emergencies but also ensures access to quality healthcare services without the burden of out-of-pocket expenses.
Opting for the right health insurance policy can make a significant difference in your life, offering peace of mind and the assurance that you and your loved ones are safeguarded against unforeseen medical expenses. In this guide, we will delve into the myriad health insurance benefits in India, shedding light on why having a health insurance plan is indispensable and how it can enhance your financial security and overall well-being.
Why Health Insurance is Important?
Health Insurance is essential for a secure future. Opting for a Health Insurance policy will benefit the insured, but many people need to be aware of the health insurance benefits.
Health Insurance is an agreement between the insurer (Health Insurance Company) and the insured. Purchasing a Health Insurance policy will provide financial assistance for the insured's medical expenses. The provided coverage may vary based on the insured's chosen policy.
Benefits of Health Insurance in India
Here are some fourteen advantages of health insurance discussed in detail that will help you to better understand why health insurance is important.
1. Income tax benefits
According to section 80D of the Indian Income Tax Act 1961, an insured person can claim a tax deduction on the Health Insurance Premium and the cost of preventive health check-ups for self, spouse and dependent children up to specified limits.
2. Hopitalisation expenses
If an insured person is hospitalised for more than 24 hours to treat any disease, illness or accidental injury in a hospital, it is called in-patient hospitalisation.
In addition, pre- and post-hospitalisation expenses related to the insured person's in-patient hospitalisation will also be covered.
3. Cover for Day Care procedures
Due to advancements in medical technology, Day Care treatments require less than 24 hours of hospitalisation. Patients can be discharged from the hospital after the medical practitioner consents on the same day of the treatment.
Most Health Insurance Companies provide Daycare expense coverage to the insured person. The Provided cover may vary depending on the policy chosen by the insured.
4. Health check-ups
Diseases may arrive unannounced, so a complete periodic health check-up is advisable to prevent future health problems. Health Insurance benefits include free health check-up up to certain limits mentioned in the policy documents for every claim-free year.
5. Cashless claim benefits
A Cashless claim is a mode of claim settlement where the insured does not have to pay the treatment expenses. The health insurance company will pay the bills so the insured can receive hassle-free treatment.
The insured can avail of Cashless treatment only in the Insurance Company's network hospitals. If the insured is admitted to a non-network Hospital, they can claim a reimbursement.
6. Alternative treatments
Many Health Insurance Policies will provide coverage for alternative treatments like Ayurveda and Homeopathy, offering the policyholders other treatment options.
This alternative treatment is called AYUSH. AYUSH is an abbreviation for Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homeopathy.
Hence, the policyholder can claim coverage for the alternative treatment without hesitation if their chosen policy covers it.
7. Cumulative Bonus
A Cumulative Bonus in Health Insurance is a financial benefit for the insured. The insured person will obtain a Cumulative Bonus as a reward for not making any claims in a policy year. The bonus gets added to the Sum Insured without any change in the Premium paid by the insured.
8. Organ transplant expenses
Most health insurance companies cover the expenses of organ transplant surgery incurred by the insured person who is a recipient. Certain Health Insurance policies purchased by the insured may cover the donor expenses of Re-do surgery and ICU admission.
The limits of organ transplantation coverage may vary based on the policy chosen by the insured.
9. Hospital daily cash
Hospital daily cash is a particular amount (based on the Sum Insured) provided by most Health Insurance Companies as financial assistance for the insured after the completion of every 24 hours of hospitalisation. As mentioned in the policy documents, this benefit comes with certain time limits.
10. Dental treatment
Most Health Insurance policies cover Dental treatment or surgery due to accidental injuries and may require hospitalisation.
11. Maternity cover
Maternity cover is provided for the treatment costs associated with pregnancy and childbirth. Most Health Insurance policies will provide this coverage for the insured based on the Sum Insured.
Certain policies also cover both pre-natal and post-natal expenses up to the limits mentioned in the policies.
12. Cover for Domiciliary treatment
Suppose the mobility of the insured person worsens their illness, or the hospitals are filled with patients, providing no space for the admission of the insured person. In that case, the insured person will get treatment in their home, similar to the care and treatment provided in the hospital.
13. Ambulance charges for transporting a patient
Most health insurance plans provide coverage for the insured's ambulance expenses. In metropolitan cities, ambulance charges may be high. So, having a health insurance policy covering your costs will reduce the burden of medical bills.
14. Wellness benefits
Wellness benefits of health insurance are certain activities offered by Health Insurance Companies to promote the well-being of their insured person. After completing each wellness program, the insured person may earn wellness points and get a discount on Premium during renewal.
Different types of health insurance and the top benefits it offers
| Types of Health Insurance | Benefits |
| Individual Health Insurance | - Customised coverage for each family member. - Flexibility to choose different sum insured amounts for each member. - Ideal for individuals who want personalised health coverage. |
| Family Floater Health Insurance | - One policy for the entire family, reducing the hassle of managing multiple policies. - Higher sum insured as compared to individual plans. - Covers all family members, including spouse, children, and parents. |
| Senior Citizen Health Insurance | - Comprehensive coverage for age-related ailments. - Includes regular health check-ups. - Provides peace of mind for senior citizens and their families. |
| Critical Illness Plan | - Financial support during a medical crisis. - Can be used for treatment costs, recovery expenses, or even daily expenses. - Offers peace of mind and financial stability. |
| Top-Up Plan | - Enhances the coverage of your existing health insurance plan. - Cost-effective way to increase sum insured. - Suitable for high medical expenses. |
| Group Medical Insurance | - Cost-effective for employers and employees. - Covers a large number of individuals under one policy. - Often includes additional benefits of health insurance like wellness programs. |
| Personal Accident Cover | - Financial protection in case of accidental death or disability. - Covers medical expenses related to accidents. - Additional benefits like education expenses for children. |
| Maternity Health Insurance Plan | - Financial support during pregnancy and childbirth. - Covers pre-and post-delivery medical expenses. - Provides peace of mind for expecting mothers. |
| Disease-Specific Plan | - Comprehensive coverage for specific diseases. - Financial support for treatment and recovery. - Peace of mind for individuals with chronic conditions. |
| Mediclaim Insurance Plan | - Financial support during hospitalisation. - Covers a wide range of medical expenses. - Includes additional health insurance benefits like ambulance cover. |
| Hospital Cash | - Additional financial support during hospitalisation. - Covers non-medical expenses. - Enhances overall health coverage. |
| Unit Linked Insurance Plan | - Long-term investment growth. - Financial protection for family members. - Tax benefits under Section 80C of the Income Tax Act. |
| Indemnity Health Insurance | - Provide extensive coverage for various medical expenses - Flexibility to Choose Healthcare Providers - Reimburses the actual costs of medical treatment |
Choosing the Right Health Insurance Plan
When selecting a health insurance plan, it is important to consider your individual needs and the needs of your family. Understanding the different types of health insurance plans and the importance of health insurance will help you choose the most suitable policy.
Tips for Maximising Your Health Insurance Benefits
To make the most of your health insurance plan, follow these tips:
1.Regular Health Check-ups: Take advantage of the health check-up benefits offered by your policy.
2.Cashless Hospitalisation: Use the network hospitals for cashless treatment to avoid upfront payments.
3.Understand Your Coverage: Read your policy documents carefully to understand what is covered and what is not.
4.Claim Process: Familiarise yourself with the claim process to ensure a smooth experience during medical emergencies.
Conclusion
Taking a personal insurance policy for your health will help offer financial security against medical expenses, like hospitalisation, ambulance expenses, surgeries, medications, and other healthcare services.
Knowing how many network hospitals are there under a health insurance company is one of the factors that will help determine which health insurance company is the best. Our Star Health Insurance has 14,000+ network hospitals. As per the number of network hospitals, Star Health is the number 1 health insurance company in India.
Star Health Insurance provides a varied range of affordable Health Insurance policies that suit your financial budget and needs. These plans cover the medical costs of the majority of health ailments and diseases.
HELP CENTRE
Confused? We’ve got the answers
<p>We’re Star Health. We offer the coverage that’s designed to help keep you healthy. It's the care that comes to you, and stays with you.</p>
FAQ
What do you mean by health insurance?
<p>Health insurance is a type of insurance that covers the cost of medical care. It helps policyholders pay for medical expenses like doctor visits, hospital stays and medications.</p>
Who needs health insurance?
<p>Everyone can benefit from having health insurance. Health insurance can protect individuals and families from the high cost of medical care and ensure they have access to the care they need.</p>
What is health insurance policy?
<p>A health insurance policy refers to a financial security guard that offers coverage for health care expenses during the time you get sick or injured. If you pay the premium (a regular payment) amount to the health insurance company, then in return, they agree to offer coverage for some medical costs, like hospital stays, surgeries, medications, and preventive care. </p>
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The information provided on this page is for general informational purposes only. Availability and terms of health insurance plans may vary based on geographic location and other factors. Consult a licensed insurance agent or professional for specific advice. T&C Apply.