As the famous proverb goes Health is Wealth - Health is the most important asset that we possess. So it is essential to take proper care of your health. Although this is necessary, in today's fast paced life it is quite difficult to pay complete attention towards ones health. Irregular eating habits, long working hours, stress and a hectic lifestyle can easily attract illness. This is why it is more important than ever to have a health insurance or medical insurance policy that provides a kind of surety that in case of accident or a sudden illness it will take away the financial burden from you and look after the cost of hospitalization and other costs incurred during the treatment.
When you try to compare different type of health insurances being offered by different insurance companies you will find out difference in rates and coverage being offered. This is because health insurance is a vast category which covers different types of treatments. Now some insurance companies cover all kind of treatments whereas some companies don't; so coverage differs according to the company's policy.
What are the benefits of taking a Health Insurance policy?
1. The immediate benefit of taking up a Health Insurance policy is the Tax benefit that you can enjoy under section 80 D of the Income Tax Act.
2. Do not worry if you do not have adequate money to pay for sudden hospitalization or surgery. Your health insurance policy offers a cashless hospitalization facility. This facility is a great help since one doesn't have to run around in the middle of the night to collect cash for paying up large deposits prior to admission.
3. If a person gets hospitalized all his medical expenses 30 days prior to hospitalization and 60 days post hospitalization will be covered. This includes nursing expenses, diagnostic and medical expenses, surgery, anesthesia cost, doctor's expense, specialist fees, scanning, x-ray, ambulance expense, oxygen, operation theatre expenses and cost of surgical appliances, room expenditure, day care expense and similar expenses.
4. There are few treatments which due to technological advancement are done as an outpatient, that is, you need not have prolonged hospitalization. These treatments are also covered under health insurance.
5. If you are a non-claimant don't think that your money is wasted. You will not only enjoy the Income tax benefits under Section 80D of the IT Act, but also your sum insured gets increased without paying any extra premium by way of cumulative bonus. Also, you will get covered for medical conditions diagnosed over the years. Since accidents, natural disasters and sudden loss of health can happen to anyone, it makes sense to stay insured in spite of not claiming in any given year or for a series of years.
Thus health insurance has become a necessity in today's hectic life. Individuals don't get time to concentrate on their health and this increases the chances of health problems. Health care has become very expensive so bearing the fees of doctors and treatment cost. So it advisable to invest in a proper health insurance plans which helps to reduce the burden of your medical expenses