Dear Readers, Insurance policy for health is one of the popular financial cover bought all over the world. And in this article, we are emphasizing the need of buying health cover policy to safeguard your medical emergency financial needs.
Health Cover policy is very effective in the era of inflation, where it is a hard nut crack to meet the expense of family and expenditure of hospitalization is out of reach for everyone except the rich. Medical Insurance provides services in case of a health emergency such as an accident, illness, or hospitalization.
Insurance policy helps to cut the expenses of pre and post-hospitalization, ambulance charges, tests, doctor and diagnoses fees, daycare treatment, domiciliary expenses, and organ donors. Here are the benefits of health insurance you should know.
Key benefits of buying Health / Medical Policy:
Health Policy work as Financial Coverage
You can get powerful financial support in case of a health emergency. In this inflation, health treatment expenses are not affordable, but Health cover policies provide outstanding financial coverage for any medical treatment. Insurance covers the expenses of pre and post-hospitalization, ambulance charges, diagnosis costs, and much more.
Support for alternative treatment
In this era of advancement, allopathy is not only a source of treatment many other treatment methods like ayurveda, Siddha, Unani, and homeopathy are also available to alleviate people’s health related worries. Many Health insurance policies do not cover the expense of alternative treatment, but certain plans cover the cost of these alternative cures. Therefore, you should get services from those health insurance centers that sustain you with alternative therapy.
Aid for daycare or domiciliary treatment
Health Cover plans support you for daycare or domiciliary treatment. You avail of this service only under medical supervision for limited days. Because for daycare treatment, insurance policymakers set the limit on how much budget will be offered for such treatment.
Health Check-up facility
Basically, health policy is established in case of a critical health emergency. But health cover policy has services of routine check-ups for better health. Many Insurance Companies offer’s annual health check-ups to make people aware about their health and track down the severe conditions like Sugar, diabetes Blood Pressure or hepatitis.
Offer Cashless Facility in Network Hospital
Many insurance policies have their network hospital where they offer cashless facilities to their policyholders. You need not worry about the expense of medical treatment, because the services provider handles it in their own way. For hospitalization in-network hospitals, you must inform the insurance providers two days before planned admission or within three days in case of an emergency.
No Claim Bonus
Health cover policy not only provides health services cost of hospitalization from policymakers but also rewarded with discount to policyholder for claim-free year. Cumulative bonuses and Discounts on premiums are types of “No Claim Bonus” in health insurance.
Cumulative bonuses
In Cumulative bonuses, your premium amount remains the same and the coverage amount is increased. For instance, you brought a cover plan with a sum insured of 4 lakhs rupees and did not claim any medical treatment within the first year. Your insurer offers you cumulative bonuses of 5%, and your coverage amount increased by 4 lakhs 20,000, but the premium amount remains the same. After a 2nd and 3rd claim free year, the sum insured is 4 lakhs 40,000 and 4 lakhs 60,000 respectively.
Discount on premium
In this type, your premium amount is decreased by 5% without increasing your coverage amount for every claim-free year. For health cover, if you obtained an insurance policy of 4 lacks, you pay Rs.8,000 (Around $90 to $100 USD) per year. After 1st claim free year, your insurer offers you a 5% discount (you need to pay Rs.7,500) ($91 USD) on your premium without increasing your coverage amount.
Final Verdict
Health insurance is a safety net that takes care of you and your family and delivers financial well-being in case of a medical emergency. Many health insurance plans offer much more perks to their policyholders. Therefore, to avail of health insurance, choose the best policy that covers your financial coverage when you need it most.
We hope now you are well aware about the benefits of health insurance, So, you can buy adequate insurance for your family.
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Prashant V @Gymbag4you@gmail.com
