Five Key Benefits of having a Health Insurance Plan

The common perception in the minds of the general public is that health insurance is needed when one falls sick or gets hurt. Of course, no one plans to fall sick but yet the bitter truth of life is that we all require medical care in one way or the other. Hence having a health insurance plan is no longer optional. This article is for you whether you have a health policy or not, so don’t leave before reading till the end. Let’s glance upon five key benefits of having a health insurance plan.

1. Family Cover and Pre and Post Hospitalization Expenses Coverage:

Many times, it is seen that one particular family member is going through some medical treatment which requires a lot of finances on a constant basis. In such a case, a family floater policy allows you to share the total sum assured of the family to be utilized for that particular member. This eases out lots of stress in case of an untoward happening. Further, many health insurance policies are offering to cover the cost of OPD (Out Patient Department) expenses and diagnostic tests as prescribed by the doctor during hospitalization and as per the rules of the policy. Majority health insurance companies today cover pre and post hospitalization expenses varying from 1-2 months pre and 2-6 months post hospitalization.

2. Saves Against the Increased Risk of Health Ailments and Soaring Medical Costs:

It has been observed that people are often skeptical in buying medical insurance at an early age. They feel it’s too early for expecting any diseases and hence categorize it as an unnecessary spend. On the other hand, there are people who feel they are so strong that they’ll never require any medical aid. The dark side of this feeling is that the medical costs are way higher and medical emergencies have diversified way beyond bad health. It covers unexpected cancers, accidents, and health emergencies. These health insurance plans secure you even when the current scenario and stressful lifestyle has made us more prone to developing health ailments.

3. Zero Loading Charge and Top-up Facility:

It is a blessing in disguise to own a health insurance plan with no loading charge. This implies that you have to bear the penalty of additional ‘loading’ charges over and above the premium at the time of renewal in case you have made a claim in the previous year. Another considerable benefit is of having top-ups available for accommodating changed circumstances. For example, when you are getting married, you would want your spouse to have the same benefits and security. You can do so with the top-up facility. This is more like if you get promoted to a level where you can afford a deluxe room, then why should you somehow continue with your existing plan which makes you eligible only for a twin sharing room. Top-up plans make it flexible for you to widen your health cover as you grow financially.

4. OPD Expenses, Dental and Maternity Cover:

In traditional health insurance policies, the claims were possible only with a minimum of 24 hours hospitalization. Today, there are so many occasions where a person requires an outpatient department (OPD) consultation. Many health insurance plans are now offering these benefits. Some even include dental treatments with certain waiting period and maternity cover extending it to vaccination of the newborn.

5. No Claim Bonus and Cashless Hospitalization:

With the changing needs of the customers, insurance companies have begun to offer cashless hospitalization. This relieves the customers from worrying about the immediate cash requirements while getting the patient hospitalized. In most of the cases, third party administrators at the hospital attend to the requirements and pay the bill at that moment. Moreover, as a part of a retention strategy, many insurance companies offer ‘no claim bonus’ when there has been no medical expense claimed in a year. This bonus may be as high as 100 percent of the sum insured.

If you are among those who have been thinking about the right age and time to invest in a health insurance plan, there is no right age to buy one. It’s best to invest in a health insurance at the earliest. And, if you gasped because you already have a health policy, check out the benefits you get by paying the premium and retaining that policy. Is the cover sufficient as compared to the rising costs of medical treatments? Are the primary benefits of having a Health Insurance Plan being served to your satisfaction with your existing policy? If not, just wake up and choose the plan which financially secures you and your family medically. Remember the associated risk of getting diseases is much higher than you can assess.

International Institute of Health Management Research, 

Plot no. 3, Sector 18A, Dwarka, Phase-II, 

New Delhi - 110075 India

Phone:- 011-3041890