Health insurance plans are an important form of financial protection that can help cover the cost of unexpected medical expenses. Without health insurance, an unforeseen accident or illness might result in a significant financial burden, potentially leading to debt or bankruptcy. Additionally, many health insurance plans offer preventive care and other benefits that can help individuals stay healthy and diagnose potential health issues early on. Overall, having health insurance is a smart investment in one’s financial and physical well-being.
Getting yourself and your family covered with health insurance plans is a significant part of financial planning. This article will focus on the benefits of buying health insurance plans and the difference between life insurance and general insurance.
What is Health Insurance?
Health insurance is a form of insurance coverage that pays for medical or surgical expenses incurred by the insured. It helps cover the cost of medical care, doctor visits, prescription drugs and other medical expenses. Health insurance policies are offered by insurance companies and may be purchased by individuals.
Health insurance plans can vary in terms of the level of coverage they provide, with some plans covering only basic medical expenses and others offering more comprehensive coverage for a wider range of medical services.
Benefits of Buying Health Insurance Plans
Having health insurance plans by your side can allow you to get the medical care you need at the right time. Here are some of the key benefits of buying health insurance plans:
- Hedge Against Inflation
The best health insurance plans can assist you in paying for medical expenses incurred during an emergency or planned hospitalization. With health insurance in India, you can afford high-quality medical care while keeping up with rising medical costs.
- Comprehensive Coverage
Having health insurance plans by your side can help you get the best medical care during an emergency without breaking the bank. In other words, the best health insurance policy will provide you with comprehensive coverage for medical expenses. It may pay for your hospitalization, day-care procedures, domiciliary expenses, and ambulance costs, among other things.
- Critical Illness Coverage
Most Indian insurance companies offer critical illness coverage as an add-on rider or as a standalone health insurance policy. Critical illness coverage in health insurance covers life-threatening illnesses such as kidney failure, cancer, organ transplant, stroke, and so on. However, before purchasing the policy, it is critical to review the list of critical illnesses that it covers.
- Cashless Hospitalization
The health insurance plans to entitle you to cashless treatments at the insurance company’s network of hospitals. It is a feature that requires you to pay for medical expenses out of your own pocket. Instead, the insurance company will negotiate directly with the network hospital on your behalf. Check that your preferred hospital is on the insurer’s list of network hospitals.
- Pre-existing Illness Cover
The best health insurance plans in India also cover pre-existing conditions. It can be claimed once the waiting period has ended. You must file a claim for the costs of treating any pre-existing illness or condition.
- Pre and Post Hospitalization Expenses
Health insurance plans in India cover the costs associated with an illness prior to hospitalization as well as the costs associated with follow-up treatment after discharge. The expenses for pre-hospitalization and post-hospitalization are covered for the number of days specified in the policy document.
- Regular Check-Ups
Health insurance plans also include free medical examinations for policyholders. The majority of insurance companies offer this service on a regular basis. It could be determined by the policy’s terms and conditions.
Difference Between Life Insurance and General Insurance
Let us now look at the difference between life insurance and general insurance. Life insurance refers to a contract between an individual and an insurance company in which the individual pays a premium in exchange for providing healthcare coverage to the policyholder’s family in the event of their unforeseen death.
General insurance, on the other hand, is a contract between an individual and an insurance company in which the individual pays a premium in exchange for the insurance company providing financial compensation for loss or damage to property caused by an unforeseen event such as an accident, theft, fire, or natural disaster.
Purchasing health insurance has become an essential part of financial planning due to the rise in cases of lifestyle diseases. Finding the one that gives you the best returns can be challenging, though, because there are so many options in the market. Before you buy any health insurance plans in India, make sure to go through the details of the plan.