Benefits of Health Insurance
Unlocking the Benefits of Health Insurance in India
Why You Need a Health Insurance Plan?
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 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
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. Some Health Insurance policies provide health check-up benefits 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 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.
Conclusion
Purchasing Health Insurance will help you in your critical times. It also covers treatment and other expenses like ambulance charges, pre- and post-hospitalisation, etc.
So, purchasing Health Insurance will benefit the insured person through a tax deduction. Before buying the policy, please read the terms and conditions to understand its inclusions and exclusions.
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>
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