November 30, 2022

Why You Need to Buy the Best Health Insurance Policy

With the increase in lifestyle-related diseases, it has become essential for everyone to have health coverage, irrespective of age or income. Besides, with rising medical expenses, access to good medical facilities and hospitalisation costs can be financially strenuous. Therefore, getting the best health insurance policy coverage for yourself and your family can deliver added protection in times of need. Moreover, apart from the obvious benefit of having the financial security to take care of your loved ones, a health insurance policy helps defeat medical treatment inflation.

What is Health Insurance?

Health insurance plan is a safety net, taking care of your financial well-being during a medical emergency. Health insurance covers medical expenses one might incur due to illness, accidents, or injury. 

Technically, it is a contract between the insured and their health insurance companies. It means the insurer will bear some or all medical expenses incurred against a certain fee (premium) paid. There are two ways through which the insurer pays for their medical expenses: 

  • With a cashless treatment, you don’t have to pay. The insurance company pays the network hospital directly. 
  • You can pay your medical costs first and then ask for reimbursement from your insurance company.

Need for Health Insurance

Buying health insurance is not something that most individuals willingly do until it’s too late. While the awareness and intent to purchase health insurance have increased, it still needs to be considered a priority. Unfortunately, there is still a significant lag between the intent and actual buying. There are many reasons why experts advise people to opt for a health insurance policy at a young age. Here are some of the crucial factors that make health insurance policies indispensable in today’s date and time:

  • It provides comprehensive coverage benefits to help meet your medical expense requirements. Health insurance companies have made several plans to meet the varied needs and requirements of their customers. You can buy individual and family floater health insurance as needed.

 

  • A personal health plan can provide extensive coverage for an individual insurance seeker. In contrast, family floater health plans are specially designed to offer coverage for each family member under one master plan. There is no need for a separate policy for each member of your family. In fact, some health insurance providers also allow you to incorporate your parents into the same family health plan to maximise convenience.

 

  • Health policies also provide free health check-up facilities once or twice a year after a predetermined period, depending upon the insurance company.

 

  • Maternity expense or cost  coverage can also be utilised or availed under health insurance policies.

 

  • Your health plan can also cover domiciliary care facilities for exceptional cases where the patient needs supervision at home and cannot be transferred to a hospital.

 

  • Apart from the advantages mentioned above of the right and the best health insurance policy, you can avail of tax benefits for the premium of your healthcare plan under Section 80D of the Income Tax Act.
Conclusion

You may have heard of the phrase – health is wealth, but given the unpredictability of life beyond a good lifestyle, you also need money to ensure sound health. And the best health insurance from Niva Bupa can make it much easier to access that money when you need it most. Niva Bupa’s exceptional policies cover day-care procedures, treatment at a vast network of hospitals, pre and post-hospitalisation costs and even insure your mental illness treatment, among other things. With inclusions like these, you can be stress free about a medical condition putting a strain on your finances. So, do your due research and choose a health insurance plan that suits your needs. 

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