Maintaining a healthy lifestyle is essential for a happy existence; as the saying goes, “Health is Wealth.” The prevalence of illnesses associated with a sedentary lifestyle has increased over time, directly tied to this trend. Additionally, it is challenging for patients to access the finest care due to the increasing medical prices. The best option to obtain financial protection against treatment costs in such situations is to invest in the best health insurance.
Financial coverage for medical expenses incurred by an insured individual is provided by insurance. It is an essential component of a comprehensive financial plan, helping individuals and families manage the cost of medical care and secure their financial future. This article will discuss the need, benefits, and eligibility of a life insurance plan.
Need for Healthcare Insurance Plan
It would be tough for you to pay a lot of coverage premiums given the escalating cost of requirements. The following pointers will enable you to maintain coverage at a lower cost and cut your insurance costs.
Rising Healthcare Costs
Healthcare costs are increasing at an alarming rate, and medical emergencies or illnesses can quickly deplete your savings. Best health insurance plans protect you from financial risk and ensures you have access to quality healthcare.
Tax Benefits
Insurance plans offer benefits under Section 80D of the Income Tax Act. Individuals can claim tax deductions for the premium paid towards insurance for self, their spouse, dependent children, and parents.
Peace of Mind
With an insurance plan, you can know that you have financial support in case of a medical emergency or illness.
Benefits of Healthcare Insurance Plan
Depending on each family member’s specific needs, you can purchase individual life insurance policies for them. Medical insurance offers the following benefits:
Cashless Hospitalisation
Most health insurance in India provide cashless hospitalisation, where the insured can get medical treatment without paying cash upfront. Direct payment is made by the insurance company to the hospital for medical bills.
Coverage for Pre and Post-hospitalisation Expenses
Health insurance in India also covers pre- and post-hospitalisation expenses, such as consultation fees, diagnostic tests, and medication, incurred before and after hospitalisation.
Cover for Critical Illnesses
Some critical insurance plans cover critical illnesses such as cancer, heart attack, and stroke. When diagnosed with one of the covered critical illnesses, the insured receives a lump sum payment that can be used to cover treatment costs.
No-Claim Bonus
Best health insurance plans offer a no-claim bonus to policyholders who do not make any claims during the policy year. The bonus is a percentage of the sum insured and is provided as a discount on the premium at the policy renewal time.
Customised Plans
Medical insurance plans offer customised plans that cater to the specific needs of individuals, families, and senior citizens. You can choose a plan that fits your budget and provides coverage for the medical expenses you are likely to incur.
Eligibility for Health Plans
In order to set a premium on your policy, the companies evaluate your health according to certain parameters.
Age
The minimum age to buy a life insurance plan is usually 18 years. The maximum age varies from insurer to insurer, but most insurers provide coverage up to 65-70 years.
Medical History
Best medical insurance companies in India assess the individual’s medical history before providing coverage. The insurer may exclude coverage or charge a higher premium if the individual has pre-existing medical conditions.
Premium
The premium for an insurance plan depends on several factors, including age, medical history, sum insured, and coverage duration. Individuals can choose a plan that fits their budget and provides adequate coverage.
Family Floater Plan
A family floater plan provides coverage for the entire family under a single policy. The eligibility criteria for a family floater plan are usually based on the age of the family’s eldest member.
Group Healthcare Insurance
It is provided by employers to their employees as a part of the employee benefits package. The eligibility criteria for group plans are usually based on the individual’s employment status.
The best health insurance is a critical component of financial planning, protecting against rising healthcare costs and ensuring access to quality healthcare. Medical plans offer several benefits, including cashless hospitalisation, pre and post-hospitalisation expenses, cover for critical illnesses, no-claim bonus, and customised plans. To be eligible for an insurance plan, individuals must meet the age and medical history criteria and pay the premium.
Niva Bupa is the best health insurance company in India offering a variety of customised insurance plans that benefit your financial well-being. Connect with us to equip yourself with a clever insurance solution and take care of any medical requirements!
