Healthcare costs are rising rapidly, making medical emergencies a financial burden for many. This is where healthcare insurance becomes a lifesaver. But what is healthcare insurance, and how does it help?
Simply put, it’s a policy that provides financial support for medical expenses, hospitalization, and treatments, ensuring you get quality care without breaking the bank. In this blog, we will explore the concept of healthcare insurance, its benefits, and why it’s a must-have for everyone.
What is Healthcare Insurance?
Health insurance is a type of contract between an insurer and the policyholder that covers medical reimbursements and related expenses for the insured individual upon their facing an illness or injury.
Types of Health Insurance Policies
Now that we have already covered what healthcare insurance is, let us move on. There are different forms of health insurance policies, which provide varying benefits according to their type. Here are a few types of health insurance policies that you can avail of:
1. Individual Health Insurance
Individual health insurance covers only one person. You can take this insurance for yourself, spouse, children, or parents. The benefits of this policy coverage are hospitalization expenses, surgery, ambulance charges, and more.
2. Family Floater Insurance
If you want to get all of your family members health insurance, then this is going to be more beneficial for you. Family floater is a very affordable healthcare insurance since the sum insured is shared amongst all members under the policy.
3. Group Health Insurance
Group health insurance is one of those health insurance plans that benefits a larger group of people. This type of health insurance policy is more often opted for by employers for their employees. The benefits of this coverage are basic health benefits.
4. Senior Citizen Health Insurance
As determined from the name, Senior Citizen Health Insurance is meant for elderly people. They are very beneficial for getting the elderly people in your family covered, as they are more prone to getting illnesses.
Why Do You Need Health Insurance?
The future is unpredictable, and it is always wise to prepare for any unforeseen circumstance. There is no better way to do this than to get health insurance. With medical inflation in present times, affording quality healthcare services has become a challenge for many people. Now, you do not have to worry anymore about your financial constraints when faced with medical emergencies with health insurance.
Benefits of Getting Health Insurance
Buying a health insurance policy proves to be beneficial for a lot of different reasons. Some of them are:
Cashless Hospitalisation
Cashless Hospitalisation Health insurance companies have tie-ups with a network of hospitals where you can avail yourself of cashless claims. For instance, if a person meets with a medical emergency and admits themself to a hospital, they can do so without making any reimbursements. The hospital will coordinate with the insurance company and settle the bill for them. Additionally, having hospital cash insurance can provide you with daily cash benefits to cover incidental expenses during hospital stays.
Helps with Medical Inflation
With the rising costs of medical treatments, affording them has become a bit overbearing for people. This is where health insurance comes of much help. They act as support for expenses incurred during medical treatments.
Tax Savings
Under Section 80D of the Income Tax Act (1961), premiums paid towards maintaining health insurance are eligible for tax deductions. If you plan accordingly, then you will be able to save on taxes.
Provides Security
Getting healthcare insurance will provide you security in the future so that you do not have to worry about expenses when faced with medical emergencies. Having a financial backup for your future also gives you peace of mind. Additionally, for seniors, a medical care alert system ensures that help is just a button away, adding another layer of security.
Conclusion
Getting health insurance gives you protection from any unexpected medical expenses. Having insurance grants you an opportunity to access quality healthcare. It will relieve you of the burden of medical expenses when you are faced with financial emergencies. Hopefully, now you know what healthcare insurance is about and everything that it entails.
Also read: Healthcare Assurance: Exploring the Benefits of Supplemental Medicare Plans
