Last Updated on March 23, 2023 by hassan abbas
There are different types of medical insurance policies available in the market. You can choose from individual health insurance, family floater insurance, critical illness insurance, medical insurance for senior citizens, top-up health insurance, and others.
As the range of policy plans by the different insurance providers in the market seems overwhelming, you must like to know about the benefits of other medical insurance plans.
Why invest in a medical insurance plan?
A sedentary lifestyle, technology addiction, pollution, poor eating habits, fatigue, and unhealthy living conditions are some significant factors leading to severe health issues that affect people emotionally, physically, and financially. Health conditions such as diabetes, heart disease, obesity, kidney failure, hypertension, and lung conditions once found in older adults have become common among the younger generation.
A medical insurance for senior citizens policy is essential in such situations and provides the required financial assistance. It covers annual health check-ups, screenings, medical tests, and counselling and helps you manage your health properly.
Insufficient cover in Group health insurance
In some instances, employer health insurance may prove inadequate, and you may need to buy an additional plan to meet your needs. With an increase in overall healthcare costs, it is vital to have a medical insurance policy that covers your medical expenses and saves your hard-earned money. Make sure to purchase a health insurance plan with a sufficient sum insured amount. A higher sum insured results in a higher premium and ensures financial security during stressful times.
Complete family protection
You can protect your loved ones from any medical emergency with the help of a single plan. A family health insurance is a cost-effective policy that covers you, your spouse, dependent parents, and children. It promises top-quality medical treatment, reduces the strain on your pocket, and gives you much-needed peace of mind.
It is recommended to opt for a family floater plan offering extensive coverage against in-patient hospitalisation expenses, daycare procedures, medicine costs, critical illnesses, OPD cover, pre-and-post-hospitalisation fees, maternity cover, and alternative treatment expenses.
Deal with Medical inflation
India recorded an 8% rise in medical inflation in May 2021, which has made an average man unable to meet their healthcare needs. There has been a continuous increase in the cost of treatments, doctor’s consultation fees, medicine costs, diagnostic tests, operation theatre charges, and room rents.
A medical insurance plans policy is a great tool that can help you get the best treatment without worrying about mounting medical expenses. You should enhance your health insurance coverage from time to time to beat medical inflation.
Protect your savings
A medical emergency can be stressful and can wipe out your savings. The best way to safeguard your savings and lowers the financial burden is to opt for a health insurance policy. It covers various medical expenses and offers cashless treatment facilities at network hospitals.
Under this, you can get complimentary annual health check-ups and a cumulative bonus for not raising claims during a policy year. It also helps you save money on income tax. You can avail tax benefit of ₹25,000 under section 80D of the Income Tax Act, 1961, for the premium paid towards a policy.
Buy early to enjoy benefits
The right time to purchase a health insurance policy is at a young age. It helps in sound financial planning and helps you get comprehensive coverage at lower premiums. Most health insurance plans have a waiting period of 30 to 90 days, during which no claims are settled. However, buying a policy beforehand can quickly exhaust the waiting period. You should get yourself insured early to have the freedom to choose a health insurance policy that suits your needs and fulfils your requirements.
Medical insurance plans are an excellent safeguard for yourself and your family from unforeseen mishaps. So, you must compare the different policies in the market to know the best plan for yourself.