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Benefits of Health Insurance

Know more about the benefits of health insurance in detail.

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Health issues have become an increasingly pressing concern in the past few years. The average person's lifestyle today involves greater exposure to several health-threats. Each individual likely goes through an expensive medical procedure at least once in their lifetime. In such conditions, the need to protect yourself financially has become imperative.

For that purpose, the numerous benefits of health insurance are practical. The purpose of health insurance is to provide financial support in case of medical emergencies. If you are planning to buy such a policy, then you must be aware of the benefits of health insurance.

Let's look at some of the health insurance benefits to understand its relevance in your life. 

Health Insurance Benefits 

The several benefits of health insurance can hold different meanings for policyholders with diverse profiles. It is favorable to be aware of them while purchasing to avoid any misunderstandings later. 

1. Insurance Coverage for Healthcare emergencies 

One of the primary benefits of health insurance plan is that it provides coverage for various healthcare facilities. It can include regular check-up visits to the hospital as well as major surgeries. The policy terms lay down the particulars of the health insurance benefits at the time of purchase.

One of the desirable benefits of health insurance is the cashless treatment facility. In case of emergency hospitalization, you may not have the resources available for paying the expenses immediately. The health insurance benefits ensure that you receive proper healthcare without worrying since the hospital can settle the bills directly with the insurer. 

2. Safety Against Rising Medical Costs 

The rapidly increasing healthcare costs are a matter of grave concern among people. Research suggests that paying for healthcare out of pocket is one of the critical causes of impoverishment. Under such conditions, the benefits of health insurance have become incredibly valuable.

When you include a health insurance policy in your financial plan, it can save you much trouble later. The assurance of safety against continually rising healthcare charges is among the remarkable advantages of health insurance.

3. Affordable Premium for Young Individuals 

A common misconception says that you do not need health insurance if you are fit and healthy. Contrary to that, the benefits of health insurance can be immensely helpful if you have planned for it beforehand. By doing so, you give yourself enough time to spread the premium amount over the years and reduce the financial strain. 

As we grow older, health issues become more frequent. If you do not have a plan in place, it may drain your savings. Hence, it is inadvisable to wait for a medical emergency to purchase a health plan. You may not avail of the benefits of health insurance efficiently, and it may also cost comparatively higher. 

4. Rider Protection for Various Life-related Uncertainties 

Riders can be considered as one of the most valuable benefits of health insurance. Apart from the fundamental medical insurance benefits, you can enjoy multiple other coverage options. Such health insurance benefits help in creating a more personalized financial plan.

For example, a critical illness insurance rider can provide coverage against a list of life-threatening diseases that incur high healthcare costs. Max Life Insurance offers the option to add a critical illness rider to term plans to enhance the policy's scope.

Also Read: What are Riders in Insurance?

5. Additional Cover Above Employer Health Insurance 

Many companies offer employer health insurance benefits to their employees. While they are useful, you may not want to rely on it solely for assistance in a time of need. Since the benefits of health insurance provided by a company are under a master policy, there are limitations to individual coverage.

When you buy an individual plan, you can attain additional benefits of health insurance, which are more particular to your requirements. You do not want to face a medical emergency where the employer's health insurance benefits may fall short.

6. Tax Benefits 

While the benefits of health insurance are undeniably useful, they also help save on tax. The Indian government allows the policyholder to reduce their tax liability when they purchase a health plan. Under Section 80D, there are specific tax benefits of health insurance applicable to some conditions. Tax benefit are as prevailing tax laws subject to change.

 

Why Choose a Health Insurance Plan? 

The benefits of health insurance have quickly become even more relevant than before. We are seeing an increase in lifestyle-related health issues among people. While it is essential to make other efforts to maintain a healthy lifestyle, protecting yourself financially should be prioritized. 

Here are a few key advantages of health insurance to put it in perspective.

 · Safeguard Your Family 

If you are an earning individual with financial dependents, health insurance benefits can be exceptionally helpful. You may not be able to prevent medical emergencies completely, but you certainly can prepare for it.

Your loved ones' safety and security in distressing times can be the most significant benefit of health insurance. The medical insurance benefits will ensure that they are not deprived of quality healthcare whenever needed.

Here are a few key advantages of health insurance to put it in perspective.

· Safeguard Your Family 

If you are an earning individual with financial dependents, health insurance benefits can be exceptionally helpful. You may not be able to prevent medical emergencies completely, but you certainly can prepare for it.

Your loved ones' safety and security in distressing times can be the most significant benefit of health insurance. The medical insurance benefits will ensure that they are not deprived of quality healthcare whenever needed.

 

· Protect Your Savings 

Every hard-working person takes necessary measures to maximize their savings over time. However, the medical inflation rate may render them inadequate when needed the most. The benefits of health insurance will reduce the burden on your savings and spare them for other substantial life expenses.

· Peace of Mind 

Your peace of mind is priceless in life. When you are secure and happy, most problems in life seem manageable. The benefits of health insurance are most helpful in ensuring that you live without worry. When you plan and invest, the health insurance benefits can positively impact your present and the future.

How Max Life Cancer Insurance Plan is Compared with Other Health Insurance Plans? 

Much like other insurance products, the benefits of health insurance depend on some personal factors at the time of purchase. The minimum age of entry for health plans is generally lower so that you can begin planning earlier. Since the health insurance benefits can be applicable for a longer policy term, the premium rate will be lower as well.  You can calculate the premium rate for a suitable coverage amount to get a better idea.

Take the case of Mr. Kumar, 30 years old, who plans to buy the Max Life Cancer Insurance Plan (UIN: 104N093V03, A Non-Linked Non-Participating Individual Pure Risk Premium Health Insurance Plan). If he opts for an insurance coverage of Rs. 50 lakhs till the age of 70, the approximate annual premium will stand at Rs. 15,694. In case he chooses to pay the premium on a monthly, quarterly, or half-yearly basis, it will further reduce the premium amount.

How to Choose the Right Health Insurance Plan? 

The benefits of health insurance can be immensely worthwhile if you select the right plan at the right time. There is no standard policy that provides relevant benefits of health insurance to everyone. Here are some of the factors to consider to optimize the health insurance benefits when buying a plan.

· Coverage Requirement 

Evaluate the coverage that you need per the desired duration of the policy. The benefits of health insurance can continue for a long time comfortably if you make a careful decision. 

How to Choose the Right Health Insurance Plan? 

The benefits of health insurance can be immensely worthwhile if you select the right plan at the right time. There is no standard policy that provides relevant benefits of health insurance to everyone. Here are some of the factors to consider to optimize the health insurance benefits when buying a plan.

· Coverage Requirement 

Evaluate the coverage that you need per the desired duration of the policy. The benefits of health insurance can continue for a long time comfortably if you make a careful decision. 

 

· Customization Options

The cost of living goes under changes with time. Choose a plan that allows you to customize the benefits of health insurance over time with riders. There may also be a provision to increase the sum assured over time, depending on the policy terms.

· Maximum Renewal Age 

The benefits of health insurance include policy renewal at a later age. In general, health insurance renewal is allowed until the age of 65, but some may also offer lifelong renewal options.  

· Claim-Settlement Ratio 

This refers refers to the percentage of successfully processed claims against the total number of issued claims to the insurer. Assess the provided medical insurance benefits against the insurer's claim settlement ratio to make informed decisions.

· Other Policy Terms 

No one wants to be taken by surprise upon filing a claim towards settlement. It is advisable to go over different policy terms such as the waiting period to avoid any confusion later. 

Frequently Asked Questions (FAQs)

Q. Can I Avail Of Health Insurance Benefits For My Family Members? 

A. You can avail of the benefits of health insurance for self, spouse, children, or parents, as per the policy terms.

Q. Can I Have More Than One Health Insurance Policy? 

A. Yes, you can enjoy the benefits of health insurance with more than one policy. 

Q. What Will Happen If I Miss Paying The Premium Before The Due Date? 

A. Insurers generally send reminders to the policyholders when the renewal date is approaching. However, if you miss the renewal date, there is generally a grace period of 15-30 days.

Q. What Is The Waiting Period Of A Health Insurance Policy? 

A. The waiting period of a health insurance policy is the period before which insurers do not entertain claims towards settlement. It can differ according to the varying features and benefits of health insurance.

Q. Will I Get Health Insurance Benefits If I Am Not Hospitalized?

A. Yes, there are specific medical procedures that do not require hospitalization, known as daycare treatment. The benefits of health insurance apply to them as well. 

ARN No : Aug21/Bg/27C

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