The world we live in today is full of the complexities of healthcare. Medical expenses are continuously skyrocketing, and an unexpected illness or accident can land you with an enormous bill.
That is the role of health insurance: to create a financial buffer between you and unseen medical costs. In this post, we’ll talk about the top 5 health insurance benefits that you should know about!
Top 5 Health Insurance Benefits
1. Hospitalisation Expenses
Hospitalisation coverage is one of the most familiar advantages of health insurance. This includes:
- Room and board: Your accommodation costs during your stay at the hospital.
- Surgeon and doctor fees: These are the fees for conducting surgery. They can include laboratory and medical facility charges as well.
- Nursing: The money charged by the nurses to take care of the hospital patient.
- Diagnostics and tests: Charges for performing all the medical tests like X-rays, blood tests, MRI, and all other tests needed for the diagnosis.
- Medicines: The medication for most of the allied diseases, which are treated with the administration of medicine, are approved.
Being a victim of a medical emergency is traumatising enough. Health insurance covers a chunk of these costs, and you decide your extent of coverage.
2. Pre- and Post-hospitalisation
Most health insurance scope goes significantly beyond insurance for the time you spend at the hospital. It pays for your pre and post-hospitalisation, which is essential. Such contain:
- Pre-admission tests: These cover the diagnostic tests done before a planned surgery or hospitalisation.
- Medications: Includes the charges for particular medications needed after being discharged from the hospital.
The above costs, which indicate that medical insurance covers you even after you leave the hospital, ensure that you are taken care of throughout your recovery journey beyond the hospital walls!
3. Cashless Hospitalisation
Imagine a medical emergency not disturbing you about the upfront payment; yes, with cashless hospitalisation, a top benefit by many health insurance plans, you do not have to be troubled! Here, the insurance company settles the bill with the hospital directly within network limitations. Here’s the complete process:
- You identify a hospital from the network your insurance provider has partnered with.
- While admitting, inform the hospital about your health insurance plan.
- The hospital verifies your coverage with the insurance company.
- If approved, the hospital will ensure the bill with the insurer is settled without you making any payment. It takes away the heavy burden during your stressful time; thus, you only need to focus on getting better without any financial anxieties!
4. Domiciliary Cover for Home Treatment
Health insurance offers domiciliary cover, which allows policyholders to receive medical treatment at home. This option is helpful in situations where hospital facilities are unavailable or if the patient’s condition is too severe for easy mobility. It is particularly beneficial for elderly individuals. The key advantage of this feature is that it allows patients to receive care at home when hospitalisation or travel is not feasible.
5. Tax Benefits
Health insurance plans offer tax benefits under Section 80D of the Income Tax Act, allowing premium deductions. The maximum deduction is ₹50,000, varying based on age and relation.
- For policyholders, spouses, and dependent children, a maximum of ₹25,000 is deductible, with an additional ₹25,000 for parents.
- If parents are above 60 years, the deduction increases to ₹75,000.
- If either the policyholder or other family members are over 60, the deduction is up to ₹1,00,000.
Additionally, preventive health check-up costs are deductible, with a sub-limit of ₹5,000. Tax benefits can change with new tax laws.
Final Thoughts
All in all, health insurance is essential to your financial health in a medical emergency and the overall system. Understand its top benefits and make an informed purchasing decision.
*Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
*Tax benefit is subject to change in tax laws.
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