We live in a time where illnesses surround us. Lifestyle problems lead to a situation wherein even young people need to be hospitalized for serious problems. The burgeoning medical costs make it absolutely essential to get health insurance for yourself and your family members. Health insurance gives you multiple benefits that include:
1) Coverage for medical expenses
The prime reason for getting health insurance is to get your medical expenses covered, if you have to be hospitalized for some illness. Paying off a hospital bill can turn your financial plan upside down. Insurance takes care of your hospital bills by paying a small premium annually.
2) Allows Cashless claims
Insurance companies offer cashless claims at their network of hospitals. You don’t have to pay the hospital bill. Get yourself treated and the insurance company will take care of your bill. It’s a tension free benefit of health insurance.
3) Daily Allowance
Some policies pay you a daily allowance when you are hospitalized. This allowance can be helpful in meeting some of your expenses, since you may not be able to work until you are fit. You can get a lump sum amount as outlined in the policy.
4) Tax Benefits
The premium you pay for health insurance for yourself and your family members can be deducted from your income to get tax benefits. This is a major benefit of health insurance.
5) Free medical checkup
Most insurance policies offer a free medical checkup for policyholders. This annual checkup will act as a formal evaluation of your health and will help you detect any illness at an early stage.
6) Lifelong renewability
Once you buy a health insurance policy, you can renew it lifelong. If you do not have health insurance, getting it when you are older will be difficult and more expensive. This is why you must get insured when you are young and keeping renewing your policy.
7) Benefit from no claim bonus
If you are healthy, then you will not need to make a claim. Not making a claim will entitle you to a no claim bonus that will reduce the premium you need to pay.
8) Covers alternative treatment
Nowadays insurance policies also cover alternative treatments like Ayurveda, homeopathy, etc. Inpatient treatments under these systems of medicines would be included in your health insurance coverage.
9) Add-ons
You can get add-ons to your health insurance policy after a few years. You can get dental treatment included, which can be very expensive. Maternity benefits are also available, which would help you if you plan to start a family. Some insurers even offer coverage for weight loss surgeries, personal accident coverage, and additional coverage for critical illnesses like cancer.
The health insurance benefits listed above would have helped you understand its importance. If you haven’t been insured then do it to today to take care of your health.
