The increasing rates of medical inflation in the country are responsible for higher medical expenses that are difficult for common people to afford. However, amidst such growing expenses, opting for suitable health insurance policies is a wise step towards securing yourself financially during medical emergencies.

If you are wondering how it ensures the effective management of your finances, this blog is for you. Read more about health insurance and its importance in financial security in detail.

What is Health Insurance?

Health insurance is a type of insurance product that provides you with financial coverage for the medical expenses you may need to bear against monthly premiums. Such healthcare plans come with a policy period and some terms and conditions attached to it. You need to go through those terms and opt for a suitable health insurance plan, where you customise the health issues on which you require financial coverage.

Several types of health insurance plans allow you to purchase for yourself, your family, senior citizens etc. However, you need to keep in mind that the type of coverage and related services you choose for yourself will be responsible for the monthly premium amount you need to pay.

How Can Having Health Insurance Be Your Financial Security?

There are many benefits of having a health insurance plan, all of which lead to ensuring your financial security. Some of these have been listed below:

• Pre and Post-Hospitalisation

With a health insurance plan, you can claim financial coverage for all the medical expenses that you may have to bear throughout your stay in the hospital. This coverage is applicable for all the diagnostic tests, doctor’s fees, etc. before and after certain days of your hospitalisation, letting you have a substantial amount of funds.

• Critical Illness

Health insurance also comes with financial coverage for critical illnesses like heart attack, stroke, cancer etc. Such coverage is especially beneficial for senior citizens who are more prone to such chronic health issues and require regular medical attention, which eventually requires a good amount of investment. Health insurance can easily let you afford quality medical treatment for them without any hassle.

• Teleconsultation

Teleconsultation is one of the most beneficial advances in the world of health insurance as a result of technological improvements. Policyholders of health insurance plans can opt for teleconsultation services through which they can connect with specialised medical practitioners for free without visiting them physically. This in turn saves your time, energy and cost.

• Annual Health Checkup

Having a health insurance plan also lets you have access to annual health checkups for free as per the terms and conditions of the policy. Such health checkups every year not only ensure you achieve your health goals on time but also save you money that you would have spent on the checkups, following lengthy processes.

• Ambulance Service

With comprehensive health insurance plans, you also get financial coverage for ambulance service whenever you require it to reach a hospital or to travel between hospitals. In this way, you are able to save money without stressing during medical emergencies.

• Day Care Services

Health insurance policies can also provide you with financial assistance in case of daycare services. This can apply to aged individuals or disabled insured members who require constant medical attention.

• Maternal Coverage

Health insurance policies are also going to provide financial coverage for women related to their pregnancy and other maternal care services. You can opt for a suitable type of health insurance plan where you have all the necessary medical treatments covered, from delivery to newborn baby coverage.

• Daily Cash Benefit

Receiving daily cash is another effective service that comes from health insurance policies. You can add this facility to your existing healthcare plan to receive daily cash that you can use to buy medicine or other essential things related to the medication of the insured member. Thus, even though it is an add-on, or rider option, you must remember this facility can reflect in higher premiums for you.

• Tax Benefit

All the policyholders of health insurance plans are eligible to save a considerable amount of money from their total taxable income under Section 80D of the Income Tax Act. Based on the type of healthcare plan you have opted for and the coverage you get, you can save up to Rs. 1.5 Lakh.

The Bottom Line

To conclude, having a suitable health insurance plan is not only beneficial in providing you with financial coverage, but it also gives you a sense of contentment. This helps you in dealing with medical emergencies on time, by receiving quality medical treatment without leaving you any financial burden and stress.

So make sure to do your research on different health insurance companies, compare their services and go for the ones that align with your healthcare needs perfectly