Benefits of Health Insurance

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Benefits of Health Insurance

Health is the most precious possession for all of us. It is what makes or breaks the quality of living. Ensuring good health depends on various factors and is subjective. For example, someone may define good health as being active and maintaining physical fitness. For another person, good health might pertain to mental well-being. Good health is generally the culmination of all these aspects, but there is one major aspect that cannot be missed in addition to these.

This major aspect is the inclusion of planning and preparing for any unforeseen event that may hamper a person's health. Life is full of uncertainties, and no one truly knows what ‘tomorrow’ holds for us. Being well-prepared in case of an unpredictable incident forms the core of good health. You may ask, ‘How can one be prepared?’ This is where the importance of health insurance is highlighted.

Benefits of Health Insurance Overview

It isn't easy to stick to a healthy routine in the modern-day lifestyle. Age also plays an important role in determining your health along with other factors. In the face of a global pandemic, medical emergencies can arise anytime. So, safeguarding the health of you and your loved ones becomes crucial, and the guaranteed way to do so is by having healthcare plans in place.

Benefits of Health Insurance

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It isn't easy to stick to a healthy routine in the modern-day lifestyle. Age also plays an important role in determining your health along with other factors. In the face of a global pandemic, medical emergencies can arise anytime. So, safeguarding the health of you and your loved ones becomes crucial, and the guaranteed way to do so is by having healthcare plans in place.

There are numerous benefits of health insurance. Opting for healthcare plans that fulfil your needs and requirements the best are the ones you should go for. To make the decision easier, here’s a checklist of benefits an ideal insurance scheme must have:

  1. Cashless Hospitalization
  2. Coverage for COVID-19 Treatment
  3. Restore Benefits
  4. In-patient Treatment
  5. Pre & Post Hospitalization benefits
  6. AYUSH Benefit
  7. Claim Settlement Ratio
  8. Tax Exemption

These are some significant benefits of health insurance scheme that can save you from high expenditures on medical bills and protect you in times of need. Take a detailed look at how these benefits work and why are they advantageous for you.

Cashless Hospitalization

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Insurance providers partner with many hospitals where the insured person can get the facility of cashless hospitalization. The network of partnering hospitals is mentioned clearly in the policy, so the insured person can get admitted to any of the listed hospitals and avail cashless treatment in case of a health emergency. Under cashless treatment, the expenses involved in insured’s treatment and hospitalization are paid directly to the hospital by the insurance company, subject to the terms and conditions of your active policy. The outstanding bills with such a hefty amount can become a burden to pay from the pocket. This is exactly why cashless hospitalization is a critical aspect of healthcare plans. This feature allows ease of access and a hassle-free experience in terms of managing finances.

Coverage for COVID-19 treatment

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The coronavirus pandemic has brought a wave of uncertainty, anxiety, and widespread fear when it comes to health and well-being. Every time we step out of our house, there’s a potential risk of contracting the virus, and the quick mutation has doubled that risk. In these unprecedented times, having an insurance plan that covers COVID-19 treatment is the most important benefit one can ask for in a health insurance plan.

Restore Benefits

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Replenishing the sum insured after it has been exhausted due to an unexpected medical emergency in a calendar year are the restoration benefits that a health insurance plan must include. In the event where you have used up your entire sum insured for hospitalization that was or was not planned, and in the same year, you need to get admitted again for another medical treatment; a restoration clause enables you to claim your insurance one more time. The expenses won’t be borne by you and would work according to your chosen health insurance policy. The restoration clause has certain terms and conditions that need to be adhered to. An ideal plan allows for a 100% cumulative bonus, so always check for this when choosing a policy.

In-patient Treatment

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The importance of medical insurance is realized when the insured person is admitted to the hospital as an in-patient for an illness that is critical and requires more than one day of treatment. The per-day cost of rooms and other facilities is extremely high, so having a healthcare plan that covers all these expenses incurred in the duration of the entire treatment is essential.

Pre & Post Hospitalization Benefits

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There are several expenses that are categorized as pre and post hospitalization that go beyond basic hospitalization. It ranges from diagnosis, blood tests, medicines administered by a certified medical practitioner before and after hospitalization, patient-care procedures, OPD costs, consultations, ambulance charges etc. This is a very helpful feature of good healthcare plans as it substantially reduces the total cost incurred by the insured person, thus saving on a lot of expenses.

AYUSH Benefit

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With the advent of new and modern forms of medicine, insurance plans have become inclusive of not just allopathic treatments but also alternative forms of medicine. For example, AYUSH includes Ayurveda, Unani, Sidha or Homeopathy treatments that will be covered by the insurance provider as in-patient treatment.

Claim Settlement Ratio

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When buying a health insurance policy, always check for the Claim Settlement Ratio (CSR) of the company that will give you an idea of how the insurance provider is doing in terms of settling claims successfully for its consumers. CSR is a unit of measurement regulated by the Insurance Regulatory and Development Authority of India (IRDAI) that is used to rate health insurance companies based on how many claims they settled in a calendar year compared to the total amount of claims filed. This is to assess the company's standing in the industry, so the higher the ratio, the more likely they are to settle your health insurance claims.

Tax Exemption (under section 80D)

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Under Section 80 D of the Income Tax Act 1961, you can enjoy tax benefits on the premium paid for a health insurance policy. So, keep an eye out on the amount you are saving under the tax exemption clause when buying a policy.

TATA AIG aims at maximizing these benefits because we deeply value our customers. We offer a wide range of such benefits alongside different healthcare plans that cater to your needs appropriately. Our easy insurance portability option also allows you to switch your insurance provider as we understand that certain circumstances can lead to this decision. We believe that trust is a two-way street and so, faith is what binds us to our customers. To get more information on coverage, benefits, and policies, get in touch with us via call/SMS/e-mail.

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