Health insurance is insurance coverage that pays medical expenses for the insured person. The insurance has the major goal of ensuring that you are not overwhelmed financially in unexpected medical situations during the policy term. Considering how unpredictable health and life, in general, can be, it is always better to be prepared for the unknown.
Contrary to what many think, health insurance is not solely a cover to cater to hospitalization costs; it extends beyond that to even cover your doctor visit and medications. The benefits you stand to enjoy will be determined by the insurance coverage you have taken. But the general benefits of insurance for health include the following.
- Coverage for medical care expenses
Your health status can change unexpectedly due to changing weather, pollution, or even lifestyle choices. With health insurance coverage, you will have your medical expenses taken care of, thus relieving you of the pressure of getting quality care unexpectedly. Some of the expenses medical covers take care of include:
- In-patient expenses, including doctor fees, nursing expenses, and anesthesia
- Pre and post-hospitalization expenses, including consultation, medical tests, and prescribed medications
- Organ donor expenses
- Minor daycare treatments, including sinusitis, cataract surgery, orthopedics, and ophthalmology
- Alternative treatment
- Daily hospital cash allowance
- Critical illness coverage
Health insurance also covers critical illnesses. This can be a standalone kind of coverage, or it can come as an add-on benefit from your insurance company policies. Critical care can include life-threatening diseases like coma, stroke, cancer, kidney transplants, and bone marrow transplants. Usually, the plans will offer you lump sum amounts when you are diagnosed with any covered illnesses. The amount you get helps pay for the treatment, daily expenses, debts, and other financial obligations.
- Tax benefits
Most health insurance plans are eligible for tax deductions under the income tax act. When you buy the policy, you can avail the tax benefits, not just for you but also for your spouse, children, and sometimes even parents under your cover. However, the terms and conditions for this will depend on your insurer and the policy you have taken up.
- Cashless claim benefits
When you have a health policy, you will not be required to pay anything out of your pocket when you are hospitalized. The cashless treatment is very convenient because it assures you of getting help when you most need it, regardless of your current financial status. The cashless mediclaim policies, however, require that you are admitted to a certain hospital network. You must also notify the insurer of the hospitalization for the claim to be approved. Some health insurance plans also offer flex cards to help you easily cater to your medical expenses; the Medicare flex card for seniors is a good example.
- Additional employer cover protection
Many companies offer employees health insurance coverage. Whereas these plans may cover most medical expenses, they may not give you continuous coverage when you quit your job. They may also be less comprehensive, but you can always purchase an individual health plan to boost employer coverage and extend the coverage for convenience and peace of mind.
The health insurance benefits mentioned above can help you decide when to get a coverage plan. You should always choose the most relevant policy per your medical requirements and budget. When you have a medical insurance plan, you will be able to:
Fight lifestyle diseases. This is especially very helpful as you age because it is when the diseases start manifesting. Pollution, unhealthy eating habits, and a sedentary lifestyle can all lead to diseases like diabetes, obesity, respiratory issues, and heart conditions. These diseases might require long-term medical care, and when you have a health insurance plan, you will have an easier time than if you had to go back into your pockets to manage them.
Safeguard your family. Insurance companies offer plans you can take up as an individual but cover your entire family. Such covers will make it easier for you to meet premiums, and rest assured that every family member can access medical care when needed the most without straining their finances.
Stay prepared for medical inflation. Medical treatments rise as medical technologies do. As the cost of services increases, you could end up paying more when it is strenuous. But the inflation burden will be relieved when you have a comprehensive insurance plan. You will still get quality care, including doctor consultation, ambulance costs, room rent, and even diagnostic tests, the current costs notwithstanding.
Enjoy comprehensive coverage. The other reason you should consider getting health insurance is that you and your family will enjoy much more than just basic coverage. The policies are ever-changing, and new ones are created to match varying medical requirements. By choosing a comprehensive cover, you will feel more secure knowing you can access all medical treatments without worry.
Protect your savings. Unexpected illnesses might catch you unprepared, putting stress on your finances. When you have no money immediately available, your suffering could increase. In such situations, your only option would be to turn to your savings to cater to your medical expenses. But with health insurance in place, your savings remain secure, and you can direct them to buy a home or even education and travel. The tax benefits available with most health insurance plans can increase your savings further to your advantage.
Health insurance is beneficial at a medical care level and personal level. With good coverage, you can be at peace knowing you can access quality medical care even in emergencies. It is a good idea to consider insurance when still young because, apart from getting better premium rates, you will start securing your health early and remain prepared for any eventuality.
Whereas there is nothing wrong with getting health coverage when older, the premiums could be higher considering that age also comes with potential health issues, and insurance companies will not take chances. It becomes even more expensive when you already have pre-existing conditions. Start by weighing all your health insurance options and select a policy you feel best suits your needs and expectations.
