With new and more complex diseases coming to light, having a health insurance policy has become extremely important. However, with so many insurance options available to you, finding the right plan for your needs can be a little tricky. A health insurance policy should be selected based on proper research and comparison. Investing both time and effort in choosing just the right insurance cover pays off should a medical emergency arise.
Here are five ways just the right health insurance helps you in the long run:
1. More Cash In Hand: The best available insurance coverage for your family covers any sudden expenses that may arise out of a medical emergency. The timing of a health-related emergency can disturb your savings and push back your financial goals by months, if not years, rendering you under-prepared for abrupt medical bills. Having the right insurance coverage leaves you with more cash in hand, enabling you to tackle any indirect expenses on account of a health situation. You can channelise your savings in a much more efficient way to tackle such incidents in life.
2. Rising Medical Costs: Medical costs have shot up significantly over the past few years, with healthcare inflation in double digits. Factoring in the actual cost of medical expenses beforehand is practically impossible. One may be left with no option but to tap the last available savings to deal with a medical emergency, which can affect the milestones ahead. Therefore, you should look for a health insurance plan that can counter rising costs and inflation.
In this regard, some of the leading plans offer medical inflation add-ons that will increase the sum insured of the plan every year to ensure that the plan stays on top of the rising cost of healthcare in India.
3. Changing Lifestyle Means Changing Risks: Changing lifestyle makes families more prone to unforeseen health situations, making it paramount to explore smarter ways of tackling emergencies today. Air quality, work conditions, dietary changes, and the evolution of pathogens are only few in a long list of factors determining the level of risk to health.
4. Evolution Of Insurance Products: Today, health insurance comes in all sizes and shapes, and there is no substitute for careful observation. Given the complexity of health insurance products, it is all the more important to gain in-depth knowledge of the plethora of features available today before exposing your family to an inefficient insurance product. On the other hand, one can study features such as the waiting period, the types of pre- and post-hospitalisation and critical illness coverage, and the exclusions closely to make most of the health insurance available today.
5. Tax Benefits: Tax authorities offer a slew of benefits to encourage the use of health insurance products. For example, the premium paid towards activation or reactivation of a health insurance policy is eligible for tax deductions under Section 80D of the Income Tax Act. However, one should not look at investing in a health insurance cover for the ultimate goal of availing a tax benefit and adopt due diligence to zero down on all options comparing available products, say financial advisors.
Many a time, it makes more sense to get a family health insurance plan, which is a type of health insurance policy that covers more than one member of a family for a single annual premium.
While it may cover many things, a family health insurance plan has one job: to ensure you and your loved ones never have to worry about medical expenses. Because, when you worry less, you can live more, laugh more, and enjoy family life to the fullest.
Though both individual and family health insurance plans serve the same purpose - protecting you from unforeseen medical expenses - few factors make the two distinctively different as health insurance products.
Family health insurance policies provide a higher sum assured compared to general health insurance plans. Family plans are more affordable, covering a larger number of members, and are also easier to track compared to individual policies.
IFFCO-Tokio's family health insurance plans, for example, provide cover for hospital bills, diagnostic tests, scans, pre- and post-hospitalisation expenses, and several other healthcare-related expenses. All this to ensure that your family is well taken care of in times of medical emergencies. All health plans provided by the insurer cover COVID-19-related hospitalisation expenses.
The insurer's family health plans provide coverage for the whole family at an affordable premium. Its plans are designed keeping in mind the unique needs of diverse families in India.
IFFCO-Tokio's family health insurance covers:
- More than 160-day care surgeries
- Room rent expenses (including hospital registration/service charges etc.)
- Health check-ups and vaccination expenses
- Pre-hospitalisation and post-hospitalisation medical expenses
- Critical illness and emergency assistance services
- Alternative treatment hospitalisation expenses (AYUSH or Ayurveda, Yoga, Unani, Sidha and Homeopathy)
You can cover your dependent parents, siblings as well as family members living together, including a brother- or sister-in-law. Family Health Insurance Protector Policy, focused on any family size, is designed to cater to the different needs of different families. The Family Health Insurance Protector Policy comes with a unique feature that takes away the requirement of medical tests for the insured up to 60 years of age.
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