With the constantly increasing prices of healthcare in our country and the rising instances of diseases, health insurance today is a necessity. It provides people with a much-needed financial backup during medical emergencies. Health risks and uncertainties are a part of life, and while one cannot plan to get sick, one can certainly be financially prepared for such situations by purchasing health insurance.
Despite the government's focus on health schemes and initiatives like Ayushman Bharat Yojana, India still has the lowest health insurance penetration in the world. However, capital expenditure towards healthcare may ameliorate the situation and encourage more people to opt for health insurance.
Health insurance is a type of coverage that pays for medical expenses incurred by the insured. It can reimburse expenses from illness, injury, or pay the care provider directly. There are various types of health insurance plans available, such as individual health insurance, family health insurance, and critical illness insurance. Purchasing health insurance is an integral part of financial planning.
There are numerous reasons to have a health insurance policy in place. If you have a family to support, you can buy a family health insurance plan to take care of their medical needs. The health insurance premium varies for different people and is based on factors like age, medical history, and city of residence.
1. Changing lifestyle: Our lifestyle changes have made us more prone to a wide range of health disorders. Commuting, hectic work schedules, wrong eating habits, and pollution have increased the risk of developing health problems.
2. Rising medical costs: Medical expenses have dramatically risen lately. In case of a medical emergency, consumers end up spending their savings, affecting their future plans.
3. Income tax benefit: Payments made towards health insurance premiums are eligible for tax deductions under section 80D of the Indian Income Tax Act.
4. Coverage of pre and post-hospitalisation expenses: Health insurance policies not only cover hospitalisation costs but also expenses towards OPD and diagnostic tests before and after the hospital stay.
5. Additional benefits: Health insurance also offers benefits such as ambulance coverage, coverage for day-care surgeries, and coverage for Ayush treatment.
Yes, your existing health insurance policy covers the expenses of COVID-19 treatment. In addition, the IRDAI has directed insurance companies to launch two special standard health insurance products, namely Corona Kavach and Corona Rakshak, which were launched to provide specific coverage for COVID-19.
Here are some common health insurance plan inclusions:
Following are common health insurance plan exclusions:
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