Features of Health Insurance
Health Insurance plays an essential role in planning and saving for health-linked emergencies. From helping you avail cashless treatment at network hospitals to covering the sky-rocketing costs of complicated medical facilities, these plans are proving to be indispensable in every conceivable way. This article helps you take a quick look at the many features and benefits of health plans so that you may take the necessary step of buying them at the earliest.
What Benefits Does A Health Insurance Plan Give You?
The benefits of buying health insurance in India are indeed many. Some of them are enumerated here for guiding your purchase of health insurance plans on insurance aggregator sites like Coverfox.com.
1. Cashless Treatment
All health insurance companies have partnerships with medical facilities and hospitals located across India for making the entire process of claim settlements quicker and smoother. As a policyholder, you may choose to get cashless treatment in any of these network hospitals wherein the expenses (limited to the amount defined in the policy) will be settled directly by the insurer with the network hospital.
2. Pre and Post-Hospitalization
Be it the expenses related to tests and check-ups for the first symptoms and signs of an illness, or the costs of medical tests that lead to the diagnosis of an ailment that necessitates hospitalization and beyond, health insurance plans take care of it all. Even after hospitalization, the expenses linked with further check-ups, medication, follow-up treatments, and post-discharge care are taken care of by a health insurance policy. In most cases, the term defined for availing this facility ranges between 30 to 180 days prior to and after hospitalisation.
Ambulances serve as the preferred mode of transportation in case of any medical emergency as they provide the right equipment for keeping patients stable. Most health insurance plans help policyholders avail free-of-charge ambulance facilities in their times of need.
4. No-Claim Bonus
An attractive benefit and feature of health insurance plans pertains to the no-claim bonus (NCB). In case you fail to make any claim across a calendar year, your health insurance company will reward you with a no-claim bonus. It will be offered to you by way of discount when you are paying the premium for renewing your policy. The NCB increases for each consecutive no-claim year – starting from 10 percent discount on the first year’s renewal premium to 50 percent across the years!
5. Tax Benefits
As per the Income Tax Act, 1961, health insurance premiums get tax deductions u/s 80D. Given this, your investment in a good health insurance will help you save taxes as well.
Co-payments are beneficial in lowering health insurance costs. It stipulates that when a claim is made, a portion of the expenses is to be taken care of by the policyholder while the insurance company agrees to take care of the rest. Though co-payment decreases the premium involved, it does not affect the amount assured as benefits.
The person insured may choose to shift plans or opt for a different health insurance company without giving up on certain benefits such as no-claim bonuses, waiting term for pre-existing illnesses, or the benefits accrued from the previous policy. Easy means of switching plans help the policyholder find a more appropriate plan in case the existing insurance company proves to be unsatisfactory.
8. Online buying facility
Nowadays, it is very easy to buy health insurance policies online, courtesy specialized sites that allow you to make a comparative analysis of the pros and cons of different products on offer by various insurance companies. The main benefit of purchasing a health plan online is that you can make a more informed purchase by understanding its many features and benefits beforehand. More so, the discounts pertaining to products available online are not to be missed!
Financial Benefits of Buying Health Insurance
The rising costs of hospitalization and availing medical treatment is indeed worrisome. Under the circumstances, the financial benefits of health insurance come as a relief for people opting for individual, group, or family floater plans. Along with cashless hospitalization and coverage for x-rays, MRIs, medicines, diagnostic tests, maternity and child care benefits, and so forth, tax saving serves as an added benefit for the insured.
Given the many advantages of buying health insurance online, it comes as no surprise that more and more people are choosing to visit Coverfox.com to compare and buy the best health plans in India. If you have been looking for sound medical coverage at the least possible premium, then it makes good sense to check out the various plans from different health insurance providers in India – you will be glad you did!