Health insurance is an insurance company provides medical coverage to the insured for a premium amount. It covers medical expenses incurred on hospitalization, surgeries, day care procedures, etc. A health insurance policy either reimburses the medical costs or offers cashless treatment.
What is Health Insurance?
Health Insurance or medical insurance is a contract between the insurer and policyholder where the insurance company offers medical coverage to the insured up to the sum insured limit. Multiple benefits on health plans are available, like coverage for pre & post hospitalization, medical check-ups, room rent coverage, cashless facility, etc.
Benefits of Buying Health Insurance Plans Online?
Buying a health insurance policy online comes with several benefits. Take a look at them below:
- Easier to Compare Plans – It is easier to compare health insurance plans from different insurers online at websites like Policybazaar.com to make an informed decision.
- More Convenient – It is more convenient to buy the policy online as you do not have to visit the branch of the insurance company or take an appointment to meet an insurance agent.
- Online Discounts – It allows you to avail discount on premiums for buying the policy online.
- Lower Premiums – Health plans are available for a lower premium online as insurance companies save a lot on operational costs.
- Minimal Paperwork – The process of buying a health insurance policy online involves minimum to zero paperwork.
- Policy Available 24×7 – A health insurance policy can be purchased online any time of the day, even on public holidays, which is not possible in offline buying.
- Digital Payment Options – It allows you to avoid cash payments and use digital payments methods to pay the premium online safely.
- Instant Policy Purchase – A health insurance policy is issued instantly when purchased online unlike offline buying.
- Time-saving – It saves you a lot of time as the policy is issued within a few minutes of buying.
Top Reasons to Buy a Health Insurance Plan
- Beat Medical Inflation – A health insurance policy can help you pay your medical bills, including pre and post-hospitalization expenses, today as well as in future despite the rising medical costs.
- Afford Quality Medical Treatment – It helps you to afford the best quality medical treatment and care so that you can focus only on getting cured.
- Fight Lifestyle Diseases – It allows you to pay for the long-term treatment of lifestyle diseases like cancer, heart attack, etc. that have been on the rise with the changing lifestyles.
- Protect Your Savings – It helps you to protect your hard-earned savings by covering your medical expenses so that you can avail the required treatment without any financial worries.
- Avail Cashless Hospitalization Facility – It allows you to obtain a cashless hospitalization facility at any of the network hospitals of your insurance provider by raising a cashless claim.
- Get Tax Benefits – It enables you to save tax on the health insurance premium that you’ve paid under section 80D of the Income Tax Act for better financial planning.
- Ensure Peace of Mind – It allows you to obtain medical treatment with peace of mind as you do not have to worry about paying the hefty hospital bills.
Key Benefits of Health Insurance Plans in India
- Hospitalization Expenses – A health insurance plan covers the medical expenses incurred on getting admitted to a hospital for more than 24 hours. It includes room rent, doctor’s fee, medicine cost, diagnostic test fees, etc.
- Pre & Post Hospitalization Expenses – It covers the medical expenses that you may have incurred on an illness before getting hospitalized as well as follow-up treatment expenses incurred after getting discharged. The pre-hospitalization and post-hospitalization expenses are covered up to a fixed number of days as specified in the policy document.
- ICU Charges – A health insurance plan also covers the cost of availing treatment in an ICU during hospitalization.
- Ambulance Cost – It covers the cost of ambulance services availed to reach the nearest hospital during a medical emergency.
- Cashless Treatments – All health insurance providers in India offer cashless treatment facilities at their network hospitals. You do not have to worry about arranging money to pay the hospital bills if you get admitted to a network hospital as it will be settled by your insurer under cashless claims.
- Day Care Procedures – It also covers the cost of availing day care treatment that requires hospitalization for less than 24 hours.
- Pre-existing Diseases – The best health insurance policy also provides coverage for pre-existing diseases after you have completed the waiting period. Usually, pre-existing diseases are covered after a waiting period of 2 to 4 years.
- AYUSH Treatment – It covers the cost of availing medical treatment through AYUSH school of medicines that includes Ayurveda, Unani, Homeopathy, Siddha and Yoga.
- Medical Check-ups – Most health insurance companies in india offer free preventive health check-up facilities to the insured at regular intervals depending on the policy terms and conditions.