Factors That Make Buying Health Insurance Important

Most of us do not understand the importance of health until we fall ill or face a medical emergency. The pandemic was a period when many people realised that they were living unhealthy lives and started thinking about making healthy changes to their lifestyles. Another thing that people have started realising is the importance of having a comprehensive health insurance plan with adequate coverage.

Different types of medical insurance plans are available, like individual plans, corporate group plans, and health insurance plans for families. Make sure that you choose a health insurance policy based on your needs.

Today, we will look at the factors that highlight the significance of health insurance.

Why Is Buying Health Insurance Important?

When you buy a health insurance policy, you get financial coverage for medical costs and emergencies. There are many benefits of health insurance that make it an important investment for every individual. Here are some factors that highlight the importance of health insurance policy.

●       Takes care of hospitalisation expenses

In India, hospitalisation is not cheap. When faced with a medical emergency, hospital costs can burn through your savings in no time. When you buy health insurance, the insurer manages all the costs associated with hospitalisation and treatment. Many policies also offer a daily allowance to the policyholder to compensate for the loss of income due to extended hospitalisation.

●       Covers daycare treatments

Not all ailments require the patient to be hospitalised. Many new treatment methodologies have evolved with advancements in technology, allowing doctors to treat patients in no time. Hence, they do not have to be admitted to a hospital. However, these treatments can be costly and involve a lot of pre- and post-treatment tests and consultations. Many health insurance plans cover all costs associated with daycare treatments.

●       You can get treated without spending a penny

Traditionally, even if you had a health insurance policy, you were required to pay for the treatment and then file a claim with the insurance company. Claim settlement could take days or weeks; in many cases, the settlement amount would be lower than the amount spent. Nowadays, insurance providers offer cashless hospitalisation services. They have a tie-up with a network of hospitals. When a policyholder gets treated at any hospital from this network, the insurer pays the hospital directly.

●       Rewards good health

Most insurers offer a No Claim Bonus benefit where the policyholder is rewarded for staying healthy and not filing a claim during a policy term. This is usually offered as a discount on the premium or an increase in the sum assured of the policy on renewal. It works as an incentive to stay healthy and fit.

●       Allows you to get the best treatment possible

Without a health insurance policy, you have to manage all the costs pertaining to medical treatment. If your finances are low, then this would mean receiving a below-par treatment or delaying it. However, if you have the backing of a health insurance plan, you can look for the best treatment without worrying about costs.

Remember, with the high costs of medical treatments and healthcare, a health insurance policy is no longer optional. Make sure you research the market and understand the different types of plans available. Also, compare providers and plans before making the purchase.

Summing Up

Our lifestyles are becoming increasingly sedentary and unhealthy, resulting in various lifestyle-related ailments and diseases. Also, the medical inflation rates are very high, and quality healthcare comes at a high cost. Hence, ensure you assess your needs and buy a medical insurance plan based on your health and insurance requirements.

Good Luck!