The Unparalleled Benefits Of Health Insurance

Today, our society is marked with growing vulnerability to illnesses and diseases. While its financial implications are many, preparedness to tackle such situations is imperative. Experts from financial and medical fields opine that investing in a health insurance is a one-stop solution.

Benefits of a Health Insurance Policy

No matter what form it takes, the benefits of a health insurance are many. It indemnifies you for unexpected financial expenses that arise from an array of medical conditions. If you are still contemplating on whether to invest in a health insurance, here is a listicle of the benefits of a health insurance policy.

  1. In an era of escalating costs of medical treatments, and life's unpredictability, the most important of all benefits of a health insurance is that it offers financial protection at such times
  2. With several players in the insurance sector, you are at liberty to opt for a policy that not only suits your pocket, but also your specific requirements. Pre-existing medical conditions and family history can help you decide on a policy that fits
  3. Another one of the many benefits of a health insurance policy lies in the fact that the policy can extend cover to the insured's parents/parents-in-law, spouse and children

Who can take this Policy?

Though health insurance benefits can be availed by almost anyone, following are the terms of eligibility:

  1. An insurance policy can be taken for anyone between 5 to 60 years of age, provided the proposer is more than 18 years old
  2. The IRDA has instructed insurance companies to offer benefits of health insurance to senior citizens as well. As such, 65 is regarded as the maximum entry age and the cover can extend up to the age of 80 or 90 years, based on the individual company policy

What does the Policy cover?

Health Insurance benefits extend over an array of situations, excluding the company's own set of restrictions. As a policy holder, you are entitled to most of the following benefits, irrespective of the vendor.

  1. Cashless transactions in case of hospitalization across a network of medical facilities, or reimbursement in case of a non-network hospital
  2. Pre- and post-hospitalization charges, as well as Day Care services
  3. Maternity and newborn care
  4. Laboratory Services

Special Features of this Policy

Apart from the health insurance benefits enlisted above, almost all policies offer an Income Tax rebate on the annual premium paid. Certain companies reward you with 'No Claim' or 'Loyalty' benefits as per the policy performance in the preceding years.

Exclusions

'Health Insurance' is a blanket term that covers an array of policies, like critical illness policy and personal accident insurance plan. While each has an exclusive set of exclusions, here is a comprehensive list of situations that are generally not covered by any policy.

  1. Treatment for medical conditions arising out of war
  2. Hospitalization as a result of an attempt to commit suicide, or an act of self-injury
  3. HIV/AIDS

A health insurance is indispensable when it comes to financially safeguarding your family and yourself in case of any eventuality. While the benefits of an insurance policy are many, it is important to compare and opt for one that serves your purpose in particular as against popular market trends.


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