Health Insurance

Health Insurance refers to a type of insurance coverage that protects your overall health by paying your medical expenses due to an illness. Health insurers directly pay for the health expenses incurred from an injury or a certain condition. It provides multiple benefits to the insured. Any person of any can avail the benefits of this insurance. The main objective of health insurance it to provide maximum protection during an illness.

Pros of Health Insurance

1.Protects you financially

Financial planning can be disrupted if you have to take a loan or sell any asset for availing health services. The kind of medical expenses one is burdened with is huge and your current financial situation may not support such huge bills. Taking loans affect your current finances, whereas, health insurance ensures best quality of health services without any compromise on your current finances.
During emergencies, health insurance is the best way to avoid such a predicament. Instead of borrowing, health insurance helps at the time of need without damaging your financial plan.

2.Benefit from taxes

Health insurance is purchased by a numerous people because of the tax benefit you get from it. It is one of the advantages that excites people to buy health insurance. Tax deduction for people below 60 years is around Rs 25000 and for people above that age criteria can claim a double deduction from what people below that age received. However, tax benefit should not be the only reason to purchase health insurance. You should consider it as a health security during emergencies.

3.Wide range of available options

Back in those days, a basic health insurance plan was available to everyone. Now, a wide range of plans are available to choose from. Health insurance is available for an individual and for a family. If you want your entire family to be insured, then family insurance is available.
Apart from these basic and popular insurance plans, insurance is provided even for people suffering from chronic illnesses or accidents. You can choose from whatever suits your needs.

4. No Claim Bonus

No claim bonus is a bonus benefit that get with your health insurance. Insurance premium is paid every year to renew your insurance plan but if you don’t file a claim for a year, you will benefit from No Claim Bonus.

5.Cashless Claims

An advantage of health insurance is cashless hospitalization. There are a group of network hospitals in the entire country that are partnered with the insurance company. If you get admitted at any one those network hospitals, you will have to pay no medical bills. Insurers will pay all your hospital dues and your treatment will be totally cashless. If you get treatment from non-network hospitals, reimbursement claim facility can be used.

6.Provide security

The thought of managing every penny to pay medical bills and entire treatment at the last moment can be very stressful. Health insurance relieves that stress and ensures utmost safety. It provides you with certain security for your not only yourself also your family. Health insurance frees you from healthcare costs and additional worry about quality care.

Cons of Health Insurance

1.Waiting period for pre-existing health issues

A lot of healthcare insurances have a specified waiting period. This period can be from 2 to 3years for the people already suffering from a health problem. At the time of purchasing health insurance, if you are currently suffering from diabetes, thyroid or any other condition, you will have to wait until the end of the waiting period. Nevertheless, there are insurance plans that have less waiting period. To avoid this, health insurance should be bought at a younger age.

2.Insurance premiums and age

Insurance premiums are decided according to the age of the insured. If 30 year old people or below purchase an insurance plan, the risk of those people suffering from a health condition is very low, so the insurers will charge lower premium. In the case of a 60 year old people or above, insurers will change higher premium as the chances of them getting serous health conditions is quite higher.

3.High premium for additional benefits

Every insurance plan can be customized. You want certain claims to be added to your insurance plan, you will have to pay additional premium. Therefore, additional benefits come with higher benefits. But if you see these add-ons are beneficial as most insurance plans exclude severe illnesses, adding it to your plan covers your overall healthcare. The only drawback is that you will have to pay extra premium.

Health insurance has a a few drawbacks but it is still essential to secure your health. Choose an insurance plan wisely to protect your health and your dear ones as well.

Post a Comment