Why Health Insurance is a Must-have in 2024?

Why Health Insurance is a Must-have in 2024?

Why Health Insurance is a Must-have in 2024?

Why Health Insurance is a Must-have in 2024?

Health insurance policy with the medical expenses it is related to the insurance that the policyholder occurs due to any kind of critical illness or ailment. To hospitalise, doctor’s fees, medicines, and diagnostic tests or lab these medical bills the insurance provider of your policy will be paid. The medical treatment you’ve received you don’t need to pay anything from the savings. You need to pay some percentage if you opt to buy health insurance with a copayment or deductible clause expenses on your own. 

Importance of health insurance: ( Why Health Insurance is a Must-have in 2024? ) 

The importance of having a health insurance policy that are as follows: 

  1. Affordable coverage of way: One must pay premium monthly or annually for buying a health plan. It offers peace of mind then the premium paid is affordable. 
  1. It covers the expenses of the hospitalisation: It ensures that you can concentrate mainly on treatment and not on the expenses all should cover a health insurance plan like hospitalisation expenses. 
  1. Cashless Facility: One can avail of a cashless facility every health insurance company should offer a list of network hospitals. It will be borne by the insurance company, this means that all the medical expenses. 
  1. Hospitalization Domiciliary: To visit the hospital due to critical health issues in a case where there is less availability of beds then these policies will pay for the treatment domiciliary. 
  1. Benefits on Tax: These health insurance plans are provided under section 80 D of Income Tax Act, 1961 and as per the age the benefits keep on increasing. 
  1. AYUSH treatment: It is provided by the government-approved hospitals accredited by the National Accreditation Board by the quality Council of India. It is related to ayurveda and homeopathology. 
  1. NCB ( No claim Bonus): For every claimless year it is a discount that a policyholder receives and to reduce the payable premium at the of renewing the offers or policy in the su insured. 
  1. Coverage Additionally: IRDA has mandated every health insurance looking at the rise in the numbers of corona cases for coverage of treatment of coronavirus. Two corona-specific policies have been launched are called corona Ralshak and Kavach. 

Importance of buying the health insurance: ( Why Health Insurance is a Must-have in 2024?

The significance of health insurance is that you must know how it can positively impact our life. There are some of the importance of buying health insurance that are as follows: 

  1. Additional costs for medical treatment  like bed rent and other required tools. 
  2. At a rapid stage the inflation in the healthcare sector especially in deadly ailment and in critical illness. 
  3. For any medical emergency if you have insufficient savings that could increase unnoticeably. 
  4. There should be a freedom of choosing the level of advanced care it also includes expensive treatment at prestigious hospitals. 
  5. You have future goals side by side with these you don’t want to exhaust all the savings. 

Essential elements to keep in mind  before buying the Health Insurance policy: 

There are numerous no. of policies with difficulty in selecting the right insurer and plan as there are many insurers too. Let’s understand this from few points that are as follows: 

  1. You need to find out your requirements and start evaluating it and consider some essential factors like existing health conditions, size of the family, age of policyholder, and other expected expenses. This financing will lead you to the right insurer and insurance policy. 
  1. There are many types of insurance policies related to health. You need to understand the difference between them: like individual health insurance, senior citizen health insurance, critical illness insurance, family floater health, maternity coverage and critical illness insurance policy. 
  1. You need to research about the insurer before buying any insurance policies. Make sure to look at the claim settlement ratio, track record financially, and healthcare providers and networks of hospitals. 
  1. Period of waiting: With the policy, understand the period associated with it. If possible choose the policy that has shorter waiting periods for pre-existing maternity beliefs, and particular illness, and other conditions. 
  1. Cost of premium: Before applying for any insurance policy you should make sure that you have compared the various insurers and their premium cost. After that only apply for the right choice. You should keep in mind that the cheaper policies may result in coverage of limited time after considering your budget. 
  1. Sub-limits and co-payment: You should be aware before buying any insurance policy of the co-payment. 
  1. Riders and Add-on are offered by many policies to represent additional coverage like maternity riders and critical illness riders. Before making your choice make sure it is required as per your need or not. 
  1. Before applying for any such insurance policy make sure you have consulted with the insurance expert or financial advisor. 
  1. Make sure you compare various policies according to your needs. If you are finding issues in comparing then use various tools and these tools will show you the result on the basis of premium coverage etc. 
  1. Before signing for any document of insurance policy make sure you have gone through the document very well and assured and confirmed with the insurer. 
  1. The situations or treatment which are not covered in the policy make sure you review the policy’s exclusion. visit here

Conclusion 

In 2024 it was essential to have health insurance because the past years how health is valuable to us. In a crucial state you have been left with no chance but to protect yourself from the rising cost of medical care in India. Many serious health issues like COVID-19 , cancer, heart disease shows that major organ failure and stroke can lead to various financial complications.

To assure the safety of your loved ones health insurance policy is the best way to live a worry-free life. But before making any decision make sure you have read all the documents and then signed it. Because frauds are common these days. If you are seeking a good insurance policy and insurer make sure you compare and ask the question that can satisfy your needs for buying the Health Insurance Policy. 

Know More 

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top