Know about the benefits of health insurance policy

With the current lifestyle habits leading to the start of several diseases like diabetes, blood pressure, heart ailments and more among all age groups, plus medical inflation, has become a major concern. In such a scenario, having a comprehensive health insurance policy comes as a saviour. A health insurance policy provides extensive coverage against medical-related expenses. It helps you stay financially prepared for any medical emergency.

Health insurance policies enable you to get the care you need at affordable premiums. Read on to know more about the benefits of health insurance policies.

Benefits of health insurance policies

Here are some common benefits of health insurance you should know about.

1. Covers medical-related expenses

Health insurance policies cover hospitalisation, pre-and post-hospitalisation, daycare and home treatment expenses. You can also avail of financial coverage for expenses against diagnosis and tests suggested by the doctors.

2. Ensures access to preventive care

Among the many benefits of health insurance is that certain policies offer complimentary health check-ups. These help you access preventive care or general medical care, ensuring that you stay in the pink of health. In fact, this advantage of health insurance is one you should definitely scout for as it can help you stay healthier for longer.

3. Funds dental treatment

Dental treatment is often very expensive, especially for more complex procedures. Besides treatment, such care also includes diagnostic fees and medication, which add to the total cost. Nevertheless, with the right health insurance plan, you can get the funding you need to avail proper dental care. However, do note that many policies only cover dental treatments that require hospitalisation.

4. Gives add-on coverage for critical illnesses

While a comprehensive health insurance plan covers a wide range of ailments, for critical illnesses insurance like stroke, kidney failure, heart attack or cancer, you may need a special or add-on cover to obtain coverage. In such cases, the premiums may differ, but these policies offer a great deal of financing to help you address the massive expenses required for treatment.

5. Offers a cashless claim benefit

Most insurance companies offer cashless services at their network hospitals. If you get admitted to any of the network hospitals, you do not have to worry about liquid cash or immediate funds availability to seek treatment, because your insurer will take care of it. To avail of this facility, you simply need to inform the insurer 48 hours before planned admission or within 72 hours in case of emergency admission. The insurer will directly clear all the bills with the network hospital after completing the required formalities.

6. Ensures funding for alternative treatment

Many ailments are now receiving alternative treatment, which was typically not covered by insurance. Insurers now recognise practices like Ayurveda, Yoga, Unani, Siddha, and Homeopathy. You can get coverage for care availed at centres that specialise in these alternative treatment methods.

7. Provides for domiciliary treatment

Health insurance also extends to treatment taken at home. However, this must be done only under medical supervision and for a limited number of days. In some cases, health insurance policies may also set a limit on how much funding is offered for such a treatment.

8. Reimburses ambulance charges

In case of an emergency, you may need to hire an ambulance and pay ambulance charges. What is not known to many is that such charges can be high depending on the city you live in. For example, in Bangalore, the cost can go up to Rs. 5,000 or even higher. However, with the right insurance policy that offers the benefit of ambulance cost coverage, you can have this charge reimbursed to you.

A health insurance policy, in short, gives you the required financial backup at the time of need. When buying a health insurance policy, understand the terms and conditions well to reap the maximum of all benefits offered. These health insurance policies also offer tax exemptions under the relevant sections of the Income Tax Act.