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Know All the Benefits of Health Insurance in India

  • Highlights

  • Around 472 million Indians out of 1.3 billion have some form of health insurance or coverage

  • Around 80.9% in Indians living in urban India are uninsured

  • Use the Digital Health EMI Network Card to finance your entire family’s healthcare cost

  • The card offers 800+ medical treatments across 5500+ partners

While the healthcare sector in India extends several provisions to the general population, it is no secret that availing medical care is expensive. In fact, a recent study by the Union Ministry of Statistics and Programme Implementation revealed that hospitalisation at private health centres can cost up to 6 times the amount as that at government-run institutions. However, regardless of the cost, healthcare is a priority and you must have a plan in place to address such costs, should the need arise.

This is where the importance of health insurance policies is felt, as they enable you to get the care you need at the cost of affordable premiums. Unfortunately, for the financial year of 2019, only around 472 million Indians out of 1.3 billion had the advantage of a health insurance to their name. To reverse this trend, it is important to understand why taking health insurance is important. Here are 10 benefits of health insurance you should know about.

Benefits of Health Insurance

1. Covers ambulatory patient services

In many instances, you may not require hospitalisation for your ailments. Even so, you must pay for treatment and outpatient care isn’t always pocket-friendly. Depending on the illness or issue at hand, you may have to spend thousands on doctor visits, diagnostic tests, procedures, and medicines. Such sudden and unexpected expenses can be very demanding on your finances. Thankfully, several health insurance policies offer coverage for ambulatory service expenses and may also cover medication costs.

2. Offers funding for hospitalisation

Hospitalisation in India is expensive, and this makes it inaccessible to many. However, if hospitalisation is a must, it means that the condition is serious and medical care is essential to recovery. Health insurance policies cover hospitalisation costs and some even offer a daily hospitalisation allowance. However, keep in mind that health insurance policies often have certain restrictions and conditions that must be met before such coverage is offered.

3. 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.

4. 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.

5. Gives specialised coverage for critical illnesses

While a general health insurance plan covers a wide range of ailments, for critical illnesses like stroke, kidney failure, heart attack or cancer, you may need a special clause or rider 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.

6. Offers a cashless claim benefit

Some policies offer a feature that simplifies the process of you availing healthcare entirely. Here, you don’t have to pay cash or make any out-of-pocket expense as the insurer and the hospital handle everything. However, for such a benefit to apply, you must be admitted to an institution that is on the insurer’s network.

7. Ensures funding for alternative treatment

Many ailments are now receiving alternative treatment, which were typically not covered by insurance. Practices like homeopathy, Ayurveda and others are now recognised by insurers and you can get coverage for care availed at centres that specialise in these too.

8. Provides for domiciliary treatment

Availing medical care and the benefits of health insurance also extend to care administered to the sick 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.

9. Reimburses ambulance charges

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

10. Enhances coverage via the No Claim Bonus feature

Among the top benefits of a health insurance policy is the No Claim Bonus. This is an additional insured sum that your insurer adds to your policy for you making no claims in a given year while having paid premiums. The amount can range between 10% and 20% of the premium paid for that year. As such, paying premiums regularly and renewing your policy frequently can raise your coverage value significantly, offering immense financial backing in times of an emergency.

Benefits of Health Card Over Health Insurance Benefits

With a clearer picture of why health insurance is important, it is key to also know about alternate offerings that help you with medical expenses. Whether you don’t have health insurance at present or when your health insurance does not provide adequate coverage for all medical needs, you can depend on the Bajaj Finserv Digital Health EMI Network Card.It is a feature-rich digital tool that grants you access to medical funding as well as other benefits. With it, you get pre-approved credit of up to Rs.4 lakh. You can use this amount to pay for 800+ treatments at 5,500+ partner healthcare centres across 1,000+ cities.

This card ensures that you have access to a range of medical services, even those excluded by common health insurance plans. Moreover, the card allows you to split your medical expenses into No Cost EMIs and repay them comfortably over a flexible tenor of up to 24 months. In times of emergency, this can lessen your financial burden greatly.

To apply for the Bajaj Finserv Digital Health EMI Network Card, here are the 3 simple steps to follow.

Step 1: Visit the official website and click on the ‘Get it now’ button
Step 2: Verify your identity using the registered mobile number
Step 3: Avail your pre-approved offer by paying a one-time joining fee of Rs. 707

While every advantage of health insurance contributes to your financial wellbeing, the Bajaj Finserv Digital Health EMI Network Card offers you a way to avoid paying a lumpsum when insurance doesn’t offer coverage. To arm yourself with this smart finance solution to meet any medical needs, apply online and enjoy instant online activation too!

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