Anybody with a basic know-how of personal finance, would have surely heard of Health Insurance at least once in their lifetime.
Nowadays, we see so many news about deteriorating health conditions, sudden pandemic outbursts, or accidents.
But have you ever wondered that if you came across any such situation, who will help you? It is important to think about this aspect of life as well.
A Health Insurance policy’s basic purpose is to save and cover you from financial burdens during the time of any unfortunate incident. One health emergency can possibly wipe out your whole life’ savings.
As we can’t save ourselves from any kind of sudden or unpredictable emergencies, we can at least save ourselves financially from these kinds of emergencies. For these situations only, Health Insurance policies were made.
In this article, we’ll be telling about some major benefits of buying a Health Insurance and how it saves your finances during the time of any sudden mishap.
Benefits of Health Insurance
Covers Hospitalization and Medication expenses
The biggest and first benefit of buying a Health Insurance is obviously that it covers your hospitalization and medication expenditures when any medical emergency happens.
Most of the insurance policies available in market, provide financial cover for hospitalization (both due to illness and accident), medications, day care expenses, diagnostic test charges, and other expenditures as well.
Some policies even provide cover for alternative medicine treatments (such as Ayurveda and Homeopathy).
However many companies won’t provide cover for some expenses or other, so it’s better to first research and then buy a policy.
Health Check-ups
Health Insurances are mainly for covering your financial needs at the time of any medical emergency. But some companies even go one step further and provide free health checkups as well.
Most of the insurance companies want to keep people with good health in their policies, so that their chances of giving out claims would be less.
To help this achieve, they provide free health checkups on a yearly or semi-annually basis. Health checkups include all basic diagnostic tests of the body.
This helps the insurance buyer to be aware of their health and can be precautioned if any discrepancy is present in their health.
No-claim Bonus
This is another excellent feature of taking Health Insurances. Most of the Health insurances provide a No-claim bonus for their policyholders.
Now let us talk about what is a No-claim bonus. When you don’t claim the insurance for a longer period of time, the insurance companies gives a bonus for it. They increase your policy cover.
For example, if you had taken a policy cover of 10 lacs and you didn’t got any illness or disease for a long time, then the company will increase your cover. You can now get a cover of more than 10 lacs without paying any extra premium.
Some insurance companies even double the policy cover as a part of No-claim bonus. People who buy such insurances in younger age have more chances to get this benefit as mostly in young age, they are less prone to illnesses.
Along with the above mentioned benefits, there are many other minor and major benefits of buying a Health Insurance such as tax rebates.