What are the Benefits of Health Insurance

What is Health Insurance?

Health insurance is like a helping hand that will help you pay medical bills at the time of medical emergencies. It’s an agreement between you and an insurance company in which you pay a regular amount of money (called a premium), and in return, the insurance company helps cover your medical expenses.

Health insurance can pay for many things, like medicine, surgery, doctor visits, hospital room costs, ambulance charges, and more.

Benefits of Health Insurance

Let’s look at some important benefits of health insurance that can help you with medical costs during emergencies.

1. Covers the Cost of Hospitalisation

Health insurance helps pay for the costs when you are admitted to the hospital. This includes things like the rent of the room, doctors' fees, surgery, and nursing care. The insurance also includes tests required before and after you stay in the hospital; for example, check-ups or follow-up visits.

In addition with extra coverage, it can pay for ICU care as well if necessary. It also covers emergency services and special treatments. These benefits ensure that you receive complete support during serious health problems without worrying about money.

2. Offers Cashless Treatment

With health insurance, you can get treatment without paying cash at the hospital, which is known as cashless treatment. You can go to any hospital in the network and get treatment without paying the hospital directly. You need to inform the insurance company 48 hours before a planned hospital stay or within 72 hours if it's an emergency. After that, the insurance company will pay the hospital bills for you.

3. Provides Maternity Benefits

Health insurance also includes maternity benefits that cover all the expenses related to pregnancy. These may include normal delivery or through C-section procedures. Some plans also cover expenses that occur before and after the baby is born. If you have health insurance through your job, check your policy to see what maternity benefits are included.

4. Affordable Health Insurance for Young People

Some people think that they don't need health insurance if they are young and healthy. But this is not true. Having health insurance early can be really helpful. It lets you spread out the cost of the insurance over many years, which makes it easier to afford.

As we get older, health problems happen more often. If you don’t have insurance, medical bills can take away your savings. It’s not a good idea to wait for an emergency to get health insurance. If you wait, it might be harder to get the benefits and it could cost you more.

5. Free Yearly Health Check-Ups

In India, free yearly check-ups are commonly included in health insurance. These help detect health problems early on so that you can treat them before they worsen. The check-ups usually involve tests such as blood tests and regular physical exams. Regular check-ups help you catch issues early, saving you money on healthcare costs in the long run and keeping you healthy.

6. Extra Protection for Life’s Uncertainties

Riders are an extra benefit that you can add to your health insurance. They give you more coverage in addition to the basic health insurance. These extra options help you make a more personalized plan for your financial needs. For example, a critical illness rider can help pay for treatment if you get a serious illness that is expensive to treat.

7. Extra Protection Beyond Employer Insurance

Many companies provide health insurance coverage to their workers. However, such coverage only lasts as long as you work for the company. To put it simply, individual health insurance provides you with a second layer of protection from medical expenses in case you leave the job.

8. Protect Your Saving

Health insurance helps save you from increasing medical costs. It covers expensive treatments. If you did not have insurance, you would have to use your savings to pay medical bills. Health insurance keeps your savings safe and enables you to reach your financial goals.

9. Feel Safe and Relaxed

Health insurance not only protects your money but also gives you peace of mind. With the right insurance, you can feel secure about your present and future.

10. Coverage for Existing Health Conditions

Health insurance can cover health problems you already have, like thyroid, diabetes, or high blood pressure. After a short waiting period, the insurance will help pay for these conditions and protect your finances.

11. Save on Taxes

If you buy health insurance, you can save money on taxes. You can get a tax deduction of up to ?25,000 for yourself and your family. If you or your family are over 60 years old, the deduction goes up to ?50,000. You can also get up to ?50,000 in tax savings for your parents if they are over 60.

Conclusion

With such rapid growth in medical bills, health insurance is nowadays a vital tool for safeguarding your finances and covering both planned and urgent forms of treatment. It also ensures that you and your loved ones receive the best form of care without breaking the savings. So get health insurance for you and your family with Square Insurance and keep your future worry-free.