How many of you have health insurance coverage? Probably, you might not have yet!

Nowadays, we can not avoid the importance of health insurance. Because several health treatments are getting costly. We do not know when we will have to face a medical emergency. Therefore, it's good to put money from your pocket into an ideal health insurance policy.

Having a good health cover does protect not only your life but also the life of your family members. Many types of health insurance policies are available that cover your family members.

If you still doubt whether you should get a health insurance policy or not, read this article. Here I have tried to describe each essential thing you need to know at the initial level.

Top 4 Importance of Health Insurance- Paisekiyukti

What is Health Insurance?

Health insurance is like an agreement between you and your insurer, where an insurer is bound to provide medical assistance in predefined medical circumstances—the health insurance policy guarantees compensation for the medical expenses that occur during your treatment.

Insurance companies mostly tie up with leading hospitals that provide trustworthy medical treatment to patients. And when you get an insurance policy and visit affiliated hospitals for treatment, you can avail yourself of cashless treatment with no paperwork.

If your insurance company does not have a tie-up with the hospital, in that case, you can get reimbursement for the medical expenses.

Why is Health Insurance Important?

Buying a worthy health insurance plan can be a great deal in the current situation. Because most medical treatments are costly, even a standard ultrasound test can cost you Rs. 3,000. Nobody wishes to face unpleasant days in their life. But still, think of the time when you do not have health insurance, and the doctor asks you to pay their heavy bill.

It will be an adamant time to face and save our loved ones. It is where most people realize the importance of health insurance and regret it later. Let's also look at some other reasons why health insurance is essential.

#1. Protects you and your Loved-Ones

When you take health insurance, it protects you and your family members. Even if you get medical insurance for yourself, it's good to go with. Because now your loved ones will not have to borrow money in an emergency.

However, while getting ideal insurance cover, you must consider your family's needs and your monthly income. It will help you choose the best insurance plan for you and your family members.

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#2. No Need to Worry about Costly Medical Expenses

The cost of quality medical treatment is becoming costly all over the world. Several people die because they do not get the proper medical facility from the ideal hospital. Hence, if you do not want to face such a critical situation for you and your family, you should consider health insurance.

Another importance of health insurance is it helps you meet medical inflation. It covers every essential charge, including bed charges, medical consultation, medicine, operation cost, etc.

#3. Help you Get a Counter Health Insurance Policy.

Many companies provide health insurance to their employees. In India, most employees are insured under the ESIC insurance policy; employees must pay 4.75% of their salaries and employers 1.75% of employees' salaries.

It's a good insurance cover that most working professionals have. However, if you need a more specific health insurance cover, you can quickly get it.

#4. Save your Savings for other Things.

A sudden illness can cause you lots of mental and physical pain. Not only this, but to meet medical expenses, you have to put all your savings. Thankfully, there is an excellent way to manage medical problems better, and it's buying a good health insurance cover.

It will save your savings and pay all the medical expenses that occur due to illness. It's another reason why health insurance is essential for ordinary people.

2 Major Advantages of Health Insurance

We have to understand some of the significant importance of medical insurance. Let's also discover some advantages of health insurance for the policyholder. It will give you more clarity on why you should buy medical insurance coverage.

#1. Insurance Cover

It's the primary advantage of health insurance for the person. It provides tons of benefits to the policyholder, including cashless treatment in affiliated hospitals and other recurring expenses. Some health policies provide free health checkups, room rent, transportation expenses, etc.

#2. Tax Benefit

Many people use health insurance policies to save tax under section 80D of the Income Tax Act 1961. I have given more detailed insights below, but for now, you should know the government encourages people to get insurance coverage by providing a certain amount of deduction.

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Eligibility Criteria to Get Health Insurance

Generally, there are not any specific criteria for getting health insurance. However, if your age is less than 45 years, your insurer does not ask you to undergo a compulsory medical checkup to buy health insurance. However, here you can declare you are medically fit and do not have chronic diseases.

For a healthy person, the premium comes in handy and is affordable. Therefore, most people and experts recommend getting health insurance at a young age. Because at this time, most people stay fit and also can pay a premium amount conveniently.

What are the Documents Required to Get a Health Insurance Policy?

Below are some standard documents that your insurer can ask to provide.

Age Proof: Normally 10th class mark sheet

Identity Proof: Adhaar Card, Driving License, PAN Card, or Voter ID card

Address Proof: Electricity Bill, Driving License, Passport, & Ration Card

Medical Proof: Some health policies require basic health checkups

Photograph: Latest passport size photo (color)

What are the Types of Health Insurance Policies?

Below are some significant types of health insurance policies you can avail of.

#1. For Individual

If you want to take health insurance cover, you will be offered individual insurance plans. These policies cover hospital and medical treatment expenses due to your illness.

#2. For Family

Family health insurance policies are available for those who wish to insure their family members. You get cashless treatment facilities for multiple diseases and your family members. Most working professionals prefer taking family insurance covers.

#3. For Senior Citizens

Policies under this segment are specially designed for senior citizens. If the individual's age is over 60 years and they want to protect themselves from health issues. In that situation, these people prefer senior citizen health insurance cover.

#4. For Surgical Illness

This type of health insurance plan is suitable for those who need surgical treatment. People who are caused by cancer, paralysis, kidney failure, and other similar issues prefer such insurance cover.

These are just a few types of health insurance policies available nowadays. You can consider any type based on your requirement and secure your and your family's life.

Tax Benefit of Health Insurance Policy

Every working professional must pay income tax and other taxes to the government. If we talk about income tax, you can get a deduction under section 80D of the Income Tax Act 1961. here you can claim up to Rs 25,000 deduction if you have taken health cover. If you also pay a premium amount for your parents, you can claim up to Rs. 30,000.

This is just one way to take advantage of the health insurance policy. But there are many other places where health insurance cover will help you live your life happily.

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Tips for Selecting the best Health Insurance Policy

Now, I think you have understood why health insurance is essential. Now you would be thinking about how to choose the ideal health cover. Below are some simple tips that will help you choose the ideal policy.

#1. Understand your Need

Most health insurance covers provide medical and financial help to the policyholder. Hence, you should understand your need and medical health status to choose the best policy. If you are an average and fit person, you can start with general health cover.

Or, if you are a person who is struggling with a major illness like cancer, you can ask the insurer to provide ideal health cover.

#2. Look for your Profession.

If you are doing a job in a factory or a company, there are high chances you are already insured under ESIC's ESIS insurance policy. Here you and your employer both contribute to this health insurance cover.

It's a good policy for those who work as employees of the company. However, if you are a self-employed person, you can consider checking other relevant schemes.

#3. Analyze Options

There are several types of health insurance policies available in the market. The more narrow you analyze available health cover, the higher your chances of choosing the best insurance cover. So, make sure you take the proper time to analyze the ideal health insurance policy.

#4. Look for Benefits

As a policyholder, you must feel satisfied with the policy you choose for yourself or your family. And for this, you can compare the benefits of multiple health insurance covers. Here, you can compare premium amounts, cashless transactions, supported hospitals, illnesses covered, and other things.

Importance of Health Insurance Policy: Conclusion

An ideal health insurance policy is the need of today's fast-paced world. It gives you relevant protection for you and your family members and helps you face the critical medical situation without getting trapped in debt. Many trusted places get health insurance coverage at reasonable premium amounts.

You can check out those platforms and organizations, consult with their experts, and choose the best policy that matches your needs. Thus, I hope now you have understood the importance of health insurance in today's uncertain world. Please share this information with your friends if you find this information worthy, helpful, and enjoyable.

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Paisekiyukti

Top 4 Importance of Health Insurance - Paisekiyukti

What is Health Insurance?