12 Reasons Why Buying Health Insurance Should Be Your Next Financial Move

Benefits of health insurance plans

In recent times, India has been receiving several ominous tags in the health care front. It has not only become the Diabetes Capital of the world with over 61 million people diagnosed with the condition, but is also poised to become the Heart Disease Capital soon. Medical costs have been keeping pace with the growing risks of illness and are slowly making healthcare facilities unaffordable to most. Health insurance companies have bridged this gap sufficiently and made treatment affordable to a certain extent. This gives ample incentive to all citizens to invest in health insurance.

In case you still need more reasons, here are 12 very compelling ones as to why you must invest in a medical insurance today. Below are some reasons why buying Medical Insurance should be your next financial move:

1. Medical Insurance plans cover alternative medicine too

The 2013 guidelines of the Insurance Regulatory Development Authority of India (IRDAI) increased the scope of health insurance by including Ayurveda, Unani, Siddha and Homeopathy (AYUSH) as insurable modes of treatment. Most insurance companies that offer coverage for alternative treatments, such as Cholamandalam MS Insurance, Apollo Munich Health Insurance, HDFC Ergo and Star Health have a part of the insured amount reserved for this purpose. These facilities can be availed at Government hospitals as well as Quality Council of India and National Accreditation Board for Hospitals and Healthcare recognised institutes.

2. Free of Cost Health Check-ups

If you did not make a health insurance claim for at least a period of 4-5 years, you can be eligible for certain benefits. A number of medical insurance plans offer free health check-ups as one of such benefits. It is only applicable if the expenditure for your check-up is within your insurance budget. You may also get a cashless health check-up done if you visit a healthcare institution that is enlisted by your insurance company as a recognised institution.

3. Day care/ Home Treatment Covered

Often, certain treatments are done at home and do not require hospitalisation. Your insurance plan has a scope to cover the expenditures acquired for such treatment. Though policies that cover day care or domiciliary treatment have a limitation on the amount available for disposal and the number of days required for the treatment, it makes availing treatment facilities easier.

4. Earning Bonus for No-Claims

Not filing a claim in an insurance year can earn you a bonus. Depending upon your insurance policy, you can avail this bonus either as an increased insured amount or in the form of a discount on your premium amount during its annual renewal.

5. Added Costs are Taken Care Of

Often you may incur certain additional expenditures due to your or your loved one’s illness and hospitalisation. Such expenses include costs for the visit of family members, money spent on food, employing an attendant (especially in case of children), etc. This expenditure too is taken care of by certain health insurance plans. A loss of job due to your illness is also covered under these schemes. If you are admitted in an ICU or hospitalised due to an accident, these allowances get doubled.

6. A Lifelong Support

Your insurance plan shall remain as your healthcare support for as long as you live. To ensure this you must keep paying your premium regularly and on time.

7. Restorable Sum Assured

If your healthcare expenses sum up to your entire sum assured within your policy’s annual term, the insurance company can replace the amount for your possible expenditures in the future. This shall help you to make claims if such situations arise. There are certain rules and regulations for this facility. But insuring under a company that offers such benefits will keep you covered at all times.

8. Outpatient Treatment Expenditures are Covered

Certain health insurance plans cover the medical expenses you make at an OPD treatment facility. This facility is given by your insurance company through either an amount set aside for your expenditures at the OPD or through a dedicated OPD insurance plan. Expenses that are covered under this scheme are doctor’s fees and amount spent on pathological tests and medicines.

9. Coverage of Organ Transplant

Various serious health conditions require the expensive procedure of organ transplant. The entire cost of surgery for such a procedure is covered by some plans. Most plans may cover just a part of an organ transplant surgery or provide it as an add-on benefit. However, you must note that these surgeries have certain additional expenditures such as – screening for possible donors, hospitalisation of the suitable donor and his post-surgical treatment that cannot be covered under your insurance plan.

10. Costs of Dental Treatment and Bariatric Surgery Included

Certain insurance plans preserve a certain amount for your dentist’s visit. You can make such health insurance claims  once in a few years. Bariatric surgery too has been included among insurance covered procedures. There has been a sharp rise in the number of people suffering from lifestyle diseases due to unhealthy bodyweight. Bariatric surgery has hence become an important medical procedure and no longer just under the purview of a cosmetic procedure.

11. Get your expenditures reimbursed

You can get the amount spent behind your medical expenditure reimbursed even if you did not visit an enlisted hospital. Such medical insurance claims processing includes, presenting the details of your expenditures such as bills, cash memo, etc. to your insurance company and getting the amount back on the basis of this paperwork.

12. Your support through motherhood

Maternity expenses covered by the insurance companies are inclusive of the hospitalisation for delivery, prenatal check-ups, tests, medicine bills and even an ambulance service in case of an emergency. It also takes care of the medical expenditures of your newborn for the first 3 months. The post-delivery medications, tests and check-ups too are included in such insurance plans. The waiting period of this health insurance is 9 months.

Knowing the benefits that come with your health insurance will help you sail through rough times in a smoother way. So don’t keep yourself and your loved ones in the uncertainty of illness, invest in a health insurance policy that shall best suit your needs.

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