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5 Benefits and Necessity of Health Insurance in 2020

Medical emergencies can come out of nowhere. Like the unanticipated Coronavirus, it can create havoc in your life. It would be a sensible decision to secure yourself and your loved ones against the uncertainties of life (like this pandemic) with a health insurance policy.

A comprehensive health insurance plan will offer many benefits, like the following:

  1. Restoration of Insurance Cover

Many health insurance plans have come up with the option of restoring the sum assured if the original sum assured for the year gets exhausted. In this manner, you can continue to remain covered without having to worry about raising a claim during a medical emergency.

  • Coverage for OPD Expenses

Generally, a health insurance scheme provides cover on the condition that you, as the policyholder, have to be hospitalized for 24 hours minimally. However, many ailments or injuries fall under the OPD (outpatient department) category. They do not require hospitalization. Hence, some health insurance companies now provide coverage for OPD expenses like dentist consultations, routine-medical checkups, and others.

5 Benefits and Necessity of Health Insurance in 2020
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  • Lifelong Renewal

Some insurance companies have done away with the clause of an age limit for coverage for a policyholder. Now, they offer health insurance policies that can be renewed for a lifetime. It is a significant development as it should be taken into notice that a person's health is likely to deteriorate with age.

  • Coverage for Domiciliary Treatment

Sometimes there are cirumstances where it can be difficult for you to seek treatment at the hospital due to numerous reasons. These reasons can comprise of unavailability of rooms at the hospital or your delicate health condition. It will result in getting treatment at home. To counter this problem, many health insurers offer coverage for domiciliary treatment. But, this treatment should be prescribed by a certified medical practitioner.

  • Coverage for Donor Expenses

An organ transplant is a medical procedure that can be extremely expensive. You will require covering your own medical treatment costs and bear the donor's hospitalization charges. To avoid this financial burden on policyholders, many health insurance companies offer to cover the donor's hospitalization expenses in addition to your medical expenditure.

While these medical insurance benefits make it essential to have a health coverage plan, some reasons make it a necessity.

Reasons for Buying Health Insurance in 2020

  • Rising Medical Care Costs

As time is progressing, the medical costs are skyrocketing. Good quality treatment comes with a high price tag. For major organ-related illnesses, organ transplants, and others, you cannot compromise on the treatment. Hence, without a health insurance plan, these medical problems can empty your life savings, and that is why you should purchase one.

  • Increasing Growth of Lifestyle Diseases

Lifestyle diseases like cardiovascular, diabetes, hypertension, asthma, and other respiratory diseases are rising increasingly. According to a report by the National Centre for Biotechnology Information, there is a shift from infectious diseases to India's non-communicable diseases. Thus, it is vital to have health insurance as prevention.

  • Tax Implications

Along with medical coverage, health insurance policies provide tax benefits as well. The premium amount paid for health insurance plans qualifies for tax deductions under Section 80 D of the Income Tax Act. It depends on your age and the chosen health insurance cover.

  • Empowers Wiser Financial Planning

A health insurance policy can be termed as a risk management tool. With such a plan, you can tackle the possible financial turmoil and risks that health emergencies bring along with them. It also safeguards your savings and other investments as it will prevent you from liquidating these assets when in need.

You are responsible to ensure that you and your family are prepared for any unannounced medical emergency. And you can fulfill it by purchasing a health insurance policy. Instead of getting confused with the numerous options in the market, opt for renowned health insurance providers like Tata AIG. They offer different plans to suit specific and individual needs. To understand each policy in detail, you can contact them anytime. Their customer service will be happy to guide you!

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Written by Vimal

SEO Consultant. I write on a variety of topics

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