What is health insurance? Do we actually need it? If so, what’s its great impact in our lives in 2021!!

health insurance
In this world where we all are chasing money in every possible way, investing here and there – share markets, real estate, gold. But we forget the most valuable thing which is our own life!! If we can’t take care of our own health then everything become valueless because there is no such thing as precious as our health.

That’s why we need health insurance. So what does insurance mean? It nothing but an assurance, a protection from financial point of view. As the term health insurance, the protection related to our health – may be any medical check-ups, illness, any kind of surgery or operation we need or in case of any emergency, accidents. In simple words, it covers whole or some parts of medical expenses of a person who previously insured by a particular insurance company.

Source: The Economic Times

Now most of the government sectors, top public sector have the health insurance plans for their employees. There is a dedicated department in our government called Employees’ State Insurance Corporation or ESIC under Ministry of Labour and Employment. In case you are self-employed running personal business or your company don’t have these kind of plans then you have to make it separately with any reputed insurance company in form of premium that can be monthly or yearly instalments. Also check what are the coverage in brief and which hospital, nursing home are within the insurance company.

It is wise decision to be insured under any health insurance company at young age as chances of diseases are very less in this age. With time, as we age, chances of diseases, illness are increased. At old age the process gets more complicated as many health issues are in consideration. It is also seen that some treatments, operations may not cover under particular company’s policy.

Let’s discuss some of the key benefits of having an insurance:

  1. You can keep your saving money intact in case of any medical emergency.
  2. Under standard insurance policy, you can go totally cashless treatment.
  3. You can top up your already pre-existing company insurance policy.
  4. Those who insured at young age, premium amount will be less and it can cover most of the diseases.
  5. In recent scenario it can cover up new diseases cause due to our lifestyle, mainly desktop oriented jobs.
  6. There are many benefits despite of being hospitalised.
  7. It can helps in tax deduction.
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Source: Magma HDI

Few important things also keep in mind regarding insurance policies like:

  • Some of the health insurance policies cover pre and post hospitalizes expenses in period of 30 to 60 days like Doctor’s consultancy charges, physiotherapies, ambulance charges etc. That is very much helpful and if possible, you should go for that.
  • Sometimes there is term called ‘Co-pay’ means beneficiary have to pay a percentage amount of insurance value along with the company. Definitely it is not desirable at all.  
  • Restoration is also a good feature in a health insurance where after using of full coverage value it can restore within same terms and agreement for the next year.
Choose health insurance
Source: TaxGuru

Previously in case of any pre-existing diseases, most of the claims were failed. But now Insurance Regulatory and Development Authority of India or IRDAI set a guideline for the insurances companies. The beneficiary have to inform clearly and truly to the company each and every details about their health.

Bonus facilities in case of no claim of health insurance and also timely and regularly premium deposit that includes preventive health check-up, discount, refund, extra coverage of diseases and many more.

For health insurance of any individual or for family, there are some factors that need to be considered. Such as age of the person, any medical history, health condition, any exiting diseases, what is the annual income, nature of job – if any kind of danger involve in the job or not, lifestyle etc.  

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