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GetHere are 5 Important Benefits of Health Insurance
May 3, 2022
Health insurance covers you for medical treatment costs in exchange for a premium that you need to pay. The coverage extends to hospitalisation charges as well as pre and post hospitalisation costs. Now, you may have heard people encourage you to buy health insurance if you already don’t have coverage. In order to help you understand why a health insurance plan is so important, we have listed down 5 benefits of health insurance that you need to be aware of.
1. Protects your financesMedical technology has advanced beyond our imagination and has improved the prognosis for many diseases. However, these advancements have also seen medical expenses skyrocket. A single surgery can completely drain out your bank balance. A health insurance plan serves to protect your hard–earned money by covering your treatment costs within the listed terms and conditions. This way, you don’t have to worry about compromising on medical care for yourself and your loved ones.
2. Cashless coverageThe cashless coverage feature is one of the most important advantages of health insurance. If you get admitted to any of the network hospitals, you don’t have to make payments for your treatment on your own. Your insurance company will settle the bills directly with the hospital. Thus, this cashless facility helps give you great peace of mind during an illness as you can focus on the treatment without worrying about arranging for large sums of money at the eleventh hour.
3. Tax benefitsThe premium that you pay for your health insurance plan also qualifies for tax benefits under section 80D of the Income Tax Act. You can claim benefits for the premiums that you pay for yourself and your family members like your spouse, dependent children, and dependent parents.
4. Free health checkupYour health insurance plan will also generally offer you a free health checkup that you can enjoy after a certain number of claim–free years. This free checkup will generally include common diagnostic tests such as complete blood count, urine test, and ECG, among others. The extent of this free health checkup can vary based on the health insurance plan you have opted for, or the sum insured chosen. Your insurer may either cover these charges upfront or reimburse you for the expenses incurred.
5. No claims bonusOne of the biggest health insurance benefits is the no claims bonus (NCB). Under this benefit, you receive a certain percentage of increase in your sum insured for every year that you don’t make a claim on your insurance. You don’t have to pay anything extra for this additional coverage. Given the high medical bills that we often face, this bonus can truly prove to be a huge boon.
Health insurance is especially important if you are the sole breadwinner of your household. You can opt for a family health insurance plan that covers all your loved ones. With proper insurance coverage, you can access the best in medical care without worrying about the costs. After all, health is truly the only wealth worth protecting.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.This blog is intended solely for educational and informational purposes. The content may include outdated information regarding the topic discussed. Readers are encouraged to confirm the accuracy and relevance of the data before making any significant decisions. SBI General Insurance disclaims responsibility for any errors or consequences arising from the use of outdated information provided herein.
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