With increasing health care costs it has become necessary for individuals to get themselves financially insured. Basically, medical insurance is an agreement through which the insurer agrees to pay the compensation amount to the insured for the health care expenses. Here in this article, we’ve explained some major benefits that personal medical insurance can provide to individuals.
- Offers health coverage: Nowadays with improper eating habits, an increase in the rate of pollution, technology addiction, and lack of physical workout has made people more prone to lifestyle diseases. You can not only see the older generation but also youngsters going through a dangerous illnesses such as respiratory issues, diabetes, heart problems, obesity, depression, anxiety, etc. These dangerous diseases can result in expensive medical treatments making it impossible for some families to cope up with them financially. It is when personal medical insurance comes into the picture. By getting appropriate health insurance for the one who is suffering from illness can protect the family from the financial burden. It is the insurance companies who now will pay the hospital bills in case of an emergency. Usually, the individual medical insurance plan covers in-patient hospitalization charges, before and after hospitalization cost, charges for an ambulance if book, daycare expenses, and many more according to individual preference.
- Provides cashless medical treatments: If you can’t afford to pay hospitalization expenses then there are some insurance policies offering the facility of cashless medical treatments. Cashless treatments imply that now you don’t need to pay even a single penny for the whole diagnosis or operation process. The insurance companies are collaborated with top-rated hospitals and these hospitals further allow the insured person to avail the benefit of free treatments. After getting the treatment done for free at the hospital you can claim the particular insurance company and thus, get the money equal to the incurred medical expenses. Before making a claim, be sure of the clause mentioned in the insurance plan for the specific disease.
- Plan can be renewed at any age: By getting the right medical insurance policy you will be free of getting your plan renewed at any age and at any time you want. Sometimes an insurance company fixes the age limit for the insured to get his or her policy renewed. But you need to get that personal medical policy which has no restriction related to the renewability age limit. When an insurance plan offers the feature of lifetime renewability especially for older people, then the family gets financially relieved in case any medical emergency arises. Now the strict rule by the IRDA (Insurance Regulatory and Development Authority of India) has been passed that all insurance companies will provide a health insurance plan consisting lifetime renewability feature.
- Offers tax deduction benefit: Personal medical insurance policies not only cover your medical expenses but also provide you the benefits of tax deductions. The government of India, under Section 80D of the Income Tax Act,1961, promotes the purchasing of health insurance policies by the citizens by offering the deduction of the tax on the amount paid as the premium for the insurance. The percentage of the tax deduction depends on the type of the medical insurance plan, the sum of the money insured, and the age of the person who is being insured.
- Offers flexibility: The main benefit that a personal medical insurance plan provides is that now a person holding the insurance policy of a particular insurer can shift to another health insurance company without any restrictions. And it is considered illegal. This feature provides safety to the customers from the unfair rules and regulations drafted by the insurance companies. Now insurers can’t take their clients for granted. In fact, they have to offer world-class options to the customers so that they get attracted towards their company and buy personal medical insurance plans from them only. Insurance companies now time and again update the features of their policies to satisfy and thus, retain their existing customers.
- Provides NCB (No Claim Bonus): In case a person holding a personal health insurance policy does not claim for the sum insured in the policy year then the specific insurance company offers a reward in the form of a No Claim Bonus. NCB also referred to as cumulative bonus is provided to the policyholder holding either individual or group medical insurance plan. But, a limit of the coverage is specified by the insurance company to avail the benefit of NCB.
Wrapping up it all!
Care Health Insurance is a company that provides different insurance plans to individuals at reasonable rates and as per the requirements of the individuals. Now that you are aware of the individual health insurance you can get the customized plan and thus, relieve yourself and your family from paying huge medical bills.
