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Benefits of Health Insurance In India
Medical costs are increasing rapidly, and access to quality treatment is a financial drain for most. Considering the modern lifestyle, medical emergencies may occur at any age. If you need financial security against unforeseen health conditions, health insurance is the best option. The benefits of health insurance are abound. ...Read More
Explore the range Health Plans by HDFC Life to cover your medical expenses
With Health plans from HDFC Life you can opt for medical insurance at affordable rates
Benefits of Health Insurance Plan
Table of Content
Why is Health Insurance Necessary?
With health concerns generally rising due to lifestyle choices, stress, and pollution, investing in health insurance is paramount for financial security during medical emergencies. By paying a health insurance premium, you can get access to timely treatment and emergency services. It covers expenses like doctor’s visits, hospitalisation, surgeries, prescription medications, etc., and reduces out-of-pocket expenses.
Besides this, it also provides for regular health check-ups. Early diagnosis of health issues enables immediate treatment and reduces long-term healthcare expenses. Without health insurance, you may tend to postpone treatments, resulting in worsened health conditions and financial strain. In brief, considering the benefits of health insurance, it is only wise to invest in one.
What are the Benefits of Health Insurance?
Providing financial security in times of medical emergencies is among the other benefits of health insurance mentioned below:
Hospitalisation Benefits
Health insurance benefits for hospitalisation cover costs incurred during the hospital stay, such as room rent, doctor fees, medical procedures, surgery fees, and nursing care. The plans often include pre- and post-hospitalisation expenses like diagnostic tests and follow-up consultations. With appropriate riders, coverage can be extended to ICUs wherever required. It also includes emergency services and specialised treatments. These advantages of health insurance ensure comprehensive support during serious medical conditions without any financial strain.Family Floater Health Insurance
The family floater health insurance covers all the family members in a single plan. The plan provides financial protection against medical expenses, including hospitalisation, emergency care, and surgeries for every family member.
The family floater is cost-effective, which is one of the best advantages of health insurance. Pre and post-hospitalisation coverage, cashless treatment facility and preventive health checkups are the other benefits of this insurance plan.Senior Citizen Health Insurance
The senior citizen health insurance is designed for individuals aged 60 and above. It offers coverage for healthcare emergencies for older individuals, including hospitalisation, surgeries, doctor’s fees, and nursing care. It includes coverage for critical illness and pre-existing health conditions.
In addition to the coverage mentioned, this plan offers preventive health checkups and higher coverage limits for age-related issues. Providing financial security and access to quality treatment for the elderly are some of the best benefits of health insurance.Maternity Benefits
Maternity benefits in a health insurance plan comprise all pregnancy-related expenses. They cover both normal and C-section delivery costs. Some plans also provide coverage for preand post-natal expenses. If you have a corporate health insurance plan, then you should look for the policy details to check the maternity benefits and coverage.Critical Disease Specific Plans
Critical illness insurance provides coverage against life-threatening health issues like cancer, renal failure, heart attack, etc. The plan provides lump sum coverage that takes care of the expensive treatment costs of the critical illnesses covered under the policy.Hospital Daily Cash Benefits
Hospital daily cash benefits are one of the benefits of health insurance that covers non-medical expenses like transportation and meals incurred during hospitalisation. The cash benefit is determined at the time of purchasing the policy and is paid directly to the insurer. This benefit ensures financial support beyond the medical expenses covered by the primary insurance policy.Includes Yearly Medical Check-Ups
The benefits of health insurance in India include yearly medical check-ups. This helps in the early detection of potential health issues for proper treatment at early stages. The annual medical check-ups include various screenings and tests like blood tests and routine physical examinations. Routine checkups help in early intervention and reduce long-term healthcare costs by ensuring overall well-being.Covers Ambulance Fees
Covering ambulance service for transporting the insured individual to the nearest hospital is one of the benefits of health insurance. Most insurance plans provide this coverage and the amount is predetermined.
The advantage of this benefit is that when a policyholder meets with an accident or has an emergency medical issue like a heart attack, he/she can avail of ambulance service and claim reimbursement of the cost incurred.Insurance for COVID-19 Treatment
Besides the coverage provided for treatments specified in the policy document, health insurance plans also include coverage for COVID-19 treatment. According to the March 2020 IRDAI guidelines, all existing insurance plans should provide coverage for COVID-19 treatment.Tax Benefits Under Section 80D
The benefits of health insurance include tax benefits# under Section 80D. The premiums paid towards the health insurance policy are eligible for tax deduction under Section 80D of the Income Tax Act, 1961. The extent of tax benefit depends on the age group, with a maximum of Rs. 1 lakh. Details of the eligible deduction are given below:
Age Group |
Maximum Deduction in the Income Tax Return |
Total Deduction under Section 80D |
|
For the policyholders, their spouses, and dependant children |
For parents, whether they are dependent or not |
||
Policyholder and parents (<60 years of age) |
Rs. 25000 |
Rs. 25000 |
Rs. 50000 |
Policyholder & family (< 60 years of age) but parents (60 years or above) |
Rs. 25000 |
Rs. 50000 |
Rs. 75000 |
Policyholder,family & parents (60 years or above) |
Rs. 50000 |
Rs. 50000 |
Rs. 1,00,000 |
Besides deductions for premiums paid, benefits of health insurance include a deduction for preventive health checkups up to Rs. 5000
Why Should You Get Health Insurance?
With what are the benefits of health insurance explained, you should also be aware of why you should invest in health insurance. Here are some of the compelling reasons to get health insurance:
Protect your Family
The healthcare plan provides coverage for healthcare emergencies and prepares you for a situation. Medical emergencies come as a surprise. But when prepared for it you can ensure quality treatment for your loved ones.Keep your Savings Safe
Health insurance plans provide safety against rising medical costs. They provide coverage for major treatment costs. Without health insurance, meeting medical expenses means digging into your savings. Investing in a health insurance plan early in life will keep your savings safe and help you meet your financial goals.Feeling Calm and Relaxed
Health insurance plans not only protect your savings but also provide peace of mind. Equipped with the right health insurance policy, your present and future will be secure.Extra Financial Protection Beyond Corporate Insurance Coverage
Corporates offer health insurance coverage to their employees along with other perquisites. The limitation of Corporate Insurance coverage is that it exists as long as you are with the employer. Investing in a personal healthcare plan for additional cover above employer health insurance will help you cope with medical emergencies when you cease to be with the employer.Crucial In Fighting Rising Medical costs
The treatment costs are rising day by day. The rising inflation and the advanced treatment methods are contributors to the rising medical costs. It can be extremely difficult to manage the treatment costs with your savings. With the benefits of health insurance, you can spare yourself from such critical financial situations.
How to Pick the Best Health Insurance Plan?
With a clear picture about what are the benefits of health insurance and why health insurance is important, you should also know how to choose the best health insurance plan. Consider the factors given below for an informed decision:
Requirement For Coverage
Assessing the requirement for health insurance coverage is a prerequisite to choosing the best health insurance plan. This involves assessing medical history, financial situation, and personal health needs. You should consider factors like age, lifestyle, existing medical conditions, and genetics. While evaluating the coverage requirement, you should keep outpatient care, hospitalisation, medications, and preventive checkups in mind. The benefits of health insurance can continue for a long time if you invest in the right plan.Options For Personalization
The rising prices impact the cost of medical treatment as well. Customising plans with riders like critical illness, accidental cover etc. provides extensive cover, additional sum assured and rider protection for life-related uncertainties.Maximum Age for Renewal
When choosing a health insurance plan, you should consider the maximum renewal age. Policy renewal at a later age is one of the advantages of health insurance. Renewal of health insurance is generally permitted up to 65 years. However, some insurance companies offer lifelong renewal options as well.Claim Settlement Ratio
The claim settlement ratio is the percentage of insurance claims settled out of the total claims received. The reliability and trustworthiness of an insurance company are directly related to the claim ratio. A high ratio indicates that the claims are honoured promptly.Additional Policy Terms
Some of the additional policy terms may surprise you when you file for claim settlement. To avoid such a situation, it is necessary to read the additional policy terms like waiting period, deductibles, coverage exclusions, etc. Compare the additional terms of plans from various insurers before investing in a healthcare plan.
How to Purchase Health Insurance Online?
Having understood the benefits of health insurance in India, you should know how to purchase health insurance online.
- Access the official website of the insurance company of your choice.
- Navigate to the health insurance section.
- Enter your details like name, age, gender, mobile number, email ID, etc.
- Choose a suitable plan from the drop-down.
- Select the add-on riders for additional coverage.
- Proceed to the payment section and make the payment.
- The policy document will be sent to your registered email ID.
Summary
With the rising cost of medical treatments, investing in a health insurance plan is a necessity. It will keep you equipped for any medical emergencies. The health insurance benefits are manifold. The plans ensure that you and your loved ones get quality treatment without going through any financial strain. Consider the factors mentioned in the article and invest in the best health insurance plan.
FAQs on Benefits of Health Insurance
Q. What is the main benefit of health insurance?
A. The main benefit of health insurance is providing quality treatment without financial strain. The policy covers expenses like doctor’s fees, nursing care, room rent, surgery charges, prescription medicines, etc, during the hospital stay. It also covers pre and post-hospitalisation expenses, annual health checkups, etc.
Q. Which insurance is best for health?
A. Evaluation of the best health insurance plan depends on coverage provided, options for personalisation, claim settlement ratio, and additional policy terms.
Q. How many types of health insurance are there?
A. There are 4 types of health insurance plans available in India:
- Individual Health Insurance Plan
- Senior Citizen Health Insurance Plan
- Family Floater Insurance Plan
- Critical Illness Insurance Plan
Q. How does health insurance work?
A. Both public and private insurance companies offer health insurance plans. The individuals pay a premium to the insurance company and get medical coverage for a specified amount. If the policyholder incurs any medical expenses, the insurance company reimburses the expenses subject to policy terms.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
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We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
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1. Annual Premium amount ₹ 1869 for Male aged 35 years, Base Benefit, 10 years term, Regular Pay option, Sum Assured=10 lakhs, excluding Taxes & levies as applicable.
# Tax benefits are subject to conditions under Section 80D and other provisions of the Income Tax Act, 1961. Tax Laws are subject to change from time to time.
ARN - ED/05/24/11765