Medical exigencies are unpredictable and can cause financial distress if one is not prepared. Besides, with skyrocketing healthcare costs, affording a good treatment facility or a hospital may become impossible for many. Investing in a comprehensive health insurance plan for yourself and your family is the right way to guarantee financial protection in such unprecedented medical situations. Apart from the apparent benefit of having a financial safety net for you and your loved ones, having a Mediclaim policy helps you tackle inflating treatment costs better.
Why Choose a Mediclaim Policy?
- Soaring Healthcare Costs
Healthcare treatments have become more effective and accessible, thanks to technological advancement and novel therapeutic solutions. However, these modern treatments have led to substantial increases in cost of preventive and attentive care, such as diagnostic tests, medicines and hospitalization expenses, including doctor’s fees, ambulance charges, room rent and so on.
- All these costs can burn a hole in your pocket during an emergency if you are unprepared. The average approximate costs for some common procedures are as follows:
Heart Valve Replacement – Rs. 3,30,000
- Heart Bypass – Rs. 3,00,000
Hysterectomy – Rs. 1,50,000
- Cataract – Rs. 30,000
- When an individual is hospitalized for any procedure such as the ones mentioned above, a sizable payment needs to be made to the hospital upfront to secure admission. In the absence of liquid funds, people might end up taking loans at high interest rates, or rake up a huge credit card debt.
- Fight Lifestyle Diseases
- The millennial generation is facing many health issues such as diabetes, respiratory illness and heart issues, which used to impact only the older generation till recent times. These issues arise due to sedentary lifestyle, pollution, stress, untimely eating and sleeping habits.
- The occurrence of an ailment at a young age may be sudden and difficult to cope with financially. Choosing a health insurance plan with regular medical checkups can help identify these diseases early on. A comprehensive health insurance plan can help in meeting medical treatment costs in the event of a contingency.
- Protect your Family
- When you buy a family floater health insurance plan, you can secure under the same policy your entire family, including ageing parents and dependent children. A family Mediclaim policy ensures that the entire family gets adequate coverage against all possible illnesses and ailments if an unexpected medical need arises. You can also consider investing in individual health insurance plans for your family members, depending upon each person’s personal healthcare requirements and medical history.
- To compensate for inadequate existing medical cover
- If you already have a health insurance plan (say from your employer), but feel that it does not offer sufficient coverage against all major diseases or threats, it may prove to be futile in times of need. In order to avoid such circumstances, you could opt for a policy with a greater sum insured and enhanced features, to ensure that every medical need is taken care of financially.
- Cashless Treatment
- Most health insurance policies offer cashless hospitalization benefits. Instead of paying out of pocket and filing a claim for reimbursement, you can avail medical treatment without worrying about paying out cash before and after the treatment.
- Extensive Coverage
- A comprehensive medical health insurance plan from a reputed insurance company can cover most expenses incurred for an emergency medical treatment. Coverage typically includes:
- Pre and post hospitalization costs
- Transportation charges
- Medical Checkups
- Room rent
- Extra Benefits
Many Health Insurance plans extend perks and rewards to customers in the form of:
- No Claim Bonus: Offered to the insured if s/he does not file a claim for the entire year.
- Restoration Benefits: Some plans allow the Sum Insured to be restored in the event of exhaustion due to multiple claims in the policy year.
- Wellness Benefits: Offered in the form of health check-ups, rewards points and so on.
- Add-on Cover: For critical illness, maternity etc. by paying nominal extra premium
The combination of features and benefits can be altered or customized as per personal requirements. They also differ across insurers and health insurance plans.
- Critical Illness Cover
Policy buyers now have the option of not only choosing a standard health insurance policy but also adding a critical illness cover to it. If you or your family member suffers from any major illness such as a stroke, cardiac arrest, kidney failure, cancer, Alzheimer’s or other terminal disease, a portion or the entire treatment cost can be covered through a critical illness health insurance add-on cover. Besides, there are quite a few standalone Critical Illness Health Insurance plans available in the market today which cover extended treatment and care costs.
- Tax Benefit
Premiums paid on health insurance policies are eligible for tax deduction under Section 80D of the Income Tax act.
- Last but not the least, Peace of Mind!
With a solid health insurance policy by your side, you do not need to spend any more sleepless nights worrying about bearing your family’s medical cost during unexpected events. Several insurance providers offer many health insurance plans from which you can choose the optimal Mediclaim policy that fits your needs and budget.
SANA.Insure helps individuals and families choose a comprehensive Health insurance policy that is best suited to their needs. You can avail of optimal medical cover for hospitalization costs, physician expenses, in-patient care, diagnosis, and other costs. Check out SANA.insure for quick access to policy information; perform comparative analysis of the best Mediclaim policies in India; and, choose the health insurance policy that best satisfies your requirements.
Get in touch with us over WhatsApp chat on 8278271818. or call us on 1800 202 8118 to connect with a Health Insurance Expert at SANA.Insure.
Wish you a healthy and happy life!