5 benefits you should look for when investing in health insurance!

Health Insurance Vs Mediclaim: Which One is Better?

Today, our society is marked by growing vulnerability to illnesses and diseases. While its financial implications are many, preparedness to tackle such situations is imperative. Experts from financial and medical fields opine that investing in a health insurance is a one-stop solution. Health insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In current times of high medical inflation rates, failing to hold an adequate amount of health insurance cover can prove to be a major personal finance disaster. This could lead to either poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills. In these situations a health insurance plan becomes necessary. But does your health plan cover every medical contingency suffered by you? Here are some benefits you should look for when investing in health insurance.

5 benefits you should look for when investing in health insurance

1. Individual or Family Floater Health Insurance Plans.

Individual plans are good for single individuals, however, if you have a family, consider taking a family floater health insurance plan. These policies come with lower premiums but cover your entire family. This benefit can prove to be affordable for you if you can’t pay a high premium but still want to insure your whole family.

2. Free look period benefit

Health insurance policy comes with a window during which the policyholder can review the terms and conditions of the policy. If not satisfied with any of the conditions or features, the policyholder can seek cancellation of the policy after stating the reason for cancellation. Depending on the insurance company and the state you reside in, the free look period can be 10-days or even longer. The free look period is to your benefit, as it gives you some additional time to review your life insurance policy in-depth and have your agent or company representative review your policy’s terms and conditions with you.

3. Free medical checkup for claim free years

Health insurance policy allows free medical checkup. However, there are many people who don’t know how to avail it while others fear that it may escalate the premium rates. The medical test results have no impact on the policy. These are used only for underwriting purpose if the policyholder wants to increase the sum insured at the time of policy renewal. According to the policy wordings of most of the insurers, the benefit of free medical test is available only after a block of claim-free years, which could vary depending on the insurance company.

4. Emergency Ambulance cover

 

Certain health insurance plans offer emergency ambulance cover. Individuals with ambulance cover do not need to pay the costs of emergency ambulance services if they need to be transported to a hospital or if they need to be treated at the scene during an emergency and later transported to a hospital. This is an important benefit to look for as ambulance costs can be very expensive.

5. Tax benefits and other allied benefits

A comprehensive health insurance policy with an adequate sum assured can help you meet unplanned healthcare expenses so that you do not have to dig into your savings or reroute our income. One can also avail pre-defined tax benefits by paying health insurance premiums. Certain progressive insurance companies offer benefits that are generally not associated with health insurance policies like, Consultation with nutritionists, Free health check-ups, Tie-ups with health service providers, Free Consultation with doctors and Discounts Coupons on healthcare services etc.

Most of the individual health plans do not cover pre-existing illnesses; therefore invest in health plans considering all your requirements and necessities. Several benefits of health insurance policies remain unused due to lack of knowledge among policyholders. Remember, the utility of a health cover depends not only on its features but also on how well you are able to use them.And all insurance plans have age limits beyond which renewal is not possible. Hence early investment and timely renewal until the Age Limit will help maximum utilization of its benefits.

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