What is Health Insurance, and Why Do You Need It?

No one can predict when a medical crisis will strike and drain your hard-earned money. With the rising healthcare costs due to inflation and advanced treatment procedures, health insurance has become a necessity for both individuals and families.

It not only protects your savings but also gives you access to a comprehensive array of healthcare services so that you and your family members can get the best treatment when necessary. 

Thus, understanding its significance and choosing the right plan is vital for protecting both your health and financial security during a medical emergency. Read on! 

What is Health Insurance?

Health insurance is an agreement between a policyholder and an insurance company in which the person pays a premium for coverage, and the provider remains liable to pay for medical bills. 

Availing a health insurance plan provides coverage for the following:

• Doctor consultations
• Hospitalization 
• Surgery 
• Medicines 
• Charges for ambulance services 
• Pre/post-hospitalization costs and more

It is a specialized insurance plan that enables individuals to access quality healthcare services during a medical emergency without straining their finances.

Reasons for Availing Health Insurance Plans

Here are the key reasons that encourage people to invest in Mediclaim policy:

• To Fight Lifestyle Diseases

With the increasing prevalence of sedentary lifestyles and unhealthy diets, the cases of lifestyle diseases like diabetes, heart disease, and obesity are rising rapidly, even among young people. 

Purchasing health insurance can help cover such medical costs, including periodic tests and treatments for early diagnosis and management.

• To Safeguard Loved Ones

A family floater health insurance for parents ensures that every member of your family, right from your children to your ageing parents, has been insured under a single plan. This negates the economic burden of unforeseen medical crises and ensures your loved ones get the best medical care without compromising their health or straining your finances.

• To Face Medical Inflation

The increasing expense of healthcare, fueled by the advancement of medical technology and the rising prevalence of critical diseases, is a problem for all. Availing of a health insurance plan enables you to enjoy quality healthcare without the worry of continuously escalating costs of medical consultations, surgeries, and other interventions.

• To Secure Your Savings

A sudden health crisis can drain your savings if you are not prepared. Health insurance safeguards your finances by covering medical expenses so that you do not have to spend your savings and can use them instead to fulfil your life goals. 

Moreover, you are liable to get tax benefits under Section 80D of the Income Tax Act, up to ₹25,000 for individuals and ₹50,000 for senior citizens within a financial year. 

• To Enjoy Reduced Premiums  

Purchasing health insurance early in life provides many advantages, such as low premiums and wide coverage options. However, premiums rise with age and waiting until health problems arise may restrict your choices. 

Hence, it is recommended that you avail yourself of a health insurance plan at a younger age, as it provides peace of mind without having to pay high premiums.

• To Get Cashless Treatments

Enjoy the convenience of getting treated at network hospitals without having to pay in advance. Also, the insurance company pays the bills directly to the hospital, removing the need to gather funds in the event of a medical emergency.

Factors to Remember While Availing a Health Insurance Policy

Mentioned below are the key factors to consider when choosing a health insurance policy for you and your family:

• Age criteria
• Total insurance coverage and premium 
• Waiting period clause
• Pre- and post-hospitalization coverage
• Cashless hospitalization benefits
• Preventive health check-up option
• Coverage of maternity expenses
• No-Claim Bonus (NCB)
• Co-payment clause
• Claim process.

Health insurance is an essential financial tool that shields you and your loved ones from unanticipated medical expenses. It provides access to quality health care without imposing a financial burden and covers treatment costs such as hospitalization, surgeries, and doctor consultations. 

Star Health provides comprehensive policies that cover a wide range of medical conditions, and it offers cashless treatment in more than 14,000 network hospitals across India. What’s more, coverage starts from just ₹13/day, along with access to wellness programs, telemedicine services and other benefits.

Call us now for further guidance!