We all are at risk of developing illnesses due to our sedentary lifestyles and also due to the workload. With rising stress levels and lack of social support structure is causing both mental and financial stress on us. The treatment costs of diseases have been rising. Medicinal rate of inflation is expected to grow at double the rate of inflation. There is also a rising trend in non-communicable diseases like heart disease, cancer, stroke, chronic respiratory disease, diabetes, mental illness and kidney disease. Employer provided health insurance would not be sufficient to cover the expense, therefore it is suggested that you take up a individual health insurance to make up the shortfall.
Data from NSS report 574 claims that a surprising 57% in rural regions and 68% in urban areas in India undertook treatment without any medical insurance. Let’s discuss how buying health insurance can be an answer to beat the rising medical costs.
Cashless Treatment: One of the major benefits of taking a health insurance policy is that when you buy a health insurance plan from a health insurer you can take cashless treatment at any of the hospitals which are on the empaneled list of hospitals of the health insurance company.
Coverage of Pre and Post Hospitalization Expenses: It is not just the medicinal costs but also outpatient department expenses, diagnostic expenses have also risen widely in recent times which has made the purchase of health insurance even more vital. There are health insurance plans which offer cover for the expenses that might have to incur post your hospitalization. Also expenses for medicinal or other costs incurred for treatment before hospitalisation is also covered by the health insurance plans.
Expenses related to Organ Donor: Cost of a kidney transplant can vary from Rs 3 lakhs to Rs 5 lakhs. If you have a health insurance policy then you can be assured that help is at hand, majority of health insurers are covering expenses related to the organ donor. Few insurers give the complete costs that have been incurred during the procedure whereas there are other health insurance companies that put a cap on the limit of expenses that they are covering.
Free Health Check-up: One of the many health insurance benefits include free health checkup plans for the policyholders by the health insurance companies. These facilities are offered to the policyholders when the policyholders do not put forward any claims for a period of 3 to 5 years.
Tax Benefits: Buying Health Insurance also comes with tax benefits where you can claim tax benefit for premiums that you pay for the health insurance plan that covers self and family upto a limit of Rs 25,000 and when you take a plan for your senior citizen parents then you get an additional tax benefit of Rs 30,000.