Health insurance companies provide insurance coverage, which pays for medical, surgical, and sometimes dental expenses incurred by the insured. The insured can either reimburse the medical costs from the insurer or go for a cashless facility, in which the insurer pays directly to the medical institution.
With multiple players in the market, the health insurance sector is growing at a rapid pace. Interestingly, there is a high proportion of people who do not wish to avail health insurance. Lack of awareness, less interest, returns, and dependence on group policies are some of the reasons cited by the experts.
Importance of health insurance companies:
Medical expenses are skyrocketing, especially in private medical hospitals. Such costs coming at an unprecedented time can do severe damage to your financial planning. This situation can be avoided by paying a certain amount of money as a premium to health insurance companies. Medical insurance plans are designed to cater to the full needs of the insured so that the customer does not face any hurdles during the treatment. Here’s why health insurance companies can be your friend in need:
Low Premium: At competitive prices, most medical insurance companies provide a wide array of services. The onus is on the customer to compare and select the best medical insurance plans for themselves. Note that as the age increases, these premiums also increase, and it is advisable to get insured at a young age itself.
Change in lifestyle: The change in lifestyle is having a significant impact on our health as well. We might want to be prepared for some uninvited ailments if we do not care about physical exercise, unhealthy food habits, stress, anxiety, etc. Hence, it is advised to browse through top medical insurance plans to find the right fit.
Medical history: Better safe than sorry is the adage here. Various medical insurance companies do not cover insurance for patients with a medical history. For example, a person diagnosed with a tumour would have his insurance request rejected, or he would be asked to pay a higher amount of co-pay.
Employer cover might not suffice: As of January 1, 2015, Indian employers with more than 50 employees must give full-time employees health coverage. But these medical insurance plans have limited coverage and might cease to exist if an employee quits the company. Hence it is always preferable to have insurance coverage for oneself.
Variety of plans: There are a lot of plans from medical insurance companies for the younger crowd in comparison to the elder fraternity. One should review all these plans carefully and opt for something which would add value to oneself and the family. A customer care representative or a relationship manager can come in handy here.
The bonus factor: Let’s assume that you buy a policy at a young age and have been paying yearly premiums without fail. Your service provider would be rewarding this gesture when you are older with higher benefits.
Tax benefits: By paying premiums periodically, one can avail of tax benefits. In other words, the government is encouraging citizens to opt for medical insurance.
It is one’s duty to make sure his or her loved ones get the best medical treatment available. Medical insurance is the difference between ensuring the best medical treatment and worrying about the money required for the same.