No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. Healthcare expenses are increasing at a rate higher than medical inflation. The cost of treating the illness can cause severe financial strain on the savings you have accumulated over time, and that is why it is must for everyone to have a health insurance cover which not only helps you to save your emergency funds and saving of lifetime, in case any medical emergency occurs to you or your near and dear ones, but also supports you to deal with rising medical costs. The financial load can be extremely distressing during a health crisis. As a result, it is critical to plan for healthcare emergencies.

What Exactly Is Health Insurance?

The definition of health insurance is simple: it is an insurance policy that assures that any health-related risks or events will not drain your savings.

How do Health Insurance Policies work?

A health insurance policy is a guarantee that gives instant financial assistance in the event of a medical emergency. It is a contract between a policyholder and an insurance provider that covers medical expenses incurred as a result of disease, injury, or an accident. If you have a health insurance coverage, the insurance company will cover some or all of your medical expenses in exchange for a certain amount known as a premium.

With rising public awareness of health and lifestyle-related disorders, health insurance coverage in India have become more diverse and comprehensive. The ongoing global Covid-19 pandemic has broadened the public’s perspective on health and the significance of sufficient medical insurance.

As a result, the number of people purchasing health insurance coverage in the country has increased dramatically in recent years.

Why is health insurance required?

Health insurance is required because

• Ailments linked to a lifestyle are frequent today.
• Health care is getting more and more expensive.
• A family finds it challenging to immediately secure the significant sums of money needed for therapy.
• The majority of a family’s funds are in the form of fixed assets, which cannot be readily liquidated.
• For instance, the majority of insurers now provide family floater and individual coverage options. With an individual plan, you can just protect yourself, but with a family floater plan, you can safeguard everyone in your family’s health.

What are the benefits of having a health insurance policy?

The following are some of the benefits that every good health insurance plan should offer:

• Protection against a wide range of critical illnesses
• Flexibility in selecting your health insurance
• No premium increases during the policy period, even if your health condition changes
• Long policy term that covers you even in old age
• Large hospital network for convenient access to medical treatment
• Provides tax benefits under Section 80D.
• Provides cashless claim benefit, allowing you to focus on your health rather than worrying about large medical expenditures.

To be safe and secure, experts feel that a health insurance coverage should be part of your financial planning and should be obtained when you are young and responsible. Investing in a health insurance plan at a young age also provides several benefits such as increased insurance coverage, lower premium rates, no medical examinations, and so on.