Health Insurance is akin to having a safety net for your well-being. It covers the expenses to see a doctor, get medicine or to go to the hospital. When you are choosing a plan, you have to think about how much you will have to pay each month (premium), how much to pay when you visit the doctor or pick up medicine, and what services are covered. Having Health Insurance can give you peace of mind, knowing that if you ever get sick or hurt, you will be able to get the care you need without worrying too much about the cost.
How does Health Insurance work?
1. Choose a plan: Pick a Health Insurance plan that suits your needs and budget. There are different types of plans and each has its own rules about which doctors you can see and the expenses it will incur.
2. Premium payment: You pay a monthly or an annual fee, called a premium, to keep the insurance active. It is like paying for a membership that allows you to access health-related services.
3. Getting care:: When you need medical care, your Health Insurance helps cover some of the costs. Depending on your plan, you may need to pay a portion of the cost out of pocket.
4. Benefits and coverage: Your Health Insurance plan will outline what services are covered and how much the company will pay for it. This can include preventive care (like check-ups and vaccinations), emergency services, hospital stays, and more.
5. Networks: Many Health Insurance plans collaborate with doctors, hospitals and other healthcare providers. If you visit a provider within your plan's network, your insurance will usually cover more of the cost.
6. Claims: When you receive medical care, your healthcare provider sends a bill to your insurance company. It then processes the claim and pays its portion directly to the hospital.
Benefits of buying Health Insurance
- Financial protection: The burden of high medical costs can quickly derail one’s financial stability. Health Insurance acts as a buffer, taking on this financial strain and allowing you to focus solely on recovery. It ensures that you are not dipping into savings or other financial resources.
- Cashless medical treatment: Understanding how insurance works can significantly alleviate concerns about managing healthcare expenses during emergencies. Many policies provide the convenience of cashless hospitalisation at network hospitals, ensuring you're not burdened with the worry of arranging funds at critical moments.
- Tax benefits: Premiums paid towards Health Insurance can significantly reduce your taxable income under Section 80D of the Income Tax Act. This deduction is applicable not only to the basic Health Insurance premiums but also for top-up plans and critical illness plans. It's a financial advantage that stands apart from the ₹1.5 lakh deduction limit under Section 80C. It's important to note that this benefit is available only if you opt for the old tax regime.
- Emergency assistance: You can get 24/7 emergency services and support when you need it the most. This ensures you receive immediate care without the added stress of coordinating logistics or financial arrangements.
- Preventive care: The inclusion of vaccinations and regular check-ups in many plans is a proactive approach to healthcare. This focus on preventive care helps in the early detection and prevention of diseases. It’s an investment in your long-term health.
Tips when buying a Health Insurance policy
- Coverage needs: Ensure the policy covers a broad range of medical treatments and conditions relevant to you.
- Network providers: A wide network of hospitals means easier access to cashless treatments. Additionally, ensure that these hospitals are reputable and known for quality care.
- Premiums and deductibles: Balance the cost of premiums with the coverage level. Higher deductibles can lower your premiums but mean paying more upfront for care.
- Exclusions and limitations: Understand what is not covered to avoid surprises. Be aware of any waiting periods for certain conditions or treatments.
- Additional benefits: Look for policies with added perks like wellness programmes or dental coverage. These benefits will increase savings on services that you may already be using or plan to use.
- Customer service: Efficient customer support can significantly ease the claims process.
- Policy renewal: Choose policies with easy renewal processes to ensure continuous coverage. It's also beneficial to choose an insurer that offers flexibility in policy adjustments at renewal.
Also Read: Understanding the importance of Health Insurance
Conclusion
Health Insurance helps you manage the financial burden of medical care by spreading the costs out over time and sharing them with the insurance company. It provides financial protection against unexpected medical expenses and promotes access to healthcare services when you need them.
Axis Bank offers comprehensive Health Insurance solutions to meet the diverse needs of individuals and families. Explore their offerings to find a plan that best suits your healthcare needs and secures your future against the unpredictable nature of life.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
Disclaimer: Purchase of insurance product by Bank’s customer is purely voluntary and not linked to any other facility from the bank.
