Getting a health insurance plan can be the most effective and the safest way to offer financial coverage to your family. When the policyholder is hospitalized, he/she gets the financial coverage for medical expenses because of the health insurance they have purchased. Health Insurance is usually a contract between an insurance company and a policyholder.
The health insurance cover will ensure your eligibility for cashless treatment for illness and injuries covered at the network of hospitals under the policy, or you will get the reimbursement for your medical expenses. Well, according to the Income Tax Act (1961), a policyholder gets the tax deduction on health insurance premiums (Section 80D).
Importance of Health Insurance
Well, in countries such as India where medical expenses are touching the sky, the importance of medical insurance cannot be overemphasized. So, it’s advisable for almost every Indian citizen to purchase a good health insurance policy that will help them with hospitalization cost, medication and laboratory test costs, medical costs, and all the critical illnesses. Below are some of the benefits of health insurance.
- Cashless Treatment: Well, if you have taken the health insurance policy, you can get your medical treatment without paying for hospital expenses on your own.
- Transportation Expenses: Well, under this policy, you would also not need to worry about the transportation cost from the hospital to your home or vice-versa.
- Room Rent: Well, some hospitals charge high room rent, which every patient can’t bear. So, you’ll be better off if you took a health insurance policy as it will cover a significant portion of these costs.
- Pre and Post-hospital expenses: Under this policy, the patient gets hospitalization expenses for two months before and after the patient gets hospitalized.
- Tax benefits: The Income Tax Act (Section 80D) offers numerous benefits to policyholders as well. The payment which you will make towards the health insurance plan will be free from all the taxes.
- No claim bonus: You will receive a No Claim bonus reward if, in the entire policy year, you do not make any claims.
- Online Purchasing Facility: Well, due to the advancement in technology, you won’t need to visit the company’s branch to purchase your health insurance plan. You can easily purchase a plan while sitting at your home without any inconvenience.
So, guys, these are the advantages of getting a health insurance plan. Well, there are different types of health insurance. So, let’s move forward and explore the types of health insurance policies available in the market.
Types of Health Insurance
Any good health insurance company will offer a wide range of policies to meet the various needs of their customer, and Bayzat isn’t any different. Below are some of the policies available.
- Individual Health Insurance: Well, of course, in individual health plans, an individual is the policyholder. Though there are low premiums, various factors contribute to the price of this policy. The premium of this policy is influenced by some parameters like age, location, and previous health conditions, among others.
- Family Floater Health Insurance: Well, this plan is a convenience if you want to buy the policy for all the family members. Under this plan, a family of parents with their two children are covered. Though the premium of family floater is higher than the individual plan, it will cost you less if you will buy the individual plan for every member personally.
- Senior Citizen Health Insurance: Well, as the senior citizens come in the age group of the people who are 60 or above, so, this plan is for the people who are 60 or above. These plans offer discounts but also costs more than the plans for young people as senior citizens tend to get sick more often.
- Critical Illness Health Insurance: As the name suggests, these plans include life-threatening conditions and illnesses like kidney failure, heart attack, cancer, and organ transplant, among others.
- Maternity Health Insurance: Women who are expecting a child can go for this health insurance plan. Under this plan, all the expenses incurred in the delivery, pre- and post-natal stage will be covered. Well, if you have already bought the basic plan, you can buy the maternity plan over it.
- Group Employee Health Insurance: These are low premium plans that employers offer their employees. They can also include and exclude the number of members in the plan based upon the joining and leaving the company of the employees of small business hr software.
- Preventive Healthcare: The expenses incurred to prevent certain diseases, illness, or cancer-like screening tests, annual check-ups are covered under primitive healthcare.
- Personal Accidental Insurance: Under this plan, the policyholder gets compensation for death, injury, disablement, or impairment, and the plan covers the expenses for unforeseen accidents.
So, guys, this is all about health insurance. Well, the citizens of a country like India should consider buying this plan for themselves or their family members. It will be going to help a lot with the medical expenses which they can’t bear. Thank You.