Why Medical Insurance is Important in India?

For each person in India, Medical Insurance has turned into a need. It gives health hazard coverage against the expenses which is caused by unexpected medical contingencies. Today, when the medical treatment rates are so high, neglecting to hold a Medical Insurance can cause a financial shortcoming. Medical Insurance or Mediclaim Policy is a sort of protection policy that takes care of the expense of your medical treatment and that’s only the tip of the iceberg. The extent of health insurance coverage depends upon the kind of medical coverage policy you are picking.

There are three types of medical insurance in India:

1) Cashless- This is the most sought after insurance as most people consider it is as among the most convenient health insurance plans because here they are given a credit card. This credit card can be used in the hospital till the claimed amount limit is reached. You do not need to bear any additional cost at the time of need.

2) Reimbursement- In this type of health insurance you have to bear the cost at first. After the hospital releases you, you have to submit the documents showing the all over expenses and claim your return. The insurance company will then reimburse the amount you are eligible for.

3) The benefit scheme- The most attractive benefit of this scheme is that you will be provided the amount you are eligible for irrespective of your expenses. So if you go under free treatment as well, you will get the money.

The advantages of the Medical policies:

With a health insurance you can be at peace and ever ready to bear any urgent medical expenses. If you belong to a middle class family without a medical insurance, you will not be able to spend much on your medical expenses so the only option you have is to go to Government aided hospitals. The medical procedures take long as in India there are more people who fall below the poverty line and they opt for government hospitals too. You can choose to go to a private hospital that provides immediate treatment at expensive rates without thinking about the expenses.

  • The premiums are exempted from tax under Section 80D of the Income Tax Act.
  • In case of an accident or bid operations, you will have to shell out a huge amount suddenly which may burn a hole in your pockets or your bank account for that matter. So the health insurance plans secure your savings and funds the expenses.
  • You can opt for the best medical help with a health insurance policy without compromising because of financial constraints. And the need to sell or mortgage your assets to bear the medical expenses is diminished.

Read Also: 10 Unknown Facts About Your Medical Insurance

  • Protection ensures against dangers and vulnerabilities, as well as gives a safe speculation channel too. The instalment of premiums consistently empowers orderly reserve funds. The guaranteed gets a single amount sum at the maturity of the amount. 

The Bottom Line:

Medicinal contingencies come unannounced. To get the best treatment without a financial crisis you will require a Medical Insurance. Purchasing Medical Insurance is never again an alternative yet has turned into a mandate. Just 1.1 billion of the Indian populace which is under 15% of the Indian populace is secured through medical coverage. In spite of bring along benefits like tax exemption, easy application, cashless treatment, reimbursement and benefit schemes, people hesitate to invest in insurance. Having a medical insurance assures you better treatment services without burning a hole in your savings bank account.

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