Health Insurance: Do You Really Need One? 

By BankBazaar | January 22, 2019

To go or not to go the Health Insurance way? Worry not! Here are some essential pointers to take your mind off worries and help you make the right move.   

Health Insurance: Do You Really Need One? 

Consider this. You have a comfortable job and you are probably looking to buy a car. Your retirement planning is bang on. You have made a couple of investments in Mutual Funds and they are giving you great returns.    You have done everything that you possibly could to plan your finances to the tee. However, there is just one thing that went amiss: Health Insurance.   

 If you are Superman or someone his equivalent, you don’t need Health Insurance. However, for everyone else, life is unpredictable and therefore, a Health Insurance policy is an absolute must.   

According to a report published by National Health Profile (NHP), only 27% of Indians have adequate Health Insurance cover. The primary reason behind this staggeringly low number is the lack of awareness surrounding Health Insurance.  

What Is Health Insurance?  

A Health Insurance policy is a contract between the insurance company and the policyholder that covers the cost of an insured individual’s medical and surgical expenses.  

Essentially, a Health Insurance policy safeguards your savings in the event of a health condition that requires you to be hospitalised.   

Additional Reading: Things Which Make A Health Insurance Plan Great 

For those struggling to find the right reasons to get Health Insurance, here is everything you need to get started.

1. Lower Premiums  

If you are young and medically fit, chances are you will get a premium Health Insurance cover at a throwaway price. Medical complications pile up as you grow older and so does the insurance premium.   

2. Tax Savings  

Not everyone knows this but you can get tax deductions for the premiums paid on Health Insurance! You can safely put aside up to Rs 25,000 for your medical premium and claim them when you file your taxes.   

Additional Reading:Make The Most Of Health Insurance Top-Up Plans 

3. No Waiting Period  

Most Health Insurance plans have this specific feature called ‘Waiting Period’. Generally, the waiting period is a time span of 30 days after signing up during which you cannot make an insurance claim. If you are getting an insurance cover when you are young and healthy, the waiting period will already be completed by the time you actually need to use the benefits under your policy.   

Additional Reading: Buying A Health Policy? Know About Waiting Period 

4. Early Intervention  

Yes, you are fit and perfectly alright but who is to say the same will hold true tomorrow? With a Health Insurance policy in place, you will be able to keep the worries at bay and depend less on chances. Also, getting a good Health Insurance policy will get twice as difficult the moment you are diagnosed with a severe ailment. So, plan early and prepare ahead.   

Sounds convincing enough? Let’s hook you up with our popular Health Insurance plans:   

Royal Sundaram Lifeline – Classic  

Reason To Choose:  

  • 30 days pre-hospitalisation benefits   
  • 60 days post-hospitalisation expenses   
  • Free health check-up   

Extra Benefits:  

  • Ambulance charges   
  • Covers alternative treatments like Ayurveda, Homeopathy etc.   

HDFC Ergo – Classic  

Reason To Choose:  

  • 30 days pre-hospitalisation benefits   
  • Daycare procedures
  • Maternity cover   

Extra Benefits: 

  • Ambulance charges   
  • Recovery benefits   

Star Health Insurance  

Reason To Choose:  

  • 30 days pre-hospitalisation benefits   
  • 60 days post-hospitalisation expenses
  • Health Check-up  

Extra Benefits:   

  • Ambulance Charges   
  • Covers alternative treatments like Ayurveda, Homeopathy etc.   

Health Insurance is a necessity in life. The sooner you take care of this, the less cumbersome your life becomes. However, don’t choose a Health Insurance on a whim. Explore your options, check the offers and compare the prices before you select the one that’s best for you.   

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Health Insurance UCN
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