A health insurance is your piggy bank savings should any medical emergencies strike you or your family at some point in the immediate future. It has the capabilities to cover all medical expenses that a policy holder undergoes and much more. There are more than a few reasons for buying a health insurance policy. Here are the top reasons.
- Not Merely Hospitals
A lot of us have a notion that a health insurance policy is helpful only for medical emergencies and hospitalisation and that is about it. But that is far from the truth. Health plans have evolved with time and the current age health plans offer a lot more value for your money. For an instance, some plans these days offer dental covers ensuring your trip to your dentist doesn’t cost you anything up to a certain limit. Similarly, some insurers also offer eye care protection. Thus, a health insurance plan is a comprehensive policy covering more than just hospitalisation expenses.
- Health Hazards
A vast majority of us are involved with work which requires us to be positioned at the same place for the most part of a workday. This along our lifestyle and eating habits can put us in tough spots health wise. Health conditions such as diabetes, blood pressure, thyroid, asthma etc. are more common occurrence now than ever before. A health plan offers cover against such lifestyle related issues and much more.
- Medical Inflation
If you haven’t been to a hospital in the recent times, you might be in for a shock. Surely, the service standards and equipment have become better but at a hefty cost. Medical inflation sees double digit inflation almost every year, which is much higher than the overall inflation that our country is used to. This means, that healthcare is getting expensive at a rate much higher than what you can save. If you do not want to deplete your savings and keep them for future, a health insurance is a must.
- Tax Benefit
Apart from the above benefits of buying a health insurance plan, it also offers tax benefits. If you are looking for ways to secure your family from health hazards and save taxes at the same time, a health insurance is apt for you. You can claim the health insurance premiums for tax deductions under Section 80D and Section 80DD of the Income Tax Act, 1961. The maximum amount that you can claim is INR 1,00,000 for a fiscal year.
Best Health Insurance Providers in India
To conclude whether or not a health insurer is the best in the country, we must assess the same against some parameters. The following are some of them,
There are a few insurers who offer a lot for the premium that you pay but might lack on good service. Similarly, there are insurers who offer fairly fewer features but have exceptional services. An insurer who is able to strike the right balance between good coverage and service at affordable prices should be on your shortlist.
- Network hospitals
A health insurance policy lets you make the most of network hospitals. You can walk into such hospitals and get cashless treatment done without paying from your pockets. A good insurer will have a strong list of good hospitals.
This is something that a lot of us just forget or ignore. A quick look at the exclusions list will ensure that your claims are not rejected. Look for an insurer that has fairly less permanent exclusions and other exclusions have a certain waiting period.
Keeping all the above points in mind, the following health insurance providers in the country stand out from the rest.
- Apollo Munich
It should not come as a surprise that a stand-alone health insurance company makes it to the list. The brand offers good plans at affordable prices and backs it up with some great support team post sales. It also has a dedicated team for handling claims.
- Star Health and Allied Insurance
Star Health and Allied Insurance is also another stand-alone insurance provider. You get access to a massive 8200+ network hospitals and have one of the best claim settlement ratios in the country.
Types of Plans in Health Insurance
For potential policy buyers, there are quite a few varieties of health insurance that one can get their hands on. For starters, one can opt for the standard hospitalisation cover, senior citizen health plans, family floater health plans, critical illness plans, maternity plans and hospital daily cash benefit plans. Each plan meets a specific requirement. Thus, you have a large number of options to select an apt health insurance plan.