In the recent years, science has advanced greatly. Developments in the medical field have made it possible to combat diseases that were previously thought to be incurable. However on the other hand doctor consultation, medical procedures, methods and equipment cost a lot. The hospital bills are very high. The charges of the doctors’ fees, medical supplies etc. are exorbitant. At the same time life is unpredictable. You do not know what to expect next. Having a health insurance allows you to be prepared for life’s ups and downs.
Health or medical insurance protects you in the case of illnesses and medical emergencies. There are various benefits of health insurance. After considering the benefits and conditions of the various policies, you will be able to choose a plan that is most appropriate for you.
1. Services provided by health care insurance
By investing in health plan, you can secure the health and wellness of your family and loved ones. The main benefit offered by this type of insurance is the peace of mind. In the case of a medical emergency you do not have to worry about the hospital charges and doctor’s fees. That will be taken care of by the insurance company. Most insurance plans cover services and costs such as outpatient care, treatment in hospitals, prescription drugs, lab tests, doctor’s charges etc. Expensive procedures like dialysis and chemotherapy are covered by most medical plans.
2. Payment of hospital expenses
Each insurance company has a network of hospitals. In these network hospitals you will be able to get cashless hospitalization. The Third Party Administrator or the TPA will coordinate with the hospital after you inform them that you are getting admitted there. In cases of non-network hospitals, the insurance company will reimburse your hospital bills after they are submitted to them.
3. Variety of plans
Insurance companies have offered a wide range of policies to suit the diverse needs of different people. These policies will differ according to the terms and conditions and the services provided. The plans will cover the expenses for a specific period of days. In the case of some plans, if the money is not claimed in a year, you can be entitled to receive a bonus.
4. Ease and convenience
Today it is very easy to apply for an insurance plan. It can even be done online. With a number of plans available you can easily find a plan that suits your needs. You can shop around for the best plan by comparing different policies and charges. The process of applying for a claim has become hassle free as well.
5. Other Benefits
Health insurance benefits include daily cash allowance during hospitalization, recuperating benefits etc. There are also tax benefits that are offered. Thus, the premium that is paid is tax deductible. So this type of insurance does not only cover your health but it allows you to save your money and protects you financially.