6 Major Benefits of Health Insurance

Cost is one of the most important factors when considering a medical insurance policy. So if you or your spouse are actively working, it’s likely that either of you can receive an insurance plan that is employer-sponsored.

Health Insurance Keep You Financially Protected

As we have discussed earlier, the biggest and major benefit of Health insurance is that it keeps you financially protected and prevents erosion in your long-term savings.

Certainly, you are saving or investing to achieve some specific financial goals such as buying a property or for your children’s education, but a sudden medical emergency in your family can compel you to liquidate your savings and assets.

If you can’t manage it even after the liquidation of your asset, you might also have to borrow money from your friends or take a loan.

All these things will make you financially vulnerable a put a huge dent in your current financial health.

Buying a good health insurance policy is the best solution for all these problems because you will have nothing to worry about medical expenses after this.

Flexibility of Options

You can get a wide range of health insurance policies from modern-day Health insurance providers. Those days are gone when there were only basic health insurance plans offered by the health insurance companies.

For example, you can get both individual health insurance policies and family floater plans from the same health insurance provider. You can financially protect yourself through individual health insurance plans.

However, if you want to protect your whole family, a family floater plan will be a good choice.

Apart from these two options, you can also select some other types of health insurance plans such as critical illness plans, personal accident plans, hospital cash benefit plans, and ULHP (Unit Linked Health Insurance) plan.

This Flexibility of options ensures that you can get the best health insurance policy that meets your needs.

Cashless Hospitalization

Cashless claims or cashless hospitalization is one of the biggest benefits of a good health insurance policy.

Most of the top health insurers have many hospital networks all over the country where you can avail the facility of cashless hospitalization in case of emergency medical conditions or health problems.

The traditional claim reimbursement process is just eliminated by this facility where you had to clear the hospital dues first and then get reimbursed from your insurance provider.

Your insurer will directly pay you medical bills or other expenses of the hospitalization thanks to cashless hospitalization.

Thus, you will not have to bear the burden of expenses on your pocket. You can avail of the reimbursement claim facility if you are hospitalized in non-network hospitals.

NCB (No Claim Bonus)

A bonus element named NCB is associated with Health Insurance Plans nowadays. After paying the insurance premiums, there is a general renewal of health plans every year.

But in case, you don’t file any claim in the whole year, you will be eligible for NCB. Through this NCB benefit, you can a higher sum assured in the same rates of premiums.

For example, if your health insurance coverage is $1 million and you are eligible for NCB benefit, your coverage will be increased to $1.1 million while your premium rates will remain the same.

Most health insurance providers offer a 10% annual increment on coverage if you are eligible for NCB.

Add-Ons Availability or Riders

Different Add-Ons options are available with health insurance plans. The scope of health insurance can be significantly enhanced with the help of Add-Ons, although they cause a slight increment in premiums.

Even, if you have purchased a basic health insurance plan, it can become more beneficial for you, if you buy add-ons with it.

Peace of Mind

Peace of Mind is the most important thing which you get by purchasing a health insurance policy.

Purchasing a good health insurance policy will bring an immense feeling of safety to you. You have nothing to worry about your medical and hospitalization expenses after buying a health insurance policy.

A family floater plan brings more peace of mind because, with it, you can make sure that your family is completely safe in kind of any medical emergency problem. It often occurs with those that attempt to cut corners and go for cheaper medical treatments due to high medical expenses.

By buying a good health insurance policy, you are free to choose the best medical care for your family and yourself. Quality medical care will also accelerate your recovery from a medical dilemma or condition.

So, once you weigh the pros and cons, we come to the conclusion that a health insurance policy is a very good safeguard to have in these times.