health-insurance-policy-in-india

[health-insurance-policy-in-india]

Importance of Health Insurance

Health insurance is not a new concept to Indians but the sad part is most of us still don’t understand the importance of investing in a health care policy.

The chance of you or your dependents (spouse, children and parents) needing medical care can come all of a sudden, and with the cost of hospitalization and medical expenses going through the roof, it will become difficult to afford quality treatment on time; hence the need for a health insurance.

Why go for Health Insurance?

Expensive medical cost: This is one of the main reasons why people go with health insurance policies. If we cross-examine, one can see that there has been an ever-increasing expense for medical costs (some of the common ones are expensive medicines, diagnostic tests, visiting charges etc) and this can create a considerable burden for most of the families. That's when the health policy comes to the rescue. Buying a health insurance policy can take care of these expensive and unexpected bills within the possible limits of the policy coverage.

Quality of treatment: Providing quality treatment will be our second reason to justify the importance of a health policy. An effective policy will help you and your family give more attention to the complete treatment rather than thinking about the cost involved which can haunt you for a long time. Worrying about healthcare bills can never help you when there is a medical emergency and on the contrary, it will deteriorate your health. In such a situation, having an effective insurance coverage like V HealthCare from Vijaya Bank can take of your medical bills while you can get the best treatment for a speedy recovery.

Tax benefits: This can never be the primary reason for the importance of health insurance, but it can be beneficial in its own ways for the salaried taxpayers. One can avail tax benefits for health insurance under the section 80D of the Income Tax Act, 1961. In the recent Union Budget, tax benefit has been increased from ₹ 30,000 to a maximum of ₹ Rs 50,000 for senior citizens.

The importance of a healthcare policy does not end here, there are some benefits as well. Some of the benefits of having a health insurance are:

Cashless Treatment: An effective policy will ensure you get cashless treatment since the insurance company works in collaboration with the majority of hospital networks.

Pre and post hospitalization charges: Many of the health policies cover these expenses depending on the policy purchased.

Transportation Charges: Insurance policies cover for the amount incurred for ambulance charges in case of medical emergencies.

No Claim Bonus (NCB): This is a bonus element paid to the insurer if the insured does not file any claim for the previous year.

Medical Check-up: Some of the health policies provide the option for health checkups. Depending on the previous NCBs some of the insurance firms even provide free health checkups.

Room Rent: Depending on the premium paid, some of the policies will cover hospital room rent expenses as well.

These are few features and benefits that highlight the need for a health insurance policy and by now we hope you’ve understood the importance of taking an effective health policy for you and your loved ones. Banks like Vijaya Bank are going one-step ahead by giving health insurance coverage for its customers. Walk to the nearest branch to learn more.

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