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5 Benefits of Insuring your Family's Health this Yoga Day

dateKnowledge Centre Team dateJune 21, 2021 views142 Views
Buy the Best Health Plan Online | Health Insurance Coverage

The United Nations has declared June 21 as International Yoga Day. Considering the rise of diseases nowadays, it is important to protect your family and yourself - by buying the best health insurance plan that will provide financial assistance to your family whenever high-quality medical treatment is required.

Meeting unexpected or even planned significant expenses can be challenging. If health insurance has been factored into financial planning, significant medical expenses can be avoided.

Five Benefits of Insuring your Family with the Best Health Insurance Plan

Because we don't understand how health insurance works, most of us tend to undervalue its importance. When one is young and has a consistent salary, healthcare costs may appear to be simple. However, when people get older, they get more susceptible to diseases and that leads to increase in healthcare costs.

Think you dont Need a Health Insurance

Here are 5 major benefits of having a health insurance plan this International Yoga Day:

1. A comprehensive health plan can avoid pocket bumps

Many people, especially those with large families, have to face regular and frequent medical expenses. Having a comprehensive health insurance plan can provide financial protection for medical emergencies. If you have health insurance, you don't have to worry about medical expenses and can enjoy high-quality treatment in the best hospitals without worrying too much.

On the other hand, imagine a family without health insurance. One or two major medical emergencies in the family can seriously damage the family's financial situation. The health insurance plan also provides free physical examinations after a certain number of years, which means that the insured can receive quality checks and meet their health needs.

2. Can provide significant financial help for treatment

Hospitalization allowance is a benefit that pays the insured a set amount of money while they are in the hospital. This allowance is beneficial in medical emergencies and hospitalization because people don't have to worry about daily hospitalization expenses up to a certain amount. The cashless claim option helps keep your savings and personal funds intact.

Let's use an example to understand cashless claims' benefits. Shivam has a comprehensive health insurance policy but does not have a cashless claim function. When Shivam's daughter was hospitalized, he had to break a fixed deposit of 10 Lakh rupees to pay for the hospitalization.

As a result, he will have to start the cycle of time deposits again and wait several years to get the same level of return from compound interest. On the other hand, the cashless claims feature can ensure that policyholders can receive treatment without paying for hospitalization.

The health insurance company pays the hospital immediately in cashless claims. Only when the insured picks one of the hospitals in the insurance company's approved hospital network is the facility available.

3. A health insurance plan provides domiciliary treatment

The health insurance policy covers treatment at home. The term "domiciliary treatment" refers to treatment at the insured's home rather than in a hospital.

Not all health insurance policies have this coverage. Generally, only allopathic therapies are considered in residential treatment coverage, not alternative therapies.

It requires the insured to provide reasons why they cannot be hospitalized. A pivotal point to keep in mind for residential treatment is that most insurance companies limit coverage.

4. OPD treatment

OPD coverage covers expenses such as doctor's OPD expenses, pharmacy bills, and diagnostic tests.

Insurance plans that provide OPD cost coverage offset these costs. These costs are usually not included in regular health insurance plans.

Although these costs may seem small compared to hospitalization, they may increase a lot over time. Also, health insurance plans cover COVID-19. Buying the best health plan is a wise idea during this pandemic.

Learn why you must buy a health insurance plan during COVID-19 pandemic.

5. Tax savings and financial planning go hand in hand

Health insurance policyholders are eligible for tax relief benefits under section 80D of the Income Tax Act. Tax incentives range from Rs 25,000 to Rs 100,000, depending on the program and the policyholder's age.

According to section 80D, individuals or HUF (Hindu Undivided Family) are eligible for tax relief. The premium paid for the health insurance policy can be deducted from the total taxable income.

Section 80DDB lists specific diseases. Suppose an individual incurs medical expenses due to any of these specific illnesses of himself or a member of his family.

Understand how medical expenses can be claimed under Section 80D.

How Choosing Health First Plan by Canara HSBC Oriental Bank of Commerce Life Insurance can Help you?

Health First Plan is a pure risk premium health insurance plan. It is affordable and provides you with a lump-sum amount on the occurrence of Heart, Cancer related conditions and on pre-defined 26 Major Critical Illnesses. This health plan provides you complete freedom to choose the cover you need. You can customize the plan to best suit your requirements. The lump-sum amount paid can help you overcome the immediate medical expenses without compromising on your lifestyle.

Listed below are a few benefits of Health First Plan:

  • Opportunity to increase coverage to address rising medical costs
  • On diagnosis, a lump-sum payment is made
  • Return of Premium, if there is no claim during the policy term
  • Low premium and extensive coverage

Take a vow on this International Yoga Day to protect your family with the best health insurance plan. Taking care of your financial health is as important as your physical health. Research and carefully examine the available plans and choose the best one that will fit your requirements.

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Frequently Asked Questions (FAQs) for Health Insurance

Buying health insurance online is cheaper and more convenient than getting a policy through an agent. Insurance companies work on the premise that people who have access to the internet and are willing to buy policies online are more likely to be better-off and healthy. Moreover, online plans save a lot of money for the companies as the administrative costs such as documentation and office space get eliminated. The insurance companies pass on the savings to the customer and offer lower premiums on online health insurance plans. With online plans, you do not have to visit the bank of the insurer’s branch and can buy the policy sitting in the comfort of your home.

Canara HSBC Oriental Bank of Commerce Life Insurance provides a comprehensive health insurance plan named Health First. It is a fixed benefit plan that provides a lump-sum amount on the occurrence of heart or cancer-related conditions, besides 26 other major critical illnesses. It is a flexible plan that gives you the freedom to choose the cover you need along with various options to customize the plan according to your requirements.

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

There are no uniform rules to select an insurance policy as the needs and medical history of people vary. However, Health First plan from Canara HSBC Oriental Bank of Commerce Life Insurance offers comprehensive coverage, which could be adequate to take care of all your health insurance needs.

The health insurance premium depends on a variety of factors such as age, geographical location, lifestyle habits and occupation. The best way to calculate health insurance premiums is to use a good online premium calculator which is easily available.

With the change in lifestyles, the incidence of diseases has increased drastically. Health insurance is necessary to cover against lifestyle diseases, which are on the rise due to poor nutrition, lack of physical activity and pollution.

A health insurance policy ensures that you and your loved ones do not have to think about the finances while opting for treatment. In the event of hospitalisation, a knowledge of the claim process saves the policyholder from undue hassles. A hospitalisation can generate reams of bills and documents. The claim process of fixed-benefit health insurance is very simple as the payout does not depend on the cost of treatment. In case a critical illness is diagnosed you just have to intimate the insurance company. The insured just has to fill a claims form and attach the doctor’s report on the illness. One doesn’t need detailed bills and prescriptions to claim the sum assured. The entire process is very simple and hassle-free.

Health insurance premiums can help you in reducing tax outgo, as it is eligible for tax deduction under Section 80D of the Indian Income Tax Act, 1961. If you choose a health insurance plan for parents aged 60 years and above, you can claim Rs. 50,000 as a tax deduction. Senior citizens up to 60 years can also claim up to Rs 25,000 as a deduction for the health insurance premiums paid for themselves, or for their spouse or children. This deduction will be available with respect to payments towards annual premium on a health insurance policy, or preventive health check-up of a senior citizen. It is also available for any other medical expenses related to senior citizens. In such a case, if you are paying the health insurance premiums for your senior citizen parents, the total deduction you can avail is Rs. 75,000 per year.

There are no fixed guidelines for choosing adequate health insurance cover, but the cover should depend on factors such as income, family history of diseases and geographical location. Considering the high cost of medical care in metro cities, one should have a minimum cover of Rs 10 lakhs. The cost of hospitalisation and associated costs are higher in large cities. Smaller cities have lower cost of living and a cover of Rs 4-5 lakhs would suffice.

Health insurance plans do not cover all the diseases and certain conditions are excluded from the cover. Some of the common exclusions are:

  • 1.Pre-existing medical conditions
  • 2.Alternative therapies
  • 3.Cosmetic treatments
  • 4.Pregnancy and child birth
  • 5.Diagnostic expenses
  • 6.Dental
  • 7.Injuries caused due to a suicide attempt
  • 8.Waiting period clause
  • 9.Permanent exclusions: Injuries due to war, HIV, intentional injuries, congenital diseases, and others are permanent exclusions

Diseases can strike without any warnings. Having a health plan protects you from unforeseen financial hardships and helps you lead a stress-free life. A health plan also ensures that you receive quality treatment in case you are diagnosed with a serious illness. A health plan creates a buffer around your savings, which remains unscathed even in cases of substantial treatment costs.

Employer waiting period: Waiting period is the length of time that an employer will make a new hire wait before the employee is eligible for coverage access under the company's health

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