Health Insurance, also called Medical Insurance, is essentially buying insurance to pay for medical expenses when needed.
According to Ishwinder Singh Thakur, Consultant Director, AIMS, “Investing in health insurance is a must. It is extremely crucial for a person above the age of 18 to be medically insured because it can be only chosen by those who are healthy, so it is a must to start at a young age. The likelihood of contracting diseases increases with age, making it harder to qualify for such health care benefits.”
Fun Fact: Cosmetic treatments such as dental procedures and dermatological procedures are not covered under insurance anywhere in the world and neither are treatments for mental health, pregnancy-related issues, and diagnostic tests.
There are various types of health insurance, namely, Employer-sponsored health insurance, group health insurance (usually provided by medium or large firms), critical illness health insurance, family health insurance, and senior citizen health insurance.
Why should one be medically insured?
- Yearly health check-ups: Prevention is better than cure. Therefore, it is of utmost importance to get medically evaluated regularly. Dr. (Prof) Jasheena Kaur, a pediatric dentist, “Being a doctor myself, I am well aware of the hazards involved in getting problems diagnosed at the right time. Therefore, one needs to make the appropriate policy investments to guarantee yearly check-ups.”
- Covers treatments other than allopathy: Treatments like homeopathy and yoga are occasionally reimbursed under certain medical insurance companies. Medical insurance is essential since intricate surgical procedures like organ donation can be quite expensive.
- Rising Expenses: The cost of medical treatments is increasing with every passing day. With the accelerated rate of medical research, new diseases are discovered every day. Certain treatments can prove to be very heavy on the pocket, therefore, insurance can provide a person with a cushion.
- Tax Benefits: A person’s health insurance premium lowers their taxable income, which lowers their tax obligation. A tax deduction of Rs 50,000 is available to those who are 60 years of age or older, while Rs 25,000 is available to those who are younger. Section 80D of the Income Tax contains information about the specifics.
- Health is wealth: According to Dr. (Prof) Dipanjit Singh Sekhon (MDS), “Health insurance provides a person with peace of mind. It saves one against unforeseen expenditure.” Deaths due to road accidents have increased drastically and so have other problems related to the fast pace of life. “Investing in a good and comprehensive insurance plan is the need of the hour.”
- Bears the total cost of treatment: Once the insurance is paid for, a person is free from worrying about money matters. If a patient must stay in the hospital overnight, provided the procedure is not cosmetic as described above, they are eligible for benefits and will not be required to pay anything upon discharge.
- Insurance companies tie up with good hospitals: By opting for medical insurance from reputable companies, one can avail services of hospitals with high standards, and get tested if and when required.
- Policies cover pre-existing diseases: Upon proper disclosure of pre-existing conditions, people can take care of their medical expenses in the future. Treatments might cost less making them eligible for better treatments.
- Makes recovery easy: Certain insurance policies also cover the expenses that are borne by a person while he or she is recovering. It covers the costs of medicine and in some cases, also covers the consultancy fees of doctors.
- Inclusive policy: Medical insurance is available to people from all age groups “as long as a person is of the age of 18 and has a source of income of one’s own.” until and unless a family package has been opted for, said Mr. Thakural. He also added that awareness among “people has increased especially after Covid. Sudden hospitalization of people during Covid has made everyone aware and cautious about health, therefore, a rise in takers has been noticed.”
According to research published by National Family Health Survey, as of 2021, Andhra Pradesh was a state where 70.2% of the population was medically insured. The percentage was relatively low in Jammu and Kashmir where only 12.7% of households had one member medically insured.
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