Population has grown immensely in the last few decades in India but the healthcare professionals and healthcare infrastructure has not grown at the same pace. As a result, healthcare costs have grown out of proportion. Starting from laboratory tests to consultation and treatments to medicines, everything is too much costly. And, the costs are not going to come down, instead they are going to increase even more in the future. A health insurance policy safeguards you against such unbearable financial burden and protects your savings from draining.
Benefits of Cashless Health Insurance Plan
1. No Need for paying up the cost upfront
Cashless health insurance plans are the insurance policies which covers the medical expenses in the case of health issues, without the need of paying up the healthcare costs up front. The cashless hospitalization and treatments are usually available at predefined network of hospitals. This is the best benefit of a health insurance policy because the policyholder can avail the treatments without worrying about the money.
2. Savings in the Income Tax Return
Under the section 80D of the Income Tax Act, the policy holder is entitled to avail tax benefits on the premium paid for the health insurance policy. These tax benefits are limited in nature because you can get a maximum of 25,000 rupees as tax rebate in a financial year. If your age is above 60 years than you can get a tax rebate of up to 30,000 rupees. If you are paying premium for your parents who are senior citizens, you can get tax benefits upto 55,000 rupees.
3. No Claim Bonus upto 100% of sum insured
No Claim Bonus (NCB) is usually a discount that is offered to the policy holder, if there are no claims filed during the entire duration of the policy. Companies such as Bharti AXA offers 100 % NCB to the existing policy holders, at the time of renewal of the health insurance policy. This way, the policy holders can continue their health insurance policy with no extra costs.
4. Pre and Post-hospitalization Expenses Coverage
The insurance policy not only covers the cost of treatment in the hospitals, the policy also covers certain pre-hospitalization and post-hospitalization fees of the hospitals. This feature, however, is limited to only a certain number of days before and after the hospital treatment but they help the policy holders save a substantial amount of money. Also, these expenses need to be related to the main ailment for which the claim has been filed earlier.
5. Health Insurance Portability
Now, the policyholders can switch from one insurance provider to another, if they feel their terms and conditions are better than their existing insurance provider. This facility was not available earlier and people needed to stick to their original insurance provider even though they didn’t like their policies. Also, companies offer new policies and benefits to attract more people, you can shift to another policy if you find that more fruitful. So, get a health insurance now and remain protected.