An insurance is a financial safety net that ensures you have financial monetary assistance when you need it the most. Although there is a cure for most diseases today and the life expectancy has also increased considerably, a medical emergency can happen at any time. You will be under immense mental stress financial stress if it happens to you or one of your family members. A health insurance can ease your financial burden in such cases by providing the required assistance.
There are various benefits of purchasing a health insurance in 2018 for your family. These are:
a) Tax benefits
You can avail tax benefits under section 80D of the Income Tax Act of 1961. Hence, you can get quality medical treatment and tax benefits on the premium you pay for your health insurance.
b) Financial protection
In case of a medical emergency, you need not borrow money or use your savings to cover the medical expenses.
c) Quality Treatment
The best treatment from reputed hospitals will be available to you and your family if you have a valid health insurance. Most of the insurance companies cover all medical expenses including hospitalisation, day-care procedures, surgery, medicines, etc.
You’re entitled to a discount on insurance premium in the form of No Claim Bonus (NCB) if you did not file any claims in the previous insured year.
Trusted Providers of Health Insurances in India
There are many insurance companies operating in India. The top 3 health insurance providers are:
1) Max Bupa Health Insurance Company Limited
Max Bupa Health Insurance Company Limited is a joint venture between UK based healthcare services company Bupa and Max India Limited. The company began its operations in 2008. Now, over 13,000 agents are employed with Max Bupa Health Insurance Company Limited. With a large hospital network of over 4000 hospitals and a gross premium of INR 476 crore, Max Bupa Health Insurance Company Limited is one of the leading health insurance companies in India.
2) Apollo Munich Health Insurance Company Limited
The Apollo Munich Health Insurance Company Limited was established back in 2007 as a joint venture between Apollo Hospitals and Munich Health. With a large hospital network of 4,000+ hospitals present in 831 cities all over the country, you will have access to the best treatment available in the country. Apollo Munich Health Insurance Company Limited also has over 1,100 employees located in 40 offices across India.
3) Star Health & Allied Insurance Company Limited
Star Health & Allied Insurance Company Limited was established in 2006. They have over 400 offices across India and have collaborated with more than 8,400 hospitals. This insurance company has a capital of INR 1,050 crores and is popularly known for quick settlements. They claim to have settled 3,78,710 claims in the financial year 2016 – 2017.
Things to Avoid While Buying a Health Insurance
Purchasing a health insurance in India is one of the easiest things to do these days, thanks to the digital revolution. You can buy one online with just a few clicks. But, there are many factors you need to avoid in order to purchase the best health insurance that suits all your requirements.
a) Blind Purchase
There are many insurance companies in the market and they all offer a variety of health insurance policies. Ensure that you make a thorough comparison of all the available insurance policies before purchasing one. You can effortlessly compare health insurance policies on Coverfox.com
b) Overall Hospital Network
Every insurance company will have collaborations with many hospitals around the country. Do not consider the total number of hospitals in the insurance company’s hospital network. Check if the hospitals you usually visit are mentioned in the list.
c) Low premium products
Once you have completed your online research, you might find two insurance policies that offer the same benefits but, are priced differently. You might be tempted to immediately purchase the cheaper one. Ensure that you read the fine print of the document before doing the same.
A Vital Investment for Health
Due to technological advancements, the field of medical science has evolved tremendously over the past decade. Yet, you still cannot predict when one of your family members will fall critically ill. In such situations, you need to ensure that they get the best medical treatment available in the country. Such treatments can be expensive at times and you may not be able to pay the medical bills on your own. Hence, invest in a health insurance this year and ensure that your family gets the best treatment at all times.