INSUBCONTINENT EXCLUSIVE:
In today's time, cost of healthcare in country has risen significantly thanks to ever-growing demand for medical services
That along with increasing awareness about medicine and preventive measures against illness has rendered medical insurance all more
Having a health insurance comes handy in times of medical emergencies
but also jeopardises personal goals such as education and marriage
By assessing his or her financial position and requirement closely, one can plan and financially prepare against medical emergencies through
a medical insurance plan.Here are some reasons why having a medical insurance policy is important as well as beneficial:Medical services are
expensiveRising cost of medical treatment makes subscription to an appropriate medical insurance policy
However, when it comes to medical insurance, investment decisions are fruitful only if they are well-informed and well-researched, say
Therefore, a suitable medical insurance policy can provide protection against inflation.FlexibilityToday, insurers offer a wide range of
medical insurance policies with numerous features and facilities to choose from
Because of excessive variation available today, while there are hundreds of options available for potential policyholder to match with his
or her medical insurance requirements, it becomes a tedious task to make right decision
This is why experts often stress importance of learning about various aspects of insurance in order to best fulfil one's insurance
needs.Cumulative bonus or no-claim bonusFor every year in which a claim is not filed by a policyholder against a medical insurance plan,
insurer pays a bonus to customer in form of additional cover
A medical insurance plan may not provide a desired cover in first year, but offer a significant amount as cumulative bonus in subsequent
Some insurers also offer this bonus in form of discount in premium payable in subsequent years, whereas others even offer this bonus as a
combination of both.Pre- and post-hospitalisation cost coverageToday, most insurance companies also cover both pre- and post-hospitalisation
expenses in some medical plans
In other words, this means that not only costs incurred with respect to main treatment (received by insured while he or she is admitted in a
hospital) are covered, but also those arising out of tests and consultation fees beyond that
However, there are certain time constraints to avail such cover
Besides, insurers often also cover transportation charges.RidersMedical insurance policies come in many forms
While some insurers cover preventive check-ups and doctor's consultation charges in their medical insurance policies, others offer
protection against multiple critical illnesses
Simply put, a rider offers specific features under a policy in addition to main features under certain conditions
For example, today a customer can buy an regular insurance policy and get a rider that provides protection against a defined set of critical
illnesses such as heart disease and cancer; another option is to purchase an independent critical illness insurance policy, wherein insurers
provides a lump sum in case insured is diagnosed with any of eligible critical illnesses.Income tax deductionHaving a medical insurance
policy entails up to Rs55,000of deduction in taxable income in a year (against payment of premium) under Section 80D of Income Tax Act
This includes premium paid towards insurance for self, spouse, children and senior citizen parents.Cashless facilityWithin a defined network
of hospitals, many medical insurance providers today provide a cashless facility with their policies under certain conditions
This can be very beneficial as in case of an emergency, insurer pays for eligible expenses directly to institution, therefore not requiring
policyholder to bear expenses from his or her own pocket
This very feature ensures that customers does not have to feel impact of immediate cash requirement should an emergency occur
In many cases, a third party administrator or TPA pays bill directly to hospital.Alternative treatmentMany insurers today provide cover
alternative treatment methods (such as Ayurveda and homeopathy) in their medical insurance plans under certain conditions, in addition to
This does not restrict insured to undergo medical treatment outside of his or her preferred methods, thereby offering more
flexibility.Health check-upsAmong other features, many medical insurance plans offer period health check-ups free of cost under certain
In many cases, even these check-ups are covered through a cashless mode, wherein insured is not required to bear expense from his or her own
pocket at any given time.Today, there are many health insurance plans available in market such as individual health insurance, family health
insurance, critical illness insurance and personal accident insurance, among many others
Having a health insurance is an essential part of financial planning, say financial experts
General insurance company IFFCO Tokio offers several medical insurance products, such as Individual Health Protector Policy, Family Health
Protector Policy and Personal Accidental Insurance Policy.
