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Do You Really Need a Health Insurance?

Why is it important to get yourself and your family covered with a health insurance? Well, you know the obvious reason. If you are not covered, sudden medical expenses can catch you off guard. Moreover, with healthcare costs rising at an alarming rate, it becomes nearly impossible for a common man to handle medical emergencies without insurance.

In India, an average healthcare procedure in a private hospital can cost you up to Rs. 40,000. A heart surgery may cost you anywhere between Rs. 2 lakh and Rs. 5 lakh, enough to burn a hole in your pocket. When you buy a comprehensive health insurance plan, you get a cover for these hefty hospital bills. However, medical expenses are not the only thing that comes under the cover. Read on to know about several other benefits of buying health insurance.

The Advantages of Health Insurance

The following key benefits should be clearly mentioned on a health insurance policy. If not, you perhaps should look for a better plan.

  • Hospitalization Expenses: A comprehensive health insurance plan can come to your rescue in times of medical emergency. It usually comes with cashless and hassle-free hospitalisation features. The benefits may be further classified into:
    • Pre hospitalisation benefits (for up to 60 days)
    • Post hospitalisation benefits (for up to 90 days)

    Hospitalisation expenses may include room and boarding charges, Doctor's fees, Intensive Care Unit (ICU) bills, nursing expenses, medicine bills, surgical fees, charges for operating theatre, anaesthesia, oxygen supply, and physiotherapy, cost of dressing, ordinary splints and plasters, and several other miscellaneous costs, such as, costs for laboratory, x-ray, and diagnostic tests. You can get a cover for all these expenses.

  • Emergency Ambulance: An emergency ambulance service is what you would need as the first initiative to save a precious life. An ideal health insurance would cover the necessary ambulance expenses as well.
  • Home Hospitalisation: Some health insurance plans enable you to claim home hospitalisation costs. That means you get a cover for the costs associated with any treatment received at home, for some critical conditions.
  • Maternity Expenses: A medical insurance may also cover maternity expenses at network hospitals. In most cases, you will get a lump sum amount for child birth. The amount depends on whether it is a natural birth or a caesarean delivery.
  • Ayurvedic Treatments: Although very few health insurance providers cover expenses for ayurvedic treatments, it would be better to look for a plan that offers this benefit.

There are few comprehensive health insurance plans that also cover OPD (Out-patient Department) dental expenses and external aids, such as, specs, contact lens and hearing aids. It is advisable that you should read the offer documents in detail before buying insurance.

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