Due to the current pandemic situation COVID 19 we are working with reduced staff. Policy related services might take some time, in the interim you can click here for reaching out to us and to know more about COVID-19 related queries, click here

Health Insurance 101

When you know everything there is to know about health insurance you're in the best position to make an informed decision. Choosing your health insurance is one of the most important decisions you have to take for financial planning. Hence, it is necessary that you have a complete understanding of what it entails. This blog is your guide for all things related to health insurance.

What is Health Insurance?

Health insurance is insurance that covers the expenses that you might incur when you face health-related problems. It covers the financial risks that arise during such time and enables you to concentrate wholly on getting better without worrying about financial stress.

Why do you need Health Insurance?

No one can predict the future. You cannot know when you might fall prey to serious illnesses. It is extremely important that you prepare for such contingencies so that you don't have to worry about the huge medical bills that arise. Health insurance forms a safety net to fall back on when you get sick. Getting health insurance prevents you from falling into a financial rut as the income levels go down and expenses start piling up if you're the sole breadwinner of the family. This adds immeasurable stress upon you and your family which is easily avoidable if your health is insured.

Benefits of Health Insurance

Some of the most important benefits of availing health insurance are as follows:

1. Covers all medical expenses

Health insurance covers most, if not, all the medical expenses right from pre hospitalisation to post hospitalisation. As mentioned above, it shifts the burden of paying the medical bills from your shoulders to that of the insurance providers’ shoulders. This ensures that you give yourself the best care required to recover.

2. Cashless Claim benefits

Many insurance providers offer cashless claim facilities. You do not have to make any out-of-pocket payments and all medical bills are settled between the hospital and the insurer. There are few conditions that need to be fulfilled and forms that have to be submitted directly at the hospital’s insurance. Such a process is very easy to follow and complete.

3. Tax Benefits

Health insurance provides you with tax benefits. The premium paid towards the health insurance policy is eligible for tax deductions under Section 80D of the Income Tax Act, 1961.

Types of Health Insurance

Individual Health Insurance

This plan insures the health of an individual person. You can add other members on payment of extra premium.

Family Floater Health Insurance

This plan is offered to all family members at a single premium.

Critical Illness Insurance

This plan covers life-threatening diseases like kidney failure, paralysis, cardiac attacks, etc.

Customized Chola Health Insurance Plans

Chola MS provides various customisable health insurance plans-

1.    Flexi Health- You have the option to personalize your sum insured, premium mode and tenure under this policy. This plan also covers alternate treatments.

2.    Super TopUp- You can get additional protection at an affordable cost. It is an aggregate Top Up Plan that provides coverage for all higher medical expenses.

It is of utmost importance that you make an informed choice while you choose your insurance plan. Medical expenses have increased and with continued inflation, one can only expect it to increase further. The mental stress of paying medical bills can be avoided by prudent investment in health insurance.

Provide your family with the security and comfort they deserve with Chola MS. Explore Chola

MS Health insurance plans.

Toggle Widget