A health insurance plan covers your mainstream medical expenses as well as hospitalisation, OPD, ambulance and other costs without affecting your savings. You only need to make the applicable premium payment. Till 60 years of age, you can even claim a tax deduction for a maximum of ₹25,000 on the premium paid. This is allowed under the Income Tax Act, Section 80D.
When there is a medical emergency, a health insurance plan can finance even expensive treatments. So, without worrying about the costs or having a liquidity crunch, you can be treated timely and properly. You can then focus on your recovery and reduced financial stress can help you get better soon. It is a fact that one major illness in the family can drain entire savings, and can push the family into a debt trap. Hence, adequate health insurance cover and the right health insurance product is a necessity today. There has also been an extraordinary increase in the incidence of critical illnesses in the country, where the cost of treatment for such diseases is a curse for people living in the lower and middle-income group. This definitely calls for higher tax deduction limit under health insurance plans. With an increase in life expectancy, the number of diseases you're exposed to also goes up and health risks can occur anytime anywhere, thus it's a good idea to buy a health insurance plan early.
3 Features of a Good Health Insurance Policy
Coverage for pre-existing ailments
As per the Global Burden of Disease, almost a quarter of all deaths in India take place due to cardiovascular diseases. Disease burden in India is also increasing particularly diseases such as cancer, diabetes, cardiovascular diseases, stroke and respiratory disorders which carry a high impact on the current population.
In case you already have any such health conditions, you can benefit a lot from health insurance coverage for pre-existing ailments. Even if you don't get the insurance amount instantly, you will receive it after a waiting period. Nevertheless, this kind of coverage is one of the main features of a good health insurance plan.
Alternate treatment coverage
Health insurance policies generally cover only medical treatments in hospitals. However, several ailments can often be cured better with alternative treatment options like homoeopathy and Ayurveda. A 2018 study found that when 82% of patients in India were suffering from chronic conditions, Ayurvedic remedies offered whole or partial relief to over 76% of cases.
A good health insurance plan covers all expenses for AYUSH treatments. These include Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy. So, irrespective of the kind of treatment, you can get the costs covered by choosing the right insurance policy.
A vast list of network hospitals
Indians from both urban and rural parts of the country, usually, prefer private hospitals. That is mainly due to the availability of better-quality healthcare. However, private hospitals can cost nearly 7 times more than public alternatives.
If you or your family members also prefer private facilities, make sure that the insurance provider offers a large list of network hospitals. This is more helpful for critical illness insurance. Then you can receive timely and high-quality attention at a reputed hospital during a medical emergency.
How ManipalCigna Health Insurance Plans Meet Every Insurance Need of Everyone
ManipalCigna health insurance policies meet all the above 3 criteria of being top insurance plans. Based on the insurance plan, one can get a coverage amount of up to ₹3 crores. Whether one needs lifetime health insurance, travel insurance, global insurance, COVID-19 insurance or super top-up, any desired plan is available. Daycare, hospitalisation, pre- and post-hospitalisation and ambulance costs are all covered. Plus, there are advantages like maternity benefits.
Below are the basic kinds of health insurance offered by ManipalCigna Health Insurance:
● Individual Health Insurance Plan: It covers individual policyholders against health conditions with cashless hospitalisation and various other add-on facilities. Added coverage features apart from hospitalisation cover can be customised based on the insurer's offerings and the individual's requirements.
● Family Floater Health Insurance Plan: It extends insurance coverage to the whole family of a policyholder under a single Mediclaim policy. So, any family member can make a health claim. All the features are the same as the individual plan. The sum insured is usually higher to cover everybody smoothly even when a member makes a claim.
● Critical Illness Insurance Plan: It covers the insured against life-threatening diseases like heart attacks, cancer, renal failure and more. This policy offers a lumpsum coverage amount to the insured at the time of the first diagnosis. This helps meet most of the treatment costs and other expenses of these long-term illnesses.
● Accident Insurance Plan: It offers complete financial protection to the policyholders against uncertainties like accidental bodily injuries, disabilities (temporary, permanent, partial, or total), and death. Under this policy, the insured gets a lumpsum amount at the time of the accident. The policy acts as a contingency fund for protection against loss of income and additional expenses associated with serious accidents.
So, when you buy a health insurance plan, consider choosing an insurance provider like ManipalCigna Health Insurance that not only partners with you in illness and wellness by also maximises your coverage benefits.