Understanding the Advantages to Go for Health Insurance All You Need To Know With Cover360 It is rightly said that good health should be your first priority and thus be protected at any cost! In India, the healthcare sector is in a transition process, wherein people are becoming health conscious. As per a report shared by India Brand Equity Foundation (IBEF), apparently, the promising insurance industry is supposed to touch US$ 280B by the year 2020. Health Insurance… Health insurance stands for an agreement wherein an insurance company undertakes a compensation guarantee for the medical costs if the insured person meets with an accident, gets ill or hospitalized.
5 Major Benefits of Having Health Insurance Policy- Cover360:
1. Get Cashless Facility/Treatment: Within a particular network of hospitals, health insurance companies give a cashless facility under some conditions with the policies. In case you are insured with health insurance, you receive eligible cashless treatments as the insurance companies have collaboration with the leading hospitals. This turns out to be beneficial at the time of emergency as the insurer pays for expenses to the hospital or institution and thus does not require the policyholder to pay from his/her pocket.
2. Get Cumulative or No-Claim Bonus: This stands for the bonus element that is paid to the policyholder in case he/she doesn’t opt for a treatment claim in the last year. For each year wherein the policyholder does not file a claim against a medical insurance plan, the insurer is liable to pay a bonus to the holder as an additional cover. The plan may not offer the cover in the initial year but offers a particular amount as a cumulative bonus in the next coming years. Whereas some insurers may give this bonus as a discount in the premium to be paid in the next coming years.
3. Get Health/Medical Check-Ups: The health insurance policy provides various options for check-ups. Many plans provide free of cost health check-ups under conditions, meaning the policyholder does not require to bear the expense for these check-ups. Some insurers provide free health check-up to the insured based on his/her last NCBs- No Claim Bonus.
4. Get Income Tax Exemption: Under section 80D of the ITA- Income Tax Act, the premium being paid on the health insurance is tax exempted. This consists of premium paid towards insurance for children, spouse, self, and senior citizens.
5. Get Hospitalization Cost Coverage (Pre and Post): The health policycovers both pre as well as post-hospitalization charges up to 60 days, based on the purchased insurance plan. Moreover, insurance policy covers the insured’s transportation eligible expense i.e. expense of ambulance. Also, based on the premium made by insured, health insurance policy covers room expenses.
The Right Way to Go for Health Insurance: Cover360 covers expenses such as doctor consultation fees, medical tests, ambulance charges, hospitalization expenses, and post-hospitalization recovery expenses! Visit Cover360 to explore all the insurance plans now.
