Health care costs are rising, and so is the prevalence of lifestyle and other diseases. When you fall ill, you face two kinds of financial setbacks:
1) Treatment is prohibitive, and2) Your income patterns are disrupted
A good health insurance policy not only covers the cost of treatment for yourself and your family but can also be customised to compensate for any loss of income that arises from physical inabilities due to critical illness.
Health insurance provides you with peace of mind when you need it most. Hospital bills and medicines can disrupt your finances at any time. With a medical policy, you can cover your treatment, including pre-, during, and post-hospitalisation costs. Many policies offer benefits like cashless settlement, compensation for loss of income, critical illness covers, and other riders or benefits.
Get the best medical attention: When you or a loved one is ill, you want the best medical care available. A good health insurance policy ensures that financial concerns do not come in the way of good treatment.
Cover for medical inflation: Medical Inflation in India is among the highest among Asian countries. You need all the coverages you can to ensure that medical expenses do not derail you financial plans.
Rising incidence of epidemics and lifestyle diseases: Epidemics like the spread of Covid-19 and the prevalence of lifestyle diseases expose you and your family to growing healthcare costs. Health insurance provides you with coverage against these.
Secure your financial plans: A medical emergency or a prolonged illness can eat into your savings and disrupt your financial plans. A health insurance policy or a critical illness plan can help you protect your future.
Enjoy tax benefits: A health insurance policy not only covers medical emergencies but also reduces your tax liability.
JM Financial Services Limited offers a wide range of health insurance products from multiple service providers. Our experts can help you compare an array of policies and find the one that is most suitable for your needs. You can easily customise your plan and the riders to get the most out of the policy.
FACTBOX
Health Insurance is a type of insurance policy that covers medical expenses that arise due to an illness.
The benefits of health insurance are many:
- Cover medical expenses: You do not have to worry about finances and can get the medical care you need.
- Cover your family's medical expenses: Give your family the best medical treatment with policies that cover you and your loved ones
- Cashless Claims: Get the treatment you need without worrying about paying cash up-front. The insurance company directly settles the money owed to the hospital on your behalf.
- Cover for critical health: Some policies provide critical health cover, where you can get a lump sum payout when diagnosed with a serious illness.
- Tax benefits: Health insurance policies provide policyholders with tax benefits on premiums paid.
There is no perfect age to buy health insurance. However, if one can afford it, buying health insurance at a young age is quite beneficial as the premiums are lower, and you are unlikely to have any pre-existing conditions. As you age, premiums increase.
A freelook period is the duration when you can return your policy after buying it. This gives you time to go through all the proposal documents and terms and conditions. All health insurance policies come with a 15-day freelook period. However, some insurers may extend this for up to 30 days.
There is no cap on the number of health insurance policies one can buy. However, some conditions and terms must be met for the insured to claim the expenses from multiple insurers.
Any illness the insured has before purchasing a health insurance policy is called a pre-existing illness, and you should declare these conditions while purchasing the policy.
Pre-hospitalisation expenses are medical expenses incurred by the policyholder before being admitted to a hospital. Post-hospitalisation expenses include any medical expenses after being discharged from a hospital. This includes therapies, medicines, diagnostics and post-discharge consultation among other things.
Yes, you can purchase two medical insurance policies. However, you will have to meet some terms to claim the expenses from multiple insurers.
You cannot purchase a health insurance policy for children under 18 years. You can, however, add them to your plan. It depends on the insurance policy. Some insurance policies cover children starting 90 days after birth, and some might allow the inclusion of a new-born.
