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Top 5 Ways in Which Buying Health Insurance Benefits You & Your Family

Buying Health Insurance Benefits to You & Your Family

Health insurance is a contract in which the insurance company agrees to pay for medical expenditures if you, the insured, become ill or are involved in an accident that requires hospitalization. Health insurance has become a must- have in today's society. Because of the high cost of medical treatment, you and your family must be protected by an effective health insurance.

So, in the event of a medical emergency, health insurance might come in handy, especially if the family's breadwinner is in the hospital. Family floater plans, which cover all family members under one plan, are also available in the market. Read on to learn more about why health insurance is important.

Health Insurance Benefits

The following are some of the advantages of health insurance :

Comprehensive Coverage

The major benefit of having health insurance is that it will enable you to address health-related concerns and receive the best medical treatment available without worrying about costs. Health insurance plans often cover the following medical expenditures :

  • Expenditures incurred during a hospital stay of at least 24 hours are referred to as in-patient hospitalization expenses. Most health insurance policies cover in-patient hospitalization costs, such as room rent, care, boarding, prescription costs, ICU/ICCU costs, and so on.

  • Ambulance expenditures incurred due to transporting a patient to the nearest hospital are frequently covered by health insurance policies. Ambulance expenditures are usually covered up to a certain amount, which a person can confirm with the insurance carrier.

  • Many Insurance companies also offer health insurance benefits in the form of domiciliary hospitalization expenditures. It includes expenses incurred as a result of at-home treatment for a disease that would otherwise necessitate hospitalization. The terms and conditions of most health insurance policies include these expenditures, which you can find in the policy paperwork. However, domiciliary hospitalisation is not a default coverage and is not provided by every health insurance provider.

Cashless Claims

In most cases, insurance companies have partnerships with hospitals, referred to as network hospitals, that provide cashless care to covered individuals in the event of hospitalization. These hospitals generally pay for the costs of treatment that the insured person receives. It means you may receive treatment at these facilities without having to pay anything for the medical bills, and the bills are settled directly by the insurer. It is one of the essential benefits of having health insurance. However, if cost of treatment exceeds the sum assured, the balance amount must be paid by the insured.

AYUSH Advantages

Any health insurance coverage that includes AYUSH therapy will cover all of the other special medical treatments included in the policy. \. Depending on the chosen plan, the amount of insurance provided under this benefit might range from ₹2500 to ₹20,000.

The only thing to remember is that AYUSH treatment fees are only paid if the therapy takes place in a government-approved hospital or centre. Treatment in an unapproved health care facility that is not a hospital is not permitted.

Benefits from Taxes Under Section 80D of the Income Tax Act

Other significant benefits of having health insurance are tax deductions. Under Section 80D of the Income Tax Act of 1961, the government encourages people to get health insurance by providing tax deductions on the premiums they pay. However, these tax laws are subject to change.

No Claim Bonus

As a reward for not filing a claim during the policy year, insurance companies give health insurance benefits in the form of a No Claim Bonus (NCB). The No Claim Bonus, often known as a cumulative bonus, is available to both individual and family floater health insurance policies. However, the No Claim Bonus has a restriction on how much coverage you may add.


Healthcare emergencies may strike at any time, producing a financial crisis that can be difficult to manage. Furthermore, rising healthcare costs and access to quality healthcare facilities, and hospitalization costs can put a dent in a middle-class person's wallet.

Getting yourself and your family covered under a good health insurance plan may provide you with the necessary security in times of dire need. Aside from providing financial security and confidence, an effective health insurance plan will also provide health insurance benefits for combating medical care inflation.


*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

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