The National Statistical Office (NSO) surveyed in 2018 shows that the average cost of medical treatment in India was Rs.16,676 in rural areas and Rs.26,475 in urban areas. Moreover, this survey also indicated a steep rise in healthcare costs in the coming years. Therefore, availing a hospital insurance policy has also become a necessity in the midst of this rising medical costs.
Nowadays, individuals are getting more aware of this situation, and are availing health insurance on a priority basis. Such policies provide coverage for hospitalisation expenses, cashless treatment in affiliated hospitals, tax benefits and a host of other benefits.
Thus, before availing a hospital insurance plan online, individuals should know more about its benefits.
Benefits of hospital insurance policy
- Cash-less treatment: With insurance policies such as this, individuals can avail cash-less treatment at hospitals affiliated with the policy provider.
- Pre and post hospitalisation expense: These policies offer coverage for pre and post hospitalisation expenses. However, the amount and the number of days varies from one policy provider to another.
- Ambulance expenses: An added benefit of health insurance policies is that it includes coverage for the ambulance expenses incurred during the travels.
- Medical check-up coverage: Health insurance plans like these include free medical check-up for policyholders. However, it depends on the terms of the insurance policy.
- No-claim bonuses: In case a policyholder does not file any claim within a year, that individual receives a bonus from the insurance provider. This bonus can vary from one company to another. Some companies offer a cumulative bonus or a discount on the next annual premium. Individual companies even offer a higher sum insured (up to 50%).
- Domiciliary treatment: Certain healthcare policies allow individuals to opt for domiciliary treatment, i.e. treatment at home. However, this facility is not for everyone; special circumstances like a patient’s feeble condition or unavailability of bed can allow individuals to avail of this facility. Moreover, there is an upper limit to the number of days and the total amount up to which this facility is available.
- Additional expenses: Doctor’s fees, pathological tests, cost of medicine, etc. are also covered under a hospital insurance policy. Individuals are reimbursed the amount they have spent on these expenses. Policyholders do not need to be admitted to a hospital to claim such benefits.
- Alternative treatments: As per the, IRDAI guidelines, health insurance plans cover treatment for alternative treatment methods, apart from allopathy. This includes homoeopathy, Ayurveda, Unani, etc. These benefits are not always included in the primary policy and available as an extra. Thus, individuals must check it before availing a policy.
- Income tax benefits: Last but not least, health insurance in India also offers income tax benefits. According to the Section 80D of IT Act, individuals under the age of 60 can claim a deduction of up to Rs.25,000 on their health insurance premium. On the other hand, if the policy covers the policyholder’s parents over the age of 60, then this deduction goes up to Rs.75,000.
Apart from standard health insurance plans, individuals can avail a Hospital Cash cover from Bajaj Finserv to enjoy additional benefits. Bajaj Finserv offers such plans under its Pocket Insurance & Subscriptions that allow one to avail daily expense coverage for the duration of their hospitalisation. This plan offers benefits of up to Rs.10,000 for a nominal annual premium payment.
Additionally, individuals can also avail a monsoon cover to avail additional coverage for treatment of various diseases that occurs during the season.
Furthermore, they can also opt for a dengue cover for additional benefits in case of this disease. An annual nominal premium payment per year can allow customers to avail coverage of up to Rs.50,000.
Health insurance costs in India are rising, and it will surge further in the coming years. Thus, availing a well-rounded hospital insurance policy is the need of the hour.