We live in a time where hectic lifestyles have become common. In fast-paced lives where everyone is busy chasing their goals and making ends meet, health is often neglected. It is not a secret that with the surge in the tedious everyday routine, health threats are also significantly increasing. Getting struck by any uncertain health issue can undoubtedly make a hole in the person’s pocket, sometimes even exceeding savings. Especially after the unprecedented event of the pandemic that occurred a few years ago and took a toll on all aspects of health, raising a question in everyone’s mind;- whether health insurance is essential. 

The answer is a simple yes. Insuring against uncertainties affecting health helps mitigate severe damages in times of crisis. Despite being one of the most significant aspects of health associated with financial security, only around 37% of people in the country are covered under health insurance schemes as per Forbes reports of 2021. The data of covered people accounts for approximately 514 million people, nearly 400 million individuals in the country have zero access, meaning are not insured against any health cover. 

While it is of utmost importance to understand the significance figuratively, make sure you and your beloved family are covered under the plan providing maximum benefits. However, to begin with, let’s scrutinize the aspects of health insurance in India and understand how to narrow down the best options that help make a well-informed decision. 

What is Health Insurance? 

While we are busy making life in the hustling, bustling chaos, the possibility of becoming sick unexpectedly doesn’t leave the room. Sickness, expensive treatments, recovery period affairs, etc., take a toll on health and finances. It is unpleasant to think of such a medical emergency affecting loved ones. But life can be pretty cruel at times, and such emergencies are certainly unpredictable. Fortunately, there is a way to secure and mitigate such risks: Health Insurance. 

Health Insurance in India helps with financial aid while undergoing long-term treatment and helps keep the financial straits at bay. It involves paying a small amount of premium at regular periods to the insurer and availing a cover under suitable and comprehensive health insurance plans. This helps prevent sudden shocks of medical treatments and their expenses while ensuring the required care for you and your family. 

Why is Health Insurance important? 

While some individuals may get health covered under employers' health insurance benefits, it may only last till employment. Thus, it is of utmost importance to evaluate the number of health insurance solutions available and get yourself and your beloved family covered under the most effective one to reduce the risks on finances in case of health uncertainty. 

How does Health Insurance policy work? 

Buying a health insurance plan binds the policyholder and the insurance company in an agreement that ensures financial compensation in times of medical needs and emergencies. While terms of some plans are restricted to emergency compensation, some health insurance policies also help cover the costs for regular visits and hospitalization charges in case of critical or long-term issues. Understanding different types of health insurance policies helps with making an informed decision. The different types of policies include individual health insurance, family health insurance plans, senior citizen health insurance plans, surgery and critical illness insurance plans, and maternity health insurance plans. Personal accident plan, unit-linked health plan. 

The insurance companies are associated with hospitals to help with convenient and cashless treatments to the policyholders, abiding by the policy terms. This insurance enables you to focus on recovery entirely while covering the costs throughout the process. But before purchasing the policy, it is vital to consider the essential factors and have the required documents.  

Benefits of health insurance policy in India

If you are yet to decide and are sceptical about the health insurance policy, here is why you need it and should get a cover for yourself and your family immediately.

• Healthcare costs are at an all-time high and will continue to rise.

While an individual’s lifestyle costs rise quickly, healthcare expenses are no exception. With the rate at which these expenses are skyrocketing, it is only fair to make a wise decision and get yourself covered under health insurance. A necessity at the moment, it helps mitigate financial risks under uncertain and unexpected health-affecting circumstances. The medical trend rate, which means an increase in the per-person expense because of medical inflation, is expected to rise twice the inflation rate in India. While inflation is said to be growing at 5%, as per studies, medical inflation would see a rise at around 10%. Thus, with a fixed benefit health insurance coverage, it is possible to effectively fight against illness, whether emergency, critical, or long-term. 

• Top-quality treatment, regardless of the healthcare facility 

With proper health insurance, getting treated anywhere across the world is possible. A fixed benefit health income assures no compromise on treatment and helps with a lump sum payout upon diagnosis, given that it is a term mentioned in your health insurance cover policy. It eliminates the hassle and stress of finding a healthcare facility that fits the savings and helps get immediate treatment. With the claim money, you can get admitted and avail of the treatment anywhere as per your requirement. 

• Shields your savings 

Unexpected sickness brings mental and physical stress. Apart from that, in case of financial shortcomings, such uncertain circumstances add burdens on lifetime savings, sometimes encouraging loans as well. Such a situation may compel deprivation of treatment or compromise in the approach towards it. As an ideal solution, a health insurance policy can protect the savings alongside providing financial aid to continue with required treatment in your choice of facility without compromise. 

Health insurance policy in India is the need of the hour, and the benefits of this cover plan cannot be overstated. Along with tax benefits under section 80D of the Income Tax Act, 1961-subjected to change as per plan, policyholders can rest assured of financial aid in an emergency. It proves to be immensely valuable in times of need. Investing in policies that provide the best coverage for you and your beloved family is also possible. Thus, for someone who is responsible for the family’s well-being, the importance of a health insurance policy is of the essence. 

YS Financials, your trustable insurance solutions partner

Partnering with a reliable company is also vital to ensure maximum benefits. As the fastest-growing fin-tech company, YS Financials helps with the best health insurance in India. Working closely on your needs and requirements and providing a reliable solution for a health insurance policy in Mumbai, experts with years of experience below their belt at YS Financials assure a policy structure that accommodates your requirements. 

Get in touch with us for health insurance online, consult and discuss with our insurance experts for the best health insurance policy in India, and ensure maximum benefits and financial aid in times of emergency.