Health is wealth, this is not just a saying to hear and tell
. It has a very deep meaning which we mostly learn the hard way. Not only does an illness take a toll on your body and mind but your pocket as well. A medical emergency can drain you off your savings of a lifetime in case you do not have reserves to meet such a situation. Many times lack of funds can result in inadequate treatment of the patient. This is why it is sensible to buy health insurance.
A medical insurance ensures you have the required financial assistance in case of any kind of hospitalization. There are many benefits of a health insurance that lets you handle any medical crisis effectively. Some of them are as follows
Cashless facility
This is the most common facility that every medical insurance plan offers today. Under this benefit the insurance company automatically covers the cost of hospitalization to the limit allowed by the policy if you get the patient treated in one of their network hospitals. This saves you the hassle of claiming reimbursement for the expenses incurred. Also, this facility is a boon in case of medical emergencies when you do not have the funds to handle the situation.
Financial assistance
A medical insurance basically covers for the cost you incur in case of a planned or emergency hospitalization. Many times it happens that a medical emergency either force an individual to break his savings or opt for a loan to meet the ever rising expenses of medication. This further brings financial crisis on the family along with the health crisis already being faced. Health insurance helps you to effectively meet the cost of medication and hospitalization by either reimbursing after you put in a claim or automatically paying of the amount in case of the cashless facility.
Cover for hospitalization cost
Many medical insurance policies today offer cover for the additional cost bared in case of hospitalization like fees of the physician, travel expenses, diet of the patient, fees of the attendant etc. These may seem as small expenses but they add up to a huge sum and increase the budget of your hospitalization. Hence, polices today pay a daily cash benefit for a specific period of time to help patients cope with such spends.
Cover for pre-existing diseases
When you buy health insurance you immediately do not get cover for pre-existing diseases of any. This is provided after a certain period of continuation of the policy. This period mostly lasts up to 48 months of the policy. Cover pre-existing diseases makes a medical insurance wholesome and highly beneficial.
Also, you can buy health insurance for your family with a floater facility. This ensures a particular amount to your entire family including you, your spouse, children and dependant parents; and you just have to pay premium for one policy.