What is Health Insurance And How Can It Help You

2024-08-02

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A health Insurance plan provides coverage against medical and surgical expenses incurred due to accidents, illness or any injury during a specified tenure. Subject to the terms of the plan, if an insured is diagnosed with a disease or meets an accident, the cost of treatment is borne by the insurance provider. The insured also gets additional benefits such as cashless hospitalisation, pre and post hospitalisation charges and more. With sky-rocketing healthcare costs and inflation burning a hole in your pocket, a health insurance plan, in case of any medical emergency, turns saviour as it covers most of the expenses besides offering a range of additional benefits

Why You Must Consider Health Insurance

Consider the case of Jayant Sharma, a 34-year-old software professional, who hailed from Mumbai. Gifted with good health and physique, he believed in living life to the fullest. Also, Jayant's annual salary of 8 lakh was good enough to support his family of four. He never imagined he could be hit by a critical illness at this age. As a sole breadwinner, he came under tremendous financial stress and suffered a setback. He now regrets not purchasing a health Insurance plan when he was doing good

What happened with Jayant is a harsh reality; it can also happen with us. Therefore, health Insurance has now become a part of financial planning and you will realise its significance if your life is hit by a medical crisis. Canara HSBC Oriental Bank of Commerce's Health First health Insurance plan offers you complete freedom to pick and choose the cover you need and provides with a lump-sum amount if you're diagnosed with a critical illness. What's more, you get multiple customization options that you may use to suit your requirements.

Must Read - Critical Illness Insurance

Benefits of Health Insurance Plan

Financial Security: A health Insurance policy offers your financial security in case of any unfortunate events, similar to what happened with Jayant. It protects your precious savings from getting depleted during medical emergencies, which are unpredictable. With ever-rising medical costs and quality treatment getting expensive, any unforeseen illness can eat all of your savings and hurt you a lot more than you can imagine. With health Insurance, you can avoid all of this by paying a small amount as premium which would take away all your burden in case of medical emergencies

Critical Illness: Critical illness can strike anyone, regardless of age, gender or status, and at any stage of life. Medical Care associated with the treatment of such life-threatening illnesses has also increased by leaps and bounds in recent past. So, in order to safeguard your finances against high hospitalization costs and medical bills, insurers these days also provide critical illness over, either as a rider plan or as a standalone plan. Canara HSBC health plans cover at least 26 major critical illnesses, including cancer, heart attack, stroke and kidney failure.

Cashless Hospitalization: Besides offering a high coverage at affordable premiums, insurance companies also offer cashless claim facility. In such an arrangement, you don't have to carry bundles of cash to hospitals for treatment. The expenses are settled between the insurer and the network hospitals. While purchasing a health plan you get a list of network hospitals the insurer is affiliated with.

Family Cover: A health Insurance plan not only protects you against medical expenses but also your family members that too under a single premium. You can cover yourself, your spouse, children, parents and others from all health worries. Offering comprehensive health coverage at an affordable price, a family health Insurance ensures you and your family have access to proper healthcare family in case of any medical emergency.

Other Benefits: With a health Insurance plan you get several other benefits like free medical check-ups, life-long renewal, alternative treatment and others. Also, the premium paid towards health Insurance can be claimed as a tax deduction, attracting benefit of up to Rs 60,000 under section 80D of the Income Tax act.

The most important of all the benefits of a health Insurance plan is that it offers you peace of mind during tough times. Also, it gives you easy access to the best treatment available when you need it the most. With Canara HSBC health Insurance, you can select the best plan based on your personal needs and requirements at an affordable premium to protect your savings from getting depleted