What is Comprehensive Health Insurance Policy and its Benefits?

As more and more people are getting exposed to various health hazards due to the sedentary lifestyle, lack of proper hygiene, and diet, the need for a robust health insurance policy is hard-felt. Read on to know more about a comprehensive health insurance cover.Several medical research reports have proved that the modern, fast-paced lifestyle has taken a heavy toll on the health and well-being of the people. The lifestyle-related diseases have also increased the expenses on medical treatments and hospitalisation. Experts suggest the medical inflation stands at 15%, which means the treatment for critical illness and modern diagnostic services are likely to be expensive in the future.Unless your income and savings grow at a higher rate, it can be difficult to meet the medical expenses, especially in the old-age, when your income dwindles, and you may have other financial obligations. So, how can you be prepared for medical emergencies in the future?One of the most effective ways to be medical-emergency ready is to purchase a health insurance policy. But, when you buy a policy, you must be prudent in your choice; the policy must cover several expenses, including hospitalisation, surgeries, post-hospitalisation care, etc. In short, you must purchase a comprehensive health insurance policy.

As the name suggests, a comprehensive healthcare plan covers a wide range of costs, including pre-hospitalisation expenses, bed charges, post-hospitalisation charges, diagnostic tests, daycare treatment, OPD services, etc. Comprehensive health insurance is an individual plan, but some insurance companies may present it as a family floater plan covering all the family members under a single policy.

• Helps you keep the savings secure You may have set different financial goals for yourself, and you may invest in various savings plans. Now, imagine a situation where you are diagnosed with a terminal illness. You may have to use years of hard-earned savings for the treatment. It may put off your financial goals and leave you struggling financially.But, you can avoid depleting your savings by having a comprehensive health insurance cover. The policy can help you take care of the treatment expenses while keeping your savings safe. Besides, in the event of your unfortunate demise, your family shall get a lump sum settlement, which can be used for managing their expenses.
• Get quality medical care In India, a significant percentage of people suffering from critical illnesses meet with fatal consequences, mainly due to a lack of access to proper medical care. With treatment costs becoming expensive, many people find it unaffordable. But, with a comprehensive health insurance policy by your side, you can get 360-degree financial protection against the treatment expenses and get better quality medical care.
• You can manage your finances better A health insurance policy helps you get financial protection during a medical emergency. Thus, with a comprehensive insurance policy at hand that covers all your family members, you can invest your savings in different instruments and accomplish your long-term goals.
• Tax Benefits Apart from keeping your family secured from medical emergencies, a comprehensive health insurance policy also helps you reduce your annual income tax liabilities. The premium you pay for the policy is eligible for tax benefit under Section 80D of the Indian Income Tax Act.

Final Word When you buy a health insurance policy, it is paramount that you compare the different plans online, in terms of coverage offered, the flexibility of premium payment, the sum assured, etc. and choose the plan that caters to your needs.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.