Health Insurance Update: Discover the Benefits and Key Considerations Before Choosing a Policy

A significant reason for poverty in India is the high cost of medical treatment. Even middle-class families are often just one serious illness away from falling into poverty. To reduce this financial risk, having health insurance is a smart option.

Despite this, many people still see health insurance or mediclaim as a waste of money due to a lack of awareness. However, during a serious illness or accident, the importance of health insurance becomes clear. Let’s understand why health insurance is necessary, its benefits, and the key things to consider when choosing a policy.

Why is Health Insurance Necessary?

According to data from the Central Health Department, in 80% of medical emergencies, patients face worsening conditions due to financial challenges. Expenses for medicines often continue even after hospital discharge. To meet treatment costs, many people are forced to sell jewellery, land, or property and end up in lifelong debt. Health insurance can prevent these situations by providing financial security and peace of mind.

Benefits of Health Insurance

• Ensures quality medical treatment without financial stress.
• Protects your savings and household budget.
• Eliminates the need to sell assets or borrow money.
• Covers hospitalization, surgeries, medicines, and doctor’s fees.
• Offers cashless treatment at network hospitals.
• Provides tax exemptions under specific sections.

For just ₹12,000 – I got a 50 lakh health insurance from ICICI Lombard with all major features.

This is a top secret which no health insurer or financial advisor is telling you about.

A 50 lakh health cover typically costs ₹35-40k from all major health insurers.

🧵👇🏻 pic.twitter.com/QJOVYik66I

— Gurjot Ahluwalia (@gurjota) May 5, 2024

Things to Consider Before Taking Health Insurance

1. Coverage Amount: Ensure the policy offers adequate coverage.
2. Premium and Payment Terms: Read and understand the premium rates and conditions.
3. Coverage Details: Check if surgery, medicines, and hospital fees are included.
4. Network Hospitals: Confirm the list of hospitals offering cashless treatment.
5. Pre-existing Conditions: Verify if diseases you already have are covered.
6. Waiting Period: Note the time frame during which coverage for certain conditions is unavailable.
7. Policy Review: Regularly review your policy and update it as needed.