With deteriorating living habits and bad lifestyle choices, people are left with numerous health issues. By default, hospital bills follow these health issues. As a result of everything, it has become an asset to have good physical and mental health today.
There are a number of things you can do to have a stress-free life when it comes to health and hospital expenses. Take good care of your health, make better choices, make it a priority to get regular health checkups, and buy a good healthcare policy to enjoy all the benefits of health insurance.
You cannot talk about healthcare today without talking about health insurance. Buying health insurance is an important decision that shapes your financial future related to medical expenses and financial planning, so it must be made with great thought.
While there are a few different types of health insurance plans, you will catch professionals advising you to buy a comprehensive health policy. There are various reasons behind picking a comprehensive policy over others.
In this article, let us focus on these reasons.
What is a Comprehensive Health Insurance Policy
Comprehensive health insurance is a policy that offers overall coverage for your medical expenses. It has a wider coverage compared to the standard mediclaim policy.
With various add-ons and riders, you can customise the plan to your advantage and make the most out of all the provisions whenever and if the need arises. Understanding the benefits of a comprehensive policy will help you a lot in your decision-making procedure while purchasing a healthcare plan.
Benefits of Comprehensive Health Insurance Policy
Comprehensive Health Benefits
You will receive overall benefits, wider coverage, and family benefits along with the standard and fundamental benefits that follow health insurance plans. These benefits matter a lot when it comes to your and your family’s well-being.
Since the comprehensive health plan supports a wider cause, it includes family coverage and complicated treatments like organ transplantation, open-heart surgery, brain surgery, etc.
Unlike the standard mediclaim plans, a comprehensive health policy takes a better and complete approach towards healthcare. It covers a spectrum of medical expenses. This includes doctor consultations, medicine expenses, diagnosing expenses, and even alternative medical treatment expenses.
This is a huge relief since healthcare has a wide scope, and just covering hospitalisation expenses can make things difficult for the policyholder financially.
Reputed insurance companies like Tata AIG provide a huge web of network hospitals that offer provisions for their policyholders. There are over 10,000 hospitals under the Tata AIG health insurance section.
These are listed with the company and help the policyholder receive various benefits like ambulance services, quick settlements, and cashless hospitalisation.
This is one of the best features of comprehensive medical plans. Insurance companies have a vast network of hospitals that are registered to provide a cashless service to policyholders of the said insurance company.
If you visit a network hospital, your insurer settles the bill according to the proportion and terms mentioned in the policy. This is called a cashless claim. However, you will not enjoy this provision if you do not visit a network hospital.
Renewable for Life
The comprehensive plan is a companion for life because it allows you to renew the policy for the policyholder’s lifetime. It is an interesting feature that qualifies as a benefit because health issues don’t tell and arrive; they are unexpected guests.
So, there is no specific age for getting ill; you can catch an illness at any point in life, so it is better to have the option of renewing the policy instead of buying a new one or not having one at all.
When you, a policyholder, do not make a claim for the policy period, you receive a monetary benefit for it. The accumulation of these bonuses leads to a discount for your premium on policy renewal. It encourages the policyholders to stay healthy and make better choices.
Customising with Rider and Add-ons
You can customise your healthcare plan according to your convenience and make it the best option for you. For example, if you know of a genetic illness running through your family, you can pick up a rider for specific illness treatments.
Since every policyholder and their health is unique, the policy needs to remain dynamic. Customising your policy can make it happen, and comprehensive health insurance plans allow you to do so!
Under section 80D of the Income Tax Act of 1961, the health insurance policy premium is deductible from the total taxable amount. As per the budget for 2023, the deduction limit for Section 80D is ₹25,000/- for an individual or family and ₹50,000/- for senior citizens. This leads to a reduced income tax amount.
In the larger picture of your life, health insurance plays a vital part in securing the colours. This blog discussed a few benefits you receive from buying a comprehensive plan. It allows the policyholder a stress-free and medical loan-free life. A comprehensive health care plan goes a step ahead and protects a wider cause for the policyholders.