The Benefits Of Medical Insurance In This Modern Era

Things have changed quite significantly over the past 12 months. A year ago, the thought of purchasing medical insurance might not have occurred to a 20-something-year-old. However, with the onset of the pandemic, and hundreds of thousands of Indians either getting hospitalized or availing of healthcare facilities and medicines, most of us now have a new perspective when it comes to medical insurance.


Furthermore, with the help of the Bajaj Health Card during the initial few months of the pandemic, the treatment for COVID-19 at a private hospital could have easily set you back by Rs. 5 – 10 lakh and you got covered in it if you have taken Bajaj Health Card. The pandemic also placed significant strain on our healthcare system, bringing to the fore the underlying problems, and challenges to healthcare in the country.


Why should you opt for medical insurance?


While insurance has traditionally been seen as a preemptive measure, people, especially young adults today have greater understanding and appreciation for the insurance industry. Most of us today suffer from various lifestyle-related diseases. Whether it is obesity, high cholesterol, high blood pressure, issues pertaining to mental health, stress, anxiety, or any disease triggered by environmental factors such as asthma, the need for a good medical insurance cover cannot be overstated.


Additionally, no matter how prudent one is, one cannot prepare for unforeseen medical emergencies without opting for medical insurance. Given the increase in costs of hospitalization, especially in private hospitals, not to mention the expenses one would incur during the treatment, people are advised to opt for medical insurance.


During the financial year 2018, the health insurance penetration in the country stood at 35 percent, and because of the pandemic, it was reported that the standalone health insurance industry would witness a 20% growth in FY21. This was mainly due to the surge in demand for health insurance during the initial months of the COVID-19 pandemic.


Benefits of medical insurance


The cheaper way to avail medical services


The cost of treatment for any illness today can be an expensive affair, especially if we are talking about private hospitals. Medical insurance policies can help reduce the financial burden during medical emergencies, by taking care of the hospitalization expenses.


A wide array of options


Insurance companies today offer a wide range of medical insurance policies that come with various features and a myriad of facilities to choose from. Depending on your needs and requirements, you can opt for the medical insurance policy that offers you better coverage, and comes with features that you prefer.


Individual and family-floater plans


If last year taught us anything, it is that we need to be prepared for any and every uncertainty. When it comes to medical insurance policies, you have the option to purchase a single insurance policy for yourself (individual plan), or for your entire family (family-floater). The family-floater plan provides cover to you, your spouse, your children, and your dependent parents. This way, you can remain worry-free about the safety and well-being of your entire family.


Tax benefits


Once you purchase a medical insurance policy, you can avail up to Rs. 50,000 deductions in taxable income per annum, under Section 80D of the Income Tax Act.


Pre-existing disease cover


There can be instances when before even purchasing a policy, we would want a cover for our pre-existing diseases. Medical insurance policies allow you to opt for pre-existing disease cover, which offers coverage against diseases you might have been afflicted with in the past, as well as coverage against diseases that may come about as a result of the pre-existing disease.


Alternatively, you can also opt for the Bajaj Health Card. Unlike medical insurance policies which only offer limited coverage against hospitalization expenses or treatment towards pre-specified illnesses and accidents, you can use the Bajaj Finserv Health EMI Network Card to pay for your hospitalization, diagnostics, and pharmacy bills in easy EMIs.


You can fill the health card application online on the Bajaj Finserv website, and apply for the Health EMI Network Card. Furthermore, the card gets activated instantly, and comes with a pre-approved limit of up to Rs. 4 lakh! Last but not least, you can also use the Health EMI Network Card to pay the medical expenses for your family members, making it an invaluable tool during these uncertain times.

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