As per a survey, only 44 percent of Indians have a valid health insurance. Though we have advanced in 2020, these statistics still look worrying as people still do not understand the significant role a good insurance plan can play in their lives.

Many people in the early 20’s or 30’s are under the impression that health insurance is only for those who have some health ailments. This is a myth and it needs to be busted. Medical expenses are rising with each passing day and no one can predict what will happen to their health in the future. It is better to be well-prepared by parking some hard-earned money in a health insurance policy.

The best example is the COVID-19 pandemic that has rocked the entire world. It is not only causing-widespread fear but has taught all of us that investing in good health insurance is an absolute necessity as we never know when something which we ignored in the past, becomes an absolute necessity. Before we start with the primary benefits of having health insurance, let’s touch upon some key aspects of Coronavirus.

Coronavirus is a family of viruses that originally affected animals, but due to increased consumption of seafood, animal meat, and other dairy products, such viruses have affected humans as well.

Fever, cold, and severe fatigues are some of the primary Coronavirus symptoms. As Coronavirus symptoms are similar to common flu, many people feel that they have developed those symptoms even if they have a common cold.

Common Coronavirus Symptoms

As per WHO (World Health Organization), below are some of the common Corona virus Symptoms

1. Common cold and cough
2. Running nose
3. Fever
4. Tiredness
5. Difficulty in breathing
6. Sore throat

If not diagnosed or treated on time, it could lead to kidney failure, Pneumonia, or Severe Acute Respiratory Syndrome SARS. In worst-case scenarios, it might also lead to death.

Instead of being anxious and worried, it is better to protect yourself and your family members with a good individual health insurance policy (or family health insurance policy).

Here are some of the key advantages of availing health insurance plan:

Critical Illness Care

Treatment for some illnesses is considerably more expensive than others. Further, treatment for such severe illnesses cannot be delayed as it can be life-threatening.

Some health insurance policies from insurance providers like Royal Sundaram General Insurance cover critical illnesses. Senior citizens should be covered under such policies with ‘critical illness add-on’ as they tend to develop age-related illnesses.

Pre-and-post Hospitalization Cover

Most health insurance policies cover the costs incurred at recognized nursing homes, hospitals, and other such medical facilities in India. The treatment can be cashless depending on the association of health insurance providers with the hospital.

Financial liabilities can be avoided by opting for an appropriate health insurance policy from a reputed insurance provider.

Tax Benefits

This is one of the primary reasons why many working professionals choose a health insurance policy. However, few of them are completely aware of the true benefits offered by the health insurance plan!

Timely premiums need to be paid for the medical cover. The person paying the premium can receive income tax rebates that are compliant with Section 80D of the Income Tax Act.

If you want to reduce the tax burden, you should avail of a health insurance policy as it is beneficial in the long run.

Support provided for alternative forms of treatment

Treatment under AYUSH (Ayurvedic, Yoga and Naturopathy, Unani,Siddha, and Homeopathy) is considered alternative forms of treatment. After the Indian Government setup the AYUSH ministry, many people are becoming aware of the benefits of these forms of treatment. Many alternative medicines and therapies are instrumental in curing certain medical conditions.

Ayurveda and Homeopathy are on a rise in India. AYUSH has found increased adoption in the senior population of India as a majority of these forms have minimal(or no) side-effects.

Certain health insurance policies from reputed health insurance providers have an AYUSH cover, under which costs incurred on unorthodox forms of treatment can be reimbursed.

Coronavirus Health Insurance

As per the recommendations by IRDAI (Insurance Regulatory and Development Authority), major insurance companies started providing COVID-19 (or Coronavirus) health insurance policy. This was a big necessity since diagnosis & treatment costs of Coronavirus in private hospitals can be very costly.

Existing policyholders can opt for a Coronavirus health insurance add-on by paying the additional premium for the coverage. It is a wise move to purchase Coronavirus health insurance as a vaccine for the same is not yet available and we never know when this saga will end!

With the rising number of cases in India, there is minimal capacity left in Government hospitals. A diagnostic test of COVID-19 in private hospital costs Rs. 4500 per person. Since it is a viral infection, you would also want your family members to be tested for Coronavirus symptoms. Hence, the financial burden can be huge! The treatment cost of Coronavirus in a private hospital can go up to Rs. 10,000 per individual.

This makes health insurance a must-have as it helps you & your family (especially senior citizens) stay financially protected in these unprecedented times.

You May Also Like To Read:

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4. Why Vitamin D intake is important during Lockdown?

*Disclaimer: It is a guest post by RoyalSundaram. This post is meant for educational purpose
 only and all insurance decision to be taken at own risk after consulting insurance advisor.