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Home Health What are the benefits of having medical insurance?

What are the benefits of having medical insurance?

Medical insurance has a lot of benefits to offer. Some of them will be enunciated in this post. Read on to know more.

There are several benefits of applying for and having a medical insurance policy by your side. Some of them are mentioned in the sections below – 

Hospitalization expenses will not empty the patient’s savings!

The primary benefit of having a comprehensive medical insurance plan is that the applicant won’t need to empty his or her life savings or current account only to make sure that their hospital bills are cleared.

Applying for a comprehensive health insurance also shields an applicant against the costs incurred due to –

  • Accidents
  • Critical or terminal illnesses
  • ICU room rent – ICU rooms are costly and are meant for patients who need special care just to stay alive. For instance, due to the current pandemic, often, critically ill patients who are diagnosed with COVID – 19 needs to be hooked to a ventilator as their ability to breathe on their own is greatly diminished. Now, the cost of renting an ICU bed in either a government-run or privately-run hospital is and always will be pretty high, due to the cost of procuring specialised equipment, maintaining them and hiring specially trained staffs that can run an ICU unit. Hence, with a comprehensive medical insurance online, a patient and their loved ones would not need to go broke or run into debt – it is as simple as that!

No limitations on the type of room one can book

With a comprehensive medical insurance, a patient can be admitted to any room with any type of medical equipment or amenities depending on the preferences of the patient or their loved ones. Most of the time, a generic health insurance prevents a claimant to claim for expenses incurred by booking a hospital room with high costs – for instance, an air-conditioned room. This is not the case with comprehensive health insurance plans. The claimant can avail assistance from the insurer for all type of medical expenses.

High pre and post-hospitalization costs will also be covered with a comprehensive plan

Pre hospitalisation and post hospitalisation costs are generally high due to the costs a patient and their loved ones would need to incur in the forms of a plethora of tests, medications, IVs and other knickknacks that the hospital staffs will ask to either buy or pay for.

Furthermore, in case the patient was operated on, the same would need to spend a considerable amount of time in the hospital recovering from his or her surgical wounds. This also means that the costs of each day that will also include the costs of medications, food and whatnot will also be added to the final invoice.

The amount will generally be a huge one which is why; having a comprehensive medical insurance can help a patient and their loved ones from going bankrupt!

Comprehensive health insurance policies also cover day-care expenses

Even if a patient was admitted to a hospital for a few hours for maladies like – 

  • Nasal sinuses
  • Cataract
  • Chemosurgery
  • Orthopaedics, etc, the invoice handed over to the same or to their loved ones will carry a huge amount. This could be a huge financial setback, especially in these trying times when every penny matters.

With a comprehensive medical insurance, a person can rest easy as every single expense will be covered under the plan.

Comprehensive medical insurances are often cashless

These days, most comprehensive medical insurance plans are known for their quick formalities and cashless benefits. This leads to quick claim approvals and payments. The result is simple – the patient or their loved ones would not need to worry about unnecessary delays as medical emergencies need to be attended to in no time.

Ambulance costs will also be covered

Ambulances are lifesavers but at the same time, they do cost a lot especially if the distance from the patient’s home or work address to the hospital is huge. On top of this, if the patient needs to be transported using an ambulance that has special on-board equipment like mobile ventilators, defibrillators, or a dedicated oxygen supply then the charges will be higher than usual.

This is the reason why one should choose a comprehensive medical insurance that comes with a clause where the claimant can get assistance for ambulance expenses as well when the time comes.

No claims will offer a bonus to the applicant

Every time a claim is made, in case the claimant chooses to renew the medical insurance policy, the premium they would need to bear will increase. In the case of comprehensive medical insurance, if there are no claims then the claimant will be awarded bonuses in terms of the renewal amount they would need to pay for their insurance plan.

Apart from this, there are a lot of other ways insurers often choose to reward their clients in case the latter did not lay claim to the insurance amount before their plan expires.

So, it is evident by now that having a comprehensive health insurance plan has its fair share of upsides. Hence, in case one has a general health insurance, they should choose to upgrade to a comprehensive coverage and those who still do not have health insurance coverage, they should apply for one as soon as possible.

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