10 Top Benefits of Health Insurance

“Did you hear about Neha’s hospital bill? It was nearly ₹3 lakhs! Thank god she had health insurance to cover it,” said Anjali.

“Really? I’ve been thinking about getting health insurance but don’t know where to begin,” replied Priya.

“You should look into it soon! It’s not just for emergencies- it’s a safety net for your family too,” Anjali encouraged.

When it comes to securing your health and financial stability, health insurance plays a crucial role. In this blog, we will explore the benefits of health insurance, health insurance meaning, and why every woman should consider it as a priority for themselves and their families.

What is Health Insurance?

Health insurance is an agreement between you and an insurer that covers your medical bills in exchange for regular premium payments. It includes hospitalization, treatments, surgeries, and more, depending on the policy. Health insurance meaning can be summed up as a financial safety net during health emergencies.

10 Benefits of Health Insurance

1. Financial Protection During Emergencies

Health emergencies can hit anytime. Health insurance covers your medical expenses, so you and your family don’t have to bear the financial burden. Imagine not paying out-of-pocket costs for a sudden surgery or hospitalization.

2. Cashless Treatment

Many insurers offer cashless treatment in network hospitals. That means you don’t have to pay upfront; your insurer will settle the bills directly with the hospital. Cashless claims is one of the top advantages of health insurance.

3. Covers Critical Illnesses

Some policies cover critical illnesses like cancer, stroke, or kidney failure. This benefit ensures that treatment costs for major illnesses don’t eat into your savings.

4. Tax Benefits

Under Section 80D of the Income Tax Act, health insurance premiums up to 25,000 and 50,000 for senior citizens are tax deductible under the old tax regime, which is a great tax saving opportunity, especially for women. However, this benefit is not available under the new tax regime.

5. Coverage for hospitalization and surgeries.

Many health insurance plans cover hospitalization expenses, including surgeries, ensuring you’re financially protected during unexpected medical conditions. This coverage can reduce the financial burden, allowing you to focus on your recovery rather than the costs involved.

6. Covers Pre- and Post-Hospitalization Costs

Most health insurance policies cover expenses incurred before and after hospitalization, such as diagnostic tests, medicines, and follow-ups, typically for a specific period.

7. No-Claim Bonus

If you don’t file any claims during a policy year, insurers often reward you with a no-claim bonus. This benefit can increase your sum insured or decrease your insurance premium without additional cost.

8. Mental Health Coverage

With growing awareness, many health insurance policies now cover mental health treatments and consultations. It’s a crucial benefit as mental health is equally important as physical health.

9. Affordable Premiums with Young Entry

Buying health insurance at a young age means lower premiums and wider coverage. Women starting early can save significantly over the years.

10. Peace of Mind

Lastly, health insurance offers peace of mind. Knowing that your medical needs are financially covered allows you to focus on recovery rather than worrying about expenses.

Real-Life Case Study: Importance of Health Insurance

As per Lxme’s Women and Money Power Report, 58% of women had no insurance (Health or Life) in their name. One way to deal with this is to prioritize your health insurance needs. Get vanilla health insurance and add riders as per your requirements adding financial security.

In one instance, Vinita, a 35-year-old working mother, and Lxme follower, was hospitalized unexpectedly due to dengue. Thanks to her health insurance, she avoided paying nearly ₹50 thousand in hospital bills, allowing her to focus on her health instead of financial stress. 

Conclusion

At Lxme – an investment platform India, we believe in empowering women to make informed financial decisions. Health insurance is not just about covering hospital bills; it’s about securing your future and reducing stress. Start exploring your options today and take the first step toward financial independence and health security. Visit Lxme to learn more about health insurance plans that suit your needs and protect your family’s future.

Do you have questions or experiences to share? Drop them in the comments, and let’s support each other in this journey toward better health and finances.

FAQs

Further Read,

• The Impact of Financial Stress on Women and How to Manage it
• 10 Personal Finance Questions to Ask Yourself Today
• More on Guide to Attracting Wealth and Manifesting Money