How Does Health Insurance Help During Medical Emergencies?

Research studies show that, of the total health expenditure in India, around 63% are out-of-pocket expenses. Being the second most populous country in the world with population numbers counting more than 130 crores, this is a huge figure. This is because the awareness of Health Insurance is yet to reach the grassroots of Indian society.

With medical insurance, one can rest assured that their savings will not have to be drained as the insurance will take care of medical bills. There are many ways that Health Insurance can be used as a lifesaver during emergency times.

Not everybody keeps a buffer to meet medical needs when a health emergency strikes. Many people have to depend on their savings or sell their assets to afford medical expenses. In that regard, Health Insurance's cashless treatment facility comes as a lifesaver for many. Usually, Insurance Companies have tie-ups with a number of hospitals, which are called Network Hospitals. By taking treatment in a Network Hospital, one can avail medical treatments without having to pay the bills out-of-pocket. On approval of the policyholder's claim, the Insurance Company will settle the medical bills directly with the Network Hospital.

So it becomes crucial to choose the Insurance Company wisely. With more than 13,000 Network Hospitals across the country, Star Health and Allied Insurance are endowing quality treatment with cashless facilities for admissible claims.

Now a question may arise what if one opts for treatment in a non-network hospital? Non-network hospitals are the ones which do not have tie-ups with Insurance Companies. However, one can avail treatment in non-network hospitals and raise claims, but the insured person cannot avail cashless treatment facility. The policyholder initially needs to pay the actual medical bills and raise a claim for reimbursement with the Insurance Company.

Many people face the burden of hefty medical bills even before getting admitted to the hospital and after getting discharged. But Health Insurance, in addition to covering the cost of hospitalisation, will also cover the expenses incurred for pre and post-hospitalisation. This includes the cost of diagnostic tests, medicines, follow-up visits, etc. Purchasing a medical insurance policy covering pre and post-hospitalisation expenses can significantly reduce the financial burden on people.

Health Insurance also helps in paying out a lump sum to the policyholders on the diagnosis of major diseases and critical illnesses like Cancer, Brain Tumour, etc. Special medical insurance policies specifically cover such major diseases and illnesses. The lump sum paid by these insurance policies will be helpful in covering the treatment costs and meeting their other financial needs. Some medical insurance plans also cover expenses for transporting the insured person from one hospital to another for better treatment.

In addition to providing cover for medical needs, Health Insurance also helps you save tax. As per Section 80D of the Income Tax Act, 1961, one can avail of income tax deductions on paying the medical insurance premium. Knowing the significance of Health Insurance during emergency times, Star Health and Allied Insurance is instrumental in covering the lives of millions of people through medical insurance policies designed to address their health needs. Also, to secure the lives of millions of people employed in the MSME sector and other organisations, Star Health is providing specially crafted Group Medical Insurance Policy that addresses their unique needs.