Health insurance provides protection against unexpected medical expenses
Term insurance gives financial security to your loved ones in your absence
Rising medical expenses have increased the need of health insurance cover
Buying insurance is always a wise choice, but you should know which type suits your needs best. Term insurance provides financial security to your loved ones in the event of your untimely death. On the other hand, health insurance covers medical expenses and protects the wellbeing of you and your family. Putting your money toward both life and health insurance is smart. It protects your family in all situations, even in your absence.
In the last few years, healthcare costs have shot up quite a bit.  To make things worse, the world now suffers from sicknesses like COVID-19  and black fungus.  These conditions amplify the need for buying health insurance more than ever. This is because treatment costs can be difficult to afford out of pocket. Health insurance addresses this problem, and offers aid in such times of uncertainty.
Read on to know more about the importance of health insurance and why there is a need for buying health insurance.
Medical expenses are hard to predict and may surprise you. Even healthy people can suddenly fall sick. The present pandemic situation is a driving force for the need of health insurance. Most policies offer funding for medical costs, both planned and unplanned. Further, you can even buy a family floater plan to get coverage for a loved one as well.
Term insurance is one that financially secures the family in case the policyholder dies. It offers aid to families that lose a family member unexpectedly. Term insurance is always a smart way to protect your family. With term insurance, there are no policy maturity benefits. The policy is terminated if the insured survives the policy term. The premium you pay here is lower than other types of insurance.
Health insurance plans cover you against many treatment-related expenses. These include hospitalization costs along with pre-hospitalization and post-hospitalization expenses. You may also claim coverage for expenses such as radiotherapy, dialysis, and homecare treatment.
When you avail treatment at a network hospital, the entire process is cashless. Network hospitals are partners of your insurer. Once you raise a claim, the insurer covers the costs under this facility without requiring you to pay any cash. The alternative is reimbursement, where you pay the bill and the insurer reimburses you later.
You can transfer your policy to a new or different health insurer. This gives you flexibility and control. This comes in handy when you find a policy that offers similar coverage but at a lower premium. If you can get the same security at a lower cost, you should switch over.
Having health insurance helps combat the rising cost of medical care. The comprehensive coverage protects you against many urgent healthcare spends. As such, you don’t have to worry about inflation and can focus on recovery.
This bonus is a reward given by the health insurer for not making any claims during the policy year. The bonus is offered on both individual and family floater plans. For every year that you do not make a claim, you can extend the coverage on your policy. There is a limit to this, but it a helpful provision.
Health insurance policyholders get a tax rebate for the premium they pay. The Income Tax Act allows you to avail of tax deductions under Section 80D. 
There are health plans for every person. Below are some medical policies that serve as reasons to buy health insurance.
As the name suggests, these plans cover the treatment cost of a single individual. The policyholder receives the benefits for the premium paid.
Under such health plans, a family qualifies for coverage. The insured can include his/her spouse, children, and parents under the policy.
These provide funding for medical costs incurred by people above 60 years of age.
These offer coverage for a group of people under a single policy. Such plans are mostly offered to employees.
These types of health plans are beneficial against the treatment of critical illnesses such as heart diseases, organ failure, or cancer. Treatment for such ailments is very high and health insurance, which is why it makes sense to buy such a policy.
These are health insurance plans that can be added to your existing health plan. Such plans provide you with extra coverage.
Additional Read: Get your Health Score from Bajaj Finserv Health
As now you know the need of health insurance, choosing the right plan also matters. For proper coverage, choose an offering with maximum benefits. You can find affordable health plans for you and your family on the Bajaj Finserv Health platform.