Health Insurance in Patiala

Introduction

India is a fast-growing economy with the majority of its population in the young age group. The country’s population size has been a cause of concern for many factors, including health and hygiene. Most people in India did not feel the necessity of health insurance until the onset of the Covid-19 pandemic and the resulting medical costs that proved unaffordable.

Despite the fast-paced development in medical science, people in India find it difficult to cope up with the medical expenses that are sky-rocketing with every passing day. Many people tend to rely on group health covers provided by employers. However, an employer’s health insurance cover will not be applicable once an individual quits the company or job. Hence, it is important to have a personal health insurance cover, especially in cities like Patiala. Such plans can help in securing oneself and one’s family against exorbitant medical expenses.

Here, we will discuss the necessity for health insurance in Patiala and things to consider before buying good health insurance in the city.

Patiala boasts of many multi-speciality hospitals along with health institutions catering to specific ailments. Most of these hospitals are easily accessible by the city residents for their various health needs. While the city hospitals cater to all kinds of health needs of residents, these are also expensive due to a rise in overall medical costs. Hence, people in Patiala need to have health insurance covers such that they do not face a financial burden in case of a medical requirement. It also makes sense to buy these covers at the earliest so that they can save on premium costs.

Adequate health insurance is very important to ensure that there are no compromises as far as appropriate medical care is concerned. While buying a health insurance cover in Patiala, it is advisable to opt for policies that provide cashless hospitalization.

What is the main reason to buy health insurance in Patiala?

As discussed earlier, buying a health insurance policy is important since medical care costs in the private sector can easily burn a hole in one’s pocket and impact personal finances. It is especially crucial for an individual who is his/her family’s sole breadwinner. With a small annual premium towards health insurance cover, one can reduce the stress that may come along with medical emergencies. Whether it is doctor consultation fees, medical tests, ambulance fees, hospitalization costs, all this and even post-hospitalization costs can be covered under a health plan.

Here are some of the benefits of having a health insurance cover:

• Cashless Treatment: An individual can get cashless treatments through health insurance if the insurance company works in collaboration with hospital networks.
• Pre and post hospitalization cover: Health insurance plans also generally cover pre and post-hospitalization fees of up to 60 days depending on the cover chosen.
• Transportation cost: Insurance policies also cover the expenses incurred towards ambulance charges for transportation of the insured.
• No Claim Bonus (NCB): This bonus element is paid to the insured in case he/she does not file a claim for health treatment in the preceding year.
• Medical Checkup: Health covers also provide cover for health check-up related expenses. Free health check-ups are also provided by few insurers.
• Room Rent: Health insurance policies also provide room expenses depending on the premium paid by the insured and other policy terms.
• Tax Benefit: Premium paid towards Health insurance is tax-deductible under section 80D of the Income Tax Act.

Additional read on steps to buy health insurance

How to select the right health insurance policy?

Select an ideal health insurance policy could be difficult as most insurance provides offer a similar type of health cover. To narrow down on an ideal plan, here are some of the important points to be considered before purchasing a health plan:

1. Sum Assured 

2. Minimum Entry Age and renewability clause 

3. Room Rent Capping 

4. Inclusion and Exclusion 

5. No Claim Bonus 6. Other Benefits

What are the eligibility criteria for health insurance in Patiala?

People below 45 years of age are not required to undergo a health check-up while getting a health insurance policy. However, applicants must disclose any pre-existing health conditions such as diabetes or hypertension. It is therefore advisable to get a health insurance cover at a young age to save on the premium payments.

What are the documents required for health insurance?

Some of the commonly required documents for health insurance cover are:

1. Age proof – Either of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.

2. Identity proof – Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one’s citizenship.

3. Address proof – Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should mention the permanent address.

4. Medical check-up as required by the plan

5. Passport Size Photo  

Additional Reading – How to choose the best health insurance cover

What are the tax benefits of health insurance?

Health insurance premiums can be claimed as a tax-saving deduction under Section 80D.

• An individual can claim up to Rs. 25,000 annually for the premium paid towards a health insurance policy for themself.
• Those who pay a premium for a health insurance cover for their parents can claim up to Rs. 30,000 tax deduction.

Is Health Insurance in Patiala Needed for Covid-19?

Considering the impact of Covid-19 across the country and specifically in Patiala, it makes sense for people to buy health insurance covers. This way individuals can ensure financial protection in case they or their families are impacted by the deadly virus. As the pandemic continues, there is no clarity on how much it will further impact and till when. A comprehensive health cover bought now can ensure the stability of one’s financial situation and allow one to achieve personal financial goals without worrying about the costs associated with Covid-19 treatment in case of hospitalisation.

Additional Read – Learn about Covid-19 related changes in health insurance

EndNote

Health insurance in Patiala is very important as it can protect from any financial losses arising due to high medical or hospitalisation bills. People in Patiala must consider buying a health cover to avail of benefits in case of any health ailment or medical emergency.

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