Seven benefits of Health Insurance that you may not know

Seven benefits of Health Insurance that you may not know.

Health Insurance is necessary for everyone. Nowadays more people are opting for medical insurance as the awareness about Health Insurance has increased. However, the knowledge about the benefits of Health Insurance is still not demystified completely. There are more things that Health Insurance covers than many people know. Here are some of the benefits of Health Insurance that many people did not know.

1. Automatic Restoration
The Sum Insured is the maximum cover provided by a Health Insurance policy. But many people may not know that this maximum coverage can be restored again. Several Health Insurance plans offer automatic restoration of the entire Sum Insured during the same policy year if the policyholder has exhausted the coverage limit. It is interesting to know that this is done at no additional premium. Some medical insurance policies even offer unlimited restoration of the Sum Insured during the same policy year. This extended cover can provide firm financial support. 
2. Mid-Term Inclusion
In Health Insurance, one can add family members to their existing policy only during the time of renewal. However, some Health Insurance plans provide an option to add the policyholder’s newly married spouse, newborn baby and/or legally adopted children to their policy even during the middle of the policy period with an additional premium. This feature is commonly referred to as Mid-Term Inclusion. This comes in handy if one wants to convert an Individual Health Insurance plan to a Family Health Insurance policy. 
3. Alternative Treatments
The awareness about health and well-being has increased, and as a result, many people are opting for traditional treatment methods as well. Knowing the significance of such alternative treatments, Health Insurance provides coverage for them. Many Health Insurance policies cover AYUSH treatment methods, which include Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homeopathy. Before buying a Health Insurance plan, check if it covers AYUSH treatments. 
4. Save Tax
Health Insurance is an essential investment that one makes. Understanding its importance, the Government has mandated income tax deductions for paying the Health Insurance premium. As per Section 80D of the Income Tax Act, 1961, one can avail income tax deduction for paying the medical insurance premium for themselves, their families and their parents as well. The maximum allowed deduction is up to Rs. One lakh. This tax deduction also includes the cost of preventive health check-ups. 
 
5. No-Claim Bonus
Many Health Insurance plans incentivize the policyholders in the form of a bonus which will be added to the Sum Insured if they do not make any claim during a policy year. This is one of the benefits of opting for Health Insurance at an early age as health risks are comparatively lower at young ages. As a result, the possibility of making a claim is also low. This helps the no-claim bonus get accumulated and will help you in the later years and suffice your medical needs.
6. Annual Health Check-Ups
Not only does Health Insurance help cover health risks but also helps prevent health issues by covering preventive health check-ups. Many medical insurance policies provide coverage for preventive health check-ups for every claim-free year. Even some policies offer the same coverage irrespective of the number of claims made in a policy year. 
7. Wellness Program
In addition to providing coverage for medical needs, Health Insurance also motivates people to stay healthy through various wellness programs. Not only that, but it also incentivizes people in the form of reward points for achieving their health goals. They can redeem the earned reward points as premium discounts at the time of renewal. 
Awareness about Health Insurance has been increasing lately. However, there are still many things that are obscure to people about what all does medical insurance covers. Star Health and Allied Insurance has been keen on demystifying Health Insurance and taking the benefits of medical insurance to every last mile of the country. 
 
This article has been written by Star Health and Allied Insurance Co. Ltd., one of the leading private health insurance company in India. www.starhealth.in
Star Health & Allied Insurance Co. Ltd. is an Indian health insurance company commenced their operations in 2006 becoming India's first standalone Health Insurance provider.
With 14,000 Network Hospitals, 800 branch offices and 5.8 Lakh agents serving across the country, Star Health has covered 16.9 crore lives till now, and is operating with the core intention of ensuring that all lives are covered under Health Insurance.