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    How Health Insurance Can Protect You from Rising Healthcare Costs

    Last Updated On 27-05-2021

    Some people will find themselves lucky to go through life without any major health incidents. However, lifestyle diseases such as high blood pressure, diabetes, and high cholesterol are affecting larger portions of the population. The good news is that more Indians are taking proactive steps to avoid or detect illnesses early, thanks to rising incomes as well as growing awareness of the impact of healthy lifestyles and preventative measures. This is fueling demand for more health services and access to newer forms of treatment. However, it is also driving medical inflation with average spending for healthcare increasing and surpassing retail inflation levels each year.

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    The Commonwealth Fund noted that out-of-pocket payments for healthcare accounted for 65% of total health expenditures in India1, making the financial impact of health emergencies on family finances more significant. The COVID-19 pandemic, with its scale and transmission rate, is the most visible example of why it is critical to prioritize your health and wellbeing as well as have a safety net for health emergencies. Comprehensive Health Insurance is the primary way to ensure that your hard-earned savings are not depleted when it might be needed most. When looking for health insurance, consider a Mediclaim plan that can offer comprehensive coverage for treatment as well as life coverage to help your family in the event of your absence.

    How does health insurance work?

    Health insurance covers medical expenses for the policyholder and any insured family members in case of an emergency by reimbursing for procedures and supporting cashless treatment. The policyholder pays a regular premium in exchange for the health protection. It covers expenses from in-patient and day-care surgery procedures as well as treatment of chronic illnesses. This reduces out-of-pocket payments, and any surprise bills that policyholders and their family would otherwise be responsible for. In this way, your wellbeing or the wellbeing of your family member can be the focus rather than how you will pay for the care or medication.

    How does health insurance continue to protect as costs rise?

    While illnesses and healthcare costs are nearly impossible to predict, health insurance makes it possible to have a plan for anything that crosses your path. Some health plans, like the Mera Mediclaim Plan offered by PNB MetLife, include an added benefit for going five years without submitting a claim, for example. You can also opt for riders that provide additional coverage for situations like accidental death, serious illnesses, and accidents that result in a disability.

    Policyholders and covered dependents may also be eligible for annual checkups in many plans so that you and your family can stay on top of health needs and reduce the likelihood of pricier medical procedures down the road. Coverage for alternative treatments, such as Ayurveda, yoga, naturopathy, unani, siddha, and homeopathy (AYUSH), add value to health plans by expanding the network of healthcare providers available to you. These features prioritize preventive care, which is understood to be less expensive overall than treating an illness when it strikes.

    Like saving for your child to go to college, paying into a health insurance scheme offers the peace of mind that you and your family will be protected should anyone covered under the policy experience a health crisis. Compared to what it would cost to get medical treatment at a private hospital without insurance, you ultimately get more value from the premium for a health insurance plan. Additionally, owning health insurance carries tax benefits based on Section 80(D) of India’s tax laws. This means that policyholders are eligible for deductions on money spent for insurance premiums and healthcare services provided to you and insured family members.

    Health insurance is a must-have to navigate today’s unpredictable medical marketplace, especially if you are taking your health more seriously. As the cost of care increases, insurance can provide essential protection so that you can focus on getting well instead of paying for treatment. Talk to a financial advisor about the best policy to suit your budget and family’s needs. A health scare or medical emergency should not have to bankrupt your family or create a detour in your future plans.

    1https://www.commonwealthfund.org/international-health-policy-center/countries/india

     

    Disclaimer:

    Mera Mediclaim Plan is a Individual Non-Linked, Non Participating, Pure Risk Premium, combi Insurance Plan (UIN: 117Y102V01)

    Tax benefits under sec 80(c) & 80(d). Tax benefits are as per the Income Tax Act, 1961, & are subject to amendments made thereto from time to time. Please consult your tax consultant for more details. Cash payment is not eligible for tax benefit under Sec 80D of Income Tax Act, 1961.

    This product is jointly offered by “Care Health Insurance Limited” (Formerly Religare Health Insurance Co. Ltd.) and “PNB MetLife India Insurance Co. Ltd. Reg Office - Care Health Insurance Limited (Formerly known as Religare Health Insurance Company Limited), 5th Floor, 19, Chawla House, Nehru Place, New Delhi-110019 | IRDAI Regd. No.: 148 | CIN - U66000DL2007PLC161503

    1For 2 consecutive claim-free years by using No Claim Bonus & No Claim Bonus Super (optional cover). Incremental increase every year is applicable on base Sum Insured. If a claim is made in any particular year, accrued No Claim Bonus & Claim Bonus Super will be reduced at the same rate at which it is accrued. No Claim Bonus Super is an optional cover available on payment of additional premium. IRDAI Registration No: 117

    For more details on risk factors, policy exclusions, terms and conditions, please read the sales brochure carefully before concluding a sale. The marks “PNB” and “MetLife” are the registered trademarks of Punjab National Bank and Metropolitan Life Insurance Company, respectively.

    PNB MetLife India Insurance Company Limited | Registered Office: Unit No. 701, 702 and 703, 7th floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka. Write to us at: 1st Floor, Techniplex -1, Techniplex Complex, Off Veer Savarkar Flyover, Goregaon (West), Mumbai – 400062. Phone: 91-22-41790000 | Email: indiaservice@pnbmetlife.co.in | Fax: +91-22-41790203

    AD-F/2021-22/112

    Beware of Spurious Phone Calls and Fictitious / Fraudulent Offers!
    IRDAI is not involved in activities like selling insurance policies, announcing bonus or investments of premium. Public receiving such phone calls are requested to lodge a police complaint.

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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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