Everything You Should Know About Health Insurance on EMIs

Health is wealth, a phrase you’ve likely encountered at some point in your life. This is the golden rule of life, which everyone should remember. However, ironically, health is the most overlooked aspect in today’s fast-paced world. The prevalence of smoking, drinking alcohol, unhealthy eating habits, and irregular sleep schedules is resulting in deteriorating health conditions. 

Now, let’s delve into how the health insurance best plan can serve as a shield and how EMI in insurance policies is beneficial for you.

What is health insurance?

The best health insurance plan is a backup plan that protects you from exorbitant medical expenses, including pre-and post-hospitalization, daycare procedures, surgeries, prescription medications, and more. Insurers offer various types of insurance policies, including family health insurance plans, senior citizen health insurance plans, critical illness insurance, and more, to cater to your diverse needs. Health insurance ensures your safety during illness or accidents.

What is an EMI? 

EMI stands for Equated Monthly Instalments, which divide the total premium amount into smaller and equal installments. Now, you must be wondering what a premium is. A premium is the amount that insurance companies charge you in exchange for the insurance policy.  The premium amount can vary based on various factors, including your age, health status, the level of coverage, and the type of plan you choose. 

What are the Benefits Of EMIs in Health Insurance Policies?

EMIs help you manage your cash flow while securing the essential coverage you need. The best health insurance plan with EMI comes with the following benefits: 

Affordable:

Investing in insurance policies with an EMI option alleviates your financial burden by allowing you to make smaller payments over time rather than paying a lump-sum amount at once.

Convenient:

Making premium payments in smaller installments enables better financial management and is convenient for those on a limited budget.

Flexible:

The health insurance plans allow you to select a tenure that aligns with your financial needs. This flexibility enables you to initially pay in EMIs for a specified duration and later transition to a lump-sum payment option.

Tax Benefits:

As per the Income Tax Act, you are eligible to claim benefits on the premiums you pay for health insurance, even through EMI. 

Things to Keep in Mind When Selecting a Health Insurance Policy With EMI

Insurers offer various insurance policies, including individual insurance plans, senior citizen insurance, family health insurance plans, and more, with different benefits. When choosing the policy that suits your needs and requirements, consider the following factors to make an informed decision:

Coverage Limits:

Review your policy to understand the inclusions and exclusions. Ensure the insurer covers hospitalization charges, operation charges, surgeries, and more.

Network Providers:

Check if the insurer’s network includes your preferred hospitals and doctors. Using in-network hospitals and healthcare facilities results in lower out-of-pocket costs.

Claim Settlement Ratio:

The Claim Settlement Ratio (CSR) indicates the number of claims successfully settled in a year, showcasing the insurer’s financial stability within the market.

Premiums:

Compare premiums and EMI options from various insurers to find a plan that fits your budget without compromising on coverage. Understanding the premium framework is crucial, as it empowers you to make informed choices regarding your healthcare requirements.

Waiting Period:

Pre-existing diseases often require extended waiting periods before benefits kick in, which poses a significant challenge for elderly people with prior medical histories. However, it’s important to note that this waiting period does not affect claims related to accidents. If you are considering a family health insurance plan for your parents or elderly family members, make sure to verify the waiting period for pre-existing conditions before making a purchase.

Wrapping Up

Health insurance is a small investment that can shield you from significant medical expenses in times of crisis. Unexpected healthcare costs can quickly drain your savings and lead to financial strain. Having insurance not only ensures your financial well-being but also grants you access to high-quality medical care. In response to the increasing need for health coverage, many insurers now offer the option of Equated Monthly Instalments (EMIs). This flexibility makes it easier for you to secure protection for yourself and your loved ones without putting undue pressure on your budget.

Niva Bupa is worth considering if you’re looking for an affordable insurance provider. With the trust of over 1 crore customers, it provides a wide range of insurance policies, from the best family health insurance to critical illness insurance—you name it, and you get it. They have a network of over 10,000 hospitals across India, ensuring you have access to quality healthcare when needed.