Health insurance is a kind of insurance that covers a specific or a portion of an individual’s risk in incurring unexpected medical costs. This insurance is a contract or an agreement between you and the insurance company, which ensures to pay you during your hospital stay. It is designed specifically to aid individuals in covering medical expenses. It is one of the crucial financial decisions one makes in life, and hence, finding the best health insurance plan is a priority.
Here are some reasons why you should begin looking for the best health insurance plan for financial protection:
- Health Insurance Helps Save Money
If you are without the best health insurance plan, you could be forced to pay for all the medical services you need through various means. You could incur high medical costs due to a medical emergency, leaving you with the only option to dip into your savings. Purchasing the best health insurance will ensure that you keep your savings safe and meet the expenses with the coverage provided. It will also protect you from sudden financial ruin, which is likely a possibility considering the skyrocketing costs of medical treatments.
- Ensures Security and Sense of Well-being
Another reason why it is so important to have the best health insurance is because of the personal health outcomes. It is well-known that in this era, people are at higher risk of accidents and serious health issues such as cancer or heart disease. It is also known that uninsured people are at greater risk of facing financial difficulties in case of an unexpected health problem.
On the other hand, having the support of the best health insurance plan gives one reassurance and a sense of protection. Additionally, this feeling of security can completely change the perspective of one’s life and help one stay productive.
- Covers for Medical Costs During Emergency
Individuals without the best health insurance coverage may face the problem of not accessing the medical care services when they need them. As a result, they may find it difficult to get routine checkups and are forced to wait on getting these services.
In addition, those who are uninsured may also find it difficult to afford out-of-pocket expenses for preventative care and other health services. Purchasing the best health insurance plan can solves these issues.
Essentially, in the event of a medical emergency, a health insurance plan can provide significant and much-needed financial assistance. Choosing the best health insurance plan can provide you with substantial financial protection, covering treatment costs both in India and overseas. Furthermore, if you opt for renowned insurers like Care Health Insurance, you can also get coverage for costs of hospitalisation, diagnosis, ambulance, and prescription, as well as the convenience of fast reimbursements.
- You Become Eligible for Tax Exemptions
Health insurance is useful not just for covering future costs but also for providing immediate financial assistance. Section 80D of the Income Tax Act, 1961 allows you to get a tax deduction of up to Rs. 25,000 in premiums paid toward a coverage. You can deduct the cost of your own policy, as well as the policies of your spouse and children. This may assist you in lowering your overall tax liability.
Buy the Best Health Insurance Policy
The lack of insurance coverage for the uninsured population continues to pose a large and growing problem. As per the available data, the overall penetration of health insurance in India in the financial year 2018 was roughly 35%. Evidently, many people do not opt for comprehensive health insurance policies. As a result, the uninsured people will have to go without the care and medical services they badly need to protect their lives.
This tragic trend of the uninsured population not having access to necessary medical care will continue to strain the health care system. As a result, it will have an enormous effect on the health and financial well-being of the uninsured population in India. Therefore, it is ideal to get the best health insurance after weighing your long-term and short-term financial needs aligned with your health requirements.
COVID-19 Challenged The HealthCare Industry – How Inovantics Is Here To Make It Better
COVID-19 took the world by storm, and industries worldwide suffered. None was affected more than the healthcare industry, both on the front line of fighting the virus, and how people got routine and other care from providers. When meeting with patients in person was no longer possible, providers found themselves facing a multitude of challenges. Going virtual created new privacy issues, regulations were constantly changing, and technology became front and center to how providers connected with patients, each other, and others in the industry. As things have slowly opened back up, there is no going back to pre-pandemic expectations or practices, many of the changes implemented out of necessity showed there was a better way to do things, other highlighted areas that needed improvements. Karen Coffey, the founder of Inovantics, is working to make sure the industry can keep up with every change the pandemic brings and be prepared should anything ever happen again that alters the industry so greatly.
Providers and patients alike found themselves out of their comfort zone, connecting with a patient through the phone, text message, or video, losing out on that personal connection. Frustration and chaos were quite common throughout the last year and a half, as provers and practices learned what worked, and what did not, and what they really needed to get patients the care they needed. It was a process of learning on the go, often figuring things out as they came up.
One area that clearly needed improvement became very apparent during the pandemic, and that is that there are just too many platforms that providers need to use, especially in the referral process. Now, as the healthcare and medical industry and world move forward, providers must be aware and ready to move forward, embracing newer methods of doing things and making sure they have the right technology to back them up. That is where Karen Coffey and Inovantics come in and can literally change the playing field for medical providers and practices.
Coffey is an expert in healthcare management, with over 20 years of experience in the industry. She knows all too well how hard it is for providers to manage clients, how many different systems they navigate just to get someone care, or referrals, the insurance and payment process, and more that goes into getting a patient the care they need and getting a provider payment for their services. She created Inovantics, a new, groundbreaking, all-inclusive, and customizable Healthcare CRM platform for providers to access all their patient information in one place, optimizing the care process and saving providers time and money.
Inovantics is designed to be a one-stop-shop for providers and streamlines the process that usually takes days or even weeks to complete. It streamlines operations, enhances customer relationships, shows trends and patterns in patient outcomes, can provide data analytics, is user friendly, reduces burden and overhead costs, and more. The platform is designed to be customized to suit every client’s needs, there is no one size fits all approach. It saves time and money, is incredibly efficient, can be run or accessed from anywhere, and can connect practices and providers with thousands of patients and colleagues. There is no limit to what the platform can do, and it can be used in any post-acute care situation, including small and large practices, and hospitals.
Inovantics was in development before the pandemic, however, COVID-19 only highlighted a system that needed innovation and updating. Through Inovantics, Coffey has created a valuable and powerful tool, unparalleled to anything currently out there, that takes the burden off providers and helps them provide patients with the very best care possible. As she puts it, she helps them work smarter, not harder.
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