Know More about Health Insurance
Health Insurance
- Health insurance is a type of insurance coverage that secures your finances against unforeseen medical cost and surgical expenses.
- Health Insurance policy for you and your family, designed to cater to most of your common healthcare needs. It comes with an option to include your family under one policy called the family floater option. You can choose coverage for your family health insurance as per your medical needs such as maternity cover, OPD cover, critical illness cover, donor expenses cover, etc.
- One can also invest on one of the popular senior citizen health insurance policies and ensure comprehensive security for their elderly parents or secure their old age that often brings along several ailments that require expensive medical treatment
- Almost all the health insurance plans include Coronavirus treatment cover. As per the IRDAI guidelines, insurers have also launched COVID-19 specific best health insurance
- A health insurance policy ensures that you can avail cashless treatment at a network hospital and Reimbursement of expenses incurred on ambulance services, Pre and post Hospitalization bills.
Benefits of Health Insurance: -
- Cashless Medical treatment in Network hospitals
- Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical
- Reimbursement of expenses during Pre- hospitalization and post- Hospitalization stages of treatment.
- Tax Rebate: Annual premium paid for health coverage are subject to tax exemption u/s 80D of Income Tax Act, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 75,000.
- Tax benefits are subject to changes in tax laws.
Things to consider before buying health insurance plans in India:-
Today, you are spoilt for choice with the slew of offerings for health insurance available on the market. You must ensure and get all the information you need before buying a policy.
Keep the following factors in mind when choosing the best health insurance policy for yourself.
- Always choose a policy with adequate coverage and ensure that this amount is sufficient to financially protect you as well as you entire family.
- Although most employees today are covered by their own company’s group health insurance, it is always an added benefit to choose and purchase one’s health insurance plan after being aware of all the term and conditions.
- Ensure you are keeping your health insurer well informed and up to date with any diagnoses of pre-existing disease.
- Ensure you are aware of all the term and conditions attached to your health insurance policy. This includes facets like, the cumulative bonus, deductible, waiting period, and any pre-existing illness clauses, among others.
- Time to time medical cost are high, so opting for a high sum insured in order to protect your hard-earning savings.
- Renew your health insurance plan on a regular basis. In case there is a break between the expiries of your policy, you could lose out on the benefits of your insurance.
- The earlier you invest in health insurance, the lower your premium’s coverage amount for the amount of coverage you will receive.
Health Insurance Portability :-
Health insurance companies offer policyholders portability. This is a feature of certain policies that allows one to switch across health insurance companies without losing any of the benefits that are associated with their existing health insurance plan.
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