A health insurance policy is mandatory for every family and individual to aboard from huge expenses for emergency medical treatment.
What is Health Care Insurance Plan?
Health care insurance is a future investment to protect from the unexpected financial debt for medical treatment. The insurer bears the treatment expenses as per the plan.
If the plan is the sum insured for 5,00,000. The insurer bears the expenses up to 5,00,000, remaining if any, expenses to be borne by the policyholder himself. Avail cashless treatment in-network hospitals where the insurer directly pays the hospital expenses.
Different types of health insurance policies
As per the individual criteria health insurance has been segregated into individual plans, listed below are some of the popular long term health care plans to be esteemed.
Family health care insurance
Family health cover is a single insurance policy that can be claimed by every member of the family. Flexible to increase the additional member of the family members with the family floater insurance plan.
Individual health policy
An individual can claim the total sum assured for treatment, the premium amount may distinguish from age and previous health reports.
Senior Health insurance
Specially designed for senior citizens above 60 years, benefits include in-patient, pre and post-hospitalization, organ donor, emergency ambulance, cashless claim optional, and eligibility for tax exemption.
Critical illness insurance
It is prudent to insure yourself from a serious illness like cancer, heart strokes, kidney failure, major organ transplantation, artery bypass surgery. Critical illness cover helps to get covered in all adverse illness cases that ruin you financially.
Maternity insurance policy
The Medical insurance policy covers pre and post-natal care, C-section operation, and also a vaccination for a newborn baby for a specified period.
Why health insurance?
Increased risk of deadly diseases
Emerging deadly and non-preventive virus ruins the lives of many all over the world and increases in heart attacks, cancer diseases at the early stage In India proves we are in danger zone. The risk of diseases increases from the age of 35 Years.
Due to adverse food habits, the life expectancy rate of average Indians is 68.35 years is less compared to the world expectancy rate of 71.5 years. The risk involved in affecting deadly diseases has been increased. To protect ourselves from unfortunate illness health care policy is mandatory for every individual.
Better Financial planning
Every family(individuals) is planning to get their health care insurance plan to avoid future financial loss. An unfortunate accident is unpredictable it will be a tough time to pay for medical treatment. Be wise in taking health care insurance to secure you and your family from serious medical illness.
Get tax exemption up to 55,000 u/s 80D of Income Tax Act 1961. Tax exemption is given by the Government to encourage an individual to get a health care insurance policy.
Benefits of Health Insurance
Health insurance is an agreement where the insurance company agrees to take a guarantee of compensation for medical expenses in case you, as an insured, fall ill or meet with an accident, that leads to hospitalization.
In today’s times, health insurance has become a necessity. It is important for you and your family to be covered under a reliable health insurance policy mainly because of expensive medical care, especially in the private sector. So, a health insurance policy can prove to be a savior in case of an emergency, especially if the breadwinner of the family is on the bed. It would reduce your stress in case of medical emergencies.
A health insurance policy covers expenses incurred due to doctor visits, consultation fees, costs incurred due to medical tests, hospitalization expenses, etc. To learn about health insurance benefits in detail, read below:
Buying a policy online will help you tackle health-related issues and avail the best possible medical treatment without worrying about expenses. Mostly, health insurance plans cover you for the following healthcare expenses:
- In-Patient Hospitalisation Expenses: These are the expenses incurred during hospitalization of at least 24 hours. Most health insurance plans cover you for in-patient hospitalization expenses which include room rent, nursing, boarding expenses, cost of medicines, ICU/ICCU expenses, etc.
- Pre-Hospitalisation and Post-Hospitalization Expenses: Pre-hospitalisation and post-hospitalization expenses are the expenses incurred a specific number of days before and after the hospitalization. These generally include expenses related to doctor’s visits, x-rays, medical reports, etc.
- Ambulance Expenses: Health insurance plans often cover you for ambulance expenses arising due to transportation of the patient to the nearest hospital. Generally, there is a limit on cover for ambulance expenses, which can be checked with the insurance company.
- Daycare Expenses: Daycare expenses are those which do not require hospitalization of at least 24 hours. These include chemotherapy, radiotherapy, cataract, dialysis, sinuplasty, etc. health insurance plans cover you for a specific number of daycare procedures, as mentioned in the policy document.
- Domiciliary Hospitalisation Expenses: Domiciliary hospitalization expenses are the expenses that incur due to treatment of an illness availed at home, which otherwise would have required hospitalization. Most health insurance plans cover you for these expenses, the terms and conditions for which can be found in the policy document.
Generally, health insurance companies have tie-ups with hospitals, known as network hospitals that offer cashless treatment to the insured in case of hospitalization. These hospitals reimburse the expenses related to treatment availed by the insured.
This means you can avail of treatment at these hospitals without premium payments for the medical expenses incurred, and the insurance company will reimburse you for the same later when you make a claim. Note that the claim will be approved if it is made in accordance with the terms and conditions mentioned under the policy.
Health insurance portability allows the policyholders to transfer their existing health insurance policy to a new health insurance provider. It safeguards customers from being taken for granted by the insurance companies, thereby giving them flexibility and offering them better options in case they are not satisfied with their existing health insurance plans.
Financial Protection Against Rising Medical Costs:
Considering the rising medical expenses in India, it becomes imperative to get a reliable health insurance policy on time. The policy not only offers you wide coverage but also protects you from hospitalization expenses in case of emergency even during inflation. It not only keeps you stress-free but also takes care of your health.
Tax Benefits Under Section 80D of the Income Tax Act, 1961:
The government promotes health insurance by offering tax deductions on the insurance premiums paid for them, under Section 80D of the Income Tax Act, 1961.
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