Meet the extreme medical costs with the help of a health insurance plan and secure your finances!
Health Insurance will protect you and your family against any financial contingency arising due to a medical emergency.
Health insurance is a type of insurance that fully or partially covers an individual's medical and surgical expenses. It's an agreement between you and your insurance company, where for an annual premium, the insurer pays for your hospitalization and other medical expenses as mentioned in your policy.
Health Insurance is a must because;
- Lifestyle related ailments are common these days
- Healthcare is becoming increasingly expensive. Medical Treatments rise by 15% every year
- It is difficult for a family to quickly arrange for huge amounts of money required for treatment. Health Insurance gives you financial security & quality healthcare access.
- Most of the savings of a family are in the form of fixed assets, which cannot be liquidated quickly
So why not have the best possible health/accident insurance plan by your side in times of need?
COVERAGES and PLANS
Health Insurance for you and your family
The Health Insurance plan covers unforeseen medical expenses due to accidents or illness, day care treatment (which do not require 24 hours hospitalization), domiciliary treatment, organ donor expenses, doctor fees, medicines, ambulance charges and pre & post hospitalization medical expenses.
A single Health Insurance policy can cover all your family members for the combined sum insured. This policy is known as Floater Policy. This policy has cost advantages over individual health policies and has benefits such as utilizing the entire cover for the treatment of a single family member.
WHAT TO COMPARE BEFORE YOU BUY
Premium Vs Features
Comparison of premium is important, however premium should not be the sole criteria for the selection of the policy. The features /coverage provided by the policy play an important role in deciding the Health Insurance policy. Therefore,
- first identify the coverage which one wants to take.
- Based on the coverage, premium be compared of plans
SUBLIMITS ON ROOM RENT AND OTHER CAPPINGS
Some Insurers cap the maximum amount of room rent that they will pay under their health insurance plan. Generally, limit is
- 1% of sum insured
- In case of ICU (Intensive Care Unit) the maximum limit is 2% of sum insured.
Some plans do not have any capping on the room rent.
This criteria be evaluated before buying a health insurance plan.
EXCLUSIONS
Buying a health Insurance plan is not all. Make sure you go through the exclusion section of the policy. Select a policy which has the least number of exclusions and clearly defined exclusions.
PRE-EXISTING DISEASES
Pre-Existing Diseases are those which you are suffering from before opting to buy a health insurance plan, and therefore insurance companies do not cover them from day 1 of your policy. They have a waiting period ranging between 2-4 years in which they will not be liable for any claim arising on account of your pre-existing disease. Therefore you should look for health plans which will cover your existing disease and have the least number of years of waiting period.
PROCEDURE FOR MAKING CLAIMS UNDER HEALTH INSURANCE
While the exact claim policy differs from company to company and product to product, in general, the claim process for a cashless scheme is as follows:
- Get admitted to any of the authorized hospitals in the network
- You need to fax the pre-authorization form to the insurance company or TPA
- The insurance company will examine the claims
- The insurance company will settle the claim with the hospital directly
TAX BENEFITS ASSOCIATED WITH HEALTH INSURANCE
Customers can claim tax benefits under section 80D and 80DD.
- Tax benefit u/s 80D - The health insurance premium qualifies for deduction under section 80D.
- Tax benefit u/s 80DD - Any premium paid for the health insurance of a dependent/ disabled person qualifies for deduction under section 80DD. Deductions are also available for any expenses incurred for the medical treatment of the disabled.
