Health Insurance About health insurance – Features and benefits, why it is important to take it and which diseases can be covered in it. What are the expenses involved and what should be kept in mind while taking medical insurance. Information about health insurance, how and how much tax exemption is available on it. Also know which diseases and expenses are not covered in the health insurance policy. Also know in detail about family floater health insurance and group health insurance. Read our article on insurance in detail to know more information and other aspects about insurance along with About Health Insurance and its features.
- Health insurance provides cover on health related expenses in lieu of premium paid.
- In this, the insurance company meets the expenses like doctor’s fees, hospitalization expenses, treatment expenses and ambulances.
- Many private and government general insurance companies provide health insurance.
- Tax exemption is available on the premium paid.
Health Insurance is requirement of Everyone
Accidents or diseases do not come with prior notice and we get into trouble when the bill for the huge hospital expenses comes in front of us. In today’s era, the awareness about health insurance policy or health insurance has increased and more and more people are buying it for themselves and their family. Yet our country has very few people buying health insurance compared to other countries.
Health Insurance meaning
The general insurance in which health-related expenses are covered is called health insurance. Health insurance protects us from sudden health-related expenses so that we do not have to face trouble in an emergency. For this reason it has become necessary for every person to take it today.
What is Covered in Your Health Insurance
The expenses that health insurance covers include medical tests i.e. medical tests, doctor’s fees, ambulance expenses, hospitalization charges, post-hospitalization expenses which include medical tests and medicines.
List of Health insurance Plans
Some of the major health insurance plans available in India are
- Oriental Individual Mediclaim Policy
- Royal Sundram Life Supreme
- Aditya Birla Activ Assure
- Bajaj Allianz Health Infinity
- HDFC Ergo Health Surksha
- Future Genarali Health Total
- Health Care Box
Benefits of Health Insurance
Health insurance helps us to get better health facilities. If we cannot get treatment in private hospitals due to cost, then health insurance provides us the facility to get treatment in private hospital irrespective of the cost. This will ensure that you get proper treatment on time, which you may not be able to get due to lack of money. Due to health insurance, you will be able to get treatment in selected best hospitals which will be included in the network given in your policy.
Medical expenses protection
With the passage of time the cost of medical treatment is also increasing. More and more people are opting for health insurance in India to gain protection against these skyrocketing costs. Health insurance is the best way to protect yourself from such sudden expenses. By purchasing a policy online, one can avoid paying huge amounts at the hospital or spending a lot of money on medicines.
If you have health insurance then you have to go to the hospital and your treatment starts without paying anything. Your bill is paid by the insurance company.
Pre and post hospitalization expenses
Pre and post hospitalization expenses are also covered in health insurance. The number of days for which this cover will be available will depend on your insurance policy.
- One of the benefits of health insurance is that it also covers the expenses incurred on the ambulance of the insured.
No Claim Bonus
Under No Claim Bonus, if the insurer does not make any claim in any year, then after that year this bonus is added to the cover received in health insurance. For example, if you have health insurance of Rs 2 lakh and your policy gives a no claim bonus of 10% in case of non-claim, your insurance cover increases to two lakh and twenty thousand next year on payment of the same premium. .
Tax Benefits of Medical Insurance
After purchasing a health insurance policy, not only will you get peace of mind but also you will get the benefit of tax exemption under Section 80D of the Income Tax Act 1961. Know what are the other tax saving schemes .
Is your health insurance cashless or not?
It is important to note that the most important feature of buying a health cover is whether cashless treatment is included in your health insurance or not. Cashless means that you simply go to the hospital and show your policy card and the hospital can start the treatment after approval from your insurance company. The hospital charges your treatment bill directly from the insurance company.
Things to know before taking health insurance
Understand your needs before taking a policy. Take medical insurance as soon as possible, don’t wait for illness to happen. Not all health insurance policies are the same, so before taking a policy, know about it in detail. Do not believe what the agent says, read the policy terms yourself. Take your health insurance at a young age. Health insurance may not be available after the age of 45 because many companies do not provide health insurance after this age.
How much cover of Health Insurance is needed
While deciding how much insurance to take, also keep in mind the increase in the cost of treatment according to the inflation for the next fifteen years. Know whether your plan has cashless facility or not. Also, see which hospitals are near your home in the network of the plan. Also understand in Health Insurance that most policies put a limit on the cost of room rent in the hospital, so keep in mind that the room rent limit is in your policy.
Some ailments are not covered in Health Insurance
Dental treatment, glaucoma or any other chronic disease may not be covered by your policy. Know in advance which diseases your policy does not cover. In many plans, many diseases are not covered in the first few periods of the start of the health insurance plan, but after that period, these diseases also get covered. The period during which some diseases are not covered is called the waiting period.
As you get older, your health insurance premium also increases as the risk of falling ill at an older age also increases.
Types of Health Insurance Plans
- Here we are giving brief information about health insurance plans available in India.
Individual Health Insurance Plans
Individual health insurance plans offer insurance cover with benefits like cashless hospitalization, compensation for pre and post hospitalization expenses and many other benefits. Individual health plans can also take add-on covers to enhance the basic health insurance coverage with minimal premiums.
Family Floater Plans
In a family floater plan, the entire family gets health cover from a single policy. This allows more people to be covered in a single policy at a lower premium than taking separate policies.
Senior Citizen health insurance plans
Senior Citizen health insurance plans i.e. Senior Citizen Health Insurance Plan provides insurance coverage for people in the age group above 60. These health insurance plans cover hospitalization expenses which include post-hospitalisation expenses, OPD expenses, post-hospitalisation and pre-hospitalisation expenses.
Group Health Insurance
Group Health Insurance, also known as Employee Health Insurance, is done for a group. It is also called corporate health insurance policy. It is issued to a group of employees whose premium is paid by the company. Top companies buy it for the welfare of their employees. Sometimes the family members of the employees may also be involved in this. If you have got a health insurance card from your company, then you can get information about your policy by calling the concerned insurance company and giving the number printed on your card.