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Protection for Major Illnesses
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Health insurance is a shield that protects you and your family from financial stress during medical emergencies. It’s not just for the elderly everyone needs it, regardless of age or health.
Health insurance helps cover your medical expenses like hospital bills, surgeries, and doctor visits. You pay a small yearly premium, and the insurer pays most costs if you get sick or injured.
Medical bills can be overwhelming, especially during unexpected emergencies. A health insurance policy shields your savings by covering major hospitalization and treatment costs.
With a wide cashless hospital network, you get timely treatment and the best care without payment worries.
Health insurance safeguards you from the high costs of serious illnesses like cancer, stroke, or heart disease.
Premiums paid towards health insurance qualify for deductions under Section 80D. This means you protect your health and also enjoy annual tax savings.
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Medical insurance is a form of insurance which covers the medical costs incurred in case of medical emergencies. These plans, thus, take care of the financial burden associated with medical contingencies. In today's age, when illnesses and diseases are on the rise, a health insurance plan becomes necessary. Though medical developments have provided a cure for most of the illnesses, such as cures and treatments come at very expensive costs. These costs become unbearable for the common middle-class man. A health plan, by covering these costs, takes off the financial strain caused by frequently occurring illnesses. It, therefore, proves to be an essential requirement for every individual looking to secure his finances against medical contingencies.
The notable key features of any health insurance in present market are-
The coverage includes the comprehensive expense of everything that can happen during a health emergency. It includes pre-hospitalization, post-hospitalization and ambulance charges. Most insurances also cover critical health diseases like cancer, stroke, heart attack, etc.
Most companies offer a no claim bonus benefit to its customers if no claim request is made by them in the previous year. Some companies also offer benefits in the form of discounted premiums or increased cover or a complete free health check up every year as well.
It is one of the great features offered by good health insurance companies, helping to reduce the yearly premium. You have to pay a percentage of the total expense while the company will pay the balance.
Most health insurance companies have a collaboration with a number of healthcare centres and hospitals. When you seek treatment in a network hospital, the insurance company will pay your bills directly and you will have to pay only for the uncovered expenses.
Under section 80D of Tax Act 1961, you will enjoy tax exemptions for paying premiums on health insurance. The tax benefit can be enjoyed both by you and your family members.
You can change the premiums to be paid every month or the term life of your policy after a certain period.
Medical insurance policies offer various advantages and come with unique features which are as follows –
Medical insurance plans cover all medical costs incurred right from the time the insured falls sick to his hospitalisation and also after being discharged from the hospital. Thus, the plan has a wide scope of coverage for medical costs.
There are value-added coverage benefits in medical insurance policies too. These include free health check-ups after a specified period, second medical opinion for serious illnesses, etc.
Health plans allow tax advantages. Premiums paid for medical insurance policies for self, family and dependent parents qualify for tax deduction under Section 80D. The limit of deduction if INR 25,000 for covering self and family and another INR 25,000 for covering dependent parents. Moreover, if either the policyholder and/or dependent parents are senior citizens, the maximum limit increases to INR 50,000 in each instance. Thus, a maximum of INR 1 lakh can be claimed as tax deduction though health insurance plans.
No Claim bonus is allowed in all medical insurance plans if no claim is made in a policy year. This bonus is either allowed as an increase in the sum insured or additional benefits can be availed like gift vouchers, annual health check-ups, etc.
Lifelong renewals are offered by health plans with no maximum cover ceasing age.
The term of the plan can be for one, two or three years. Moreover, if long term plans are chosen, a premium discount is also allowed.
Individuals can claim premium discounts for covering two or more family members, by choosing a longer duration, by choosing voluntary co-payment, etc.
Cashless claims are settled by the health insurance company if the policyholder seeks treatments at a hospital which is tied-up with the insurance company. In cashless claims, the policyholder does not have to bear the burden of medical expenses. The expenses are settled directly by the insurance company with the hospital.
A basic medical insurance plan provides all the essential coverage features. You would find coverage for the following –
This includes coverage for room rent, ICU room rent, cost of treatments, doctor's fees, surgeon's fees, nurses' fees, etc.
Expenses incurred before being actually hospitalised and after being discharged from the hospital are covered under this head.
Costs incurred in transporting the insured to the hospital is covered up to a specified limit.
Treatments which do not require hospitalisation for a minimum of 24 hours are covered under this section.
Expenses incurred on harvesting an organ from a donor are covered.
Treatments taken at home because the insured cannot be moved to the hospital or because there are no vacant beds in the hospital would be covered.
These treatments are alternative, non-allopathic treatments like Ayurveda, Unani, Siddha and Homeopathy. Most health plans cover medical expenses incurred on these treatments.
Besides these common coverage features, different medical insurance policies provide different coverage features too which make the plan comprehensive in nature.
Though medical insurance plans provide coverage for most of the medical expenses, there are some expenses which are not covered. These are called plan exclusions. Some common ones include the following –
Pre-existing illnesses during the waiting period
Illnesses occurring within the first 30 or 60 days of buying the policy
Congenital ailments and diseases
Cosmetic treatments
Pregnancy-related treatments, unless specifically covered
HIV/AIDS infection
Illnesses or injuries occurring due to war or related perils, aviation, nuclear contamination, self-inflicted injuries, alcohol or drug abuse, etc.
To know the exact exclusions, you should read the policy document. Different medical insurance policies have different inclusions and exclusions. So, understanding the policy details before buying the policy becomes essential. It's best to disclose your medical history truthfully before you buy a policy to ensure your claim expectations are met. Discuss this with our expert to figure out your best options – we will maintain strict confidentiality.