Health insurance policies offers financial protection in case of medical emergencies that may arise due to an accident or critical illness. With a host of medical coverage plans, such as individual health insurance, family floater health insurance, senior citizen plans, and more available in India today, you have plenty of options to choose from based on your preferences.
For your better understanding, we’ll be discussing different types of health insurance plans in India and their benefits.
Here are the different types of medical insurance plans available in India:
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Medical care is expensive, and in the private sector, prices are only hiking. To be able to take care of yourself and your family without any worries, you need to get a health insurance plan. All you have to do is pay an annual premium that would ultimately take care of all your medical expenses.
There are various benefits of availing of a medical insurance plan. Here’s a look at them in brief:
Insurance providers have tie-ups with hospitals, which are referred to as their network hospitals. These healthcare facilities provide cashless treatment to insured individuals if they are hospitalised.
To be precise, policyholders can get treated from these network hospitals without paying anything out of their pocket.
The health insurance provider reimburses the amount directly to the hospital whenever you make a claim. However, note that this claim has to comply with the medical insurance plan’s terms and conditions.
As per Section 80D of the Income Tax Act 1961, individuals can claim a deduction on the amount of premium they pay for a medical insurance plan during a financial year. The maximum deduction you can get under Section 80D is capped at Rs.25,000 (if you are below 60 years).
If you include your parents in the policy, you can get an additional deduction of Rs.25,000, provided your parents are below 60 years. So, the total deduction you can get with the inclusion of your parents is Rs.50,000 (Rs.25,000 + Rs.25,000).
A tax deduction can be further extended to Rs.50,000 for your parents provided they are above 60 years. In such a case, the total benefit translates to Rs.75,000 (Rs.25,000 + Rs.50,000). In case you and your parents are above 60 years, the total tax benefit you can get is Rs.1 lakh (Rs.50,000 + Rs.50,000).
With soaring healthcare expenses, signing up for a health insurance plan can save you from medical expenses significantly. Health insurance schemes provide comprehensive coverage that helps policyholders to overcome these challenges.
Opting for the right health insurance scheme can help you get access to the best medical facilities without worrying about expenses. Usually, a medical insurance plan provides coverage for the following expenses:
There is really no specific age when you should opt for health insurance. However, the earlier you get insured, the more benefits you will receive over your life span. Read further to know more about why is it advisable to get insured in early life-
Individuals must make sure to keep these points in mind before opting for a medical insurance scheme:
Sum insured refers to the maximum amount that an insurance provider will be liable to pay to you in a year as a healthcare expense. It is always beneficial to avail of an insurance policy with a high sum insured amount. However, before signing up for a policy, it’s advised to go through the fine print carefully.
Choose a medical insurance plan that has a minimal waiting period.
Make sure to opt for a health insurance provider with a high claim settlement ratio.
Choose an insurance company that has a large number of network hospitals.
Medical emergencies are cost-intensive, however with prudent financial planning and buying the right insurance policy, you can save a lot on your expenses. However, it’s advised to compare the types of health insurance plans available before signing the dotted line.
Ans: Insurance companies provide a discount known as no claim bonus (NCB) to the insured for each claimless year. It reduces the amount of premium payable by a specific percentage when one renews his/her policy. For instance, Navi health insurance offers an NCB of 10%.
Ans: As per IRDA guidelines, health insurance providers in India provide cover for inpatient and outpatient expenses incurred for treatment of Covid-19.
Ans: Yes, many health insurance companies offer this facility nowadays. One can change the health insurance provider or switch to a different medical insurance policy offered by the same insurer, by completing certain formalities.
Ans: Yes, Unit Linked Insurance Plan or ULIP is a type of health insurance policy. It allows the dual benefit of a life insurance cover along with an investment that fulfils your financial goals.
Ans: Health Insurance is a must if you plan on securing your finances against expensive medical bills. It provides you with optimum coverage in all aspects of health. And the benefits gained can be quite useful not just to you, but to your family as well.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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