Health insurance information and health insurance types and its importants.
What is health insurance ? – Health insurance is the right investment to protect you and everyone in your family. Still very few people in India have health insurance and if there is they are under-covered i.e. they do not have enough coverage. Illness is never told and in today’s era the constant increase in pollution, unhealthy food habits, stressful lifestyle, and overwork, invite many serious diseases. Their treatment is very expensive. In such a situation, if you have to be admitted to the hospital, then the medical expenses can be heavy on your savings. Through this article, it is our endeavor to ensure that the importance of a medical insurance policy is understood, so that you can keep yourself and your family safe by choosing the right medical insurance during this difficult period of the pandemic.
What is Health Insurance?
This is a contract in which we pay your medical expenses to the hospital when you are sick. Under this, expenses related to hospitalization, treatment, surgery, organ transplant etc. are also reimbursed. For this you have to pay premium on time. Health policy can be taken for you, your spouse, dependent parents, other family members including children.
Why should you take a health insurance policy?
Pandemic like COVID-19 and rising cost of medical expenses can create difficulties financially. Hence, getting a health insurance cover for yourself and your family protects you during such times. Given below are the important reasons why you need to consider taking health insurance today:
- Rising costs of hospitalization and medical expenses that can drain your savings without insurance.
- Coverage for the COVID-19 pandemic and critical illnesses.
- Instant cashless hospitalization without.
- spending anything out of pocket.
- One can avail tax benefits under Section 80D of the Income Tax Act of India.
- You can take care of your health with annual check-up.
- You can also get coverage for your family members.
How to choose the best health insurance plan?
In view of the costly medical services and increasing cases of serious health problems, it is becoming necessary to take health insurance. It saves you from stress and financial troubles at the time of medical emergency. Under this, you do not have to face financial compulsion to get treatment in case of emergency. Hence, investing in health insurance plans is a wise decision. Let us know how you can choose the cheapest health insurance plan for you and your family.
Premium is the amount that you have to pay after the specified interval. You can calculate the premium with the help of online premium calculator available on the website. It calculates the correct premium amount based on your age, standard of living, family members, dependents, income and your medical history. So that you can choose a policy that will cover your emergency medical expenses without putting a financial burden on you.
It is to be noted that the general health insurance plan does not cover serious diseases like heart attack, cancer, stroke, organ transplant, kidney failure etc. These come under ritical illness cover. Reimbursement of medical expenses for critical illnesses covered under this cover is paid. That’s why you should look for plans that give you maximum coverage.
In the exclusion health insurance policy, there are circumstances cases, medical procedures, treatments, diseases, etc., under which you cannot claim a claim. Therefore, it is important for you to know what are permanently excluded from the policy coverage and what treatments are covered by the policy after waiting for a certain period of time. You should choose the plan which has minimum coverage along with maximum coverage.
In pre-existing diseases i.e. pre-existing diseases, the waiting period is around 48 months, then you should look for a policy in which you can get the option to reduce the waiting period. Like in Care Health Insurance we give you Reduction in Wait Period add on cover so that you can reduce 48 months to 24 months.
Cashless hospitalization is one of the benefits of health insurance. In today’s time of epidemic, it is difficult to arrange money for treatment. Therefore, it is important that you take a plan that can provide you cashless hospitalization facility in your vicinity.
Along with the basic coverage, you can also see if you can get the option to extend the coverage of your policy. We provide various add-ons under our health insurance plans such as International Second Opinion, OPD Cover, Care Shield, No Claim Bonus Super, etc. These help you in getting adequate treatment by increasing your policy coverage.
You should opt for a health insurance plan where you can easily pay the premium without any hassle. Nowadays you can get health insurance policy EMI so that your monthly budget will not be eaten.
The premium you pay for health insurance is tax exempt under Section 80D of the Payment of Income Tax Act. Premiums paid for health insurance for self, dependent parents, children and spouse are eligible for tax exemption of up to Rs 50,000. However, the tax amounts are dependent on your income and age. It also helps to under-represent your tax income.
A right health insurance also gives you additional cover. Annual No Claim Bonus, Annual Health Checkup, Cashless Hospitalization, Ambulance Cover Reduction in Wait Period, COVID Shield, etc. Covers giv you complete protection.
What is covered under health insurance policy?
The main benefits of buying health insurance are:
- In-patient hospitalization cover: The health policy covers your hospitalization expenses if the hospitalization due to accident or illness exceeds 24 hours.
- Pre and Post Hospitalization: Covers expenses up to 30 days before doctor’s consultation, scheduled diagnostics, or hospitalization and 60 days after hospitalization.
- Covid-19 Cover: Now you don’t have to worry if the worry of covid doesn’t let you sleep. The health policy also covers the hospitalization expenses due to coronavirus.
- Ambulance cover: The policy covers the ambulance cost which provides the benefit of road ambulance to any policyholder.
- ICU Fees: Your health is important. Your ICU charges during hospitalization are covered on a plan basis without any limit.
- Domiciliary Hospitalization: Domiciliary hospitalization means home treatment is also available on fulfillment of certain specified conditions.
- AYUSH Benefits: AYUSH (Ayurveda, Unani,Siddha and Homeopathy) helps you in lasting treatment. The policy covers the hospitalization expenses for the same.
- No Claim Bonus: You can get No Claim Bonus every claim-free year under the policy for your good health. This will increase your sum insured by a maximum of 50% in 5 consecutive years.
- Day-care procedures: Several day-care procedures are covered in the policy. which requires hospitalization for less than 24 hours.
- Organ Donor Cover: Donating an organ takes courage. The policy covers the medical and surgical expenses for the transplant.
- Automatic Recharge: Don’t worry if your hospital bill ever exceeds your existing Sum Assured. The facility of automatic recharge is also included in your policy.
- Annual Health Checkup: Why spend unnecessarily on outside health checkup when you can get annual health checkup under the policy coverage.
- Second Opinion: At times, it may be possible that you need a second opinion. If you are not satisfied with your current treatment plan, you I can avail this benefit.
- Lifelong Renewability: Once you opt for the insurance plans, you can breathe a sigh of relief and continue with the policy for life at break-free renewables.
What is not covered under health insurance policy?
Many treatments/medical procedures are not covered in the health insurance policy. Let us know what is not covered in the policy:
- Any diagnosis, treatment or surgery for diseases occurring within 30 days from the date of commencement of the policy term
- Medical expenses related to treatment of congenital disease
- Medical expenses due to IVF or infertility treatment
- Treatment arising out of pregnancy, childbirth, miscarriage, abortion and/or treatment of its consequences
- hospitalization due to war, riot, strike or nuclear weapons.
- Medical expenses due to alcohol or drug abuse Expenses arising on account of self inflicted injuries and suicide/attempted suicide Pre-existing illness up to 48 months from the date of commencement of the policy
Features of Health Insurance Policy
Health policy comes with comprehensive coverage for the insured and his family members. It has the following features:
Direct Claim Settlement: You can avail hassle free direct claim settlement service under the policy. Your claims can be settled without the involvement of any third party.
Cashless Hospitalization: You can get cashless treatment from any of the healthcare providers on our panel. In case of hospitalization due to illness or injury, your medical bills are paid directly with the network hospital. Currently cashless health insurance is a boon.
Low Premium: You can get this policy at low rates. Cheaper premiums reduce your financial burden and balance your budget.
No upper age limit: If you are 18 years of age or above, you can buy the policy without any upper age limit for enrollment.
Discount: Now you can get many discounts while buying the policy. Which will help in reducing your premium rate.
Tax Exemption: With the policy, you can protect both your health and wealth. One can avail tax exemption of up to Rs 1,00,000 for the premium paid for coverage as per Section 80D of the Income Tax Act.
Add-on Covers: To enhance the policy coverage, one also gets add-on covers like reduction in wait period, covid care, care shield, OPD cover, etc.
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