What is Health Insurance? and its features and benefits, why it is important to take it and which diseases can be covered in it. Which expenses are included in this and what should be kept in mind while taking medical insurance. Information on health insurance, how much tax rebate is available on it. Also, know which diseases and expenses are not covered in a health insurance policy. Know more about family floater health insurance and group health insurance. Read our article on insurance in detail to know more about insurance and other aspects with about Health Insurance and its features.
Health Insurance is a requirement of everyone
Accidents or illnesses do not come by giving information in advance and we get into trouble when the bill of expenditure on hospital expenses is wide. In today’s era, awareness about a health insurance policy or health insurance has increased and more and more people are buying it for themselves and their families. Yet there are very few people in our country buying health insurance compared to other countries.
Health Insurance meaning
The simple insurance that provides cover for health-related expenses 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 situation. For this reason, taking it has become necessary for every person today.
Types of Health Insurance Plans
Here we are briefly giving information about the health insurance schemes available in India.
Individual Health Insurance Plans
Individual Health Insurance Plans provide cashless hospitalization in individual health insurance plans, compensation for expenses before and after hospitalization and insurance protection along with many other benefits. Individual health plans can also get add-on cover to increase basic health insurance coverage with minimum premium.
Family Floater Plans
In the family floater plan, the entire family gets health cover under a single policy. Instead of taking different policies, more people can be covered in the same policy at a lower premium.
Senior Citizen health insurance plans
Senior Citizen health insurance plans i.e. Senior Citizen Health Insurance Scheme provides insurance coverage for people aged above 60 years. These health insurance plans cover hospitalization expenses including post-enrollment expenses, OPD expenses, post-hospitalization expenses, and earlier expenses.
Group Health Insurance
Group Health Insurance, also called Employee Health Insurance, is done for a group. It is also called a corporate health insurance policy. It is issued to a group of employees whose premium is given by the company. Top companies buy it for the welfare of their employees. It may also include family members of staff at times. If you have received a health insurance card from your company, then you can get information about your policy by calling the respective insurance company and telling the number printed on your card.
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 including 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 Sundaram Life Supreme
- Aditya Birla Activ Assure
- Bajaj Allianz Health Infinity
- HDFC Ergo my: Health Suraksha
- Future Generali Health Total
- Health Care Box
Benefits of Health Insurance
Health Insurance proves helpful in getting better health facilities for us. If we cannot get treatment in private hospitals due to cost, then Health Insurance provides us with the facility to get treatment in private hospitals regardless of the cost. This will ensure that you get proper treatment on time, which may not be possible due to lack of money. Due to Health Insurance, you will be able to get treatment in selected hospitals which will be included in the network given in your policy. Here are briefly describing the benefits of Health Insurance
- Medical expenses protection
The cost of medical treatment is also increasing with the passage of time. More and more people are preferring to get health insurance in India to get protection against these skyrocketing costs. Health insurance is the best way to protect yourself from sudden expenses. One can avoid paying large amounts in a hospital or spending too much money on medicines by purchasing an online policy.
- Cashless treatment
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.
- Expenses before and after hospital admission
The expenses before and after admission in the hospital are also included in the health insurance. For how many days this cover will be available will depend on your insurance policy.
- Ambulance expense
One of the benefits of health insurance is that it also covers the expenses on the ambulance of the insured.
- No claim bonus
Under No Claim Bonus, if the insurer does not make any claim in a year, then after that year, this bonus is added to the cover received in health insurance. For example, if you have health insurance of two lakh rupees and your policy gives a no claim bonus of 10% in case of non-claim, next year, on the payment of the same premium, your insurance cover increases to two lakh twenty thousand.
- Tax Benefits of Medical Insurance
After purchasing a health insurance policy, not only will you get peace of mind but you will also get the benefit of tax exemption under Section 80D of the Income Tax Act 1961. Know which 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 health cover is a cashless treatment in your health insurance or not. Cashless means that you just go to the hospital and show your policy card and the hospital can start 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, do not wait for the disease to occur. Not all health insurance policies are the same, so know the details before taking the policy. Do not believe the agent’s instructions, read the terms of the policy yourself. Take your health insurance at a young age. Health insurance may not be available after the age of 45 as many companies do not offer health insurance after this age.
How much cover of Health Insurance is needed?
While determining how much insurance to take, keep in mind the increase in treatment expenses according to inflation for the next fifteen years. Know if there is a cashless facility in your plan. Also, see that there are hospitals in the plan network which are close to your house. Also, understand in Health Insurance that most of the policies place a limit on the cost of room rent in the hospital, so keep in mind that there is a limit on room rent in your policy.
Some ailments are not covered in Health Insurance
Treatment of teeth, cataract or any other chronic disease may not be included in the cover of your policy. Know which diseases your policy does not cover beforehand. Many plans do not cover many diseases in the first few periods of the introduction of a Health Insurance plan, but after that period, these diseases are also covered. The period during which some diseases are not covered is called the waiting period.
As age increases, the premium of your health insurance also increases because the likelihood of getting sick at a higher age also increases.