Health Insurance is an assurance given to the person seeking the policy. It provides indemnity towards a part or the whole of the risks of the insured. These risks are either medical or surgical or even dental expenses incurred by the insured. A health insurance policy can reimburse these expenses incurred due to illness or injury. Reimbursement can be done directly to the hospital or the care providers.
What is the need for Health Insurance plans?
Medical care costs keep on rising every year. It is seen that inflation in medicare has escalated to horrific double figures.
It is a very unnerving task for an individual to arrange for finances at the last moment. Especially for the senior citizens, accepting the fact that most illnesses strike at old age.
Health insurance can help by providing a cover against these health-related or medicare emergency expenses. Some health insurances cover around 30 illnesses and 80 surgical emergencies.
The payment or the disbursement made to the insured irrespective of the actual billing. Such expenditure can also be made directly to the hospital or medical care providers under cashless plans.
Health insurance secures the future of the insured both by way of money as well as health. The insured can also claim a tax rebate through plans with health insurance tax benefits. Thus, Health Insurance policies play a significant role in an individual’s life who is responsible for the financial well-being of the family.
Pandemic effects on Health Insurance plan in India
From the records, it is noticeably clear that during an epidemic, there has been a sharp increase in the demand for an insurance cover, which covers the expenses incurred during an outbreak. The expenses can be towards the treatment of the infected person or any loss of income during the hospitalization. Any unexpected expenses towards a medical emergency, which arises due to the epidemic, literally burns a hole in the pocket of the insured. All the financial planning goes amiss. At such a time, the best health insurance plans in India would be undoubted with an epidemic coverage will be the best choice.
Health Insurance plans in India.
Changing lifestyles have invited complex health issues that are accelerating at a fast pace. Financial planning without good health cover is highly hazardous. In India, we have the right mix of health insurance plans. Let us have a look at some of the best Health Insurance plans in India.
Easy Health Insurance plans – a family plan for critical illness and epidemic diseases
Protect Health – family plan with epidemic disease cover
Complete Family Health Insurance plan- with epidemic disease plus critical illness plan.
Cardiac Health plan
Care for Cancer plan
Features of the Best Health Insurance plans in India
With ever-increasing medical emergencies and expenses, it has become a pre-requisite for any financial planning of an individual. However, a choice from a myriad of policies requires extensive knowledge of their features or benefits. Here are the features which a good health insurance plan should have.
A health insurance plan comes with a waiting period of two to four years. During this period, if the insured acquires any illness as a result of a pre-existing ailment, then the insurance company does not approve any claim. So the insured must lookout for a shorter waiting period along with more pre-illness cover in a good health plan.
There are some expenses which incur before and after hospitalization, known as pre and post-hospitalization expenses. Every policy has a different term of days decided by the insurance companies. Typically it is 30 prior and 60 days post-hospitalization. The insured must, therefore, lookout for a policy that offers more days in both cases. It may so happen that the insured is unable to pay for the medicare expenses due to the unprecedented happening of the event. Here is where the cashless policy comes handy. With a cashless policy, the bills will be directly paid by the insurance company to the medicare provider. The only requirement to be fulfilled in this case is that the treatment has to be with the hospital, which should be a part of the network of hospitals and insurance company tie-up.
Hospitalization expenses should include room rent (ICU), fees towards tests and treatments, and daycare facilities.
The insured must try to look out for a policy that gives a no claim bonus. The bonus is paid for the year in which no claim is made. The bonus is accumulated for five years, and the percentage varies from 10% to 50%.
The insured can claim health insurance tax benefits through Sec 80D of the Income Tax Act. A claim to deduct up to Rs.25,000 per year for the payments of installments for medical insurance premiums can be availed. The requisite, however, is that the premium paid should include the insured, his spouse, and dependant children. The insured must look out for such a plan, which gives him health insurance tax benefits.
1. What is the difference between an individual and a family health insurance plan?
Ans. While an individual health insurance plan covers a single person, a family plan covers all the family members in a single policy. There is also an option to buy a separate policy for each member of the family.
2. How many people can be covered in a family health insurance plan?
Ans. Usually, family health insurance covers six members of the family.
3. Is there a grace period before a policy renewal?
Ans. Yes, a period of 30 days is given as a grace period for policy renewal. However, any medicare expenses incurred during the grace period are not reimbursed.
Show your loved ones how much you care for them by getting them insured for a lifetime.