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Health Insurance and Tax Saving
Health is wealth. If you are healthy today, it doesn’t mean that you would stay healthy for your whole life. You may to incur some heavy medical expenditure at some point of time in your life which may disturb your whole financial situation when you have to pay in Lakhs to your doctors and hospitals. In such a case, there arises need of an insurance called health insurance policy, popularly known as medical insurance in India.
What is Health Insurance?
Health insurance is an insurance policy which provides a cover for an insured against any medical emergency. It covers for medical and surgical expenses incurred at the time of hospitalization. Health insurance is also known as medical insurance or mediclaim policy. Just like any other policy, a policy holder pays a specific premium and in return insurer reimburses for medical expenses either to the insured or to the care provider directly
Importance of Health Insurance
We all are aware of benefits offered by an insurance policy but when it comes to best mediclaim policy for family in India, many of us prefer to choose other policies over this one. But question to be asked is should we disregard health policies when medical expenses are on rise? Even a small treatment or check up causes a lot of expenditure. Health insurance provides us a safety shield against ay disease or illness as it reduces the financial burden which may be caused due to medical emergencies. A sudden accident or any other unforeseen circumstance can be easily tackled with the help of a health insurance as it provides timely medical care without much delay.
Example:-Mr. Arun was offered a health policy in the year 2007 for a sum assured of 5lakhs with a premium of only Rs.5300 but Mr. Arun refused to take up this policy. He thought he has already taken a term plan and also saving adequately so medical expenses can be easily borne by him. In the year 2012 he met with a serious accident and the total hospital expenditure was 3 lakhs including medicines, hospital stay, doctor`s fees and regular visits to hospital even after getting discharged.
Had he taken a health cover at that time for premium of Rs.5300, the money spend from the pocket would have been only Rs.31800 in terms of premium payment as the rest amount could have been reimbursed by the insurance company.
Benefits of Health Insurance
The various advantages or benefits of health insurance policy in India are stated below:
- It provides tax benefits under section 80D of income tax act
- It provides a cover against medical expenses during hospitalisation
- It also provides cover against several disabilities
- Health insurance also covers for post hospitalisation, which takes care of expenses even after the hospitalisation is over.
Components of Mediclaim Policy in India
1) Hospitalisation cover:-which includes room charges, fees of doctors, tests recommended, expenses on medicines
2) Cashless claims:-the claims should get directly settled between hospital and insurance company
3) Critical Illness cover
4) Floater plans so that complete family can be covered under one policy
5) Pre and Post hospitalisation expenses
6) Daily hospital cash allowance:- Not all but some companies provide this allowance wherein per day some cash outs are given
Factors Affecting Health Insurance Premium
1) Age is the major factor affecting health insurance premium as higher the age more the premiums
2) An insured`s previous medical history also affects premium as a person with no medical background may have an upper edge in terms of premium payment
3) The tenure of the policy also impacts premium
4) Occupation is another factor which affects premium as people involved in more hazardous jobs like mines are demanded more premiums.
Essentials to get a good Health Plan
1) It is advisable to check and compare health plans from various insurance providers before purchasing a plan.
2) While filling the proposal form all the details should be correctly mentioned. It is the duty of the insured to be honest and reveal all the facts to insurer while taking a policy.
3) All the terms and conditions should be carefully read before making any decision.
4) The policy holder should not screen the policy on the basis of availability of nearby hospitals with the selected insurer.
5) While selecting a health plan policy holder should carefully check for all the inclusions in the policy like pre and post hospitalisation covers and other value add services.
Best Health Insurance Companies in India
If we look at some of the better health insurance companies in our country India are:
- Apollo Munich Health Insurance Company Limited
- Max Bupa Health Insurance Company Ltd.
- Religare Health Insurance Company Limited
- Star Health and Allied Insurance Company Limited
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