Health Insurance

• Health insurances are types of insurance policy that covers the expenses incurred due to medical care.
• Health insurance plans either pay or reimburse the amount paid towards the treatment of any illness or injury.
• Health Insurance saves our money in case medical emergency.
• Keeping in mind the rising cost of healthcare and an increasing number of diseases, it is important to have the financial cushion to protect yourself against health contingencies.
• Health insurance policies are of many types such as:
  • Individual Health Insurance
  • Family Floater Health Insurance
  • Critical illness Health Insurance
  • Senior Citizen Health Insurance
  • Group Health Insurance
• Usually, It covers the following expenses:
  • Hospitalization cover protects the insured for in patient hospitalization expenses for a minimum period of 24 hrs.
  • These expenses include room rent (Private Single A/C room), nursing and boarding charges, Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist fees, Cost of Medicines and Drugs.
  • Road Ambulance charges for emergency transportation to hospital as per specified limits.

What are benefits of Health Insurance?

1. Coverage against Medical Expenses:

The main purpose of medical insurance is to receive the best medical care without any strain on your finances. Health insurance plans offer protection against high medical cost.

2. Coverage against critical illness:

Insurance providers nowadays offer critical illness insurance, either as a standalone plan or as a rider. Such an insurance policy provides coverage against life-threatening diseases such as kidney failure, bone marrow transplant, stroke, loss of limbs, among others etc.

3. Tax Benefits:

Health care plans provide tax benefits. Premiums paid towards your health care policy are eligible for tax deductions under Section 80D of the Income Tax Act, 1961.

4. Cashless Claim Benefits:

Many insurance providers offer cashless claim facility. In such an arrangement, you do not have to make any out-of-pocket payments. The hospitalization expenses are settled between your insurer and the hospital.

5. Financial Security Against Rising Medical Costs:

Considering the rising medical expenses in India, it becomes imperative to get a reliable health insurance policy on time.