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Health Insurance

Health insurance is a medical coverage that protects the policyholder and his/her family against the medical costs that arise due to an accident, illness, or the diagnosis of any serious disease. Due to the high cost of hospitalization expenses it is important to have a health insurance plan in place. several companies offer health insurance plans to their customer that provide various benefits such as cashless treatment  leaving you free of financial woes, tax benefits, etc. However, it depends on the type of the health insurance on how the payment procedure is going to take place. That is, does the individual first has to pay it all by himself and later claim it from the health insurance service provider or the health insurance service provider directly makes the payment. Just like any other insurance like house insurance or the car insurance, the health insurance works the same way, it covers a portion of your medical bills. On the other hand, the payments are basically dependent on the discounts and the negotiations conducted with the hospitals and medical service providers.

There are different types of Medical Health insurance offered by the insurance provider and can be attained for you and your family members via government (public health insurance), an employer or through a private insurer like several financial institutions.

Why Health Insurance?

One can fall sick anytime and one can witness unforeseen medical emergencies anytime in his/her lifecycle. Thus, a health insurance provides risk coverage against the medical expenses caused by the medical emergencies. In the present scenario, where the medical rates are skyrocketing, if an individual fails to hold a decent health insurance cover, then his/her personal finances will feel the pressure. This can ultimately lead to poor health care due to non-affordability of the medical services and can simultaneously put the individual in financial distress. On the other hand, the common mistakes people commit while buying the health insurance is that they don’t act at the right time, that is; when they find it necessary, they buy it. Also, when it is too late, they try to compensate it with buying too much insurance.

Health insurance, just like any other financial product comes handy when starts early. That is, buy it when you don’t need it because you may never know when medical emergencies are going to happen. Nowadays, most of the salaried professionals to counter their health contingencies are provided with health insurance coverage by their organizations. Here are some points that signify the importance of health insurance.

1. Almost every financial institution provides with basic health insurance cover which offers a decent amount of coverage for minor ailments. But, the health insurance cover can sometimes prove to be inadequate in certain situations and thus, it is very necessary to invest in some health insurance coverage as early as possible.

2. The health insurance coverage provided by the organizations is only valid until the individual is a part of the organization. In these cases, the health insurance comes to an end the moment the individual leaves the organization. It can be valid for reasons like retirement, job change or job loss.

3. There are numerous benefits of buying health insurance early as one can avail it in a cost-effective manner. On the other hand, when young, you are free from any of the medical complications, and the health insurance policies offer low premium compared to policies bought at an older age. When the insurance cover gets older with time, it also increases in its value. Thus, one can easily tackle any medical emergency with their health insurance coverage.

4. One of the biggest benefits of buying a health insurance is that the individual becomes eligible for tax deduction. That is, one can save up to Rs.15000/- on tax with the help of health insurance coverage.

Medical Insurance Benefits

Most of us think that the health insurance policies are only for reducing the stress related to medical expenses. But, we don’t know the full picture; there is more to health insurance policies and due to lack of knowledge, we become limited to only using health insurance policies for medical expenses only. There are numerous untouched areas of health insurance which due to lack of knowledge, we are unable to explore. One has to remember that the health insurance doesn’t only depend on its main feature but, much more. You just have to know how to use them. Herein are some of the hidden benefits of health insurance policies.

Recuperation Benefits:

The recuperation or recovery benefits that come with the health insurance policy will make sure to cover the insurer’s recovery expenses. The insurance holder can enjoy the benefits of surcharge wavier on hospital costs. On the other hand, the individual’s insurance service provider will pay a lump sum in case if the individual is hospitalized for a longer duration.

Alternative Treatment:

The health insurance is not only limited to covering hospital charges but, alternate treatment procedures like homeopathy, Ayurveda or even yoga. Some of the health insurance service providers can cover up to Rs.25000/- for alternate treatment. However, the alternate treatment benefit can only be enjoyed by those whose medical treatment is taking place in government hospitals or the organization recognized by National Accreditation Board of Health and Quality Council of India.

Expenses related to organ donor:

Organ transplants are a costly affair and a kidney transplant can itself cost around Rs.3 lakhs to Rs.5 lakhs. Having a health insurance plan will make sure that you don’t have to feel burdened before undergoing a kidney transplant surgery. In some of the cases, the health insurance service provider covers the organ transplant surgeries as a part of their normal health insurance cover; on the other hand, some of the insurance service provider covers the entire cost of the surgery.

Domiciliary treatment:

For the instance when the medical treatments are taken at home, the individual can also avail the benefits of his/her health insurance, but, the health insurance cover will only be valid for covering his/her medical expenses at home for a particular number of days only.

Attendant allowance:

The attendant allowance is another benefit that the health insurance holder can enjoy. Attendance allowance is the phenomenon where an adult will be accompanying the insurer at the hospital. However, the number of days for which the attendance allowance will be paid is fixed. That is, it can go up o the maximum of 10 days.

Daily hospital cash allowance:

The health insurance coverage not only covers the medical bills but also covers for the additional hospital charges like traveling and food.

Free health checkup:

The health insurance policyholder can enjoy free periodic health checkup benefits, that is; at least 4-5 hospital visits for health checkups would be free of cost. On the other hand, one can also benefit with cashless health checkups in cases where the checkups are performed at impanelled facilities.

Dental treatment:

With sub-limits, most of the health insurance providers cover the dental treatment expenses as well, but once in a few year only.

Weight Loss surgeries:

Bariatric surgeries or weight loss surgeries are covered by the health insurance policies.   

Points to Remember While Buying Health Insurance

  1. The Age Criteria
  2. The Right Combination of Premium and Coverage
  3. The Waiting Period Clause
  4. Cashless Hospitalization Benefits
  5. Pre and Post Hospitalization Coverage
  6. Coverage of Maternity Expenses
  7. No-Claim-Bonus/No-Claim-Discount
  8. Preventive Health Check-up Facility
  9. Co-Payment Clause
  10. Claim process

Know More About

Health Insurance

You're eligible for a Health Insurance if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Health Insurance is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account