What is Health Insurance?
Health Insurance is an insurance policy that ensures you will get cashless treatment or expense reimbursement, in case you fall ill, death, accident, major or minor injuries. A health insurance policy is to ensure medical treatment and surgical expenses arising from an illness or injury, an accident which may be minor or major also that leads to hospitalization to the patient for days or week or even for a month also. The insurance company provides many types of a facility such as cashless hospitalization, treatment, medical care at a network hospital or provides a reimbursement for the incurred expenses of the patient. Furthermore, health insurance cost is subsidized to the insured in the form of tax exemption and which is approved under section 80 (D) of Income Tax Act, 1961.
Individual Plans Hospitalization: Medical expenses are sky-rocketing! Get health insurance policies for your medical. With a cashless facility, stay tension-free and cure yourself faster. While it is approved by IRDAI, PolicyBazaar and many of others and it helps you compare and find the best plan.
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Importance of Health Insurance in India
There is no debating the importance of having insurance in a country like India that ranks very low on human life index. Everyone must buy a good health insurance policy for his or her own self which should include medical outlay, hospitalization costs, medication and laboratory test costs and also including critical illness. Don’t get confused with questions like – Which health policy to buy and how much to buy? Does this consider every eventuality? What illnesses are excluded from this cover? PolicyBazaar is here to resolve all such confusions.
Compare Health Insurance Quotes & Save Big
Just compare health insurance policies from top health insurers on our website and buy the best plan. Let us know your basic requirements and we will find the best-suited health insurance quotes for you which will as reasonable. You can, then, compare health insurance policies side by side, based on parameters like health insurance cost, riders, protect, coverage etc., and choose the best health insurance plans for yourself accordingly and/or your family members.
The treatment cost is getting more expensive by the day. Health insurance policy prevents a medical emergency from turning into a financial emergency. It makes sure that one’s health care needs are taken care of without depleting others savings and compromising on one’s future goals. The contract of medical insurance requires the provider to pay some or all of one’s health care costs in exchange for a periodic reimbursement. Additional advantages of health insurance policies include regular health check-ups, cashless services, pre and post hospitalization expense reimbursement, coverage of medical test, medicines facilities etc.
Health insurance policies allow you to save thousands on taxes under section 80D of Income Tax Act, 1961. The premiums paid towards the policy reduces your annual tax liability, thereby reducing your taxable earnings per year.
Types of Health InsurancePolicies in India
Everyone needs to secure their own and their family’s health. With the increasing cost of healthcare in India, buying a health insurance policy has become almost mandatory for everyone. Medical insurance makes sure not only medical security but also a hassle-free claim resolution. In today’s world of options, people have different choices when it comes to purchasing health insurance. There are various plans readily available in India to include every aspect of a medical emergency. Some popular types of policies are explained below:
- Individual Health Insurance Policy: This health insurance policy provides coverage to an individual against certain illnesses, offering advantages like cashless hospitalization and various add-ons. The entire sum assured is available for only one individual and the premium is determined by the age of the insured. Under this policy, each insured member is entitled to receive the entire amount separately.
- Family Health Plan: With a family health plan, you can include all your family members against multiple diseases under a single cover. This Family Floater Mediclaim Policy offers a fixed sum assured for the family members, which can be availed either by one or all members of his/her family for one or more claims during the tenure of the policy. Family health plans come at a marginally incremental expense.
- Senior Citizen Health Insurance: Senior Citizen health insurance is designed particularly for anyone with age above 60 years, offering protection from health issues during old age. According to IRDAI, every firm must include people up to the age of 65 years.
- Surgery & Critical Illness Insurance Plans: This plan is usually brought as a standalone policy or a rider for the treatment of various critical illnesses, such as kidney failure, paralysis, cancer, heart attack etc. As the medication for such illnesses is expensive, the reimbursement is also very high. A critical illness is a serious, possibly terminal disease, strictly defined by the provider. Most critical illness policies provide a lump-sum benefit if the insured is diagnosed with one or a number of the specified terminal conditions.
- Maternity Health Insurance:Medical insurance companies today cover such additional costs, including both pre and post-natal care, child delivery (normal or cesarean), which sometimes includes vaccination of newborn babies. This insurance covers the newborn baby up to the validity of this policy. It also covers the transportation fee for ferrying the mom-to-be to the nearest network hospital of choice.
- Personal Accident Cover: These personal accident plans are frequently provided as riders to standard health plans. They include hospitalization and bear medical outlay, in the event of an accident. These are issued as fixed benefit policies, where specified sums are paid on the occurrence of unforeseen events, such as accidents. Such events that can result in death or disability of the person. However, the payout is not related to the expenditure.
- Pre-Existing Disease Cover: After a time of 2-4 years, various policies consider pre-existing diseases, e.g. diabetes, hypertension, kidney failure, cancer etc. Pre-existing disease cover includes the illness that the insured had before purchasing the policy.
- Preventive Healthcare: Undoubtedly, healthcare is very expensive and nobody wants to fall ill; anyway. So, now we have preventive health care that takes care of you before you fall sick. This policy considers preventive care, such as regular health check-ups, concession in X-ray fees, consultation fee etc. By offering various health care provisions, this plan aims at keeping you healthy. Preventive care is medical care rendered not for a specific complaint but focuses on prevention and early detection of ailments.
- Unit Linked Health Plan: Unit- Linked Health Plan (ULHP) has been introduced recently, which offers a unique combination of health insurance and investment. Despite giving health protection, ULHPs also contribute to building a corpus that can be used to meet expenditures not covered by health insurance policies. Among the ULHPs available in Indian market, ICICI Pru’s Health Saver, LIC’s Health Protection Plus, Birla Sunlife’s Saral Health and IndiaFirst’s Money Back Health InsurancePlan are worth investing your money in. The limit of the cover depends on age, health, gender or other mentioned variables. By opting for this plan, one can save a certain amount to be used to pay for the treatment of pre-existing illnesses that are not covered by a normal health policy during the waiting period.