Health insurance has become an essential component of financial planning in the modern world. With the rising healthcare costs, it is important to secure ourselves and our family against unexpected medical emergencies. In India, health insurance has gained significant importance over the years, with more people becoming aware of the benefits of having a health insurance policy. In this article, we will discuss various features, benefits, dos and don’ts of health insurance in India. Features of Health Insurance: Health insurance policies in India offer several features that help in providing comprehensive coverage against medical expenses. Some of the common features are as follows:
In-patient hospitalization: Health insurance policies cover expenses incurred during hospitalization, including room charges, nursing charges, and medical expenses.
Pre and post-hospitalization expenses: Policies also cover expenses incurred before and after hospitalization, such as diagnostic tests, consultations, and follow-up appointments.
Daycare procedures: Health insurance policies cover the expenses of procedures that do not require hospitalization for 24 hours or more.
Ambulance charges: Health insurance policies cover ambulance charges for transporting patients to the hospital in case of an emergency.
Cashless hospitalization: Health insurance policies provide cashless hospitalization facilities where the insured person can get medical treatment without paying any cash upfront.
Benefits of Health Insurance: Health insurance policies provide several benefits that can help us in times of medical emergencies. Some of the benefits are as follows:
Financial security: Health insurance provides financial security to the insured person and their family during medical emergencies. It covers the expenses of hospitalization, medical treatment, and other related costs.
Tax benefits: Health insurance policies offer tax benefits under Section 80D of the Income Tax Act. An individual can claim a deduction of up to Rs. 25,000 for health insurance premium paid for themselves, their spouse, and dependent children. An additional deduction of up to Rs. 25,000 can be claimed for the premium paid for parents.
No-claim bonus: Health insurance policies offer a no-claim bonus to the insured person if they do not make any claims during the policy period. The bonus can range from 5% to 50% of the sum insured.
Health check-ups: Some health insurance policies provide free health check-ups to the insured person after a certain period.
Dos and Don’ts of Health Insurance: While buying a health insurance policy, one needs to keep certain things in mind. Some of the dos and don’ts of health insurance are as follows: Dos:
Understand the policy terms and conditions before buying.
Disclose all pre-existing medical conditions to the insurer.
Buy a policy that suits your healthcare needs.
Buy a policy with an adequate sum insured.
Renew the policy on time.
Don’ts:
Conceal pre-existing medical conditions while buying the policy.
Buy a policy with a low sum insured.
Wait for the last minute to renew the policy.
Assume that all policies are the same.
Ignore the fine print of the policy.
In conclusion, health insurance has become an essential component of financial planning today so get yourself and your family insured and don’t forget to compare policy features and benefits.