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DO I NEED HEALTH INSURANCE

It’s not easy to leave your loved ones at the emergency ward while you have to hunt around for money to pay those upsettingly expensive bills. With skyrocketing inflation in expenses, hospital bills in India are like throbbing headache that might spiral you into financial distress anytime.

Are you ready to compromise on the quality of healthcare you get just because it leaves you with empty pockets every time there is a hospitalization? By choosing the right plan from health insurance marketplace, you can afford best healthcare facilities while enjoying tax benefits at the same time. Health insurance in India is no more an option but crucial to keep your Financial and Physical wellbeing in good shape.

Every individual has different needs and hence choosing the right health insurance coverage which meets those requirements is what makes it worthwhile. There are various plans for health insurance in India that are readily available in the market to support you and your loved ones during a medical emergency. The best way to find a policy that fulfills all your needs and comes at a price that won’t hurt your budget is by online health insurance comparison or by getting health insurance premium quotes from qualified health insurance brokers. Though you might have bought insurance earlier, you may still have many unanswered health insurance questions every time you head to buy a new one, let’s help you handle it like a pro.

TYPES OF HEALTH INSURANCE

Health Insurance for Parents in India

Senior Citizens Health Insurance or health insurance for parents in India is a savior for those who want to give elders in their family the best medical attention at all times.

As the elderly are vulnerable to aliments associated with age, it is important to stay prepared. If you are not ready for such expenses, you will end up losing your savings over those exorbitant healthcare bills. When compared with these expenses, the cost of health insurance premium is much less and also has tax saving benefits.

Besides being cost effective, they also help do away with uncertain expenses. For these plans, the health insurance premium may be higher than the other plans as they cover a higher risk of worsened health conditions.

While buying health insurance for parents, it is advisable to consider those online health insurance reviews to know the best service providers, plan benefits and the cost of health insurance.

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HEALTH INSURANCE TAX BENEFIT

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With Indian medical inflation soaring up in double-digits, Health Insurance is gaining importance like never before as a tool to smart manage finances.

Another important aspect that cannot be overlooked is its role as a tax managing tool. Health insurance benefits are not just limited to health or medical expenses but is also an opportunity to save through tax deductions under Section 80D of the Income Tax Act 1961.

According to the act, you get to enjoy deduction for payments made for purchasing or renewing a Health Insurance policy on self, spouse, dependent parents or dependent children.

With the recent upsurge in lifestyle ailments, you can even choose to get those preventive health check-ups done and enjoy a benefit as per the terms & conditions of the health insurance plan you have picked.

HEALTH INSURANCE V/S MEDICLAIM

Health Insurance Policy

  • Comprehensive health cover against critical illnesses for up to 30 illnesses in many plans.
  • May reduce sum assured, premium and policy term after a specified period.
  • The upper cap on the sum insured is very impressive and can be up to 60 lakh.

Mediclaim Policy

  • Cover for hospitalization, accident treatment, and pre-specified illnesses for a limited sum assured.
  • Premium amount is based on the sum assured.
  • The upper cap on the sum insured won’t go above 5 lakh in most Mediclaim policies.

Though both the terms are used interchangeably in many instances, the above points will help you recognize the sharp differences between them. The only striking similarity in both the cover types is the tax cut you get to enjoy under section 80D of Income Tax Act 1961.

The premium amount you pay for Mediclaim and Health Insurance for self/spouse/children attracts tax exemption. There are many health insurance companies in India and each one has a wide range of health insurance and mediclaim policies available to suit different needs. Therefore, one must evaluate the available options objectively by health insurance plans comparison or by asking relevant health insurance questions to certified insurance brokers for making an informed decision.

HEALTH INSURANCE PLANS COMPARISON

Getting good health insurance coverage can be challenging mainly because you can be spoilt with too many options out there. The best way to make an informed buying decision will be through online health insurance comparison where you may also get to read reviews from real people and their experience. Health insurance is also a tool to save your hard earned money as there are several health insurance benefits you can bank on for maintaining your financial wellbeing.

HEALTH INSURANCE REQUIREMENTS

The first step in buying the right insurance policy is identifying your requirements and prioritizing them. This quick checklist will ease out your buying process.

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Determine who all you want to have covered

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Know about the health status of every individual

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Choose between an individual cover and a family cover plan

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Fix on the sum insured considering your lifestyle

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Check for co-pays, hospital networks and other limitations

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Go through the policy wordings thoroughly before concluding the sale

HEALTH INSURANCE RENEWAL

Though you are not obliged to renew your health insurance policy, your insurer may send you notifications before the plan expire.

Prepared to renew the policy? Take care of these points to make the process beneficial and smooth.

HEALTH INSURANCE TIPS

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  • Inform your health insurance provider about any change in the health condition of the insured (you or your family members).
  • Make timely arrangements to pay the health insurance premium to the insurance company to keep the health insurance policy active.
  • Take advantage of renewing health insurance policy online as you get to save a lot of time and enjoy flexible payment options.
  • Renewal of health insurance policy 15 days before the expiry date is a safe bet even though you can make renewals during the 15 days grace period.
  • You can always ask for discounts or add new features to your existing cover while renewing your policy to make it more suitable and specific to your unique need.
  • Remember that you will end up losing your waiting period benefits and no claim bonus on the subsequent policy, if you let your policy expire.
  • Every health insurance policy comes with portability option. You are free to switch over to a new service provider without losing the policy continuation benefits if you renew your policy in time.
  • It is important to duly fill up the health insurance claim form with correct required information to avoid rejection.
  • You can always demand an explanation from the insurer if you are denied a policy renewal.

HEALTH INSURANCE CLAIM PROCESS

When you try making a claim, remember that it has a process attached to it. You will have to submit certain documents while claiming the cover. Making a claim can either be on a cashless basis or as a reimbursement claim. Here is how the health insurance claim process works:

For availing a cashless claim, you will be required to get treated only at hospitals in the pre-determined network of the Third Party Administrator (TPA). Just find the closest hospital from the network and submit your health ID card during admission. Before enjoying a cashless claim, you will be required to seek the authorization for getting treated on a cashless basis. Therefore, you will have to fill up the cashless request form and submit it. The incurred bill amount will be directly settled by the insurance provider and in case of claim rejection, you will receive a letter along with the reason(s) behind the rejection.

To make a claim on reimbursement basis, you will have to inform the insurance company as per the process laid out by them.

Make sure that you keep the bills and documents like claim form, discharge summary, prescriptions and claim form with attending doctor's prescription ready so that you don’t end up prolonging the claim process due to unavailability of necessary documents.

HEALTH INSURANCE COVERAGE

The exclusions depend upon the plan you opt for. Though the list can get quite exhaustive, here are a few things that most basic health insurance plans do not cover:

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  • Dental treatment unless it is related to accidental injury
  • Standard eye and ear examinations
  • Injury due to self-infliction or suicidal attempt
  • Cosmetic surgery
  • Preventive care and vaccination
  • Conditions related to sexually transmitted diseases
  • Hospitalizations for diagnosis that do not lead to a surgical treatment
  • Treatments received outside India

Looking for more? Read our blog for some of the best health insurance tips right from the desk of industry experts.

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Governments, both at the Centre and States have promulgated a number of schemes to increase insurance penetration, aiming to bring a larger portion of the population under its ambit.

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