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A health insurance plan can help you be ready for any eventuality. It acts as protection against the risk of incurring high medical expenses. In times of need, the insurance plan would pay for your medical or surgical expenses.

The amount incurred is either paid directly to the hospital through cashless transactions or reimbursed after a claim. This can provide you with a sense of safety and security since unforeseen medical emergencies can be met without any hassle or stress.

TYPES OF HEALTH INSURANCE PLANS

The health insurance plan you take should fulfil all your needs and ease all your worries. Depending on your demands and preferences, you can choose between the 2 major types of health insurance in India:

 INDIVIDUAL HEALTH INSURANCE

This plan is designed to insure an individual against illnesses and ensuing medical expenses. It covers hospitalization and surgical expenses till the cover limit is reached. This cover limit is the sum assured by your insurer.

 FAMILY FLOATER

If you want to buy health insurance for your whole family, you should opt for a Family Floater plan. Unlike Individual Health Insurance, the Family Floater plan gives you a single insurance cover for your entire family so anybody in your family can claim in case of hospitalization or surgical expenses.

The Family Floater plan turns out to be cheaper than individual policies.

Remember, a health insurance plan helps you lessen the financial risks that arise from unexpected health issues. Choosing the right policy is thus the key to a secure future for you and your family.

HEALTH INSURANCE ADD-ONS

One can add value to the Base Health Insurance Plan by complementing them with additional add-on products such as Personal Accident (PA) Cover, Critical Illness (CI) Cover and Top-Up.

These products are available at a very nominal cost adding benefits which are not part of the Base Health Insurance plan. For Example, A PA plan helps by providing coverage for disability, which is typically not covered under Health Insurance.

An individual need not go through any waiting period and medical check-ups for a Personal Accident cover.

One can also invest on one of the popular SENIOR CITIZEN HEALTH INSURANCE policies and ensure comprehensive security for their elderly parents or secure their old age that often brings along several ailments that require expensive medical treatment.

BENEFITS OF HEALTH INSURANCE

 Health Coverage: Health Insurance plans have enhanced offerings to cover a wide spectrum of requirements, like a family health plan offers complete cover to all members of a family under a single umbrella.

 Medical Bills: Coverage against medicinal expenses incurred, including pre and post hospitalization

 Pre-existing Diseases: Coverage for any pre-existing disease is provided to you after a certain waiting period.

 Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical

TAX REBATE: Annual premium paid for health coverage are subject to tax exemption u/s 80D of ITA, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 60,000.

OTHER BENEFITS: As an innovative feature, OPD expenses are now covered under few Insurer plans and don’t require hospitalization for minimum 24 hrs to claim reimbursement. Stand-alone OPD plans are also available in the market.

The Key Points to remember when purchasing a Health Insurance Plan for yourself/ family:

 Sum Insured by the policy

 Premium to be paid for the coverage

 List of network hospitals and Claim Settlement Ratio

 Sub-limits (if any) and Waiting Period (for PEDs)

 Co-pay

To know what are the Best Health Insurance Plans and add-ons that suit your exact needs, and requirements, Feel free to Contact us.