Health Insurance 142 views April 30, 2020

The popularity of Health Insurance Policies among other insurance products is creditable and growing. This is due to the many health issues faced in today’s time and its awareness. Health Insurance plans were initially developed to provide financial help for unforeseen diagnosis of an ailment and its treatment which then upgraded to the treatment of existing ailments as well.

Health Insurance

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Nowadays the features and the basic structure of health insurance plans have become more user-friendly and have evolved to cater to the various requirements of people from different walks of life. Similarly, the common belief that health insurances only cover for hospitalization expenses is limiting. The following article includes these features and enhanced objective-specific coverages offered by health insurance plans.

What is a Health Insurance Policy?

It is a mutual contract between a policyholder and the insurance company, wherein medical expenses incurred by the health insured is covered by the insurer in the form of sum assured, for a premium payable regularly. This reimbursement provided can either be in cash or can be cashless depending on the facility availed.

The health cover ranges from medical diagnostic tests to surgeries and dental expenses; the benefits obtained are tax-free.

Types of Health Insurance Plan-

Here is a list of some of the types of Health Insurance Policies in the insurance market:

  1. Individual Health Insurance
  2. Family Floater Health Insurance
  3. Critical Illness Health Insurance Policy
  4. Senior Citizen Health Plans
  5. Personal Accident Insurance
  6. Maternity Health Insurance Policy

Features of Health Insurance Plan

Renewability for a Lifetime:

According to IRDAI regulations, for an entry age up to 65 years, health insurances have to be offered by insurance companies.

Sub-Limit:

Sub-limits are an important aspect to look into as they refer to the limiting reimbursement provided under each or some of similar cost-heads to a level defined in prior.

Day-care expenses:

Day-care expenses are those expenses that are incurred within 24 hours and generally include up to 140 minor or such surgeries with some restrictions under most health insurance plans.

Medical Tests:

Medical tests for health plans are not required for those below 45 years unless and until the buyer has a complicated medical history.

Pre-existing Ailments:

After a period of certain months, 48 months for most, all health insurance plans cover pre-existing ailments as well.

Tax Benefits:

Tax exemptions are offered on the premiums paid and the benefits accrued under Section 80D of the Income Tax Act.

Online Purchasing Facility:

Health insurances now can be easily compared and contrasted online with the help of Premium Calculators. Moreover, they can be purchased for a cheaper premium rate online than offline.

Health Insurance Plan Coverage-

Some salient coverage benefits provided by health insurances are as follows:

Cashless Facility:

Under a health insurance policy, the cashless facility can be availed for medical treatments by accessing the insurance company’s networked hospital. Your medical dues will be directly cleared by the insuring company with the hospital.

Pre-hospitalization and Post-hospitalization costs:

A period of 60 days pre and post hospitalization charges are usually covered under a health insurance plan, this makes the policy coverage a lot more beneficial in case the insured individual is hospitalized.

Expenses incurred from Transportation:

Ambulance charges incurred in transporting the policyholder is covered under a basic health plan or can be availed as an add-on to enhance the basic coverage.

Expenses Incurred from Medical Check-ups:

Free health check-ups are part of most health insurance plans. This, however, is a bonus facility provided when no claims have been made during the course of entire policy terms. They are referred to as the No-Claim bonus and are rewarded accordingly.

Room’s rent:

Health Insurances, additionally, also covers for incurred costs on room rent. It ensures that the costs covered are to a great extent, as agreed upon.

Critical Illnesses:

In case of health insurances that cover critical illnesses, the number of illnesses covered is specified and take into account expenses incurred from diagnosis, health check-ups, treatment and surgeries, and post-care charges in case of any of the listed ailment.

Conclusion-

One should ideally choose a plan after comparing them with a few different, preferred insurers before settling. All the listed inclusions and exclusions are to be checked and a plan with minimal restrictions and conditions are to be taken into consideration. Premiums are not the sole criteria therefore be sure of not prioritizing that factor alone.

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