Before getting health insurance, you must know this – Health insurance
Health insurance is an insurance in which the expenses incurred due to serious illness or any operation cost is borne by the insurance company. These expenses include money for admission to the hospital, such as hospital bed charges, ICU charges, room charges, surgeon fees, medicines expenses, etc.
Health insurance is a good way to help with the expenses incurred due to illness. But often people do not have complete information related to health insurance, due to which they feel cheated.
Some people understand or live under the misconception that health insurance means that any expenses related to the treatment will be borne by the insurance company. But it is absolutely wrong to think so.
The insurance company pays only if the treatment is done according to their conditions. Especially its benefit is available when there are admissions in the hospital. Therefore, the terms of the company should be well understood and there should not be any doubt.
Most of the health insurance companies have agreements with all the major hospitals for cashless policies. You get cashless facility only after getting treatment in such hospital and not in other hospitals. Therefore, it should be found out which hospitals are included in the company’s list where treatment can be done.
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Does health insurance cover every treatment?
No, there are many types of expenses related to the treatment which the insurance company does not pay. There are some diseases for which the insurance company does not pay money. Like the cost of glasses or contact lenses, mental illness, psychiatric problem, insomnia, dental treatment etc.
Apart from this, money is not available for two years for some diseases. Such as kidney stones, cataract, lump in the uterus, hernia etc. Some have a waiting period. All these should be known first so that later there is no doubt. Different companies may have different rules regarding these.
How much money do you get for health insurance
The insurance company pays only up to the amount that you have insured. This amount is called Sum Assured Sum Assured. For example, if you have taken a policy for the sum assured of 2 lakhs then you will not get more than 2 lakhs. The higher the sum assured, the higher the premium you have to pay
How old is health insurance
Health insurance policy is for one year i.e. you pay premium for one year and the liability of the company is for one year only. If you want to run the policy next year, then you have to renew the policy by paying the premium amount.
If you do not claim any money from the company in this one year, then you can get no claim bonus on renewing the policy next year. In which your premium is reduced or the sum assured amount is increased without additional premium. If you find the amount of sum assured to be less, then you can increase the sum assured by taking a top up plan. For that additional amount will have to be paid.
Is there tax exemption for health insurance?
Health insurance tax benefit
Income tax exemption is available for the amount of premium paid by you for health insurance. This exemption is given as per the limit prescribed under section 80D.
What is Individual and Family floater policy
Health insurance companies offer two types of facilities. Individual policy can be taken for a single person in which one person is insured. Apart from this, one policy can also be taken for the whole family (husband wife and children), in which the insurance company bears the cost of treatment of any member of the family. This includes conditions.
There are two types of plans in health insurance –
Mediclaim Plan –
This type of plan covers the expenses incurred on getting admitted to the hospital for your treatment. The payment of the hospital bills to the company is returned to you. Mostly in this type of plan, the insurance company gives money up to a certain limit. Cashless facility is also available.
Critical Illness Plan –
Critical illness is a serious illness that takes a long time and money to treat. If the expenses of the house are running from your earnings and some serious disease is diagnosed, then you have to leave the work and get treatment. This is a double whammy. Critical illness plan comes in handy in this situation.
In this type of plan, instead of hospital expenses, money is given according to the need of the customer, which the person can use according to his own. In this plan, money is available only after the diagnosis of the disease ie diagnosis.
What are the benefits of health insurance
No one wants to get sick but serious illness can happen to anyone at any time. In such a situation, the savings of a lifetime can come on the verge of running out quickly. The amount saved for the education or marriage of children, for buying a house or for old age can be used for medical treatment.
The cost of treatment has increased tremendously and is increasing. Therefore, by arranging it in advance, the difficulties are reduced a bit. The younger you take health insurance, the more benefits you get. Because the amount of Sum Assured keeps on increasing with time. Which is needed later. If you buy health insurance at an older age, you have to pay higher premiums.
What kind of health insurance plan should I take?
The plan should be such that it gives you money according to your need. And some other things that one should watch are as follows –
A plan should be taken that covers maximum number of diseases.
Do not increase the premium of the policy unnecessarily.
Long lasting policy should be taken which will work even in old age.
– Those hospitals should be in the list of the company which is convenient for you.
Read Next – Keep these things in mind while taking health policy
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