Health Insurance is a type of insurance that covers the medical expenses of an individual in a medical emergency. It provides benefits like hospital expenses, daycare facilities, and many more. Apart from this, it also covers all kinds of injuries and illnesses.
What is Health Insurance Policy?
A health insurance policy is a legal contract between the insurance company and the individual in which the insurer provides financial coverage for medical expenses.
Apart from this, Health Insurance plans also have tax benefits under section 80D of the Income Tax Act, 1961.
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Why Do You Need Health Insurance?
Health insurance will help you when you need any medical help at any time.
In case, when you get sick or injured, the health insurance policy provides expenses incurred and extra benefits as well.
Types of Health Insurance Plans in India
- Individual Health Insurance
- Senior Citizen
- Critical Illness Insurance Plans
- Maternity Health
- Personal Accident Insurance Cover
- Group Health Insurance
Benefits of Health Insurance Plans in India
- Cashless Medical Treatment
- Coverage of Pre & Post Hospitalization Expenses
- Ambulance Fee & Room Rent
- Medical Checkup Facility
- Tax Benefits of Health Insurance
- Pre-existing Disease Cover
- Preventive Health Care
Health Insurance Inclusion
Following are some common health insurance plans inclusions:
- Hospitalization expenses of the insured individual
- Donor expenses, in case of organ transplantation
- During injuries requiring overnight hospitalization
- Pre-existing illnesses or diseases
- Pre and post hospitalization
- Ambulance charges
- Health check-ups
- Daycare procedures
How to Compare Health Insurance Plans?
In our country’s health insurance market, there are multifarious insurance companies. So it’s hard to choose the best one.
Tips to make an informed decision:
- Select the Appropriate Sum Assured
Healthcare inflation in the country is increasing annually. To cover this inflation, you have to look for the maximum sum assured at the best possible rate of premium.
- Provide Complete & Correct Details
Give accurate information about your health to the insurance company because any wrong information can cause rejection for your claim.
- Health Insurance Premium Factors
There are some factors that influence the premium amount for health insurance plans like family health history, smoking habits, lifestyle, etc.
- Research about Health Insurance Company
Do research about the insurance company you are planning to buy the medical insurance plan from.
Health Insurance Eligibility Criteria
Buying a medical insurance policy ensures that your health is secured and all the medical expenses are covered across many hospitals in India. One can choose the best health insurance policy on the following two bases:
- Family Floater
The following criteria must be fulfilled without failure:
- Age for Adults: 18 to 65 years (above 70, based on the plan and insurer)
- Age for Children: 3 months to 18 years
Documents Required for Health Insurance Claim Reimbursement
- Claim form duly filled and signed
- Prescription of a doctor advising the admission
- Discharge card issued by the hospital
- Final hospital original bill and payment receipts
- Medical investigation reports
- Medicine bills with prescriptions
- Invoice for implants if used in the surgery
- Other bills or documents related to the treatment
- Legal Certificate / FIR in case of road traffic accidents
- need canceled Cheque of the insured bank account
Some Myths about Health Insurance
These are some popular myths that most people believe about medical policies:
- I am fit and Healthy, and Don’t Need any Medical Insurance
There are many circumstances like seasonal illnesses, viruses, dengue, malaria that can hit at any time. Nowadays, hospitalization expenses are not easy to pay off.
- Health Insurance Covers all my Medical Expenses
As per the IRDAI regulations, all the health insurance plans come with a set of exclusions. So you need to check all the policy details and the coverage that is mentioned in the plan.
- Declaration of Pre-existing Diseases
you must mention pre-existing diseases before buying a health insurance policy. As the wrong information can lead to rejection of the claim.
- Smokers won’t be able to buy a Health Insurance Plan
Alcohol consumers and smokers need to undergo a stringent pre-medical examination procedure and pay a higher premium to get health insurance coverage.
- My health is covered under a corporate Health Insurance Plan!
Most people rely on the corporate health insurance plan that is provided by their employer. But they don’t offer coverage to your family members, the sum assured will not be sufficient.
Buy Top Health Insurance Policy Online
Buying health insurance can be only easy if you approach the right company. Investmarket.in can be the best platform for choosing the right insurance policy.
Invest Market can provide health insurance plans according to your need and budget with high sum assured.
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