Everything You Want To Know
Health insurance covers your medical expenditures and limits your out-of-pocket payments up to the Sum insured.
A health insurance policy assures that you may receive cashless care at a network hospital, with most Health Insurance policies covering 30 days and 60 days pre and post hospitalisation, respectively.
Personal Accident (PA) Cover, Critical Illness (CI) Cover, and other benefits can be added to the Base Health Insurance Plan to increase its value. These items are offered for a very low cost and provide advantages that are not included in the Base Health Insurance plan. A PA plan, for example, can aid by covering disability, which is often not covered by a regular health insurance plan. For a PA cover, there is no requirement for a waiting period or medical examinations.
One may also buy in one of the popular senior citizen health insurance policies to provide total protection for their elderly parents or to safeguard their old age, which frequently carries with it a slew of maladies that necessitate costly medical care.
The Benefits of a Health Insurance Policy
Health insurance plans have expanded their services to meet a broader range of needs, such as a family health plan, which provides comprehensive coverage to all members of a family under a single roof.
- Medical Bills: Protection against incurred medical bills, including pre and post hospitalisation.
- Pre-existing Diseases: After a specific waiting period, you will be covered for any pre-existing sickness.
- Claim Reimbursement: Coverage for hospitalisation expenditures incurred as a result of a medical condition.
- Tax Credit: Annual premiums paid for health insurance are tax deductible under Section 80D of the Internal Revenue Code of 1961. The tax exemption is between Rs. 25,000 to Rs. 75,000.
- Tax advantages are subject to changes in tax rules.
- Other Advantages: As an innovative feature, OPD charges are now covered by a few insurer plans and do not require hospitalisation for a minimum of 24 hours in order to be reimbursed. There are also stand-alone OPD plans on the market.