Health Insurance In India

Health insurance in India

Health insurance indeed offers more than financial benefits when life is threatened by serious ailments. It also provides peace of mind. While not all people choose to opt for health insurance, those who do are better able to find the type of treatment they need when a serious condition strikes.

Did you know that there are Comprehensive Insurance Policies available in the market that offer wide coverage for the entire family under a single sum insured option. This plan also includes extraordinary features such as cashless hospitalization benefits with no capping on room rent and treatment costs, coverage for outpatient Dental & Ophthalmic treatments, maternity cover, free health checkup and much more with guaranteed lifetime renewals.

It has an important role in your life, today. It provides support against health emergencies you may face in your lifetime.It is a boon for those who cannot afford to pay a big amount all at once.

Let's now examine the different types of health insurance and how it works. To begin with, the insured (buyer) pays a small amount referred to as premium to the insurer (seller/insurance company). The insurer in turn, promises to take care of the medical expenses of the insured and his dependents. The amount of premium will depend on the type of cover and number of members covered.

Personal/Individual Health Insurance is an insurance policy for health or mediclaim that offers protection to a single individual covered. It is ideal for the unmarried or those who want to take care of their health and related challenges individually.

Family Floater Policies cover up to 4/5 members of the family under the same plan. They charge a slightly higher premium than the personal/individual health insurance policy. The plan ensures flexibility of choosing a sum of cover (let’s say for instance 3 or 5 lakhs) for the entire family. In the event where one member in the family is ill or hospitalized and uses Rs 3 lakhs for his treatment, then the rest 2 lakhs can be availed by others.

You have Regular health insurance as well as Critical illness insurance

Regular Health Insurance will take care of petty health problems that are not critical and of short duration. In short, the insurance serves for affordable insurance plans. The regular health insurance will cover the expenses only on hospitalization of the insured within specific duration. The billed amount is paid through cashless or reimbursement.

Critical Illness Insurance takes care of diseases/illness that needs big money for treatment. The plan will insure you against diseases such as paralytic stroke, cancer, major organ transplant, kidney failure etc. Basically, these are diseases that need long continued treatment. The insured will get the amount in lump sum.

Cashless Scheme is a kind of no cash payment arrangement wherein the insurance company pays directly to the hospital. It is important that you know about the list of network hospitals that offer this service.

The premium money under health insurance will not be refunded or returned towards the end of the period of insurance. This is only possible in the case of life insurances policies.

Benefits of buying a health insurance plan includes tax exemption up to Rs. 15000 every year under section 80 D. The exemption can go up to Rs.20000/- for senior citizens 60 and above.

Health insurance policy covers you for:

• Hospital room expenses
• Boarding expense
• Nursing expenses
• Fees for surgeon, anesthetist, medical practitioner, consultants, and specialist
• Operation theatre charges
• Surgical appliance charges
• Medical and drugs charges
• Chemotherapy
• Radiotherapy
• Similar expenses

Usually health insurance is taken for one year. Some insurers may even allow it for two years consecutively. Premium may vary on a yearly basis based on cost of hospitalization in general and the industry trend.

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