One of the most essential things the deadly coronavirus has
taught us is the value of comprehensive health insurance coverage. While health
insurance in India still has a long way to go, it is encouraging to see that
people are realising how important medical insurance can be in our lives. With
an increasing number of people interested in medical insurance, numerous health
insurance companies now provide a variety of plans.
This sometimes makes it difficult for the consumer to
determine what to purchase. There are still many misunderstandings about what
health insurance does and does not cover. Health Insurance, regulated by the
Insurance Regulatory and Development Authority of India (IRDAI), give a wide
range of benefits under the IRDAI's guidance. To make an informed decision
regarding the best possible health insurance plan, you need to understand every
aspect of your insurance coverage. While understanding the fundamentals of
health insurance coverage may appear to be straightforward, there is a lot to learn
between the lines. Let's take a look at what you might not know about health
insurance coverage.
1. Your health plan includes insurance coverage for healthcare emergencies:
One of the key benefits of a health insurance plan
is that it covers a variety of healthcare facilities. It may include both
regular hospital check-ups and major procedures. The policy terms specify the
details of the benefits of health insurance at
the time of purchase. One of the inviting features of health insurance is the
cashless treatment option. In the event of an emergency hospitalization, you
may not have the funds available to cover the costs immediately. The benefits
of health insurance ensure that you receive excellent medical care without
fear, as the hospital can settle the bills directly with the insurer.
2. Provides International Coverage:
This may surprise you, but many insurance companies provide
foreign health coverage to their consumers. Under such plans, the insurance
company pays for the insured's medical care costs. Make sure to read the
policy's terms and conditions ahead of time to learn about the worldwide
coverage that is included.
3. Alternative Therapies:
Many people choose alternative treatments such as AYUSH,
which stands for Ayurveda, Yoga, Unani, Siddha, and Homoeopathy. With this in
mind, most insurance companies pay the costs of such treatments at recognized
healthcare facilities.
4. Complimentary check-ups:
Most health insurance companies offer free annual medical
check-ups for their customers. However, this is also determined by the type of
plan you choose and the number of claim-free years you have. Be mindful of this
before purchasing your medical insurance policy.
5. Tax Benefits:
You must be aware that health insurance premiums paid for
yourself, your spouse, and your children are exempt from tax deductions under
Section 80D of the Income Tax Act, up to INR 25,000; however, that is not all.
You can also claim tax benefits on the premiums you pay for your parent's
health insurance. Depending on your parents' age, you can receive benefits of health insurance ranging from INR 25,000 to INR 50,000.
6. No Claim Bonus:
If you're lucky, there may be years when you don't file a
medical insurance claim. For these years, it is possible that your health
insurer will provide you with benefits such as savings on your next policy
payment or an increase in your sum assured.
7. Maternity and Child Cover:
While you may need to purchase maternity coverage
individually, many policies cover a newborn infant from day one for a set
number of days. The newborn's medical expenses are fully covered.
8. Advanced Treatment:
People are being treated more effectively through enhanced
robotic procedures as a result of medical innovation. The good news is that
many health insurance companies cover such medical procedures under the IRDAI's
criteria.
9. Affordable Premiums for Young People:
A common fallacy is that if you are active and healthy, you
don't need health insurance. As we become older, illnesses become more common.
If you don't have a strategy in place, it could drain your money. As a result,
it is not wise to wait until a medical emergency to get a health plan. You may
not be able to fully benefit from health insurance, and it may be more
expensive. On the other hand, health insurance benefits might be really
beneficial if you plan ahead of time. This allows you to spread the premium
amount over time, reducing the financial impact.
10. Restore Facility:
Some health insurance plans have the advantage of Restoring
the Sum Insured. If you have exhausted your sum insured after treatment, the
firm can reinstate your policy's complete amount once a year. However, it is
important that you validate this benefit with your insurance provider. However,
if you believe that your health insurance coverage is insufficient, you can
always upgrade to a Super Top-Up Health Insurance Plan. Super Top Up Plans
provide coverage in addition to your basic coverage, making them less expensive
than other ordinary plans.
So we are saying,
In today's India, health insurance is a basic necessity.
However, it is strongly advised that you conduct your own research and spend
your time learning all of the specifics of a plan before investing your money.
Comparing several policies will help you select the finest health insurance
policy.
