The treatment costs of illnesses have been rising, therefore the need to have health insurance cannot be understated. Having a Health Insurance is not mandatory from the government of India but ignoring it could prove costly. There are various mediclaim policies which offer different features and benefits.
Health insurance policies are of two types –
1. Individual Plan
2. Family Floater Plan
In an individual plan only you are covered and the sum assured is available only on your hospitalization, whereas in Family Floater plan other members of the family can be covered. Cover is available on hospitalization of any of the members who are covered under the policy.
You take health insurance plan with a clear intent to protect your capital from getting eroded. Hospitalization expenses can cause a serious dent in your savings which could include the cost of medicines, doctors and nursing fees and prescription costs. There are health insurance companies that offer daily hospitalization cash expenses.
Now let’s look at the Health Insurance benefits
Pre and Post Hospitalization Expenses
While all insurance companies cover hospitalization expenses, still it is suggested that you check if the policy you intend to buy covers pre and post hospitalization expenses. These costs could cost you a lot of money depending on the type of illness and treatment required.
List of diseases Covered
The policy that you have could have feature of enhancement to the current benefits which could be a result of insurance companies subscribed plan, regulatory mandate, or it can also be because the insurance company has decided to extend these benefits as you have not made a claim for long time. Few medical conditions which are covered can be extended, so one needs to be in communication with the health insurance company.
There are instances like getting a promotion or a salary hike, birth of a child where you might feel that the current health insurance cover might not be sufficient and you need to enhance your cover. Getting a new health insurance plan can be a new process. This is where the top-up option comes in handy. It allows to get extra sum assured on top of the existing cover. Unlike a new plan, you don’t have to go for medical screenings for buying a top-up.
Income Tax Benefit
Payments made towards Health Insurance qualifies for deduction under section 80 ( D ) of the Indian Income Tax Act. If you buy health insurance for yourself or your family then you get a tax deduction up to Rs 25, 000 and if also take a policy for your parents who are senior citizens then the tax benefits available increases up to Rs 50, 000.
You can also opt for additional benefits like the cover for ambulance charges, day care procedures, health checkup and vaccination charges. You can also opt for AYUSH treatment.