About Health Insurance
The health insurance policy is also popularly known as Mediclaim Policy covers cost of medical treatments.
It involves expenditure incurred on unforeseen diseases, accidents, Critical Illness, etc and covers services like Hospitalization, Day-care, Domiciliary treatment, operation charges, Ambulance charges, etc.
Type of Health Insurance Policies
Individual Plan
In this plan, an individual is covered. This plan is suited for unmarried individuals.
Family Floater Plan
In this plan, the entire family is covered. The family consists of husband, wife, and two children. Total sum assured will be available to the family collectively or individually.
Family Floater with parents
In this plan, the parents of either of the spouse are also covered along with the family.
Health Insurance Benefits
It protects the medical expenses towards Hospitalization, Day-care, Domiciliary treatments, Surgical treatments, etc.
Insurance Companies provide cashless treatments through their network hospitals. The claim is settled between hospital and insurance companies. Hospitals take pre-authorization of expenses from the insurance companies. Policyholders need not worry about the expenditure aspect.
Premium paid towards the health policy is eligible for tax deductions under Section 80D of the Income Tax Act. In the case of an individual and his family premium up to Rs 25000 is allowed. Whereas in the case of Senior Citizen an amount up to Rs 50000 is allowed as deduction. A deduction of Rs 5000 is also allowed towards preventive health check-up.
Buying Decision Basics
What to consider while selecting a Health Insurance Policy/Plan.
Minimum waiting period for pre-existing illness to be checked. It is also different in different companies. Normally it is 24-36 months.
Sub-limits of various expenses concerning Room Rent, Major or Minor operation charges, the cap on certain diseases like Hernia, Cataracts, etc. Sub-limits for all these expenses also different for each company.
Claim settlement ratio is to be verified. A higher claim settlement ratio indicates the intention of the company to settle the claims.
Premium on the policy also differs from company to company. It is advisable to check the premium charged by the other insurance companies. This can be done by visiting their respective websites.
Frequently Asked Questions
Does my health insurance company provide coverage while travelling abroad?
No, generally your health insurance policy does not extend the coverage to international trips and is limited to geographical area of India, unless you have specifically bought an international health cover policy.
Can i transfer my policy from one insurere to another without loosing renewal benefits?
Yes. You can transfer your health policy from one insurance company to another and from one plan to another, without losing the renewal benefits for pre-existing illness. However, this benefit will be limited to the Sum Assured (including bonus) under previous policy.
What is the difference between normal health insurance and Critical illness insurance?
In a critical illness policy, you are covered for certain mentioned critical illnesses only. If you have normal health insurance, you will get cover for normal disease as well as critical illness.
Can i get claim for opthalmic or dental treatment under my health insurance?
No, all health insurance policies do not cover dental insurance as standard coverage. If your plan has an inbuilt feature then you can get the coverage. Some policies offer the same as add on features.