What is Health Insurance

Health insurance is a vital safety cushion for one's hard-earned savings in today's age of mounting healthcare costs. With the availability of a range of health insurance plans created to meet diverse healthcare requirements, you must take the crucial decision of choosing the best medical insurance policy for the well-being of your family. The best health insurance plan is the one designed to meet the specific healthcare needs of you and your family, and offers a wide-ranging yet affordable coverage and health benefits for a financially secure future.

Health Insurance is a health care coverage product that is steadily gaining importance in India due to rising medical inflation every year. Under a health insurance policy, the medical expenses of an individual or a group of individuals are covered by an insurance company or the 'insurer'. For availing the benefits of insurance, the individual(s), also called the 'insured' is required to pay a specific sum or 'premium' to the insurer.
Health insurance plans offer comprehensive health coverage. That is, it covers a range of medical expenses incurred by the insured. The expenses are not just limited to hospitalization costs incurred as a result of injury, illness or any chronic ailment.
Based on the health insurance plan, the insurer may either reimburse the incurred costs or settle the medical bills directly with the healthcare provider. Health insurance makes it easy for people to avail cashless quality medical treatment in a network hospital.

The top 6 best health insurance plans are:

• Health Insurance for Family.
• Health Insurance for Senior Citizens.
• Maternity Health Insurance.
• Diabetes Health Insurance.
• Heart Insurance.
• Health Insurance Top Up.

Purchasing the best health insurance plan becomes easy with the online facility that allows buyers to browse through a number of available health insurance policies and choose the one that rightly fulfills their unique healthcare requirements. Buying a health insurance policy online is a highly convenient option for you owing to paperless processing, availability of complete policy details and hassle-free procedures for filing claims.

Health insurance plan for family provides complete health cover for a range of healthcare expenses incurred by the family members. Some key benefits of a family health insurance plan are:

• The premium is affordable compared to individual plans.
• The sum insured amount is usually high for family floater policies.
• It includes maternity coverage with the option of adding new members under the plan.
• Guarantees tax deductions on the premium paid under section 80D of the Income Tax Act.

• Covers a range of medical expenses like hospitalization, pre and post hospitalization, domiciliary hospitalization, daycare treatments, ambulance cover, etc.
• Cover for pre-existing illnesses subject to a minimum waiting period.
• Higher sum insured amount keeping rising medical costs in view.
• Cover for alternative treatment and free health check-ups.

If you are in the phase of life of embracing motherhood, then maternity health insurance plan is a must for you to help you get quality maternity care without worrying about the financial impact.

• Comprehensive maternity covering hospitalization, pre and postnatal care, doctor fees, lab tests, and medication.
• Medical cover for new-born babies including screening tests, physical examinations and vaccinations.
• Tax benefits on the premium paid for the policy.
• Cashless and hassle-free claim at any of the network hospitals.

• A range of sum insured options offering coverage for hospitalization expenses.
• Cover for pre and post hospitalization expenses, domiciliary hospitalization and dialysis cover.
• The initial waiting period of minimum 30 days from any illness and lifelong renewability.
• Facility to avail annual health check-up.

Top-up plans offer a host of benefits for the insured. Given the growing medical inflation, many people cannot afford to have an additional financial burden by spending a huge amount on premiums for medical insurance policies. This is when top-up health insurance plans offer numerous benefits:

• Flexible options when it comes to choosing deductible and sum insured max up to 55 lakhs.
• No pre-policy medical check-up and direct insurance claim settlement.
• Option to avail medical treatment anywhere in the world.
• Hassle-free cashless treatment facility at a network hospital.

Events and ailments cannot be predicted. They can happen to anyone, any time. With modern lifestyle moving towards rising workload, irregular food habits and variable sleep patterns, your body deserves a significant amount of attention to be working in a balanced manner.

As a health insurance policy buyer, you must check for the policy exclusions specified by the insurer in order to understand the scenarios where making a claim will not be possible. Knowing about these exclusions will enable you to plan your finances in times of emergencies. Some exclusions are mentioned below:

• Any reports of drug or substance overuse or rehab facilities.
• Ongoing treatments before the commencement of policies.
• Diagnosis and treatment of congenital diseases.
• Injuries faced due to an attempt to murder or self-inflicted wounds.
• Abortion or miscarriage.
• Any other unnatural cause of physical injury.

As a policyholder, if you have not made any claim on the health insurance plan, then you are eligible for some financial benefits from your insurer. The benefit is termed as a 'No Claim Bonus'. One feature is an increase in the sum assured every year, by a certain defined percentage. However, there is usually a maximum limit to the increase, say 50% of the original sum insured. Also, there is also a no claim bonus in the form of premium discounts at the time of insurance renewal. In this case, the sum insured remains unchanged while the insured person gets a lower premium on his or her medical insurance policy.

You are eligible to get income tax benefits on health insurance premium paid towards your policy subject to certain limitations. Consult a tax consultant or auditor to clearly determine the actual eligibility and deduction amount. Under section 80D of the Income Tax Act, you can claim deductions when filing tax returns. Mentioned below are some ways you can qualify to save tax and the limits under this ruling.

• Claiming a tax deduction up to INR 25,000 if you are below 60 years of age and up to INR 50,000 if you are above 60 years of age.
• Claiming a tax deduction up to INR 5,000 per year spent towards annual preventive health check-ups.
• Avail additional deduction up to INR 50,000 if you have paid a premium for a health insurance policy for either of your parents.
• Health insurance premium paid only by way of banking channels is considered for a deduction. You are not eligible for getting tax deductions for making cash payments for the premiums.
• Premium payments are considered for a financial year, and if you have a family floater health insurance policy, the premium paid towards health insurance for you, your spouse, dependent children are allowed.

Plan Details :

CARE :  Health Insurance for Family 

CARE Freedom :  Health Insurance for Diabetes & Hypertension 

CARE Senior :  Health Insurance for Senior Citizen 

CARE Heart :  Health Insurance that Covers Pre-existing heart ailments 

Enhance :  Super Top-up Insurance 

JOY :  Maternity & new born cover

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