Health Insurance Benefits

Health Insurance Benefits

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Medical Insurance Benefits

How often have you heard of the slogan "Health is wealth"? I am sure every now and then ever since we were at kindergarten. Health should be your top most priority. Unless you have good health you can not enjoy life holistically. Many people are wise enough to select timely health insurance plans that have already saved them many lakhs at the time of crisis. Few others are still contemplating whether to buy health insurance or not. This is because they are not aware of what benefits a health insurance plan can offer and how could they buy a suitable plan for themselves.

Types of Health Insurance Plans

10 Reasons Why Health Insurance Is a Necessity?

1. Customized health insurance plans

There are many kinds of health insurance plan that you can buy. You can buy as per your health requirements and budget. Some of the types of health insurance plan that you may like you consider are tabulated below.

S.No. Types of Health Insurance Plans
1. Individual Plans
2. Family Floater Plans
3. Senior Citizen Plans
4. Critical Illness Plans
5. Disease-specific plans
6. Group Insurance Plans

All plans may have one or other unique feature that can make it more preferred than other as per your need and requirements. Before picking any of the health insurance plan ensure to read features all their features carefully. All these plans have been elaborated below as well.

  • Individual Health Insurance Plan

    Individual health insurance can be availed only by the policyholder. It is granted as per their age and medical conditions. Sum Insured can be taken as per the requirement of the insured.

  • Family Floater Plan

    Individual health insurance can be availed only by the policyholder. It is granted as per their age and medical conditions. Sum Insured can be taken as per the requirement of the insured.

  • Critical Illness Health Insurance Plan

    Critical illnesses are the deadly disease that needs to be protected against any risks. It’s a customized health insurance plan that can help you safeguard against any deadly illness.

  • Senior Citizen Plan

    This plan is specific to the senior citizens that is for the people who are above 60 years of age. It is designed to cover all there ailments.

  • Disease-Specific Health Insurance Plan

    Some people are more prone to certain diseases in some situations. Like recently in Kerala, Nipah virus was spread. People can take a special health plan to cover themselves against this virus.

  • Group Insurance Plan

    Group Insurance plan is more common in the corporates where many people are covered in a single plan.

2. Safeguard you from any sort of financial crisis

The best advantage of health insurance plans is, it can manage all your finances at the time of crisis. Technology and science have reached a level where every disease has a cure if diagnosed on time. However, every solution comes with some efforts. In the context of health, treatment is possible but it's exorbitant at the same time. A layman can't afford the treatment easily. Health Insurance can come to their rescue instantly.

3. Makes you health conscious

Health insurance plan runs many complementary programmes that can make you more aware of the latest health updates. It can assist in keeping us becoming aware about health hazard and can help us stay healthy. We can indeed adopt the fit and fab lifestyle.

4. Can save your life

Timely treatment can save any disease in growing further. Health Insurance plan can facilitate in curing any health issues.

5. Protect your family

There are some health plans that include all the members of the family in a single plan. A single member can enjoy the benefits of the entire sum insured.

6. Best gift to your loved one

There is no better gift than buying a health insurance plan for the people whom we love. This is more applicable to buying a suitable health plan for our siblings or parents.

7. Make your life stress free

All the stress circulates around finance and health. Both can be managed with ease with the help of a good health insurance plan.

 

8. Cashless treatments

The best part of these health insurance plans is they offer cashless treatment with their chain of networked hospitals.

9. Covers all possible health hazards

There are many health insurance plans with add-ons that covers all possible health hazards. Thus they can help us lead a healthy life. Health insurance policies cover almost all kind of ailments from dental treatment to all kind of critical illnesses it can help in facilitating all of them. This has been elaborated in subsequent sections.

10. Free Medical Tests

Health insurance plans introduce new features on a regular basis. Many plans facilitate the insured with free medical tests. This can assist you in becoming aware about your health on a periodical basis.

11. Health Insurance Portability

Do you know you can easily port your existing health insurance to another plan or insurance company as per your convenience? This can be done whenever you feel that another plan is better than your existing.

How can a Health Insurance Plan Help You in Saving Tax?

Last but not the least health insurance plan can help you in saving the tax. As per the income tax act of 1961 and under section 80 D health insurance plans can help in saving tax. As per the terms and conditions of law and health insurance plans, you can save up to Rs. 1,00,000 easily. This can be explained with the help of the example below.

Case Study

Jiya who is 50 years old working women buys health insurance plan for herself. She pays a premium of Rs. 30,000. Jiya also buys health play for medical expenses of her parents. Her father is 77 years old and mother is 73 years old, she pays a premium of about Rs. 70,000 for their health plan. She wanted to know how much tax she can save through these health insurance plans.

As per the applicable act, she can save maximum Rs. 25,000 on her premium and Rs. 50,000 for her parents. So her total tax savings will be (Rs. 25,000+ Rs. 50,000) i.e. Rs. 75,000. Since Jiya is less than 60 years she could save only Rs. 25,000 if she was more than 60 years old she could have saved up to Rs. 50,000.

Also if her parents were below 60 years than she could have saved just Rs. 25,000. So Tax savings is conditional, majorly it depends upon your age and your dependent's age as well.

How Online Premium Calculator Can Help in Health Insurance?

One of the important criteria of any health insurance plan is the amount of premium than we need to pay. It also becomes one of the important factors for selecting a health insurance plan as well. You can easily do an online comparison of various insurance companies. Web aggregators can assist with instant quotes from all the leading players. It can help you in taking a right and informed decision.

To calculate premium online you may need to enter some details as tabulated below.

S.No. Online Health Insurance Premium Calculator
1. Age of the Insured
2. Amount of the Sum Insured
3. Gender of the policyholder
4. Income of the Sum Insured

After entering all these values in any online comparison site you can get the quotes from health insurance companies. This can be best demonstrated with the example of an example.

One of my friend Rahini is planning to invest in a good health insurance plan. She's earning between Rs. 5 -7 lakhs per annum and is 30 years old. She is planning to buy sum insured of Rs. 5,00,000. As soon as she enters her details on policyx.com, that is one of the leading online comparison sites, she will get following quotes from various health insurance companies.

Health Insurance Plans Amount of Premium (Rs.)
Apollo Munich Health Insurance 8431
Bajaj Allianz 8292
Max Health Insurance Plan 7850
Reliance Health Insurance Plan 6950
Kotak Health Insurance 6904
Tata AIG Health Insurance 6526
Star Health Insurance 6431
Aditya Birla Capital Health Insurance 6366
Royal Sundaram Health Insurance 5794
HDFC ERGO Health Insurance 5287

The quotes from so many health insurance companies certainly impacted her decision of buying a specific plan. There may be many other factors that can affect your decision. Premium is one of the important aspects that can influence your decision of buying any health insurance plan. In the case of my friend Rahini, she shortlisted two health insurance companies Star Health and Max as they got the suitable plans for her. She then compared their features and other parameters and decided to buy her health insurance policy from Star health.

It's not necessary same health insurance company may suit you as well. Before choosing a specific health insurance plan you must understand them completely and take the decision accordingly. Their details can be seen from online comparison sites. They have articulated most of the details on their websites and blogs. You can also stay updated by reading about their latest news. Understanding how to calculate premium online can be the first step in moving closer to your decision.

After deciding about any of the insurance company or plan you can easily buy it through online comparison sites. They not only help you calculate premium easily but can also assist in comparing the features and other attributes of the insurance companies.

Common FAQ’s Related To Health Insurance

1. How can I get cashless treatment?

You can always check the network of the hospital from the website of health insurance companies. By selecting any of the hospitals you can easily avail cashless treatment for any illness covered in your health insurance policy.

2. How to apply for claims?

In case you are not able to take cashless treatment for any reason than you can also choose to settle claims through reimbursement. For applying for same you just need to submit original required documents to the insurance company. The claim gets settled within the span of 10 to 15 days usually.

3. How to buy health insurance plan?

Health Insurance plan can be easily brought from any online comparison website. There are many other platforms but online comparison sites are the most preferred. This is due to the ease of comparison and delivery that these sites offer.

4. What to do if your claim is not settled?

If your claim is not settled on time than you can always escalate it to the insurance company and ultimately to the ombudsman. If you have followed all the terms and conditions of policy than the case is settled in your favor only.

5. How to avail additional benefits of health insurance?

To enjoy additional benefits of health insurance plan you must stay updated with all the features of the policy. There are specific criteria for enjoying these benefits. After adhering to the required process you can avail any additional benefits with the policy.

6. How to decide about health insurance companies?

With so many options it becomes difficult to decide about the suitable health insurance company. Some of the factors that can help in choosing the right health insurance plan are the amount of premium, features, claim settlement ratio etc.

7. How to decide about the sum insured?

You can choose the health insurance according to your requirement and budget.

8. Is it good to take a family floater plan?

If you are married and have kids then it's a good idea to buy a family floater plan.

9. Shall I take the rider with health insurance?

Taking rider with a nominal additional cost is not a bad idea. However, it's not mandatory to take these riders. You can take it as per your needs and requirements.

10. What is the best health insurance plan?

There are lots of health insurance plan available, the best plan is the one that suits your health needs.

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*Information provided on this webpage/website is only for the purpose of general information & understanding of the topic. PolicyX or any of its subsidiaries does not endorse any of the information provided herewith and are committed in providing correct and unbiased information to its customers helping them make an informed decision.