Knowledge Centre

Health Insurance: 5 most frequently asked questions

A health insurance  plan is an important requirement nowadays. It covers hospital bills and helps you avail of quality healthcare, thereby keeping your savings intact.When you are looking to buy medical insurance online or through an agent, the availability of many plans can make it increasingly difficult for you to make a selection. However, instead of following the herd or choosing an affordable option, insightful research is what you should do before buying a health plan. Also, you can get in touch with the shortlisted insurance companies and ask them important questions related to their health plans and make a selection accordingly.

Why is health insurance important?

Medical emergencies can happen any time and this is why a health plan is important. Considering the rising instances of diseases and the ever-increasing healthcare costs, health insurance offers the insured with the much-needed financial backup. Here is why you should take a health plan:

  • Rising medical expenses: With technological developments and better treatment options, the cost of healthcare has been rising continuously. In case there is a medical emergency, a lot of your savings will go in it. However, if you have a health plan, your insurer will cover the medical expenses that are included in your policy and save you from financial stress.

  • Lifestyle and environmental changes: There has been a massive change in our lifestyle and this has made us prone to many health conditions. Unhealthy eating habits, hectic work schedules, inadequate sleep, excessive use of gadgets, and rising pollution levels are some of the many reasons that have increased the risk of diseases among all age groups. Hence, it is important to have a health plan for yourself and your loved ones to avail of quality and timely treatment.

  • OPD and diagnostic test costs: Apart from the mainstream medical costs, one has to spend a huge amount for the outpatient department and diagnostic tests as well. Hence, it has become more important to buy a health insurance policy. A health plan will not only cover hospitalisation expenses, but also all pre and post hospitalisation costs.

  • Income tax benefits: The amount you pay towards the premium of your health insurance policy is eligible for tax deduction under Section 80D of the Income Tax Act. You can claim a deduction of up to INR 25,000 for the premium paid for your health plan or that of your spouse and children. A tax deduction of up to INR 50,000 will be applicable if you take a health plan for your parents over 60 years of age.

  • Protect your savings: Buying a health plan is one of the best ways to protect your savings in case of medical emergencies. Any unforeseen health condition can cause a lot of stress and the last thing you want to worry about is the treatment expenses. When you have a suitable health plan, your insurer will take care of the expenses and you won’t have to dip into your savings.

Top 5 frequently asked questions about health insurance

Here is a list of five most frequently asked health insurance questions and their answers:

Q1. Why should I take a health plan?

A: A health plan covers your medical expenses and saves you from financial woes. There has been a steep rise in healthcare costs and meeting them often burns a hole in the pocket. This is when having a health plan helps. You can avail quality and timely medical treatment, without worrying about the expenses.

Q2. What all is covered under health insurance?

A: The benefits of health insurance are completely dependent on the kind of policy being taken. However, a basic health plan covers hospitalisation costs, pre and post hospitalisation expenses, emergency ambulance expenses, day care procedures, mental healthcare, organ donor expenses, outpatient department (OPD) expenses, domiciliary hospitalisation, and more.

Q3. Will a health plan cover pre-existing illnesses?

A: Your insurer will not cover pre-existing illnesses for a certain period at the beginning of the policy term. This is known as the waiting period. Different pre-existing conditions have different waiting periods, so you can get in touch with your insurer and find out about the waiting period for your illness. Certain pre-existing conditions are completely excluded from health plans.

Q4. Can I add a family member to my existing family health plan?

A: Yes, you can add a family member to your existing family health insurance policy . For this, you have to fill a couple of forms, such as the health declaration form and endorsement form and pay an additional premium amount.

Q5. How many claims are allowed over a year?

A: You can file any number of claims in a year. However, the claim amount should not exceed the assured sum of your policy. For instance, if you have a health plan for INR 2 lakh, you can claim up to INR 2 lakh only from your insurer.

Conclusion:

Considering the increasing incidence of diseases and skyrocketing healthcare costs, taking healthinsurance is one of the wisest decisions. You can easily buy health insurance online or through an agent and cover yourself and your loved ones against medical emergencies. When your insurer will take care of the treatment costs, hospitalisation expenses, and more, you can avail of the right treatment without fretting about the mounting hospital bills.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.


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