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HEALTH INSURANCE
Health insurance is a sort of protection that covers the insured person’s medical and treatment costs. With rising healthcare expenditures, health insurance has taken on more significance in India. For families and individuals, it offers financial security and access to high-quality medical care.
Here are some key aspects of life insurance:
- Individual health insurance: This kind of plan pays for a person’s medical costs.
- Family Floater Policy: This type of insurance provides coverage for the entire family, including the policyholder, spouse, kids, and occasionally even parents, under a single policy.
- Group health insurance: Employers frequently provide their employees with group health insurance, which covers a number of people. Members of specific associations or organisations may also have access to group policies.
Types of Health Insurance Policies:
Key Features
Coverage:
- Health insurance plans in India typically cover hospitalization expenses, including room charges, doctor’s fees, surgery costs, and post-hospitalization expenses.
- Some policies also provide coverage for outpatient services, maternity expenses, pre-existing conditions (after a waiting period), and critical illnesses.
- Many policies offer cashless hospitalization, where the insured person can avail medical services without paying upfront (subject to network hospital availability).
- Policies may have coverage limits, sub-limits, and waiting periods for specific conditions or treatments.
Premiums:
- Age, medical history, the sum insured (amount of coverage), and the type of policy are some of the variables that affect the premium for health insurance policies in India.
- Although annual payments are the norm, several insurers now provide semi-annual, quarterly, and even monthly payment options.
- Policies may have waiting periods, sub-limits, and coverage limits for particular ailments or treatments.
Network Hospitals:
- In India, insurance providers have agreements with a network of hospitals where policyholders can receive cashless care. Before selecting an insurance, it is crucial to review the network hospitals list.
NCB: No-Claim Bonus
- Some policies have an NCB benefit, which raises the amount insured or lowers premiums for each year without a claim.
Portability:
- In India, policyholders have the choice to change health insurance plans without losing benefits
Government Health Insurance Schemes:
- In addition to private health insurance, the Indian government has introduced a number of health insurance programmes, such as Ayushman Bharat, to offer coverage to those who are less fortunate economically.
Tax advantages
- A further incentive for people to buy health insurance is the fact that Section 80D of the Income Tax Act allows for tax deductions for health insurance premium payments.
Regulation:
- The insurance market in India, particularly health insurance, is governed by the Insurance Regulatory and Development Authority of India (IRDAI). It establishes rules and makes sure insurance firms abide by them.