A good percentage of people are aware of health insurance, its importance and benefits of having it. But some people dosent know the worth of taking a medical insurance and are just considering it as income tax saver as it comes under Section 80D in tax deduction.
Every one should know the importance of a medical policy as some family members discourage to take it as they could not afford it. Even if you are having ESIC also it is better to take a health policy of your own.
What Is A Health Insurance
Health Insurance is a type of insurance coverage that covers medical / hospital expenses that occurred due to illness of an insured individual (person). Depending on the type of insurance coverage you have, you can opt for medical expenses in two ways.
1) If the hospital you are admitted has Insurance coverage by your insurance provider then Insurance provider directly pays to the hospital so you dont need to spend money on your medical expenses
2) If the hospital you are admitted dose not have Insurance coverage by your insurance provider then you have to pay your medical expenses directly to the hospital and apply for reimbursement from your insurance company
Do I Really Need A Health Insurance?
Most of the people think is health insurance worth it? you should know that medical costs are raising year on year and it will become a burden if you doesn’t take a medical insurance policy for you and your family.
An unexpected illness may result in medical expenses, loss of income and debt tensions in your family, as it is difficult to arrange money required for treatment. Below is an example
There are two friends named ABC and XYZ, both work in same company and lived in same location. ABC had Health Insurance and XYZ didn’t show interest of taking medical insurance.
Suddenly one day ABC was hospitalized due to illness, all his medical expenses were directly paid by his Insurance provider. after some days suddenly XYZ was also hospitalized due to illness but he has to pay all the expenses from his pocket.
hope this example brings the importance of Medical Insurance for you and your family.
Benefits Of Having A Health Insurance
1) Having health insurance can safe guard yourself and your family
2) Get rid of unexpected loss of income due to illness
3) Health treatment is becoming very expensive – costly
4) Get rid of debts due to any illness occured in your family
5) Treatment expenses is paid by Insurance provider
6) Most treatments are covered under Health Insurance
7) No need to pay money from your pocket.
How Much Health Coverage Do I Need
Health Coverage depends on your financial background, family history and age.
1) you should be able to pay your medical insurance premiums regularly
2) age also factors, in younger age the premiums will be low, keep a note that premiums increase as per age limits.
3) history of health problems and diseases of your family may also be in consideration.
we suggest you to take 2 to 3 lakhs through Health Insurance policy and 8 to 10 lakhs through Health Insurance top up policy
Health Insurance Plans That Are Available in India
1) Individual Health Insurance Plan : This policy provides cover for individuals only. If you are single then this policy is good for you, even if you get married or having kids you can take individual policies for each member. The total sum insured amount is utilized to an individuals. for ex. you as single took 1 lakh policy then total amount is applicable to your health expenses only. You got married and as you already have health policy and you took 1 lakh health policy for your wife, now if due to any health problems if your wife is admitted in hospital then the sum insured amount is totally spent on her.
2) Family Floater Health Insurance Plan : This policy insures family members under a single policy. ie the insured sum amount is utilized to all family members. for ex. you and your wife took family floater health policy for 1 lakh, then if due to any health problems if your wife or yourself get sick and admitted in hospital then the sum insured amount is totally spent on hospitalized person.
3) Senior Citizen Health Insurance : This policy is specially designed for senior persons who are above 60 years of age. Sad thing is the premium to be paid is higher for this policy but this plan assures older persons to over come burdens that arise due to serious health problems in older age.
4) Pre-Existing Disease Cover Plans
5) Maternity Health Insurance
6) Critical illness plans
7) Unit Linked Health Insurance
8) Personal accident insurance
9) Hospital daily cash benefit plans
10) Special Plans for specific diseases