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What is Health Insurance?

With a health insurance plan under your name, you will be financially protected in case of sudden medical emergencies and surgical treatments. Depending on your insurance provider, you can either claim for reimbursement or your insurer will reimburse the costs directly with the hospital.

But before we dive deep into the topic, let us begin by understanding what health insurance is.

What Is Health Insurance?

Health insurance is a product that financially protects you in case of medical emergencies and operational costs. The expenses incurred by you (the policyholder) will be compensated by the insurer to you or the hospital directly.

Need for Health Insurance Plan

A lot of people find it challenging to have a healthy work-life balance. With working hours extending and poor eating habits, health issues can arise anytime, anywhere. Moreover, the medical and treatment costs are increasing by the day. Inflation in Medicare is relatively higher than inflation in food and other facilities.

Also, you cannot completely rely on your life savings to overcome the medical expenses. And even if you do plan to utilise your savings, you wouldn’t be left with much capital during your retirement days. Thus, to take care of sudden medical emergencies and treatment costs, a Mediclaim policy is a must.

It is highly recommended for senior citizens to have health insurance as they need it the most. However, a health insurance plan can also be taken in your 20s as it will cost you less. This way, you do not have to compromise on your medical requirements during the need of the hour.

How Does Health Insurance Work?

The functioning of health insurance plans in India is better understood with the basic features it offers. Here are a few basic elements of health insurance plans.

  • Coverage:

Most insurers offer comprehensive health coverage that includes critical illness cover for up to 30+ illnesses. Know for a fact that critical illness coverage is not a part of primary health plans. It is more like a rider and can be opted as an additional cover.

  • Renewal Discounts:

Usually, health insurance plans offer a benefit during the time of renewal. But this benefit can be availed only after the end of a claim-free year. In technical terms, this benefit is known as No Claim Bonus.

  • Co-Payment:

Many health insurance plans come with an option of co-payment. With the option of health insurance copay, the premium amounts are slightly decreased as a portion of the treatment expenses are paid by the insurer, and you pay the remaining balance. This is a safe bet for healthy and fit individuals who usually do not have to frequent doctors’ clinics/hospitals. And this thought process encourages policyholders to take care of their health in order to reduce claims.

  • Tax Benefits:

Health plans offer good tax benefits. You can claim an income tax deduction under Section 80D of the Income Tax Act, 1961 if you have a good medical insurance plan.

Types of Health Insurance

Generally, there are two types of health insurance plans –

  1. Mediclaim Plans
  2. Critical Illness Insurance Plans

Mediclaim Plans are basic health insurance plans. It covers treatment costs when you are hospitalised. Compensation is provided by the insurer when you submit the original medical bills of the expenses incurred.

Critical Illness Insurance plans are usually for life-threatening diseases that require prolonged medical treatments. Unlike Mediclaim plans, the pay-out in critical illness cover is chosen by you (the policyholder) and not the expenses incurred.

How to Choose a Good Health Insurance Plan?

If you have a health insurance plan, then rest assured as it is one of the smartest financial decisions ever made. But if you don’t have one yet, don’t worry. We understand that choosing an appropriate health insurance plan can be an overwhelming task.

To help you choose a good health plan, here’s a list of benefits that it should offer –

  • Have financial protection against several critical illnesses

  • You should have the flexibility to choose your health coverage

  • There should be no increase in the premiums charged, even if your health condition changes

  • Long term health coverage

  • Access to medical treatments in several network hospitals

Health Insurance Tax Benefits

 

Deduction for Self and Family

Deduction for Parents

For people below 60 years of age

INR 25,000 per year

INR 25,000

For senior citizens

INR 50,000 per year

INR 50,000

Buy Health Insurance Online

With the kind of life we lead, everything is readily available on the Internet. It is the same with health insurance plans. You can now purchase a health plan from the comfort of your home. However, before you choose a plan, make sure that you are comparing different policies first and then choosing one that fulfils your needs. 

You can also browse through different health plans available in our Insurance section. With Bajaj health insurance at Finserv MARKETS, you can benefit from features like swift claim settlements, reinstatement benefits, bespoke insurance plans that fit your needs, extensive coverage, and more. 

So, don’t wait. Get yourself and your family insured with the best health plans available in the market right away. 

Not just tax benefits, there are several other health insurance benefits you should be aware of to fully make use of your policy.

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