Buy Health Insurance Plans in India

Benefits of health insurance are plenty. Illnesses and injuries are an unavoidable aspect of life. Given the escalating medical treatment costs, health care tends to become a financial burden. Health insurance is the need of the hour as it makes quality health care affordable for everyone. Besides covering your medical care costs, there are several other benefits of health insurance such as no claim bonus, top up plans, cashless facility, tax benefits, free health check-up and much more.

Tax Benefits

• The premium paid towards health insurance is deductible from taxable income under the section 80D of the Income Tax Act 1961.

No Claim Bonus

• For every claim-free year, you will be eligible for a no-claim bonus that increases progressively with each year of policy renewal until it reaches 50% of the policy premium. The No Claim Bonus gets added to your sum insured which in turn enhances your claim/coverage amount.

Free Health Check-Up

• Health Insurance companies cover annual health check-ups in a bid to encourage its customers to stay healthy.

Cashless Facility

• Under a cashless facility, health insurance companies settle the medical bills directly with your healthcare providers. Hence, you are saved from the hassle of making the initial payment and then waiting for the claim.

Coverage for OPD Expenses

• Obtain coverage for expenses incurred during OPD visits as well as diagnostic tests.

An Illness or an injury can strike without any warning, moreover, the cost of medical treatment is skyrocketing in the present time. Hence medical insurance plans have become imperative in order to avoid financial stress when medical emergencies strike. By taking up a health insurance policy, you can focus on your recovery, rather than worrying about finances.

Before you buy medical insurance online, it is very important to understand the factors affecting the medical insurance premium, which are as follows:-

• Amount of coverage required
• Age
• Previous/ current medical history
• Tobacco use/ Smoking
• BMI (Body Mass Index)
• Lifestyle factors such as occupation, area of residence etc
• Other factors as required by the Insurer

In a Family floater health insurance plan a single Sum Insured is shared by all members whereas in an Individual policy each member is entitled to have a separate Sum Insured.If you choose an individual medical insurance policy then you would have to pay the premium according to the Sum Insured opted for each member.In a family floater health insurance policy you pay premium for a single Sum Insured based on the ages of the members in the medicalim policy. While choosing individual vs family floater, health insurance premium should not be the only deciding factor.You should choose the mediclaim policy type basis your need to have a coverage e.g. Individual health insurance policy provides coverage limits for each member thus providing substantial coverage and in a family floater mediclaim policy coverage limit is shared. Your choice can vary basis family type, number of members and need for health insurance coverage.

When medical emergencies strike, the last thing you want to do is worry about making payments. Under a cashless health insurance policy, the health insurance company makes the payment directly to the cashless hospital. Hence at the time of a medical emergency you don’t have to worry about carrying cash/ arranging for funds. If you buy medical insurance policy, it’s wise to ensure that it is a cashless policy

Health insurance portability lets you transfer your health insurance policy from your existing health care provider to another. Under health insurance portability, accumulated health insurance benefits such as no claim bonuses and waiting period remain the same. Hence, if you are not satisfied with your existing health insurance company, you can switch without losing the accumulated benefits.

The following aspects are not included under health insurance benefits.

• Surgeries such as joint replacement, cosmetic surgery, and dental surgery
• Alternative treatments such as homeopathic & Ayurvedic
• Illnesses and injuries occurring within the waiting period

Under a no claim bonus health insurance benefit, the medical insurance holder will receive a bonus for every claim-free year. No claim bonuses are a progressive benefit that keeps increasing with each year of renewal.