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" Your body is the only place you have to live.
Protect it with a health insurance plan. "

Health Insurance

What is a health insurance plan?

You have to pay a sum of money (Health insurance premium), to avail a health insurance policy. Your medical bills will be paid back to the extent you have insured yourself (premium you have paid).

The health insurance plan pays your hospitalization expenses/bills, if you are hospitalized for at least 24 hours. You can also take a health insurance plan for your family under the family floater plan.

Things to know before buying a health insurance plan:

Know the waiting period of your health insurance plan

A health insurance plan has a waiting period of 1 month after you avail it. The health insurance plan will not pay your medical bills for any disease you contract, within a month of taking up the health insurance plan.

You are hospitalized after a week of availing the health insurance plan .When the hospital bill is presented you get a nasty shock. Your bills are not settled by the health insurer as you are hospitalized within a week of availing your health insurance plan. You are covered by the health insurance plan only a month after availing it.

Why buy Health Insurance?
Cashless Hospitalization

Cashless Hospitalization

All you have to do is show your health insurance card at the hospital. You get free treatment, at any of the network hospitals under the health plan.

Lifelong Renewability

Lifelong Renewability

The health insurance plan offers you health insurance across your lifetime, as long as you pay the health insurance premiums.

Minimum Entry Age

Minimum Entry Age

Health insurance plans offer first time buyers, the option to enter health insurance plans, even at 65 years of age.

Tax Benefits

Tax Benefits

Premiums on health plan, tax deductible up to INR 25,000 a year. If you are under 60 years. If you are over 60 years, it is INR 30,000.

Eligibility for Health Insurance

You can buy the health insurance policy for any family member, children and even your parents.
You/ Proposer need to be above 18 years. You get coverage upto 65 years of age, which varies from Company to Company.
Individuals who propose to have insurance whose age is 46 years and above, have to undergo medical tests at designated diagnostic centers.

Key factors to consider for Health Insurance

What if you have a pre existing disease before availing the health insurance plan?

A pre existing disease is a disease that exists before availing the health insurance plan.Life style diseases like diabetes or heart ailments are common pre existing diseases. You are covered for pre existing diseases only 2-4 years after you avail the health insurance plan. This depends on the type of health insurance plan you avail.

Will the health insurance plan pay your hospital room rent if you opt for an expensive room?

Your health insurance plan does pay for the hospital room charges , but only up to a limit called a sublimit. The health insurance plan would pay up to INR 1000 per day for the room rent depending on the health plan you take. If your hospital room rent exceeds this amount, you have to pay it from your own pocket, called an out of pocket expense. Your health insurance plan might not pay for certain surgical procedures you might undergo and you have to pay this from your own pocket.

If you are a senior citizen will the health insurance plan pay for the total hospitalization expenses you incur?

If you are a senior citizen, then your hospitalization expenses will be very high and possibly frequent. The health insurance plan will cover you only under the co payment clause.You will have to pay part of the hospitalization expenses yourself, and the health insurance plan will pay the remaining amount. This could be determined at the time you avail the health insurance plan, as a fixed percentage. You will have to pay say 10% of the hospitalization expenses yourself, and the health insurance plan will pay the remaining 90%.

Types

Individual Health Insurance Plan: This is designed to cover an individual against various illnesses with cashless hospitalization and other add-on features.

Family Floater Insurance Plan: With this plan, you can cover all your family members against diseases under a single policy.

Surgery and Critical Illness Insurance Policy: This is usually brought as a standalone policy, or as a rider in case of treatment against serious illnesses like cancer, kidney failure, heart attack, paralysis and so on. As the treatment of such diseases is expensive, the premium is also on a higher side.

Senior Citizen Health Insurance Plan: This offers to protect you from health issues during your old age. According to IRDA norms, every insurer must provide cover for people up to the age of 65 years.

Preventive Healthcare: Undoubtedly health care is expensive and who wants to fall sick. So now insurers' have preventive health care that offers to take care of you and not let you fall sick. This includes preventive care treatments like regular checkups, consultation charges and other tests or x-ray fee concessions. The idea is to monitor your health at timely intervals and provide overall health care benefits.

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