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Imagine a safety net that catches you in life’s unexpected health storms. 😯That is health insurance for you! It protects you financially, covering the medical costs that can arise at any time in life.
From routine check-ups to emergency treatment, health insurance offers peace of mind and access to quality healthcare. A thorough understanding of health insurance meaning, benefits, and types can help you choose the best plan for your needs.
Health insurance provides financial coverage to an insured person against medical and surgical costs that occur from accidents, illnesses, or injuries. It either pays the insured person's care provider directly or reimburses the expenses incurred due to illness or injury.
An individual can avail of such a policy against monthly or annual premium payments for a specified tenure. During this period, if an insured has an accident or is diagnosed with a severe illness, the insurance provider bears the expenses incurred for treatment.
The workings of health insurance policies in India are easy to understand. The insurance company covers the policyholder's medical costs up to the predetermined sum insured, and the policyholder pays a premium for coverage.
Here is how a health insurance policy works in India:
What do these statistics signify? These are the possible medical complications individuals might develop during their lifetime and the corresponding expenses for treatment of the same.
These staggering figures and rising medical expenses demonstrate the importance of health insurance policies in India. These policies offer comprehensive coverage of healthcare expenses against periodic premium payments made by the policyholders.
Nobody thinks of having health insurance before we truly need it. However, knowing all the benefits is crucial to buy a health insurance policy! Here are some:
Any medical condition requiring urgent hospitalisation is covered under health insurance plans. However, claims are only entertained if the disease has not been previously diagnosed when the insurance plan was not availed of.
Renowned insurance providers also extend hospitalisation expenses incurred under the following situations:
A health insurance plan can cover pre and post-hospitalisation expenses. Pre-hospitalization expenses include diagnosis expenses, doctors’ fees, medications, etc.
Most insurance companies also reimburse post-release expenses such as medication, routine check-ups, injections, etc.
There is no room rent cap on the type of bed you choose. Health insurance policies also cover ICU bed charges. An insured individual can also choose to stay in a private room, the costs of which can be billed against the respective insurance provider up to a total insured amount.
Hospitalisation in due course for mental treatment is also covered under such health insurance policies. With rising rates of mental health issues in India and globally, this facility allows individuals to seek professional help for a well-rounded life.
Expenses incurred for daycare treatment at hospitals, such as dialysis, cataract, tonsillectomy, etc. are covered under most health insurance plans.
A standard health insurance policy covers any road ambulance expenses incurred during times of medical emergency. This poses a significant benefit as premium hospitals often charge substantial amounts for transportation.
Under such a health insurance policy, you can make claims amounting to the sum insured twice a year, provided the medical conditions differ each time.
For every non-claim year, insured individuals are extended discounts or a higher sum insured (at no additional cost) in the succeeding years, which can help to reduce their premium charges payable annually or to extend their sum insured coverage.
Daily cash allowance is provided by stipulated institutions, enabling individuals to make up for the loss of pay during times of hospitalisation.
Insurance companies cover all medical bills generated during an insured individual's treatment procedure up to the sum insured. Zero co-payment supports a patient financially, allowing him/her to focus solely on recovery.
In India, treatment costs usually vary from one city to the other. It is especially higher in metropolitan cities like Delhi and Mumbai.
With a zone upgrade, you can avail of higher financial coverage for treatments in different city zones. Zones are classified according to the city’s medical expenses. The higher the medical expense in a particular region, the higher it is placed in such a classification.
*Currently, at Digit, we have no Zone Upgrade Add-on. However, you will get an additional discount on the premium if you are based in Zone B.
Comprehensive health insurance policies cover all expenses incurred for home hospitalisation expenses. This includes medication, nurse fees, injections, etc., payable for a patient's comprehensive treatment.
A number of variables, including the policyholder's age and any pre-existing conditions, affect the qualifying requirements for purchasing a health insurance plan. The following requirements should be fulfilled to be eligible for the majority of health insurance plans:
If you avail of a health insurance policy, you can avail of tax benefits under Section 80D of the Income Tax Act, 1961. The table below illustrates the break-up of tax exemptions on your health insurance policy:
Disclaimer: You can only claim these tax deductions under 80D with the Old Tax Regime. The New Tax Regime of FY 2023-2024 does not offer any tax deduction under 80D.
Health insurance is often misunderstood! Many say it is only for the elderly, while others say it only covers medical bills. Both are far from the real truth. Here are some common myths with facts check to help you make smarter decisions regarding your health.
Well, there is no guarantee that an accident or illness won't occur, even if you are fit and fine. Therefore, getting a good health insurance policy is a good idea for everyone, regardless of age or health status.
Every health insurance plan has a list of exclusions and limitations as per IRDAI regulations. It is recommended that you review all of the policy information and the coverage that your insurance provides.
Not all the time. There may be a waiting period for certain health insurance plans. Only once the waiting time has passed are some illnesses covered. Read about your specific policy waiting period.
Seeing people holding onto this myth in the current digital era is disheartening. Online health insurance is highly popular and safe. When you buy a health insurance plan online, you might get some of the greatest and most affordable offers.
When purchasing health insurance coverage, it is crucial to disclose your pre-existing conditions. Insufficient details or failure to disclose pre-existing conditions may result in the claim being denied and the policy being cancelled.
Some health insurance providers provide coverage to smokers & drinkers. Given the hazards, smokers and drinkers would have to pay a higher premium and go through a rigorous pre-medical screening to obtain health insurance coverage.
While a life insurance policy aims to secure the financial requirements of an insured’s dependent family members in the event of untimely death, a health insurance scheme gives an individual access to quality health care and treatment facilities.
Now, you must be clear about what is health insurance and why it is beneficial. By choosing the right plan, you can be covered for emergencies, routine care, hospitalizations, etc.
Remember, making an informed choice today ensures a healthier tomorrow! 😎
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Disclaimer #1: *Customer can choose options at the time of availing insurance. Premium amount may vary accordingly. Insured is required to disclose any pre-existing condition or on going treatment before policy issuance in the proposal form.
Disclaimer #2: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.
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