Health Insurance - Savior in Times of Medical Emergencies
In the modern times, getting health insurance for oneself and the family has become very essential.
Given the fast pace, and sedentary lifestyles, chances are great that the health may fail or one might get injured in an accident or mishap.
The rising cost of health and medical facilities can be taken care of by a health insurance policies if the need arises.
There are many independent insurance providers and some of the insurance providers give health insurance policies.
The competition in this segment is huge and hence one can find suitable policies at lower rates.
Health insurance policies are available for individual as well as family.
The family floater plans as they are popularly called, cover the entire family (usually, the husband, wife, and two kids) at a single premium.
Health insurance policies in India are available for a period of 1 or 2 years depending on the plan offered.
Besides the obvious health cover, there are tax benefits attached with a insurance policy.
Under section 80D of the income tax act, an individual can get a deduction of up to Rs 15,000 on premium amount for health insurance taken for himself, his spouse and dependent children.
He can get a further deduction of Rs 15,000 in respect of health insurance taken for his parents, and up to Rs 20,000 in case his parents are senior citizens.
The cost of health insurance policy depends on various factors like, the age of the person covered by policy, individual or family floater, medical history of the individual, number members covered, average age of the family covered as well as past claims made by the person insured.
Besides the regular health benefits, there are certain riders that are also available with the policies.
Critical illness riders, daily hospital cash, patient care, newborn baby care and after the 26/11 Mumbai terrorist attacks, companies are increasingly offering cover for medical expenses for injuries due to terrorist attacks.
While taking a health insurance, it would be better if you are aware of all the inclusions and exclusions of the policy.
A handy list of network hospitals and good knowledge of the claim settlement process will help you take the maximum benefit from your health insurance policy in testing times.
Given the fast pace, and sedentary lifestyles, chances are great that the health may fail or one might get injured in an accident or mishap.
The rising cost of health and medical facilities can be taken care of by a health insurance policies if the need arises.
There are many independent insurance providers and some of the insurance providers give health insurance policies.
The competition in this segment is huge and hence one can find suitable policies at lower rates.
Health insurance policies are available for individual as well as family.
The family floater plans as they are popularly called, cover the entire family (usually, the husband, wife, and two kids) at a single premium.
Health insurance policies in India are available for a period of 1 or 2 years depending on the plan offered.
Besides the obvious health cover, there are tax benefits attached with a insurance policy.
Under section 80D of the income tax act, an individual can get a deduction of up to Rs 15,000 on premium amount for health insurance taken for himself, his spouse and dependent children.
He can get a further deduction of Rs 15,000 in respect of health insurance taken for his parents, and up to Rs 20,000 in case his parents are senior citizens.
The cost of health insurance policy depends on various factors like, the age of the person covered by policy, individual or family floater, medical history of the individual, number members covered, average age of the family covered as well as past claims made by the person insured.
Besides the regular health benefits, there are certain riders that are also available with the policies.
Critical illness riders, daily hospital cash, patient care, newborn baby care and after the 26/11 Mumbai terrorist attacks, companies are increasingly offering cover for medical expenses for injuries due to terrorist attacks.
While taking a health insurance, it would be better if you are aware of all the inclusions and exclusions of the policy.
A handy list of network hospitals and good knowledge of the claim settlement process will help you take the maximum benefit from your health insurance policy in testing times.