Health Insurance benefits
Health Insurance is more important than life insurance these days. There are more Health Insurance companies than Life Insurance companies these days. As the population increased, health conditions started coming down from normal levels. Health Insurance plans collect charges as per the coverage they give to an individual or a family for 2 adults and 2 single, senior citizens etc.,
These plans normally cover, hospitalization and all charges related to treatment for saving a life. Expenses like bed charges, blood, ICU charges, surgery and medicine etc. are covered for 24 hrs or more hospitalization.
Why Health Insurance plans?
Health Insurance plans provide financial support for the policyholder, spouse, their children and parents in case of any hospitalization due to illness or an accident. A minimum coverage of Rs. 5,00,000/- is always good for a family of 4. Health insurance comes with many benefits like auto-recharge, no claim bonus etc.,
There are four types of Insurance. They are :
- Life Insurance
- Health Insurance
- Personal Accident Insurance
- Critical Illness cover
Life Insurance
Life Insurance plans would cover life and in case of total disability or death, compensation would be paid. If it is an Endowment plan, guaranteed returns would be paid at the end of the maturity period.
Health Insurance plans and benefits
Health Insurance provides in hospitalization due to any illness or accidental injury. This plan covers many things like cashless treatment, Daycare treatments, Domiciliary Hospitalization, Pre- and post-hospitalization covers, Ambulance cover, Daily allowance etc.,
Personal Accident Insurance
Personal Accident cover is very cheap and very beneficial. In case of accidental death, an immediate sum assured would be paid. This plan also offers benefits for the child in case of the death of the policyholder. Total disability, and partial disability covers are also available under this plan
Critical Illness cover
Critical Illness cover is considered to be a blessing for many. This plan offers a lump sum payout in case any specified illness is diagnosed. As compensation of one-time lump sum payment would be made immediately to the policyholder. The amount can be used for the treatment of the disease or for any expenses per policyholder wants.
Considering today’s scenario, Accidents are regular and anything can happen at any time. Although we work for a company and the company is providing insurance cover, personal insurance is a must. Earlier most of the companies used to insure employees, spouses children and parents but as a cost-cutting measure, most of the companies stopped this facility. Now, most of the companies are providing insurance to their employees only. For adding spouse and children separate insurance premiums are being charged.
Health Insurance benefits :
- No claim bonus,
- cash-free treatment,
- Annual health checkup
- Coverage for Pre-exiting diseases
- Automatic recharge
- restoration of sum assured
- Ambulance claim
- Tax benefits under Section 80D
No claim bonus :
If the policyholder does not use the policy coverage and has no claim in a particular year, a bonus of 5 to 20 % as per policy conditions is added to the basic cover of the policy
Cashless Treatment :
If the policyholder gets admitted to an approved hospital, cashless treatment would be available otherwise immediate payment has to be made and bills may be r reimbursed from the Health Insurance company.
Ambulance charges :
All Health Insurance policies cover Ambulance charges for the transportation of the insured person.
Annual Health Checkup :
Most Health companies offer free health checkups after one year to their customers. This helps companies to retain their clients for a long time.
Pre-existing diseases coverage :
Most of the Health Insurance plans that cover pre-existing diseases are also covered after four continuous-year renewals. In some companies, after 2 years this coverage is also available.
Maternity coverage:
Very few companies cover maternity benefits with a 2 to 3-year waiting period. A benefit offered by little Health Insurance companies.
Restoration of Sum Assured :
Recharge or restore as it is called is one of the best benefits given with Health Insurance coverage. For example, sum assured is crossed by any member of the family and the next member also wants to go for treatment, no need to worry.
Tax Exemption under 80D :
Under the Income Tax Act 1961, section 80D a sum of Rs. 55,000/- can be invested for self, family and presents. This gives an additional benefit for payers to reduce the tax from overall income.
For more info, visit our website at Health Insurance Advisor