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Health Insurance Policy - An Overview

Health insurance (also known as Medical Insurance or Mediclaim) safeguards you and your dependents from financial hardships resulting from a medical emergency. It can include things like disability and long-term medical demands. Mediclaim is a type of insurance in which you pay a premium and the insurer agrees to pay a fixed amount to cover your claims. In India, health insurance is a relatively new concept that is steadily gaining traction among customers. Consumers are aware of the goal of health insurance and the benefits it provides in terms of covering ever-increasing medical costs.
Individual and group health insurance are both accessible. Individual policies, on the other hand, have a higher premium than group policies. A person is the proprietor of his or her own insurance. In group plans, the sponsor is the policy's owner, and the policy's registered members are covered. You can use group health insurance to compensate for the gaps in your individual coverage. People who do not have coverage or are uninsured for one reason or another can take full advantage of the group plans and also be compensated. To get to know an overview about health insurance, read on.

Health Insurance Policy - An Overview

What Exactly Is A Health Insurance Policy?

A health insurance policy is a transaction between a policyholder and an insurance company in which the insured pays an annual premium. In exchange for the premium, the insurer pays for medical care up to the policy's maximum limit for the duration of the policy.

What’s The Stance Of Health Insurance In India?

"Health is Wealth," as the saying goes, but with today's sedentary lifestyle, remaining healthy appears to be a distant dream. Some of the major factors are an increase in risk of lifestyle illnesses, poor diet, and pollution. Health problems can strike at any time, irrespective of your fitness routine, necessitating the purchase of health insurance coverage. If you're still undecided about whether you should have a health insurance policy or not, have a look at the advantages of purchasing health insurance coverage in India. Accidental coverage, hospitalisation coverage, and emergency medical care coverage are all major advantages of purchasing medical insurance. With a family floater plan, the advantages can be transferred to family members.

Following is the quick rundown of those benefits -

1. Take care of the medical expenses - Nowadays, both large and small medical procedures can deplete a person's financial resources. You'll be able to deal with medical crises more effectively if you have health insurance. The insurance provider will reimburse your medical bills and assist you in maintaining your funds.
2. Medical services - The middle-income segment may access some of India's greatest medical facilities with the help of a medical insurance coverage. Simply choose a network hospital that has been approved by the insurance and receive cashless care. You can also go to a non-network doctor, but you won't be able to get cashless treatment there. The insurance, on the other hand, will cover the expenses.
3. Tax Rebates - A health insurance policy provides the policyholder with tax benefits in addition to medical benefits. U/S 80D of the Indian Income-tax Act, 1961, sets a maximum of INR 25000. The premiums you pay for yourself, your spouse, and your children are tax deductible. The maximum is INR 50,000 if you are paying a premium for parents (senior citizens). A deduction of up to Rs. 80000 for very elderly persons and Rs. 60000 for senior citizens is permitted under Section 80D of the Income Tax Act for the total costs of medical treatment of the defined diseases of an individual as well as a Hindu undivided family. This derivation is subject to a number of additional constraints.
4. Composure - Medical emergencies cause mental and financial stress when everyone is balancing their demanding schedules. However, if you are protected by health insurance coverage, you may avoid the hassle of hopping from post to post. You may relax and enjoy your peace of mind, knowing that your insurance has you covered.

Endnotes

In the midst of a sedentary lifestyle, purchasing health insurance coverage to cover maximum health risks is always a sensible move. However, before you make a decision, be sure you know what your insurance covers and what it doesn't. It is easier to complete documentation and the claim procedure is shortened if you have prior information. Make sure you read all of the caveats, terms, and conditions on the insurer's website. Also, before making the claim, make sure you have all of your documentation and criteria in order.

Also read- Reasons Why You Should Have A Health Insurance Policy During Omicron Break Out

Is Omicron Included In A Health Insurance Policy?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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