Health Insurance Buying Guide

The ever rising cost of medical care is becoming the biggest problem in India today. Treatment for a serious illness in a private hospital can wipe out ones entire life’s earnings in one go. Everyone definitely needs Medical or health insurance coverage to tackle this situation. The awareness on Medical or Health insurance is relatively very low in India. Even well educated people some times ignore the necessity of having  a proper health insurance cover. A health insurance policy  covers expenses incurred during hospitalization, doctors fees, medicine, treatment etc. but also reimburses the expenses after hospitalisation. This may include money spent for conducting medical tests and buying medicines. The expenses covered is to the extent of the sum insured of the policy you have taken.

So long as you pay your premium regularly the insurance company will take care of your medical expenses. Cover extends to pre-hospitalisation and post-hospitalisation for periods of 30 days and 60 days respectively. Domiciliary hospitalisation is also covered. It is crucial for you to read the fine print before taking any health insurance policy. Various clauses relating to pre-existing illness and claims have to be thoroughly looked into to avoid disappointment later.

There are two types of Health Insurance or Medical Insurance Policies Available.

Cash Back(Reimbursement) or Cash Less :

In a Cash Back( reimbursement) Plan the  medical expenses or hospitalisation charges are paid after you submit the required bills and documents to the insurance company subject to a prescribed ceiling. The second is the cash Less.  The health insurance contracts marketed by general insurance companies suffer from one serious drawback. The contracts are renewable every year and the insurer has the right to refuse renewal. It is always advisable not to claim a small amount from the insurance company. This will entitle you for a no-claim bonus.

Benefits of Taking a Health Insurance or Medical Insurance Policy:

The mounting cost of doctors’ fees, medicine and hospitalization charges can misbalance your financial situation.By taking a health insurance policy a person can safeguard himself and his family from the burden of high cost of treatment and medical bills. In case of a sudden illness or accident, the health insurance policy takes care of the hospitalization, medical and other costs incurred. If you start young the premiums will be lower. It reimburses the medical expenses.

Additional Benefit –  Tax Saving :

The premium paid up to a maximum of Rs.15,000 is exempt from income tax. A patient can be treated at home when he is not in a condition to be moved to the hospital.

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