Health Medical Insurance
Health Insurance, India
Health is wealth. The importance of staying healthy cannot be overstated. At the same time, the pressures of modern day life take a heavy toll on one’s health. Nobody can guarantee that one won’t fall ill. These days life is very fast and stressful.
At the same time, medical treatment has become very expensive. The costs for undergoing medical treatment can be financially paralyzing. Stories where the cost of treatment went beyond 10 lakhs are not unheard of. To ensure peace of mind during a medical crisis, health or medical insurance is a must. Health insurance policy covers expenses incurred during hospitalisation but also during the pre as well as post hospitalisation stages. The cover provided is to the extent of the sum insured.
Tax benefits are also available for health insurance policies. A maximum of Rs 15000 enjoys tax benefits under Section 80 D of the Income Tax Act. Funds received due to a health insurance claim are also tax exempt.
Many health insurance policies also have a critical illness rider. Critical illnesses are defined in a list by the Health Insurance companies and in the unfortunate event of a critical illness being contracted, the sum assured is paid out to the individual. This is irrespective of the expenses incurred on hospitalization .
Cashless hospitalization has become the norm these days. Earlier, one needed to submit the medical expenses after they had been incurred and had to wait long periods for the amounts to be reimbursed. It also used to put a significant strain on the finances of the person who had fallen ill. But nowadays, health insurance companies have a network of approved hospitals where claims are settled in a cashless manner directly between the hospital and the insurance company. All the patient needs to do is take a pre authorization from the insurance company.