The basic health plan compensates for the medical expenses you might face in case of medical emergencies, day-care procedures, surgeries or crucial illnesses. Nevertheless, the features, limits and sum assured will differ from insurer to insurer. Super top up health plans adds ancillary coverage to your existing health policy. The goal is to increase complete sum assured with its equivalent coverage by paying a comparatively lower premium.
Types of health insurances in Sahakara Nagar
You can avail various types of health insurance plan in Bangalore. Types of health insurances available are listed below:
- Hospitalization plans: Hospitalization plans are the health insurance policies that reimburse the hospitalization and medical expenses of a person, with respect to the sum insured. Therefore, these plans are also known as reimbursement plans.
- Family floater Plans: Family health insurance policies cover the whole family in a single health insurance plan. It works under the idea that not every members of a family will undergo illness at one time. You will get coverage for hospital-related expenses which can be pre and post hospitalization by availing this plan. Financial Planning Simplified in Bangalore offering family insurance has a wide network of hospitals that help the insured person in times of any medical emergency.
- Senior Citizen Plan: As the name indicates, senior citizen health insurance policies are for the elder members of the family. These plans cover health related issues occurs during old age. As per IRDAI protocol, each insurer should provide coverage up to the age of 65 years.
- Maternity Plans: Maternity health insurance policies provide coverage for maternity and other additional expenses. These policies take care of both pre and post care, and delivery of child including normal or caesarean deliveries. Just like other health insurance policies, the maternity insurance providers generally have a broad range of network of hospitals and also take care of ambulance charges.
- Daily Cash Benefit Plans- this is a defined benefit policy that offers a certain sum of cash for every day of hospitalization expenses.
- Critical Illness Plans: These plans are benefit-based plans, where a clump sum benefit amount is paid on diagnosis of critical illness which comes under the coverage. These diseases are generally specific, with high harshness. Therefore, the treatment expense is high when compared to day to day treatment needs. Some of these include heart attack, cancer, stroke etc.
Health insurance claims
There are two types of health insurance claim process; cashless claim and reimbursement claim.
- Cashless claim – In order to get the benefits of a cashless health insurance policy, the insured has to be treated in one of the hospitals that come under the network of hospitals that the insurance company has an authorization with. Upon submission of the e-card, details of the health insurance plan or any other proof of insurance policy, the insured can get the benefit of cashless medication and hospitalization. This can be used only if the injury or illness comes under the coverage of the health insurance policy. On the time of discharge of the patient, the medical expenses are sent to the insurance company by the hospital. The company then cross-check the expenses and settles the bill.
- Reimbursement claim – Health insurance providers also indemnify up to the sum insured, the expenses initially settled by the insured at the time of illness or medical emergencies. This generally happens in case the patient is hospitalized or gets treated from a hospital that doesn’t come under the network of hospitals of the insurance company. Then the insured has to initially pay the medical expenses entirely from his money and then submit the medical bills to the insurance provider for settling the claim. The company then verifies the expenses and then, based on the scope of the policy coverage, reimburses the cost up to the sum insured. In case the treatment is not covered under the policy, the claim will be rejected.
Having a health insurance policy adds to your financial stability at the period of a medical emergency. Read to know how Premiums paid on health insurance plans give you an insurance coverage with definite tax benefits.
Along with a life insurance policy, health insurance is also assuredly one of the most important policies that you should have in your insurance list. All you require to do is pay regular premiums to the insurance provider to get financially covered against medical emergencies. Furthermore, just as life insurance, health insurance plans also act as an effective tax-saving tool. It offers you with tax benefits under Section 80D of the Insurance Act. Regardless of the medical benefits, a health insurance plan considerably reduces your annual income tax liability. The health insurance premiums paid for you, your spouse, your children and parents make you fit for tax exemption under Section 80D. As per this section, the premiums paid for a health insurance policy are deductible from your taxable income.
Lifetime renewability: As per IRDAI procedure, insurance providers are required to provide health insurance for any age up to 65 years. Several private insurers, however, do not have such age restrictions on health insurance plans. Moreover, once the plan is issued, the insured has the right to renewing it for lifelong.
Pre-existing medical conditions: every insurance plans provide coverage for pre-existing medical conditions, but only after a distinct waiting period. This waiting period may range from 12 months to 48 months, and may vary as per the discretion of the insurer. Nevertheless, coverage of pre-existing medical condition is restrictive upon the buyer honestly making medical disclosures at the time of acquiring the policy. In case the insurance provider suspects that the insured was aware of the pre-existing illness at the time of purchasing the policy, then the insurance provider may refuse to process the claim.
Medical checkup is not required up to the age of 45 years: Most of the insurance providers do not require clients below 45 years of age to undertake medical examination, unless he/she has an unfavorable medical history.
While selecting a health insurance plan, you should exquisitely start by comparing policies from 3 to 4 preferred insurance providers. Take a deep look at various inclusions and exclusions in the most basic plan being offered by them. It is recommended not to take your decision solely on the charges. Instead, look for simple health insurance plans with minimum conditions and restrictions on them.