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How To Get The Most From Your Health Insurance In 2019?

According to a report from the World Health Organisation (WHO), the costs related to medical service in India is rising by 15-20% every year. This massive rise requires individuals to avail health insurance plans for the family to meet the necessary expenses during an emergency.

Most employers provide health insurance schemes to their employees, but it may not suffice all the needs. So it’s beneficial to avail health insurance from any leading provider.

The benefits that such plans provide are –

  1. Cashless settlement

A cashless facility entitles an individual to avail treatment from any hospital without the need of paying any money.

With traditional insurance schemes, an individual has to avail treatment at their expenses. They have to file a claim and receive the reimbursement from the insurance provider. This process usually takes several days before a provider disbursed the amount.

To reduce the hassle faced by individuals, health insurance providers have now introduced a cashless facility. Individuals can avail healthcare from any of the network hospitals, which is associated with the provider and offers this facility. They are not required to pay any amount for the treatment. The billed amount is settled between the hospital and the insurance scheme provider.

Companies like Bajaj Finserv offer health insurance plans that come with cashless facility. They provide this facility at over 5,700 hospitals with an assured sum of up to Rs. 50 Lakhs.

  1. Pre and post-hospitalisation coverage

The costs related to the treatment of diseases or accidents are not limited to hospital bills. Individuals may require medicines or continuous visits to doctors. The same costs can arise if an individual is admitted to a hospital.

Health insurance plans for family and individuals also cover these expenses. It covers the medical costs that are encountered within 30 days before the admission in a hospital and 60 days after discharge.

  1. Claim-free bonus

A cumulative bonus is a portion of the sum assured that an insurance provider offers if an individual does not lodge any claim in a year. Some NBFC’s also provide free health check-ups and discount vouchers as part of claim-free bonus each year.

  1. Additional covers

Some insurance providers offer additional cover on treatments like Ayurveda, Homeopathy, Unani and Siddha. Along with that, they also provide coverage on ambulance charges.

Also, they offer various maternity benefits, including full coverage of a newborn baby along with the cost of vaccination up to an age of 10 years.

Furthermore, the required expenses during an organ transplant are also cover in such policies.

  1. Tax benefits

Individuals can also claim income tax benefits on the premiums of their health insurance. They can claim up to Rs. 60,000 under section 80D of the Income Tax Act.

A critical illness plan offers the same benefits. It provides a lump sum amount if an individual is diagnosed with acute diseases like cancer, kidney failure, stroke paralysis, etc.

Eligibility criteria

Individuals must meet the following eligibility criteria to avail health insurance plans for family and them.

  • Individuals must be at least 18 years old to avail these policies.
  • Dependent children between the age of 90 days and 25 years are covered by the schemes.
  • Senior citizens can avail insurance policies that are specially designed for them.

Usually, there is no such documentation required to avail such insurance schemes. However, individuals may have to go through a medical test if there are above a specific age limit.

Individuals can enjoy the benefits of health insurance schemes mentioned above. However, they should be aware of the different types of insurance policies in the market to choose an ideal one for them.

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