Health Insurance

Health Insurance is another termed for medical insurance. Medical Insurance Plan / Policy covers the medical expenses of the insured due to an illness or accident in exchange for a premium amount. It enables the insurance company to provide medical coverage for hospitalization expenses such as pre and post hospitalization, day care procedures, critical illnesses, surgeries and more.

A health plan also offers multiple benefits, including cashless hospitalization facilities at 10,000+ network hospitals and free medical check-ups

What are the benefits of having health insurance?

Benefit of health insurance is providing quality treatment without financial strain. The policy covers expenses like doctor’s fees, nursing care, room rent, surgery charges, prescription medicines, etc, during the hospital stay. Medical Insurance provides financial security in times of medical emergencies is among key benefits of health insurance mentioned below:

1. Hospitalization Expenses

the most pertinent benefits of health insurance policy is that it covers expenses for hospitalization, whether it is for accidental injury or illness. Health insurance policies cover for costs incurred while taking treatment in a hospital for any illness or in case of unfortunate event of accident. The expenses covered include any associated costs related to the treatment ranging from the following:

• Room charges / Room Rent
• Intensive care unit (ICU) charges 
• Doctors’ fees / surgeon fees
• Diagnostic tests costs
• Surgery charges
• Day Care Expenses
• Ambulance Charges / Transportation charges

2.  Pre-and Post-Hospitalization Expenses

health insurance plans pay for the expenses incurred in the hospital for treatment but they also factor paying for the expenses incurred prior to hospitalization for a certain number of days ranging from 15 to 60 days prior to treatment. They also cover charges of follow-up visits, medicines and diagnostic tests once you get discharged from the hospital. Some health insurance plans pay for such expenses ranging from 30 to 90 days from the discharge of an individual from the hospital.

3. Health Check Ups

The benefits of health insurance in India include yearly medical check-ups. This helps in the early detection of potential health issues for proper treatment at early stages. The annual medical check-ups include various screenings and tests like blood tests and routine physical examinations. Routine checkups help in early intervention and reduce long-term healthcare costs by ensuring overall well-being.

4. No Claim Bonus

No Claim Bonus can be earned up to 100% of the original sum insured in the policy. This feature enables an individual to double the cover without any additional cost and is useful at older age bands when specified illnesses are likely to happen. These include cancer, diabetes, hypertension and heart-related complexities.

5. Income Tax Rebate Under Section 80D

There is an immediate financial benefit in the form of income tax rebates under section 80D on premiums paid by an individual. In India, health premium rebates are as follows:

• Health insurance for self and family (spouse and children) is INR 25,000
• If individual or spouse is 60-years old or more, the deduction available is INR 50,000
• An additional deduction for insurance of parents (father or mother or both, whether dependent or not) is available to the extent of INR 25,000 if less than 60 years old and INR 50,000 if parents are 60-years old or more.

Top health insurance plans

There are 28 health insurance companies available in India that offer various health insurance plans to meet each and every health insurance requirement of individuals. The top 10 health insurance companies in India include: Aditya Birla Health, Acko, ICICI Lombard, Go Digit, HDFC Ergo, Star Health, Tata IG, ManipalCigna and Care Health.

It can be challenging to choose a health insurance provider in India because there are so many options available. we

1. Care Health Insurance

• 24,800+ Cashless Healthcare Providers
• 48 Lakh+ Insurance Claims Settled
• Awarded as Claims Service Leader for the Year
• Buy Care Health Insurance Online Starting at Just ₹21/day

2. Cholamandalam Health Insurance

• Unlimited Automatic Recharge
• Unlimited e-consultations#
• Unlimited access to network fitness centres
• Up to 30% Discount on Renewals

3. STAR Health Insurance

• 14000+ Network Hospitals to avail cashless claims
• 90% cashless claims settled in 2 hrs.
• 850+ Branch offices across India
• 1Cr Claims settled since inception

4. SBI Health Insurance

• Unlimited Refill – Restore up to the base sum insured unlimited times in a year.
• Wellness Benefit – Maintain good health & get rewarded with wellness benefit discount up to 30% on your renewal.
• Stay Fit Health Check-Up – We value your family’s health and provide annual health checks for insured members
• Save Tax – Get income tax benefit under Section 80D of the Income Tax Act