Health Insurance

Health insurance is like a financial security that you have for handling your medical expenses. Health insurance plans are like an investment that you make so that you can safeguard your hard-earned funds from being spent on expenses related to hospitalization, medicines, ambulance, doctor’s consultation and more. A health insurance policy can also be viewed as an agreement between you and your health insurance company that binds them to cover you financially in case of any medical emergency.

There are several types of health insurance plans in India. And, you should choose the best health insurance policy for yourself and your family so that you can relax when it comes to paying hefty medical bills. You not only get covered for the medical expenses with your health insurance plans, but also get facilities such as cashless treatment and quality health care at a reputed network hospital. Health insurance plans are like your friends that take away your financial burden in case of hospital related exigencies.

This Health Insurance cover amount protects you from heavy hospitalization expenses during medical emergencies. Through this cover amount, the health insurance policy pays for your hospitalization expenses, daycare expenses, ICU charges, and other medical expenses. You can also avail of tax benefits under Income Tax Act, 1961 if you possess a health insurance policy.

An Example Of How Health Insurance Policy Works

For example, a health insurance policy can offer a cover amount of 5 lakhs a year just for an annual premium of Rs. 9000. If you get hospitalized during a policy period & hospital bill comes to 3 lakhs, the health insurance policy pays up to 90% of your bill amount. You have a limit as per your plan & its premium.

In another case, you can have a health insurance policy with a cover of 50 lakhs. For this huge cover amount, you pay a premium of Rs. 40,000 annually. As per this plan, your annual limit is up to 50 lakhs. This means, you can get admitted to the hospital & the insurance company can take care of your bill up to the amount of Rs. 50 lakhs.