Health insurance is a mandate to all. Medical emergencies can occur at any time in your life and being prepared for them is essential. The cost of healthcare has climbed steadily and shall continue to do so in the foreseeable future. Don’t let the limitation of resources stop you from chasing a healthy life for yourself and your family. A health insurance policy can be bought for an individual or for a family. Most of the time, it is included as a part of your employment package by the employer.
Health insurance is easily available online and the accessibility has increased the number of options available. It is easy to compare premiums and the features that are mentioned by the insurers. You should be aware of the minute details while choosing which health insurance policy to buy. There are details that you may not consider while buying it but may come in handy later. It is important to take ample time and find the best health insurance that is suited to your needs.
Lesser known facts on health insurance
- You can recharge the sum insured in the middle of the tenure
Sum insured is the maximum amount up to which reimbursements can be done throughout the tenure of the health insurance policy. If you have the family plan, then the sum assured is shared by all the family members. It is possible in this case that the sum assured is exhausted before the year ends. In such a case, you can recharge the amount in the middle of the tenure to ensure you get coverage again for the remaining tenure.
- Health insurance has tax benefits –
As per section 80D of the Income Tax Act, health insurance tax benefit is extended to the taxpayer on premium paid towards health insurance for self, spouse, dependent parents, and dependent children. The sibling is not covered under this section.
Taxpayers can claim a maximum deduction of 25,000 rupees against health premiums paid for self, spouse, and dependent children. You can claim a maximum deduction of up to 50, 000 rupees if the medical insurance policy includes dependent parents below 60 years of age. If parents are above 60 years of age, then 75, 000 rupees can be claimed in total.
If an individual is above 60 years of age and makes the payment of premium for self, spouse, dependent children, and dependent parents who are also above 60 years of age, 1 lakh rupees can be claimed as a deduction.
- Preventative health checkups are a part of the plan
Overall health checkups are important to monitor your physical well-being. This is a renewal benefit that allows you to reimburse expenses towards periodic health checkups done at the hospital of your choice.
- Hospitalization facts
- Home hospitalization is covered: In special cases and depending on the severity of the situation, home hospitalization is covered as well.
- Offers 25% extra sum for critical hospitalization: After all hospitalization coverage is exhausted, you can use 25% extra hospitalization sum for treatment of critical illnesses like organ failure, brain tumour, cancer, etc. Likewise, in case of an accident extra sum can be used for hospitalization when the hospitalization cover is exhausted.
- Post hospitalization lumpsum payment: This is an option you can opt for post-hospitalization and you do not need to submit any bills for the same. You can either opt for a lump sum amount payment or go through the process of reimbursement of medical bills.
- Alternate treatments are covered under health insurance
This is not known to many people but other treatments are also covered under health insurance. These include Ayurveda, Unani, Siddha, and Homeopathy. The only requirement for this is that the facility should be government-approved for you to get reimbursement. Hospitalization under alternate therapy is covered under health insurance as well.
- Elective procedures are not covered under health insurance
Any procedures done without doctor’s prescriptions are known as elective procedures. This means cosmetic surgery of any kind is not covered under health insurance. This also means Bariatric surgery will only be covered in case of untreatable conditions. Any procedure that is not medically relevant is not covered under your health insurance policy.
Although these details are mentioned in the document of your health insurance policy, there is a good chance you may overlook and miss out on knowing what you are eligible for and knowing the limitations as well. These might not be applicable to you but if they are, then it could make the difference of a huge sum.
These facts are not widely known and can be useful while making a decision about which health insurance policy to buy. Apart from these benefits, health insurance is essential for a good quality of life. The repercussions of subpar medical treatments can last a lifetime and hamper the basic processes of life. Remember to look for these things when you are looking to buy health insurance.