Health Insurance Plans
Health Insurance Plans in India
Health insurance can be defined as insurance against the future medical expenditure of a person. This means that when someone takes a health insurance plan he or she expects a certain amount of medical expense to be there in future and that individual is paying for that in the present in the form of premium. The main aim of a health insurance plans is to make sure that people have enough money to take care of their emergency medical requirements when they get old. However, a health insurance policy does not always cover every possible health problem someone might encounter in the future.
There are certain terms and conditions agreed to by the insured (person who is taking the plan), and the insurer (entity that is providing the plan) and the entire procedure happens according to what has been agreed to in the contract. Appropriate time to take health insurance According to experts the best time to avail a health insurance plan is when the insured is still in a good physical condition. The normal logic among young people is that since they are rarely afflicted by physical ailments they do not need such a plan. In reality people can fall prey to a disease or other physical problem at any time - nobody can be absolutely sure of a life fully free of such issues.
A problem with trying to get a medical insurance during old age is that since there are more chances of a medical condition the premium is often high or the insurer is not ready to cover the individual in question. Types of Health Insurance In India there are two major types of health insurance plans - critical illness insurance and medical insurance. Medical insurance: this form of insurance provides hospitalization cover and pays back medical costs that have been there for paying for diseases or surgery when the insured was admitted in a healthcare facility.Â
Benefits of Health Insurance Policy The major advantages of a health insurance policy may be enumerated as below: Assists in securing the future through premiums Payment for medical and hospitalization bills Saves lot of future financial losses due to costly medical and post treatment expenses Custodial and disability bills Heightened sense of security Tax benefits as per Indian Income Tax Act's Section 80D Greater financial security These policies can even be availed after crossing 60 years
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