How many benefits do you need from your health insurance? The answer is very common. The more they provide, the better you will be. Cutting down the unnecessary coverage benefits is important to keep your essential areas strong and satisfying. Health insurance plans vary in terms and conditions. They offer different benefits and coverage terms to meet the demand of the policy holder. Besides this, different health plans also look after different areas of expenses, such as mediclaim for hospitalization, critical illness policies for coverage against critical plans and accidental policies for accidental injuries. With so many policies, deciding one is more than a tough task. It needs your time and research knowledge to know which one is made for you and your family.
How much money to spend on Insurance
Those who have health insurance policies, they enjoy the benefits of tax exemption as per the legislation of Income-tax act, section 80D. If you tend to lose 25,000 rupees p.a for taxation, you must opt for the health insurance plan that will give you a tax exemption benefit. The amount of the Premium decides what the sum assured will be. Though, the many companies keep the premium amount as low as 1000 rupees per month for the sum assured of 6, 00, 000 rupees. The benefits and features are proportionate with the Premium amount. The higher you pay the bigger cover you get.
Individual and family health plans
Health plans are generally two types – individual health plan and family floater health plan. In family floater health plans, your entire will come under the cover of the health benefit you purchased. The member of a family included in the health plan is limited, though. The other one, individual health plan, takes care of medical expenses of a single person – the policy holder.
Policy holder’s age decides the Premium amount
The premium amount depends upon the age of the policy holder. This is why the amount for those above 45 years is certainly higher than the amount decided for the young ones. As ageing people are likely running at high risk of severe health complication.
Cashless treatments come under certain health insurance policies that allow you to pay nothing during your hospitalization. The medical expenses, in this case, are settled between the insurers and the hospitals directly. But, many companies provide this cashless health policy for their empanelled hospitals only.
Unlike a cashless insurance plan, a reimbursement policy needs you to pay all expenses of your hospitalization. The company will reimburse you all amount after submitting the essential documents of your expenses.
Since expenses are looming every day, you need to buy a suitable health plan that takes care of you when you are in need.