There is common saying health is wealth. For the prosperity of the family good physical, mental and as well social health is necessary.
What is health Insurance?
Health insurance is defined as "coverage that
provides for the payments of benefits as a result of sickness or injury. It
includes insurance for losses from accident, medical expense, disability, or
accidental death and dismemberment" as per the contract between an insurance provider (e.g. an insurance
company or a government) and an individual or his/her sponsor (e.g. an employer
or a community organization). The contract can be renewable (e.g. annually,
monthly) or lifelong in the case of private insurance, or be mandatory for all
citizens in the case of national plans.
For any family it’s an absolute yes. For people in jobs, employee
and her / his family is covered by employer (Private/Govt).
Self employed person need to buy insurance on his own.
While framing the financial planning ones health and
health of the dependents should be utmost priority…….. Why????? Because a
single illness can wipe out your entire saving and sabotage your entire financial
goals.
So how to hedge your financial status from tsunami of
medical expenses. The answer in present scenario is a
good health insurance.
Is premium an additional burden on your income?
Instead of considering it as an burden consider it as
investment. Govt wishes to motivate people for health insurance by giving
additional tax benefit under section 80D.
How much deduction is allowed?
Scenario |
Premium paid (Rs) |
Deduction under 80D (Rs) |
|
Self, family, children |
Parents |
||
Individual and parents below 60 years |
25,000 |
25,000 |
50,000 |
Individual and family below 60 years but parents above
60 years |
25,000 |
50,000 |
75,000 |
Both individual, family and parents above 60 years |
50,000 |
50,000 |
1,00,000 |
Members of HUF |
25,000 |
25,000 |
25,000 |
Non-resident individual |
25,000 |
25,000 |
25,000 |
Check list while buying Insurance policy?
1. Choose the policy not just based
on premium but, based on ease of settlement of claim, Customer support and types of
health expenditures covered. Facility of add on and recharge if medical
expense shoot up above sum insured.
2. Choose the plan best suited for
you. Policy can be for self, for spouse, for family (Spouse and upto children) and
for parents. Many insurance provider give facility of add on members to the
policy.
3. While buying policy provide all
information truly. If you are already suffering from illness or on medications
then disclose it in your policy contract so as to avoid any failure of claims.
4. Always read the fine print. In
case of any doubt never hesitate to clarify from customer support.
5. For cashless claim look the list
of hospital in your city where Insurance service provider is empanelled and
that empanelment is active.
6. Check if ambulance, both road an
air charges are covered in the policy or not.
7. Make note of exclusion before
choosing the policy compare with other insurance policy provider.
8. Look for duration of treatment
that will be covered. Many policies have upper cap on the duration of treatment.
9. Once the policy bought review it thoroughly.
If any doubt clarify it from customer support.
10. Explain the details of the
policy to your family members, empanelled hospital, amount that can be claimed and
procedure of claim.... because if god forbids, you get ill then your family member should know how and to which hospital to take you and do the required
formalities. This will make life easier for them in tough time. Better write
down the details in your family diary.
So be
healthy and be wealthy……………..
Useful links
Click to visit Insurance regulatory and development authority(IRDA) for further information.
Any queries or feedback
himanshuyadav1079@gmail.com
Nice article very informative
ReplyDeleteExcellent and informative article. So many doubts get cleared. Thank you so much.
ReplyDeleteVery important information which is very necessary and important like oxygen and blood for life
ReplyDeleteThankyou for the information ! Good read !
ReplyDeleteExcellent and information is most useful in present scenario 👌👌👌
ReplyDelete