6 Questions to Ask Yourself Before Buying a Health Insurance
8 Feb 2018
6 Questions You Need to Ask Yourself Before Buying a Health Insurance
How do I buy health insurance online? What are the benefits of opting for a family health insurance? What should I do in case of a medical emergency? How does the reimbursement process work? Wait, do I even need it?
These are only a few of the questions surrounding health insurance policies in India. If you are looking for some answers before applying for one yourself, look no further. Here are the answers to a few of the FAQs surrounding health insurance in India.
Why do I need a health insurance policy?
The most basic question with an answer that is just as simple. Quality health care often equates to hefty medical bills. The last thing you want to do while dealing with an unexpected hospitalization or a crisis in a hospital ward is worry about the money. In case of an emergency, the health insurance plan you might had half-heartedly applied for ends up being your knight in shining armor.
What are the documents required in order to claim the insurance?
It is best to have your documents updated, especially in the case of an on-going illness. Apart from the ID proof and original medical bills, you would also need the health card, signed documents of the prescription for hospitalization, and the discharge card.
How does the cashless facility work?
Convenience is definitely one of the top reasons to go for a health insurance policy. Insurance companies often tie up with a network of hospitals across the country. If you seek treatment in any of these hospitals, the insurance company takes care of the bill directly, without you having to shell out and seek for reimbursement later. However, the cashless policy is not applicable if you seek treatment in a hospital outside the company’s network of empaneled hospitals. In that case, reimbursement is the way to go.
What are the tax benefits like?
Tax benefits are the most common reason for youngsters to opt for health insurance. According to Section 80D of the Income Tax Act, you can be exempted up to INR 25,000 on your taxable income each year, provided you have the relevant medical documents to do so. This amount is INR 30,000 for senior citizens.
Are there any georaphical limitations to the health cover?
If you’re opting for an insurance cover, might as well go for one that’s valid even while travelling. In most cases, health insurance can be claimed pan India. There are also some that cover for international travel. This is something you can check while applying for the insurance and pick a policy that best suits your needs.
What it does not cover?
Injuries caused under the influence of drugs or alcohol, naturopathic treatments, self-harm or medical treatments that do not require hospitalization like a dental surgery. It is always best to check the exclusion section of your policy documents.
It is not just the middle-aged who opt for health insurance anymore. With an increasing number of young adults opting for the same, it only makes sense to arm yourself with the required information to secure your financial future.
Why choose Bharati AXA Health Insurance
With health insurance plane, financially secure yourself and your family at affordable premiums