One of the most important lessons that the deadly coronavirus has taught us is the importance of good health insurance plans.
While health insurance in India still has a long long way to go, it is heartening to see that people are understanding what a crucial role medical insurance can play in our lives. With more and more people being open to medical insurance, there are many health insurance companies offering a number of plans.
This can often make it quite confusing for the customer to be able to decide what to buy. There are still many misconceptions about what health insurance covers and what it does not cover.
In India, the Insurance Regulatory and Development Authority of India (IRDAI) regulates health insurance. There are many options and benefits that health insurers provide under the guidance of the IRDAI. It is, however, up to the customer to opt for features that he considers to be useful.
In order to make a well-informed decision about the best health insurance, it is imperative that you understand different aspects of your policy. While it may seem simple to understand the basics of health insurance cover, there is a lot to read between the lines. Let take a look at the things you may not know about the health insurance covers.
Things your Health Plan Covers
This may come as a surprise, but many insurance companies offer international health coverage to their customers. Under such plans, the expenditure on medical treatment of an insured is compensated for by the insurance company.
Make sure that you go through the terms and conditions of the policy in advance to find out about the international coverage offered with your policy.
There are many people who opt for alternative treatments such as AYUSH, i.e. Ayurveda, Yoga, Unani, Siddha and Homeopathy, keeping this in mind most insurance companies also cover the expenses you bear on such treatments from recognised helathcare centres.
Most health insurance companies provide a free annual medical check-up for their customers. However, this also depends on the kind of plan that you have opted for and on the number of claim-free years you have had.
Make sure you check about the same before you buy your medical insurance policy.
You may know that the health insurance premiums are exempted from tax deductions under Section 80D of the Income Tax Act up to INR 25,000 for the premium paid towards self, spouse and children; but that’s not all.
You can claim tax benefits on the premium that you pay towards the health insurance for your parents as well. Depending on the age of your parents, you can avail of benefits from INR 25,000 up to INR 50,000.
No Claim Bonus
If you are lucky, there may be certain years when you do not make any medical insurance claim. For these years, it is possible that your health insurer offers you certain benefits in the form of discounts on the upcoming policy premium or increase your sum assured.
Maternity and Child Cover
While you may have to purchased a maternity cover separately, but there are many plans that cover a newborn baby from day 1 up to a specified number of days. All the hospitalisation expenses of the newborn are covered.
Thanks to the innovation in medical sciences, there has been an increase in the treatment of people through advanced robotic surgeries. And what comes as good news is that as per the IRDAI issued guidelines, many health insurance providers cover such medical procedures.
Some health insurance plans give the benefit of Restoring the Sum Insured. In case you have exhausted your sum insured after treatment, once a year the company can reinstate the entire amount in your policy. However, it is recommended that you confirm this benefit from your insurance provider.
However, if you feel that your health insurance coverage is not enough, you can always choose to enhance the coverage by opting for a Super Top-Up Health Insurance Plan. It is cheaper than opting for another regular plan as Super Top Up Plans provide coverage over and above your basic coverage.
Having health insurance in India is nothing short of a basic necessity today. But at the same time, it is highly recommended that you do your homework and invest your time in finding out all the details of a plan before you invest your money in it. Comparing different policies will help you in choosing the best health insurance policy.