Health Insurance Policy and its Care Coverage

Life is all about experiencing the best of it in doing anything. Health insurance understands the importance of these experiences and that such experiences can rejoice in true sense only when every individual is healthy and does not worry about the unforeseen medical problems.

The primary objective of a health insurer is to ensure good health to all its clients and eradicating their worries of probable health uncertainties which may arise in future. A health insurance plan helps you to safeguard you as well as your family against medical and financial risks. The insurer takes care of the hassles related to the client’s treatment so that he/she may stay away from all worries and could focus on their recovery only.

Care Coverage:

• Pre-Hospitalization coverage: All the procedures through which you undergo before your finally reach the hospital like investigative tests, routine checkups etc. are highly expensive. Such medical expenses are the coverage plans of a good health insurance policy.
• Ambulance coverage: To get a medical attention as soon as required is of utmost importance. That is why the expenses incurred while using the services of road ambulance during or before your hospitalization is also reimbursed by good health insurance policy. 
• Hospitalization for more than 24 hours: All the nursing plans. Surgeon’s screen, anaesthesia, doctor’s fee, OT charges etc are usually paid by the insurer.
• Hospitalization for less than 24 hours: The expenses incurred in providing you one daycare are also covered under health care procedures.
• ICU charges: In case of emergencies, your primary focus should lie on your recovery. Your agents are there to look after your treatment expenditures.
• Lifelong renewability: A good health insurer will never leave you in the middle of your journey and honour his commitment by providing lifelong renewability schemes to renew your policies.
• No age limit for enrollment: To enrol into a health care plan, there should not be any age limit.

It is now recommended to buy online mediclaim policy that offers you healthcare products to individuals, family and even to corporates. Health insurance is a new concept and has made a significant progress in a very short period all because of the security schemes it offers. To buy online mediclaim policy is a good option as you can compare which policy is best to hold, also, it reduces paperwork and unnecessary formalities.

 

How does a mediclaim plan work?

Before you buy an online mediclaim policy, you must know the procedure of its working. The claims are of two types- cashless procedure and other is reimbursement. While you buy an online mediclaim policy, go through each policy and make a comparison to go for the one which suits your need the best way.

Cashless Procedure:

It is that type of mechanism, where the patient is admitted or treated in our network of hospitals and thereafter the insurer will settle down the claim, either a part of it or full with the concerned hospital. This means that the patient needs not to give even a single penny to that hospital. For a smoother claim process, follow these steps:

At first, in all the empanelled hospitals, you will find an insurance desk within the hospital premises. The policyholder should obtain from there the pre-authorisation form, fill it duly with all your correct details as any wrong information or any omission will delay your entire claiming process. The form is stamped by your hospital and the company approves your assured sum and thereafter a fax is sent back to the same hospital stating that an amount ‘X’ is sanctioned for treatment.

Reimbursement:

If you want to get reimbursement, you should inform your insurer about your hospitalisation or if the hospitalization is likely to happen in near future. Either you send an email or inform by making a phone call. For acquiring reimbursement, submit all your payment receipts, medical bills of all medicines even if bought from an outside chemist. Make sure to get your original discharge slip, slips of final payment of bills, so that reimbursement can be given to the person.

Checklists before you buy a mediclaim plan:

• Individual plans and combo plans for the family: In an individual plan, every individual should be insured for a specific sum, whereas in a family floater, all family members are insured against a fixed amount. In some plans, if the primary person of the family dies, under the family floater scheme, the policy will be closed and even the young members of the family cannot renew it. Whereas, In some cases of individual plan, the individual can be insured on different parameters. But the attainment of specified age will not have any impact on the coverage plans of family members.
• Renewability Age: Although the policy offers you the coverage for just a year, in actuality some insurance providing companies like Medimanage believe in strong and long-lasting relationships with their customers. So the insurance policy will cover you for your lifetime.

Medimanage is a top health insurance policy in India which focuses on providing unbiased healthcare solution. They have professionals who provides expert advise and then owns the responsibility to service the product. It is the best health insurance agent whom you can rely on.

 

Importance of health insurance

In a country like India, where the index of human life is very low, the need of having a health insurance is of utmost importance. Everyone should opt for a good insurance plan that includes hospitalization costs, laboratory test and medication costs, medical outlays, and critical illness coverage. Also, you should opt for a best mediclaim plan for tax saving. The IT Act allows deductions under section 80D if you pay health insurance premiums. If you obtain a Mediclaim plan for tax saving, you will have a reduced tax liability and thereby your annual taxable earnings are reduced.

Key advantages of a health insurance plan

• Cashless treatment: Every health insurance company has its tie-up with many hospitals and nursing homes called the empanelled hospital. If you are admitted to such a hospital, you need not pay anything. This type of plan is mostly preferred as you are free from the stress of claims and arrangement of documents. If the expenses are beyond the limit you are insured for, then you yourself have to pay that amount to the hospital. Also, you will not be entitled to cashless treatment if you not taking treatment in any empanelled hospital.
• NCB: New claim bonus (NCB) is the advantage provided to the client if no claim was received by him during the previous year. The advantage could be in the form of increased sum assured or discount on the cost. You will avail this advantage at the time of renewal.
• Co-Payment: Some insurance plans offer you co-payment option. It is a cost-sharing system where people will have to bear some share in the total cost to be admitted.
• Portability: This feature allows the insured to switch from one insurance company to other without any loss of advantages w.r.t.the waiting period, pre-existing ailments, and other benefits earned in the previous plan.
• Health insurance through an employer: Most of the employers today provide health insurance to all their employees to cover hospitalization expenses of his own and also of their family members including parents, spouse or children. It is good to opt that mediclaim insurance as need not to pay a premium for that. It is group health scheme in which the amount of premium is decided by your employer on the basis of group size and assured benefits. Also, you are not entitled to get any benefit of the insurance scheme if you have left the job.
• Health insurance for tax benefits: Health insurance plans entitle you for receiving tax benefits u/s 80D. The premium paid for health insurance for self and family will give you a rebate in tax. The health insurance for tax benefit is a good option as you can save up to Rs.25000 if you are below 60 years and up to Rs. 30000 if you are above 60 years.

Medimanage is one such health insurance broker, with an integrated service model which provides unbiased health insurance advisory, technology based delivery and professional medical insurance claims assistance focused on you. It is the only Health Insurance Provider in India, which blends the entire service cycle right from expert advisory, purchase assistance, medical insurance claims assistance and renewals into one package.

 

Health insurance policies and practices

Health insurance is an insurance which covers all the medical expenses borne out to the client. It depends on the plan the client choose that how much coverage will they get for hospital expenses, surgical expenses, critical illness expenses etc. our changing lifestyles have caused us so many diseases which have prolonged and expensive treatments. Thus a health insurance policy prevents you and your family from bearing huge financial crises at the time of any medical emergency. Many people also buy health insurance for tax saving as IT Act provides deductions on insurance premiums u/s 80D. Nearly a saving of Rs. 40000 can be made if you take health insurance for tax saving.

A good health insurance plan provides you financial support in case of emergencies related to health care. It helps you to meet various insurance needs based on different life stages of an individual or related to some specific disease.

Considerations to keep in mind before picking up an insurance plan

Never forget that your health is your wealth. Only by being healthy you can keep yourself in right frame and peace of mind so that you are always ready to tackle the hurdles which may arise anytime in life. Health is very unpredictable. Maybe you always make healthy choices, follow a proper diet schedule, indulges in exercises, but still, you may fall sick. Accidental situations always come as a surprise for which no one is ever planned in advance. Thus even if you are best at your health, you should visit a medical practitioner regularly for your health checkups. Also, select an appropriate plan of health insurance to save yourself from financial burdens if any medical emergency arises. Keep the following things in mind for deciding an appropriate health insurance plan:

• Your financial conditions: The cost of health care plans is constantly rising. Although they are providing you tax benefits but don’t just take this point as the sole objective of purchasing a health insurance plan. To achieve health insurance benefits for the long term and on the affordable financial scale, you should go for a detailed health care plan. Having an insurance for health is making small payments for getting long-term benefits.
• The premium: Don’t just go to the monthly premium payments. They may be within the reach of your pocket. Along with the premiums, you may have to suffer a burden of co-payment as well. Co-payment is that amount which will be paid out of your pocket before your insurer covers the cost burden. So before taking a decision, think practically about how much premium is affordable to you and which will be the best plan to go for.

Make mediclaim insurance policy comparison to know the best prices and see which one suits you the best. Medimanage helps you to choose out the best policy which reimburses your expenses as well as does not put a burden on your wallet.

 

Best tax saving technique- health insurance

We think of many options, how we should save the taxes and enhance our savings. For long-term benefits, health insurance for tax saving is the best option. Mediclaim health insurance in India will provide coverage for all hospitalization expenses in case of sickness and accidents. Also, there are cashless services where the insurer settles the payment directly with the hospital. This ensures the minimum burden of expense on your wallet. Getting into health insurance for tax saving is a smart approach to save ourselves from unforeseen medical emergencies as well as encouraging investments.

Alarming health care costs:

Health care is getting costly day by day. Hospitalization in any hospital is costing such a huge amount that people are getting scared of how will they take care of their themselves if any medical emergency arises, from where will they manage the funds. In such a hike of medical cost, no one can imagine depending on friends and relatives for help at the time of need. So in such a situation, health insurance is best to opt. It covers risks against all kinds of health-related issues without putting the burden on your pockets. Also, it generates investment in the form of tax benefits.

Tax benefit:

The premium paid for a mediclaim policy offers you a deduction in tax u/s 80D of the income tax act. Only individuals and the members of Hindu Undivided Family (HUF) are entitled to get this deduction. In health insurance policy, deductions in tax payment are as follows:

• Insurance for kids, spouse, and self: Rs. 25000 p.a.
• Insurance for parents
• If parents are below 60 years of age, then an additional deduction of Rs. 25000 is available.
• If anyone of the parents is above 60 years, then additional Rs. 30000 deduction is provided.
• It means an individual has the chance to save Rs. 55000 as a deduction from his net taxable income if he opts for health insurance policy.

Ignored aspects under tax planning:

Health insurance of parents is an aspect which is often ignored while tax planning. Even the accountants are unaware about the benefits of taxes under parental health insurance schemes. There is an additional deduction of Rs. 30000 while paying a premium for parental health insurance. It is such a gift that gives our parents long-term security of life with assured quality as well as at affordable prices.

But remember that the amount of insurance premium is never paid in cash.

Also, this deduction is not given for corporate insurance plans, i.e. the plans taken in the company’s name for their employees unless the payment of premium is done online through internet banking, debit cards, credit cards or through the payroll deduction system. Parental insurance is the best mediclaim plan for tax saving. Every individual should think of such plans to get quality health care and tax saving facilities. Medimanage is providing best mediclaim plan for tax saving so that the public gets good health care services and no one gets devoid of such services just because of a tax burden.