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5 Questions that you may have while buying a health insurance plan

13 November, 2018

The purpose for which we all work for hours in the office is about providing all the comforts that our family deserves. We always wish to provide them a safe and secured life.   It is important to be financially secured so that you can handle any unexpected contingencies that may arise at any point in time. Buying a health insurance plan is important as it covers you against all sorts of medical exigencies. Although, blindly buying a plan because your relatives or friend bought that would be a foolish practice, therefore you must ask some health insurance related questions before finalizing down on one plan.

 

Here’s a handy list of FAQs about health insurance –


What are the benefits of buying a health insurance policy?

 

 

It covers the following medical expenses during the period of hospitalization –

 

 

  • Intensive care unit charges
  • Medical practitioner’s fees
  • Diagnostic procedure charges
  • Nursing charges
  • Room rent, boarding expenses
  • Anesthesia, oxygen, blood, and operation theatre charges
  • Blood transfusion, intravenous fluids, and injection administration charges
  • The cost of prosthetic and other charges
  • The cost of equipment if implanted internally during a surgical procedure


Why is it necessary to have a health insurance plan?

 

With the change in lifestyle and several other factors, there has been a drastic rise in people falling prey to medical illnesses. Thus, it is necessary to have a health insurance plan in India. It provides coverage against expenditure which is caused due to unforeseen medical expenses.


Can I buy more than one health insurance policy?

Yes, one can buy more than one health insurance plan. Although, for the ease of administration, it is advisable to buy one health insurance policy with a higher sum assured, instead of buying multiple insurance policies with a smaller sum assured.


Is there any tax benefit on health insurance policy?

Yes, tax benefit is available for the person who is paying for the health insurance plan under section 80C of the Income Tax Act


How is the health insurance premium calculated?

Health insurance premium is calculated on the basis of the

  • Age of the proposer,
  • Tenure opted,
  • Type of plan/SI opted and
  • The location of the proposer
  • Medical condition