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Health Insurance

“Health is a state of complete physical, mental and social wellbeing and not merely the absence of disease or infirmity” - World Health Organization.

“Health is wealth” is a common phrase, yet we understand the true meaning of the expression only when we fall sick or get hospitalized, resulting in medical expenses and a loss of income.

Public healthcare facilities are never adequate to meet the healthcare requirements of the entire population of a country. Generally, patients have to rely on the more expensive private healthcare services. Moreover, in certain critical illnesses, the cost of treatment can be exorbitant, causing a severe strain to the family’s finances. Most senior citizens rely on their life’s savings for their medical treatment. However, with rising inflation, their savings are rarely sufficient to meet such healthcare expenses.

Let us take an average Indian household for example. An adult male is the only earning member, having three to four dependents. In case this primary breadwinner suffers a heart attack (or any other ailment that makes him unfit for work), the rest of the family will face a severe cash crunch. It would not be possible for them to sustain their lifestyle, repay debts or even afford the high costs of treatment.

In such a scenario, getting insurance is the only way to mitigate these financial risks. One can do this by investing in a Health Insurance plan that guarantees peace of mind at the time of crisis.

Health Insurance is needed because
  • Lifestyle related ailments are common these days
  • Healthcare is becoming increasingly expensive
  • It is difficult for a family to quickly arrange for huge amounts of money required for treatment
  • Most of the savings of a family are in the form of fixed assets, which cannot be liquidated quickly
The advantages of ‘Health Insurance’ policy
  • Ensure peace of mind
  • Flexible insurance cover
  • You can avail of the facilities up to old age by renewing the policy every year
  • No need to carry cash to the hospital because one can avail of the cashless treatments
  • Income tax benefits u/s 80D
Insurance Portability

Insurance Portability is a facility whereby a policyholder can shift the existing health insurance policy to another insurance company providing better services and added benefits.

Tax benefits associated with Health Insurance

Customers can claim tax benefits under section 80D and 80DD.

  • Tax benefit u/s 80D - The health insurance premium qualifies for deduction under section 80D.
  • Tax benefit u/s 80DD - Any premium paid for the health insurance of a dependent/ disabled person qualifies for deduction under section 80DD. Deductions are also available for any expenses incurred for the medical treatment of the disabled.
Procedure for making claims under health insurance

While the exact claim policy differs from company to company and product to product, in general, the claim process for a cashless scheme is as follows

  • Get admitted to any of the authorized hospitals in the network
  • You need to fax the pre-authorization form to the insurance company or TPA
  • The insurance company will examine the claims
  • The insurance company will settle the claim with the hospital directly

Contact Us to know more about Health Insurance and to invest in the right policy for yourself, your family and your employees.