Health Insurance Plan: Health insurance plays an important role in the financial part of any person. In view of the rising medical expenses in the present times, it is very important to have a right health insurance plan.
Health Insurance Plan can prevent your budget from getting spoiled or your savings getting exhausted due to big bills. In fact, it covers expensive hospital and surgery expenses, which includes both planned and emergency. However, many people get confused about choosing the right plan due to the large number of available options. While choosing a health insurance policy, it is important to check whether it meets all your needs or not. In this article, we will tell you how to choose the right policy and which features and benefits are important to pay attention to –
These medical conditions should be included
Your plan should include different types of medical conditions. These include ambulance fees, pre-existing diseases, maternity benefits, cashless treatment and daily hospital charges. If you are buying a policy for your family, verify that it meets everyone’s needs. Compare policies to choose the right option for your needs. It is important to pay attention to the features and any hidden limits. This can save you from trouble during an emergency.
When choosing a health plan for the family, ensure that you can easily add new members. If a key family member is no longer covered, the rest of the family should also get the benefit without losing any advantage.
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Consider waiting periods
Health insurance often includes a waiting period before pre-existing conditions or other specific treatments are covered. This waiting period depends on the plan. When buying a policy, know how long you have to wait before these diseases are covered and if possible, choose a plan with a shorter waiting period.
Consider renewability
Look for policies that offer lifetime renewal. This will allow you to renew your existing policy as you age without having to buy a new policy at a higher cost. Without lifetime renewability, you may need to change plans later.
What to prepare for hospitalisation
Your insurance plan may assign you a specific type of room in case of hospitalisation. These include private, semi-private or shared. If you want more privacy, choose a plan with a higher room rent limit to avoid paying extra from your pocket.
Tax deductions are also important
Think about the benefits while choosing a health insurance policy. You can claim a tax deduction on the premiums you pay under the policy, which can range from Rs 25,000 to Rs 75,000, depending on the type of policy you have. For a family floater plan, if your parents are above 60 years of age, you can claim up to Rs 50,000 in a year. For parents above the age of 75, the benefits can be up to Rs 75,000. If the policy is for someone below the age of 60, the tax benefits are up to Rs 25,000.
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