Monday, 20 August 2012

Advantages of Health Insurance Policy

Benefit of Health InsuranceA Normal family could not bear medical expenses. If any member of the family got ill and the whole family will be in problem. All should adjust accordingly to get the patient treated. The huge medical expenses bring these troubles high. It will eat out the savings of the entire family. But if you take medical insurance (Health Care) policy, this financial burden can avoid and the patient can avail good medical facility.  The health insurance provider will bear all medical expenses as per the terms and conditions of the medical insurance policy. Medical Insurance is also known as health insurance. It covers all Medical treatment expenses whether the illness requires long term treatment or short term treatment.

The following are the main advantages of a health insurance policy. 

Let us see the benefit of health insurance

Low premium saves you and your family: A health insurance policy assure the medical treatment of yourself and your family up to a predetermined sum by paying around an annual premium of 1.25% to 2.25% of the insured amount.  For example if you insured you and your family’s medical treatment amounting to Rs. 300000, you have to pay an annual premium of Rs. 3750 to Rs. 6750. But you can ensure a medical treatment through Health care insurance up to Rs. 300000 annually.

Medical insurance assures medical expense and post medical care expenses: A medical insurance policy pay off your medical bill and sometimes the post medical care also, if the terms and conditions of the policy allowed it. 

Health insurance policy assures the financial security of the family: The family must not take much financial burden when a family member got ill and admitted for treatment. Your insurance provider pays off the medical bill. Check the terms and conditions of the medical insurance policy before joining the policy.

Medical insurance policy covers hospitalization and medical bills:  Most medical insurance providers have panel hospitals and the patient should be treated in any of such listed hospitals to avail full medical insurance cover and they offer cashless treatment for insured.

Tax benefits: You can avail tax exemption under section 80D of income tax act up to Rs. 15000 of medical insurance premium paid in a year and the exempted amount will be Rs. 20000 if any of the insured person is a senior citizen. Just like, you can get an additional tax exemption if you take medical insurance policy for your parents or parent’s in-law. This amount also will be Rs. 20000 if any of the insured members is a senior citizen.

Join with any health insurance policy soon. But keep in mind that you should not conceal any personal information to the health insurance provider ask you to fill while completing your medical insurance application form. If you hide any present illness or any such details you may be in trouble when you claim medical treatment expenses. Give true information. Check whether the insurance provider assure lifelong medical insurance cover, if you renew the policy every year. The time taken for claim settlement, Cashless treatment, how many listed hospitals and the type of listed hospitals. If they provide only high expensive multi specialty hospitals, your sum assured will be over soon and you have to pay the balance amount. So read the terms and conditions and prospectus carefully before taking a medical insurance policy.

Benefit of Health Insurance

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