Health Insurance: All Questions Answered

A type of insurance coverage that pays for medical as well as surgical expenses incurred by the insured is known as health insurance. The insured is reimbursed by the health insurance for expenses that are incurred from various illnesses or injury.

Below are the top questions usually asked by customers before purchasing a health insurance policy: 1.    Should you buy health insurance at a young age?

Yes, buying health insurance at a young age is a clever idea. It comes with a lot of benefits:

  • The rate of life-threatening diseases is increasing at an alarming rate. Moreover, our sedentary lifestyle, poor food habits and degrading environmental conditions significantly impact our heath. Therefore, purchasing health insurance at a young age is essential.
  • When you’re young, you are at a lower risk of suffering from life-threating diseases like cancer, and so forth. Purchasing a medical insurance policy at an early stage in life ensures lower premium payment. When you run a low risk of catching severe diseases, the premium charged by the insurance company is less.
  • When we are young, we tend to think that our corporate insurance is enough. What we don’t understand is that our companies offer minimal health cover. It is likely to leave us underinsured. Apart from that, this cover will terminate after you leave the company. Hence, you must have a personal health plan. This not only provides enough protection but also can be customized according to our changing needs.
  1. Can tax exemptions be availed on health insurance plans?

Deduction on Section 80D in Income Tax Act is applicable on Health Insurance Premiums. You can claim a deduction of up to Rs. 25,000 per year for medical insurance premium installments.

  1. What are the things that should be considered before buying a health insurance policy?

Firstly, you must always pick a credible insurance company to cover you. Choosing a reputable health insurance company must be a top priority for your family. Always look at the quality of coverage you are being offered for the money you are paying. The health of your family is too important to be risked. Hence, always compare and choose a family health insurance policy that has good customer reviews.

Few more important details/ health insurance tips to consider are:

  • Type of health insurance plan
  • Features of your health plan, according to your speculated future health needs
  • Sum insured that considers inflation and suits your budget. Also, does not leave you under-insured.
  • Network-hospitals of your insurance provider
  • The customer reviews about the company or policy

Poor medical history

Every Individual must have a health insurance, as it is important for several reasons. Lack of insurance is a fiscal burden for them as well as their families. Safety-net care from hospitals as well as clinics will improve access to care but will not fully substitute for health insurance. However, before buying health insurance, one must compare multiple policies. For accurate comparison, one can utilize a health insurance premium calculator. This will also help you plan your budget and premium payments.