Health Insurance Explained - RoundTable Medical Consultants

Health insurance is a type of insurance that pays for a policyholder’s medical and surgical costs. It either pays the care provider for the covered person directly or reimburses the costs incurred as a result of illness or injury.

Health insurance options 

Every person is different and has their own set of needs. The unique needs of each person cannot be met by a single health insurance package. There are numerous sorts of health insurance policies accessible in this specific area. These are some examples of what they are: 

  1. Individual health coverage 

You can buy a personal health insurance plan to cover your parents, your spouse, your kids, and yourself. These insurance plans frequently pay for a wide range of medical costs, including hospital stays, childcare operations, hospital room rent, and more. Each member of an individual health insurance plan has their own amounts insured.

  1. Family health insurance floater 

With a family floater plan, you can insure all of your family members under one policy and split the total amount protected. Due to the shared sum covered, these plans are often more reasonable than individual insurance.

  1. Critical illness insurance

Many disorders that are influenced by way of life are on the rise. Long-term treatment and management costs for conditions like cancer, stroke, kidney failure, and cardiac illnesses can be very high. This is the main motivation behind the development of critical sickness insurance coverage. These can be acquired either independently as their own plan or as an add-on or rider to your current health insurance policy. *

  1. Senior citizen health insurance 

These health plans were created expressly with senior folks’ medical needs and requirements in mind. Most senior citizens’ policies include supplementary covers, such as domiciliary hospitalisation and even some mental benefits. *

  1. Group health insurance 

Group health insurance plans, as opposed to individual and family floater policies, can be obtained by a group manager for a sizeable number of people. For instance, a company may buy group insurance for all of its workers, or a building secretary could do the same for all of the building’s tenants. *

A health insurance premium calculator is a tool you may use online to determine the amount of coverage required based on your needs.

How does health insurance operate? 

Health insurance, like all other types of insurance, aids you in coping with the financial effects of an accident or emergency. Let’s examine how health insurance functions in practice. The procedure begins when you submit an application to buy a plan. You will be given premium quotations based on your age, medical history, required sum insured, and the type of plan you’ve chosen. Before deciding whether to offer you the necessary coverage, the insurance company may sometimes ask you to undergo a few medical exams. You’ll receive a policy after the terms and conditions are complete. Each policy comes with a few waiting periods. If you can receive care at one of the hospitals in our network, please let us know about the procedure, and we’ll get in touch with the hospital to arrange all of the payments. Make sure you compare health insurance plans before buying one.

The Income Tax Act of 1961’s Section 80D allows for tax deductions for premiums paid for maintaining health insurance coverage. You may deduct up to INR 25,000 per year from your taxable income for a policy for you, your spouse, your children, and parents under the age of 60. If you’ve additionally acquired insurance for a parent who is above the age of 60, you can claim an additional deduction of INR 50,000. **

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

By Rehan

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