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What is Health Insurance ?
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In India, a "health insurance policy" is a type of insurance that pays for medical and healthcare costs. The plans typically pay for hospitalization, surgeries, medical treatments, and other associated costs.
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Individuals, families, and groups can all purchase health insurance in India. The insurance company receives a premium from the policyholder in exchange for providing medical expense coverage up to an agreed-upon maximum. Age, medical history, pre-existing conditions, policy type, and other variables affect the amount of coverage and premium.
The Insurance Regulatory and Development Authority of India (IRDAI) oversees the operations of insurance companies and defends the interests of policyholders in India.
Importance of Health Insurance Policy
Health insurance is a crucial component of healthcare. It offers tax advantages, financial security, access to high-quality healthcare, pre-existing disease coverage, and peace of mind.
​Financial Protection: Protecting one's finances from the high cost of medical care is one of the main goals of having health insurance. Health insurance offers protection from unforeseen medical costs in light of the rising cost of healthcare in India.
Access toQuality: Health insurance enables you to obtain high-quality healthcare services without worrying about costs. Without concern for price, you can select the best hospital or physician.
Pre-Existing Conditions: Pre-existing conditions are covered by health insurance in India, allowing you to receive care for any existing medical condition. It is significant because numerous medical conditions call for ongoing maintenance and management.
Tax Benefits: Section 80D of the Income Tax Act permits tax deductions for health insurance premium payments to support the policy, providing additional financial advantages.
Peace of Mind: You and your family are covered in a medical emergency, thanks to health insurance, giving you peace of mind. It lessens the anxiety and cost of unforeseen medical expenses.
How To Buy Health Insurance Policy From Invest N Earn...
Fill Your Details
Compare Different Life Insurance Plans
Make Online Payments
Enter your name, mobile number, date of birth and select your gender.
Click on ‘Click to Choose your Plan Now’
Different health Insurance plans matching your requirements and details will be sent on your registered mobile number. Choose the plan by comparing the various options available.
After selecting the desired plan, the investor is supposed to check the sum assured and policy term and then proceed with the payment.
Why should you buy health insurance
Purchasing health insurance is crucial because it offers financial security, access to high-quality healthcare that covers pre-existing conditions, and offers tax advantages to promote a healthier lifestyle and peace of mind.
Protection from High Medical Costs:
Health insurance offers financial security from the high cost of medical care. You would be forced to pay for medical costs out of your own pocket without health insurance, which can be very expensive.
Access to high-quality Healthcare:
It offers services without worrying about the associated costs. Without worrying about costs, you can select the best hospital or physician.
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Pre-Existing Conditions:
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Health insurance covers pre-existing conditions so you can receive treatment for any illness. It is significant because numerous medical conditions call for ongoing care and management.
Tax Benefits:
Section 80D of the Income Tax Act permits tax deductions for health insurance premium payments to support the policy, providing additional financial advantages.
Peace of Mind:
You and your family are covered in a medical emergency thanks to health insurance gives you peace of mind. It lessens the anxiety and cost of unforeseen medical expenses.
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Healthier Lifestyle:
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Some health insurance plans include wellness initiatives that reward healthy behavior, which can encourage you to lead a healthier lifestyle and fend off the development of chronic illnesses.
Different Types of Health Insurance Plans
Family Health Insurance Plan
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A family health insurance plan is a type of health insurance policy that covers the medical expenses of an entire family under a single policy. It is a comprehensive health insurance policy that offers coverage for the policyholder, their spouse, and dependent children.
Family health insurance plans typically cover various medical expenses, including hospitalization, surgeries, doctor consultations, diagnostic tests, and medications. They also offer coverage for pre-existing conditions, maternity care, and sometimes dental and vision care.
The sum insured for a family health insurance plan is usually higher than an individual one, providing more financial protection to the entire family. The premium for a family health insurance plan is also comparatively lower than the combined premium for separate health insurance policies for each family member.
Family health insurance plans can be customized to suit the family's specific needs, including the sum insured, the level of coverage, and the add-on benefits included in the policy.
In summary, a Family Health Insurance Plan is a type of health insurance policy that provides the following:
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Coverage for the medical expenses of an entire family under a single policy.
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Offering comprehensive coverage.
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Higher sum insured.
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Lower premium.
What Does a Health Insurance Plan Cover?
According to a health insurance policy, the majority of health insurance providers in India cover the following medical costs:
In-patient Hospitalization Expenses: As long as the hospitalization lasts longer than 24 hours, the hospitalization costs incurred during the treatment of an illness or injury are covered.
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Pre-existing Conditions or Diseases: Following the expiration of the waiting period, you may submit a claim for the costs associated with treating any pre-existing condition or disease.
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Pre and post-hospitalization expenses: The insurance provider pays for medical costs associated with blood tests, x-rays, and other necessary medical checkups before hospitalization. Similarly, the health insurance plan covers the price of medications and preventive medical exams performed to determine your health after being released from the hospital.
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Ambulance Fees: Most medical insurance plans cover emergency ambulance fees, though the coverage varies from insurer to insurer.
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Maternity Coverage: Costs related to the newborn baby and medical costs incurred during pregnancy and delivery are covered.
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Preventive Health Checkups: Some health insurance plans in India also include regular health checkup services.
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Daycare Procedures: Daycare procedures that don't necessitate a hospital stay of more than 24 hours are covered. As stated in your policy document, it includes procedures like eye surgery, dialysis, and other standard daycare procedures.
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Home Treatment Coverage: It also includes coverage for costs associated with medical care at home on a doctor's recommendation.
A health insurance policy may also cover the costs of Ayurveda, Unani, Siddha, or homeopathy treatments up to a certain dollar amount.
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According to the Mental Healthcare Act of 2017, all health insurance plans in India cover mental illnesses. By October 31, 2022, IRDAI has ordered all insurers to amend their health insurance plans to include treatment for mental illnesses like acute depression, bipolar disorder, schizophrenia, etc.
What Does a Health Insurance Plan Not Cover?
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A health insurance plan does not provide coverage for the following medical expenses and circumstances:
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1 Claims that arise within the first 30 days of purchasing a health insurance plan are not covered unless there is an unforeseeable emergency.
2. Pre-existing condition Coverage is subject to a 2- to 4-year waiting period.
3. Most critical illness insurance policies have a 90-day waiting period.
4. Injuries brought on by terrorism, war, or nuclear activity.
5. Self-inflicted wounds or attempted suicide
6. AIDS, terminal illnesses, and other diseases with a similar profile
7. Surgery for hormone replacement, cosmetic procedures, etc.
8. The cost of a dental or eye operation
9. Common illnesses, bed rest, hospitalization, rehabilitation, etc.
10. Procedures for treatment, diagnostic tests, and follow-up care
11. Injury claims resulting from adventure sports
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***Note: It is advised to review the policy wording to obtain a complete list of exclusions.
Required Documents for Health Insurance ?
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Check out the list of KYC documents needed in India to purchase or renew health insurance:
1. Driving License
2. Passport
3. Voter ID Card
4. A letter from the National Population Register containing demographic information
5. Job Card NREGA that a state official has authorized
6. Any additional documentation that the central government notifies after consulting with the IRDAI