Health Insurance
Health Insurance Plan
Premium—the amount you or your employer pays each month in exchange for insurance coverage. Provider—any person (i.e., doctor, nurse, dentist) or institution (i.e., hospital or clinic) that provides medical care. Rider—coverage options that enable you to expand your basic insurance plan for an additional premium.
It should be practicable!
- It should define objectives: Objectives are the ultimate goals towards which all activities are directed. ...
- It should be simple
- It should be clear
- It should be comprehensive
- It should be flexible
- It should be economical
- It should establish standards
- It should be balanced
Health insurance is a valid contract between an insurance company (insurer) and the policyholder (insured) enforceable in a court of law. An amount of protection towards treatment expenses is payable for illness or accident in the Hospital / Day care centre to the insured by the insurer. These treatment expenses can be claimed either by a cashless facility or reimbursement process.
- Health Insurance plans have enhanced offerings to cover a wide spectrum of requirements a family health plan offers complete coverage to all members of a family under a single umbrella.
- Medical Bills: Coverage against medicinal expenses incurred, including pre and post-hospitalization
- Pre-existing Diseases: Coverage for any pre-existing disease is provided to you after a certain waiting period.
- Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical
- Tax Rebate: Annual premium paid for health coverage are subject to tax exemption u/s 80D of ITA, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 75,000.
- Tax benefits are subject to changes in tax laws.
- Other Benefits: As an innovative feature, OPD expenses are now covered under few Insurer plans and don’t require hospitalization for minimum 24 hours for claim reimbursement. Standalone OPD plans are also available in the market.
Age: The age limit for becoming a policyholder ranges from 18 to 65 years. The health insurance eligibility for children is from 90 days to 18 years. Depending on the type of policy, there are plans for senior citizens above 65 as well
There are several advantages to buying health insurance, including protection against unexpected medical expenses, access to quality healthcare services, tax benefits, peace of mind, and incentives for maintaining a healthy lifestyle.
What does Health Insurance cover?
Ans: Medical costs incurred as a result of disease/illness/accident are covered by Health Insurance. These medical costs include the cost of hospitalisation, pre and post-hospitalisation, medications, implants, specialist fees and the cost of surgery, etc.
The professional team at Wadaag Insurance strives to help new business owners who are just getting started to bigger companies that have already seen years of success.
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