Know More about Health Insurance
Health insurance policy ensures financial security to individuals at critical situations. By procuring the best health insurance policy, one can receive the right medical treatment with no worry about finances and priority services.
What is Health Insurance ?
A Health insurance takes care of your medical expenses and ensures that out-of-pocket expenses are curtailed up to the Sum insured. A health insurance policy specifically care thatthe patient may avail cashless treatment at a network hospital, typically covering 30 days and 60 days pre and post hospitalization, respectively, in most of the Health Insurance plans handled by NTP Healthcare.
A value of the policy may be enhanced by adding to the Base Health Insurance Plan with additional benefits such as Personal Accident (PA) Cover, Critical Illness (CI) Cover, etc. These products are available at a very nominal cost adding benefits, which are not a part of the Base Health Insurance plan. For Example, A PA plan helps by facilitates additional coverage for disability, which is typically not covered under the basic health insurance plan. An individual needs not go through any waiting period and medical checkups for a PA cover . You may also considerto invest on one of the popular senior citizen health insurance policies and ensure comprehensive security for their elderly parents or secure their old age that often brings along several ailments that require expensive medical treatment.
Almost all the health insurance plans include Coronavirus treatment cover. As per the IRDAI guidelines, insurers have also launched COVID-19 specific best health insurance
Two special COVID health insurance policies namely, Corona Rakshak policy and Corona Kavach policy also introduced that provide lump sum payment upon diagnosis and also pay for the cost of consumable items like PPE Kits, Masks, Gloves, etc. Benefits of Health Insurance Health Coverage.
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Features of Health Insurance
- Health Insurance plans have enhanced offerings to cover a wide spectrum of requirements, like a family health plan offers complete cover 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.
- 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.
(a) Sum Insured Amount
(b) Policy premium to be paid to avail the coverage benefits
(c) List of network hospitals and Claim Settlement Ratio
(d) Sub-limits (if any) and Waiting Period (for PEDs)
(e) Co-payment clause
Types of Health Insurance Policies
Following are the different categories of health insurance:
Individual Health Insurance Policy
Only the individual/insured person under the individual health insurance plan is entitled to the benefits and can claim the sum assured under the policy.
Family Floater Health Insurance Policy
In the family floater health insurance policy, the chosen sum assured applies to all family members covered under a single cover i.e. one cover for all members. It can be used entirely by one member or by multiple people over multiple claims.
Group/Employee Health Insurance Policy
Group/employee health insurance policies cover
Group/employee health insurance policies cover the expenses of the employees against unforeseen medical emergencies. The premium of group health insurance plans is generally lower than average and offers wide coverage for medical expenses.
Senior Citizen Health Insurance Policy
Individuals who are 60 years and above can avail a senior citizen health insurance plan designed exclusively for them to cover the medical care expenses. Such health insurance plans generally need you to undergo a medical check-up before you can avail of the plan. The premium for this plan is generally lower than usual.
Critical Illness Health Insurance Plans
This provides coverage against life-threatening or serious diseases. It is taken as a standalone insurance policy or as a rider for treatments of critical illnesses like - cancer, kidney failure, heart attack, etc. Critical illnesses insurance policies offer a huge amount as compensation to the policyholder for expenses that fall in the ambit of this plan.
Top-up Health Insurance Policy
top-up health insuranceplan lets you scale up your insurance coverage at an affordable cost. This plan covers expenditure that arises out of a single illness when the existing policy threshold is not enough.
Personal Accident Insurance
Personal accident insurance protects you and your family from expenses incurred as the result of an accident that may lead to death, disability, injury, and other unforeseen situations. Personal accident Insurance can be purchased independently or as a rider to an already existing policy.
Significance of Health Insurance Policies
Health insurance plans facilitate you financial security, especially at times when healthcare inflation is increasing around us . With rapidly changing lifestyle habits, increasing pollution, the evolution of new diseases and healthcare facilities becoming unbelievably expensive day-by-day, it is important to have oneself covered under the health insurance policy. It safeguards us from emergent situation where we need immediate financial support in times of sudden emergencies.
Health insurance policies are customised as per an individual& ground/family needs-- providing coverage for all kinds of health issues. It enables you to avail timely and quality health solutions without worrying about its money. Having a health insurance plan also help you keep your savings intact and grow for future goals.
Hence, having a separate individual health insurance cover or a family floater insurance cover secures your medical needs and emergencies
Aditya Birla Health Insurance
Bajaj Allianz Health Insurance
Bharti AXA Health Insurance
Care Health Insurance
Cholamandalam Health Insurance
Digit Health Insurance
Edelweiss Health Insurance
Future Generali Health Insurance
IFFCO Tokio Health Insurance
Kotak Mahindra Health Insurance
Liberty Health Insurance
ManipalCigna Health Insurance
What is the Eligibility Criteria for Health Insurance and Documents Required
Eligibility criteria for every health insurance policy may differ as per the insurer to insurer terms and conditions. Here are some common eligibility criteria mentioned in insurance policies:
- Individuals with the age 18 to 65 years of age or as conditioned in the insurance Plan can avail a health insurance policy
- Dependent children can be covered under the policy between the ages of 90 days and 25 years
- Senior citizens can be covered under policies tailored for them from 60 years of age onwards
Generally, health insurance policies require no documentation except the application form, accurately filled and signed. However, you may be required
to take a medical test if you are over a certain age.
Why Choose Insurance Plans from NTP Healthcare ?
NTP Healthcare is a trusted brand that has your best interest to secure an ideal plan for the contender Maintaining high credibility and transparency at all levels, we offer unbiased guidance to ensure that you choose the right insurance plan for your family. NTP Healthcareworks with reliable insurance partners to offer plans that best suit your requirements. From safeguarding health to keeping your phone data safe, we cover you against wide-ranging risks and situations.
Before You Buy Health Insurance Plans one must always consider the following points
Here are a few tips to help you choose the right insurance plan for you and your family.
- Know which type of insurance policy like individual or family or senior citizen, do you wish to purchase when considering availing health insurance plan
- What would be the ideal insurance cover for you/your family?
- Know about the add-on features you would want to opt-in for like foreign treatment or Personal Accident (PA) Cover, Critical Illness (CI) Cover, etc.
- Know the applicable sub-limits (capping amount of expenses category like room rent, doctors & hospital; fees, medical test cost etc.)
Read all policy inclusions and exclusions.
- Know the claim or claim settlement procedure (cashless, reimbursement).
- Know about medical check-ups required before policy acceptance.
Health Insurance Frequently Asked Question (FAQs):
What is health insurance?
Health insurance is a type of insurance that allows the insured to claim compensation for his or her medical expenses and immediate strains. Some individuals also choose to opt for Mediclaim policy, which provides compensation up to a fixed sum only. However, if you’re looking for coverage of doctor’s fees, medication, diagnostic tests and hospitalization expenses, health insurance can be a better option for you.
Whether health insurance plans cover pre-existing conditions of a person?
** Sum Insured and Deductible Options
Pre-existing conditions define illness which is already existing. It refers to ones own medical history -- illness/condition like heart disease, asthma, thyroid, diabetes, cancer among others that one is already diagnosed with and suffering through before enrolling for any medical insurance plan. Many health insurance providers do not cover pre-existing diseases under their plans. However, it also depends on the insurance provider and policy you choose. Some insurance providers cover pre-existing conditions but with a waiting period. During this period, you cannot raise claims for any treatment of pre-existing conditions. The waiting period may vary between 2-4 years, depending on your health insurance service provider company.
Generally the waiting period in health insurance is of what duration?
The duration from when you buy the health insurance policy till the time you cannot claim the benefits is called a waiting period. Policy claims made around this block time is not accepted by the insurance company.
Is health insurance tax-deductible?
Every insurance company has a waiting period. Different policy provider has a different waiting period. It also depends on the health insurance policy you choose and may vary according to the health conditions such as pre-existing diseases, or critical illnesses you have. Some health insurance plans have a waiting period of 30, 60 or 90 days, whereas a few policies have to wait for around 2 to 4 years, especially pre-existing conditions have longer waiting period. You need to know about the waiting period offered by your policy provider at the time of buying one, to avoid any confusion in future.
Yes, the premiums paid towards health insurance policy qualifies for tax benefit under Section 80D of the Income Tax Act. All health insurance plans from individual to family floater plans qualify for the tax-deduction benefit, depending on the age of the individual. One can avail of tax deduction up to Rs. 25,000, if the person is below 60 years of age. While for 60 years and above tax benefit provided is up to Rs. 75,000. If an individual below 60 years is paying premiums towards the health insurance policy of their parent(s) who are 60 years or above, then he/she can avail tax benefit of up to Rs. 50,000.
Do I have option to upgrade my health insurance at any time?
Yes, you can upgrade your medical insurance plan at any time. However, before planning to upgrade your policy, you must check with your insurer on the options and offers available. Some insurance providers enable up-gradation under a special enrolment period. With growing healthcare inflation, it is wise to upgrade your health insurance plans as per the needs of you and your family to benefit from maximum coverage. You can look for upgrading your plan if you have a pay-hike or new member added to your family or have a child.
If my existing health insurance policy cover hospitalization expenses during COVID-19?
Almost all health insurance providers have designed and incorporated COVID-19 health insurance policy including coverage for hospitalisation expenses under their offerings. Medical insurance companies also cover pre-hospitalisation, post-hospitalisation, in-patient and out-patient treatment, home isolation treatment from the day one is diagnosed. You must check with your health insurer to understand the terms and conditions of the COVID-19 health insurance policy and how you can claim it.
Are any waiting periods applicable to claims under COVID-19?
Yes, almost all health insurance policies covering COVID-19 have a waiting period, depending on your insurer’s terms and conditions. The waiting period may vary from the first 15 days to 30 days of buying the COVID-19 policy. During this period, your claims will not be accepted by your insurer. You can claim for COVID-19 coverage after the waiting period is over. To know about the duration of your waiting period, you must contact your insurer.
Will the policy cover expenses for home quarantine?
YMany medical insurance providers cover expenses for home care or home quarantine treatment if the doctor has advised for home isolation. However, you must check with your insurer to know the terms and condition of the policy chosen and the coverage.
IS there any provision to transfer my health insurance to another company?
Yes, now as per the IRDA guidelines you can port your health insurance to another company. You can also do it without compromising on your existing policy benefits. Many health insurance companies provide a 15-30 days free look period depending on the policy chosen. This facility allows you to cancel and switch the policy in case you don’t find the policy terms and condition good. In case you are looking to change your medical insurance company during the renewal period, then you must do so 45 days before your health insurance plan expires. Intimate both the insurance providers&existing and the one you wish to transfer your plan to. Also, it is recommended that you contact both the insurers to know the terms and conditions of health insurance portability, sometimes there is limited sharing by the medical sales agents.