All about Health Insurance Plans

In the recent times, the need for a health insurance plan has become imperative. With several new diseases on the rise and the increasing costs of medical treatments, people are looking for ways to cut down on such costs. The most popular way of doing so is by investing in a health insurance cover.

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What is Health Insurance?

Health insurance is a type of insurance cover that essentially covers an insured’s cost that was incurred during his/her medical or surgical treatment.

Benefits of Buying a Health Insurance:

A good health insurance cover goes a long way in ensuring that you do not spend your hard earned savings on the medical cure. In fact, young people too have started opting for such plans so as to save up for their old age.

Here are a few compelling reasons to buy health insurance:

1. Rising Number of Dangerous Diseases:

India, over the years, has seen a rise in several life-threatening diseases, the treatment cost of which is in lakhs. Apart from that, diseases occurring out of sedentary lifestyles have seen a surge too. In this light, it has become imperative that you buy a health insurance cover that covers your annual health check-ups.

2. Financial Planning:

Illness comes uninformed. A medical emergency would force you to shell out quite a sum from your pocket thereby emptying your savings. However, this is not the case when you buy a health insurance. These days, there are not only individual covers but also family health covers on offer by which you can take care of all your family members through a single cover.

3. Tax Deductions:

One of the greatest benefits of buying a health insurance is tax deductions. Paying insurance premium helps you avail several deductions and exemptions under Section 80 of the Income Tax Act, 1961.

4. Additional Perks:

Apart from the regular services covered under a health insurance cover, insurers also offer other riders such as allowances pertaining to commutation, regular hospital expenses, etc. However, each add-on comes at the cost of paying an extra premium.

Right Steps to Get the Best Health Insurance Plans:

The most important element of buying a health insurance plan is revealing every single detail about your health and physical well-being including your medical history. Concealing even a minute detail can lead you to lose your insurance cover amount.

Here are a few major things that you should keep in mind while buying a health insurance cover.

1. Pre-existing Medical Condition:

Insurance premiums vary for those who have had an ailment-free medical history and those who have a disease that exists at the time of buying the health insurance. In most cases, insurers conduct a medical health check-up to find out the same. However, you are expected to share all details about any disease that you may have so as to determine the correct premium and avoid hassle at the time of availing the insurance benefits.

2. Consumption of Injurious Substances:

For those who consume substances such as tobacco or have a habit of smoking, insurance premiums are quite high. However, if you buy a cover without informing your insurer about such habits and the latter finds out about the same at a later stage, the insurer is entitled to withdraw all benefits under the cover without refunding the premium already paid.

3. Age:

Age is yet another factor that determines your insurance cover. These days, insurers have an exclusive cover for all age groups. Revealing your correct age would help them identify your medical needs thereby helping them select the best possible medical insurance plan that you can opt for.

4. Budget:

There is no single insurance cover that is best suited for everyone. Insurance premiums vary greatly depending upon your financial viability. Select a plan that can give you maximum benefits by paying minimum cover. It is therefore always suggested by experts that young people should not delay in investing in health insurance since they can invest low amounts steadily to reap a decent cover by the time they grow old.

Compare Before You Get the Best Health Insurance Plans:

There is a range of insurers waiting to sell their insurance plans to you. If you are looking to buy a health insurance online, you can visit Coverfox.com and compare a variety of brands so as to choose the best for yourself.

Follow these steps to buy a health insurance online:

1. Compare Policies:

At Coverfox.com, enter your requirements such as number of people you want to insure, age, gender etc. to find the best health insurance plans that suit your requirements.

2. Enter Details:

Once you have chosen your insurer, enter details such as your ID proof, information about a pre-existing disease, choice of add-ons among other details. Coverfox.com does not share your personal details with anyone.

3. Payment:

Proceed towards the payment gateway using your credit/debit card or via net banking. Your payment details are never revealed.

4. Health Check-up:

Your insurer might contact you to get your health check-up done at your convenience. Make sure you go through the mandatory procedure to avoid any problem.

Takeaway:

Buying a health insurance plan surely provides value for money. Make sure you invest wisely by being honest with your personal health information.