When taking a health insurance policy, it is natural to come across tons of questions in your mind. And, it is important that you get answers to all these questions before taking a policy. In this blog, we are answering some of the most frequently asked questions regarding health insurance policies.
At what age should I buy health insurance?
You should get health insurance when you are young and healthy. Typically these policies come with 30 to 48 months of a waiting period of pre-existing health issues. This means that the diseases will not be covered during this period. When you buy a policy when you are young, you can rest assured that you would have to wait to get the treatment at the later stage of your age. Moreover, the fact that you will enjoy lower premiums is another reason to take a health insurance plan at a younger age.
Do I need to be hospitalized to make the insurance claim?
Insurance companies have a list of daycare procedures that they cover. These procedures are those which are performed without needing a day of hospitalization. Some plans cover outpatient treatments, homoeopathy, Ayurveda, or Unani. You need to check the coverage that each provider offers.
What happens if I miss the renewal premium due date?
Typically, insurance companies begin sending renewal limitation 45 days before the due date. This is a value-added service provided by the companies and not mandatory by IRDA. Therefore, a policyholder cannot blame the companies if he or she does not get the reminder and the premium payout. Additionally, you will also get a grace period of 15-30 days. So, you can renew premium payment in this duration.
How to Choose a Cashless Claim Facility?
This facility is only offered in the network or empanelled hospital of the insurer. You can check on the website of the insurer, TPA, or contact the customer service number to get the details of the same. The process of a claim under a cashless facility differs based on whether you had planned or unplanned hospitalization. Planned hospitalization happens when there is surgery involved like a hernia, cataract, tonsillitis, etc. On the other hand, unplanned hospitalization arises out of emergencies like a sudden illness, an accident, etc.
What happens after the health insurance policy lapses while I am hospitalized?
If you are hospitalized and informed the insurance company before the policy expires, the insurer will honour your claims. But there may be some terms and conditions attached to the same. However, if you are hospitalized after the policy lapse or grace period, insurers are not expected to take such claims. You should inform the insurance company immediately upon hospitalization as the claim payment decision might be discretionary and subject to the situation of the case.
Are there any tax benefits associated with health insurance premiums?
As per section 80D of the Income Tax Act, you are eligible to get a deduction on your premium up to Rs. 25,000 for insurance taken for yourself, spouse, and children (independent). You can claim extra Rs. 25,000 if parents are involved who are less than 60 years of age, and if they are above 60 years, then you can get the deduction of Rs. 50,000
