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What is Health Insurance – All You Need to Know about Health Insurance

Health insurance covers the cost of medical and surgical expenses incurred by the insured. The insured either has to pay such expenses out-of-pocket or is later reimbursed by the insurer or the insurance company settles the bill directly with the hospital. The benefit and features so provided are subject to the terms and conditions of the insurance policy. The cover, most of the times, is extensive and is usually more expensive than a Mediclaim Policy.

Features of Health Insurance Plan

1. Coverage:

Health insurance plan offers comprehensive insurance coverage, including critical illness cover for up to 30 plus illnesses.
Note - A critical illness isn’t a part of a basic health plan; it’s a rider that can be opted for as an additional cover.

2. Renewal Discounts :

Generally, health insurance comes with a benefit upon the time of renewal after the end of a claim-free year. This benefit is known as No Claim Bonus.

3. Co-Payment :

A few health insurance policies come with an option of co-payment. It helps to decrease the insurance premium as a particular percentage of the treatment expense is paid by the insured and the remaining balance is paid by the insurance company.

4. Tax Benefits :

Under section 80 D of the income tax act, a health insurance plan offers tax benefits.

What is Mediclaim Insurance?

Mediclaim insurance is a type of insurance that offers specified financial protection against health-related expenses. It is a pocket-friendly way to mitigate any health-related emergency. However, the coverage is limited to hospitalization and other expenses are to be borne by the insured himself.

1. Coverage :

A mediclaim health insurance provides insurance coverage against hospitalization expenses, treatment expenses due to an accident and specific diseases.

2. Sum Assured :

Generally, it comes with a pre-decided sum assured.

3. Premium Affecting Factors :

A mediclaim insurance plan’s premium is formulated on the basis of the sum insured, the proposer’s age, gender, geographical location and opted duration of the preferred plan.

4. Claim Settlement :

A mediclaim claim is processed in the form of reimbursement as well as cashless treatment.

5. Plan Basis :

The plan can be purchased on an individual as well as family floater basis. In a family floater plan, it covers self, spouse, dependent children, and dependent parents.

6. Tax Exemption :

The plan offers tax benefit as per Section 80D of IT Act 1961.