Health insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. Depending on the type of health insurance coverage, either the insured pays costs out-of-pocket and is then reimbursed, or the insurer makes payments directly to the provider. In health insurance terminology, the "provider" is a clinic, hospital, doctor, laboratory, health care practitioner, or pharmacy. The "insured" is the owner of the health insurance policy; the person with the health insurance coverage.
Rising Cost of Treatments: Medical treatments cost rise by 15% every year due to Inflation.
Financial Security: Gives you financial security and quality healthcare access for expenses like
hospitalization, day care treatments and even OPD expenses.
Tax Benefit: Saves your tax under Section 80D up to INR 55,000 every year
Once you buy a health insurance plan, you might feel relaxed that you have covered you and your family against
any possible hospitalization in future. But if you don't go through the exclusion section of your policy,
then you might get surprises at the time of claim. So before finalizing on any health insurance plan go
through its exclusion and select the one which has least number of exclusions and are clearly defined.
Pre-Existing Diseases are those which you are suffering from before opting to buy a health insurance plan,
and therefore insurance companies do not cover them from day 1 of your policy. They have a waiting period
ranging between 2-4 years in which they will not be liable for any claim arising on account of your
pre-existing disease. Therefore you should look for health plans which will cover your existing disease
and have the least number of years of waiting period.