Everyone needs security in life, a security that can safeguard them from all the uncertainties. When it comes to safety, health is the top-most priority for all. While we cannot predict the health issues, certain things can be done to safeguard you from the hefty medical bills. Taking up a health insurance policy is the right thing to do. Yes, everyone must have medical insurance that will come in handy during emergency situations.
When you are looking for that best health insurance company in India to invest in a policy, there are certain features that you must be considering to make the most of your plan. Here are some of the important and lesser-known features of a medical policy that you must know.
#1 Tax Benefits of Premium
If you are looking to avail the tax benefits from your insurance policy, you need to focus on paying the premium through non-cash methods. If you pay the premium through checks, e-wallets, or net banking, you are eligible for tax benefits. You can avail of tax benefits for health checkups up to ₹5,000 in cash, while the total tax benefits on insurance premiums can go up to Rs 50,000.
#2 Disclosing Pre-Existing Diseases
It is important to note that pre-existing ailments are covered even after 36 or 48 months of the policy. However, it would be better to disclose them at the time of application as it helps in claim settlement. Hiding the details will delay the claim settlement. This comes in handy while taking family health insurance plans where you need to disclose the family’s health history.
#3 Sub-Limits in Plans
Sub-limits in health insurance policies have become a significant feature. Sub limit means limiting the reimbursement of each medical costs like room rent, surgery fees, doctor’s fees, etc. For instance, the room rent reimbursement is generally capped at 1% of the total sum assured. So, you may have to pay a portion of the bills, irrespective of the insured sum.
#4 Free Health Check-Ups
Some health insurance providers offer free medical checkups once every three of four years, only if the claim has not been made. You need to utilize this feature and avail of checkups, or opt for a plan which provides annual health check up from day 1 of the policy inception. It is also recommended to go for a plan which offers coverage for daycare procedures and OPD expenses.
#5 No Medical Check-up Up to 45
Medical insurance companies conduct medical tests to evaluate the medical condition of the applicant. However, if you are below the age of 45 years, you would not have to take the tests,unless you have medical history or high BMI.
The Bottom Line
In these times of COVID-19, people are focusing more on their health care costs and looking for ways to meet the requirements. Medical insurance is the right way to cover all your medical expenses in a time of uncertainties. If you want to make optimal use of your health plan, take the above-mentioned features into consideration.