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| Bajaj Capital Insurance |
Life is full of uncertainties. Risk
lurks in every nook and corner of human life. In short, life is unpredictable.
We need to be prepared for such circumstances. Leading a happy life, involves
good planning and analysis for your personal health. Accidents do happen and
you need to be prepared for such situations. In times of high health cost, you
need to get covered for health risks.
Health insurance comes in handy in case of severe
emergencies. The term health insurance (popularly known as Medical Insurance or
Mediclaim) is a type of insurance that protects you and your dependents against any
financial constraints arising on account of a medical emergency. It sometimes
includes disability and long term medical needs. In Mediclaim, you pay a
premium and in return the insurer commits to pay a predetermined sum of money
to meet the claims.
Most insurance companies have health plan
options that allow you to choose from among health insurance policies that have
lower monthly premiums if you consent to pay more out-of-pocket costs, such as
a yearly deductable and copayments for services and prescription medications.
If you are healthy and do not anticipate any
medical spending in the coming year, choosing a plan with larger out of
pocket expenses may make sense for you.
For some consumers, buying health
insurance is the only health coverage option. However, some of them may still
be an option to save money.
Health plans
are available in two formats, individual and group plans. In an individual
policy you are personally the owner of the policy. While in a group plan, the
sponsor owns the policy and the people covered under it are called its member
Saving with Security
Saving :-Along with
the support of medical care that a policy provides, it is also important to
note financial benefits that it gives. You save in two different ways with a
medical insurance policy.
Firstly, you save on
the cost of treatment, which can include the cost of hospitalisation, pre and
post hospitalisation care, cost of expensive diagnostics etc.
Secondly, the Indian
government gives heavy tax benefits in the form of deductions and exemptions
from the total taxable income to anyone paying premium towards a mediclaim
insurance policy. If you have two mediclaim policies, one for your family and
another for your parents, then you can get a sizeable tax deduction from your
total taxable income.
Security : Health
insurance policies are plans that are designed to be used when you have any
health related problem. A health care insurance policy can be thought of as a
contingency plan made to make things easier for you when the going gets tough.
A policy not only protects you, but your whole family. The best health
insurance companies offer "family floater" plans. A "family
floater" plan can cover two adults and two children and comes out to be
more efficient than four individual policies for each family member. Furthermore, best health insurance policies should include other bonus features
such as "cashless hospitalisation", free health check-ups, inclusion
of pre-existing diseases etc.
Support for
emergencies: In emergency situations that are the
hardest to control because you do not know when, where and to whom it might
happen. The mediclaim insurance companies have come up with plans on how to
tackle emergencies and make it easier for you, and has also come up with the
clause of "cashless hospitalisation”. This feature allows you to get
hospitalised without the hassle of cash. This is a especially designed feature
for emergencies where it is quite impractical to expect a patient to withdraw
cash from a bank before heading to the hospital to get admitted. All you have
to do is check whether the hospital you are headed to is on the panel of the
medical insurance company or not, pick up your health card and get admitted.
Peace of
mind: Stress is the number one enemy of health.
Stress makes your immune system weak and makes you vulnerable to all kinds of
health trouble. With all these benefits of a health insurance policy in your
pocket, you can be sure that you can handle anything that life has to offer.
You can relax and breathe easy. No more will you have to fret about medical
bills or worry about your and your family's future health.
In case an individual is taking the
deduction, the medical insurance policy can be take in the name of any of the
following: the taxpayer or the spouse, parents or dependent children of the
taxpayer.
However, before buying a health insurance policy, plan
your requirements carefully. It will save you from buying a policy which might
not be appropriate for you and can also be expensive.
Where to start insurance can be confusing because so many options available in the market, how do you know which one is the best for you.
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