3 Must Know Things About Health Insurance Plans

  Author: Naveen Kumar

Medical emergencies can come up without any prior warning and lead to large health expenses. Health insurance plans are essential for you to safeguard your family’s finances from such an eventuality. Here are three things about health insurance plans that you must know before you buy one.

You can buy them online You can buy health insurance from websites of insurance companies or online aggregator sites using Net banking, credit cards and other modes of payment.

No claims bonus Each year that you don’t make a claim from your policy, insurers typically give 5 per cent of sum insured as no claim bonus. When you renew your policy on time, you typically qualify for a no-claim bonus (NCB). Due to the bonus, you can get your ailments covered within the health insurance provided plan, even if the expenses turn out to be a little more than the initial limit.

Make complete disclosure of pre-existing ailments Pre-existing diseases typically get covered in health insurance plans after 48 months of continuous coverage. However, it is advisable to disclose any such pre-existing diseases while buying the plan.

Many health insurance providers market their plans talking about the annual tax deduction under Section 80D. Health insurance plans can provide tax savings of up to Rs 25,000 for those who are not senior citizens and Rs 30,000 for senior citizens. However, you need health insurance plans to cover high health expenses than just tax breaks. It is important that one is aware of the basic features of health insurance plans.Knowing these things about health insurance plans will help you make a smart purchase decision when buying one.

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