An insurance policy that covers the insured’s medical and surgical expenses is called a health insurance policy. People usually use the terms medical and health insurance policy interchangeably. But while a medical policy is limited to only hospital expenses, a health insurance policy is completely comprehensive. Generally, insurance companies in India provide the following types of health insurance:
Hospitalization Policy:
Covers only hospitalization expenses; Other expenses have to be borne by the patient.
Critical Illness Policy:
The details of critical illnesses in a particular destination are listed in the policy. On diagnosis of such diseases, a lighter amount is provided.
Family Floater Plan:
The insured and family members are covered under the same policy. The patient provides a certain safe amount.
Importance of health insurance
Due to daily conflict and hectic life, health has become a real wealth to be guarded. At the same time, one sector that is experiencing constant growth is healthcare. Instead of getting sick and being hospitalized, paying more serious bills, you can pay a small premium and get a protected amount. It also ensures that you live a carefree life.
Eligibility
In the case of adults, anyone between the ages of 18 and 65 is eligible to get a health insurance policy. In case of children, eligibility is from 90 days to 18 years. Remember that it is advisable to buy the insurance at any time to increase the coverage, which increases more.
Tax benefits of health insurance
According to the Income Tax Act, a variety of tax benefits are provided for health insurance policies:
In case of paying premium for self and family, a tax deduction of INR 25,000 can be made. May be paid. Also, a premium paid for a parent below the age of 60 years is eligible for a deduction of INR 25,000. If parents or family members are above 60 years of age, the Indian is eligible for a deduction of Rs 50,000.
In case of Hindu Family (HUFs) insurance policies provide a deductible of INR 25,000 for the health insurance of a member HUF. If you pay certain expenses for an emergency health check-up, you are eligible for a deduction of INR 5,000, which is part of the total limit of INR 25,000.
