Health insurance or health care insurance is an important kind of insurance which covers a particular portion or the total risk of an individual incurring common healthcare costs. As with any other forms of insurance, there is risk on all sides of buying it. Therefore, a lot of research and thinking goes into getting a health care insurance plan for oneself.
Health insurance companies offer tax benefits to those insured under their schemes. This basically means that the insured can avail of tax deductions for paying the premium in a prescribed amount or scheme. A person who is not eligible for tax deductions may at least have to pay a slightly higher amount towards his or her health insurance plan benefits. Some of these schemes include long-term and critical health insurance plans.
Health plan offers the insured some advantages in the form of convenience and comfort. For one, the insured can avail of hospital and nursing care without much difficulty. Furthermore, if one has an accident or illness during the coverage period, the insurer takes care of certain expenses which would otherwise be dealt with by the individual himself or herself. In short, it provides greater flexibility to the insurer in meeting the needs of its insureds.
There are certain things which are not covered under the terms of any health plan. These include cosmetic surgeries like liposuction and breast augmentation. Other things which are not included are pregnancies, drug addiction and any malignancy. Moreover, there are certain diseases like cancer, AIDS, diabetes and Parkinson’s disease which are not taken into account when a health insurance plan offers comprehensive insurance coverage. The amount of benefit to be received from such disease will vary from insurer to insurer. It is therefore essential that you check out the conditions and terms of any health insurance plan before you make your purchase.
One important point of consideration that is often overlooked is whether or not the plan is considered a low-premium plan or whether it is for a high deductible. Low-premium health insurance plans have greater coverage than their higher-priced counterparts, but you do have to factor in the cost of deductible. High deductible plans often have limited benefit if any, but it could be worth it if the price of coverage is equivalent to or more than what you would pay with another type of plan.
One of the greatest advantages of having a mediclaim plan is that the total cost of medical bills are covered by the insurer, which is very helpful if the family is already struggling to meet the monthly bills. It is important to remember that all policies come with varying deductibles, co-pays, and limits of coverage. So it is essential that you do your research thoroughly before you select a plan. The best way to do so is to get free quotes from different companies and compare them. A good policy can offer peace of mind and affordable coverage, allowing you to focus on maintaining your physical health.