Here are 10 FAQs on health insurance in India:
1. Why do I need health insurance?
Health insurance protects you from the financial burden of medical expenses, especially with rising healthcare costs. It covers hospitalization, surgeries, treatment costs, etc., reducing stress during medical emergencies.
2. What types of health insurance plans are available in India?
Individual Plans: Cover only you as an individual.
Family Floater Plans: Cover you, your spouse, and dependent children under a single policy with a shared sum insured.
Critical Illness Plans: Offer a lump sum payout upon diagnosis of a specified critical illness.
Senior Citizen Plans: Designed specifically for the elderly.
3. What does a health insurance policy usually cover?
Coverage varies across plans, but generally includes:
Hospitalization expenses
Pre- and post-hospitalization cover
Day-care procedures
Ambulance charges
Some plans may cover domiciliary (home) treatment.
4. What are common exclusions in health insurance policies?
Pre-existing illnesses (until the waiting period is over)
Cosmetic procedures
Injuries from self-inflicted harm or adventure sports
Non-allopathic treatments
Check the policy document for specific exclusions.
5. What is the difference between cashless and reimbursement claims?
Cashless: Insurer settles the bill directly with the network hospital.
Reimbursement: Pay upfront, then file a claim with the insurer for reimbursement.
6. What is a network hospital?
A hospital that has a tie-up with your insurance company, enabling you to avail cashless treatment.
7. What is the waiting period for pre-existing illnesses?
Typically ranges from 2-4 years in health insurance. After the waiting period, pre-existing illnesses are covered.
8. Does health insurance cover maternity expenses?
Most plans have a waiting period (usually 2-4 years) for maternity benefits or offer it as an optional add-on.
9. Are there tax benefits for health insurance premiums?
Yes, premiums paid for health insurance qualify for deduction under Section 80D of the Income Tax act, up to a specified limit.
10. How do I choose the right health insurance plan?
Consider these factors: Sum insured (adequate for your needs) Coverage features (hospitalization, day-care, etc.) , Network hospitals in your area (Exclusions and waiting periods) Insurer’s reputation and claim settlement ratio compare policies from different insurers.
