While buying once you check insurance features, benefits and make a comparison, there are a couple of lesser-known features that you simply got to remember.
In these times, when the COVID-19 pandemic has brought the main target on health care costs, the importance of keeping a health plan has increased manifold.
Health insurance buying online is steadily learning steam. However, for long, having an insurance policy is usually considered to be the primary step of monetary planning even before one starts to save lots of. In these times, when the COVID-19 pandemic has brought the main target on health care costs, the importance of keeping a health plan has increased manifold. While buying once you check insurance features, benefits and make a comparison, there are a couple of lesser-known features that you simply got to remember.
1. Tax break on insurance premium
If you would like to shop for health coverage by paying cash, you’ll do so but tax benefits won’t be available thereon. The tax break on insurance premium is out there only the premium is paid through a non-cash mode like cheque, net banking, or the other digital mode. However, the tax break on payment made towards preventive health check-up up to Rs 5,000 is allowed albeit paid in cash.
2. Pre-existing diseases
Health insurance plans allow coverage of pre-existing ailments after 36 or 48 months of the policy. However, that doesn’t mean, not disclosing them at the time of applying will help. The claim settlement may get delayed or maybe the claim could also be repudiated if the customer hides any pertinent medical information and existing ailments while filling the appliance form.
3. Sub-Limits in health plans
The claim during hospitalization could also be linked to the space rent which is decided by the sum insured within the insurance policy that you simply won. for instance, if your sum insured is Rs 6 lakh, the space rent is capped at 1 percent per day which is Rs 6,000. if you select to choose an area with a better room rent, the opposite medical expenses within the hospital bill get proportionately reduced. In such a case, you finish up paying from your own pocket albeit you carry a cashless medical insurance plan. It’s good to ask the insurers about the sub-limits, how it works, and its impact before buying.
4. Health check-ups
Most insurers offer free health check-ups once every 3 or four years provided there’s no claim made on the policy. Use it to your advantage to urging a full-body check-up. the quantity is capped at 1 percent of the sum insured and hence pay the quantity exceeding the bill but better to urge a full-body check-up. the extra amount may get a tax break too. There’s a tax break under section 80D on the premium purchased preventive health check-up up to Rs 5,000 within the general limit of Rs 25,000 or Rs 50,000 counting on age.
5. Medical tests up to 45 not required
Before issuing the insurance policy, insurers conduct medical tests of the customer. Most insurers do that for those that are above age 45. However, for a bigger sum insured the insurers may invite a checkup even for those that are below 45. it had been always better to disclose all medical and case history of health-related issues within the form while buying. Also, better if medical tests are conducted because it will keep the claim settlement process smooth.
