2019 has already stepped in.

And you’re still finding yourself in a bit of a dilemma whether or not to invest in health insurance.

At a time when you pay so much attention to your health, buying health insurance is the best way to battle diseases without blowing your savings.

After all, you’ve grown up with a famous saying ‘health is wealth’ which restates a set of principles that living a healthy lifestyle is one of the most expensive luxuries on the planet.

Isn’t it surprising?

In a country when one is spending so much caring for health, investing in health insurance is not a very big deal.

A health policy not just rescues you and your family in uncertainties, but also protects your savings.

This is why you should invest in health insurance in 2019.

Basic Coverage

The primary concern of health policy is to deal with the financial implications of medical emergencies.

Comprehensive health insurance, not just covers your hospital bills in case of uncertainty, but also pays off the pre and post-hospitalisation expenses.

Each health policy in India provides basic cover for the medical treatment costs incurred in case the policyholder meets a medical emergency. The cover includes the treatment for your family as well, depending on the plan you have selected.

Thanks to the range of cashless feature that enables you to get the treatment without paying even a single penny to the hospital. However, the cashless option is applied only to the network hospital.

Daycare Treatment

Unlike decades ago, today’s 24-hour hospitalisation is not required to get the claims.

Due to the influx of advanced technologies in the medical industry, a number of health problems that used to require a minimum of 24 hours hospitalization to get the proper treatment are now treated in a few hours. These treatments are called daycare procedure.

In simple words, a medical treatment, which does not need hospitalization or one that needs less than 24 hours of hospitalization does come under the daycare procedure option. So, if you undergo a daycare procedure, the expenses incurred in it will be covered by your insurance policy (refer to policy wording of the policy for any confusion).

Some of the common daycare treatments include:

• Cataract
• Dialysis
• Sinusitis
• Hydrocele
• Colonoscopy
• Prostate
• Piles / Fistula
• Angiography
• Lithotripsy
• Radiotherapy and more.

So, if you get the daycare treatment for any of the above ailments, you are entitled to enjoy the claim benefits. Almost every health plan provided by health insurance companies in India covers the costs incurred due to daycare procedures.

Points to Consider

Take note that treatments are taken in the out-patient department (OPD) are usually not called daycare treatments. Therefore, a dental clean up is an OPD procedure, whereas dental surgery is considered a daycare procedure.

Understand the fine line of difference between daycare treatments and OPD to make rightful claims.

Cashless Facility:

Almost every popular health policy provides you with a cashless hospitalization facility. As a policyholder, you can avail this facility at all network hospitals of the insurance provider. The claim procedure of a cashless hospitalization facility is quite easy and hassle-free.

Room Charges:

Health insurance comes with room rent cover. However, there is a certain limit on room charges in some policies. The limit imposed on the coverage for room rent is called the room rent limit. Depending on the insurance plan, the limit could be an absolute amount or a percentage of the Sum Insured.

Every health plan covers the room charges incurred due to hospitalization. Before buying a plan, it is important to understand the room rent limitations.

Domiciliary Expenses:

Domiciliary hospitalization in the health insurance industry is a condition in which the policyholder is at home, but considered to be hospitalized.

This feature applies when he/she needs a special kind of therapy like acupressure, acupuncture, or treatments. In general, the expenses of domiciliary hospitalization are covered by health insurance companies subject to the terms and conditions.

You can avail the domiciliary expense benefits in the following conditions:

• The treatment is for an injury, illness or disease.
• The hospitalization for the treatment is required only in normal circumstances
• The condition of the insured patient is so critical that he or she can’t be shifted to a nursing home or hospital
• The patient has to undergo the treatment at home due to the unavailability of a room at the hospital
• The treatment lasts at least three days

It is worth mentioning that despite you meet all the above conditions, the treatment of certain diseases is not considered domiciliary hospitalization, thereby the expenses are not covered.

Note that many other conditions may apply to avail the domiciliary benefits.

Ambulance Expenses:

No doubt, the health insurance plans are designed

.d in a way that can cover even the smallest requirements of the insured in case of a medical emergency. So, a range of health insurance policies provide coverage for ambulance costs and ensures iron-clad financial protection.

However, the ambulance charges could be a partial amount of the sum assured. Therefore, it’s important to understand the cover for ambulance charges before opting for a health insurance product.

No Claim Bonus

A no-claim bonus (NCB) is a discount in the premium offered by the insurance providers if you have not made any claim during the term of the health policy. The discount amount varies from insurer to insurer.  

Tax Savings

Tax saving under the Income Tax Act Section 80D is another benefit you can avail by choosing a health insurance plan.  

According to section 80D of the Income-tax Act, 1961, a taxpayer is eligible for saving tax up to Rs. 25,000 on the premium paid for self, wife, and dependent children in one financial year.

Moreover, if you have paid the premium for your parents, you can get an additional tax benefit of Rs. 25,000 or 30,000 - the amount depends on the age of your parents.

I hope, your dilemma of choosing health insurance is now over. But the sheer number of health insurance products available in the market may confuse you to pick the right policy for you.  

This is why we are giving here a helpful guide to buying a health insurance plan.

How to Buy the Right Health Insurance?

Find quick tips to zero-in on the best health insurance product.

• Know all the benefits of the health plan before you purchase.

• Compare the premiums and covers of different insurance policies online.

• Develop a clear and uniform understanding of your requirements and make sure the coverage under the plans are meeting those requirements.

• Look out for reimbursement or cashless options for hospitalization expenses.

• Know the claim settlement procedure before buying a health insurance plan.

• If you have any pre-existing disease, choose a product that takes a minimum number of waiting periods.

• Some insurance policies cover critical illnesses. So, if you need coverage for critical illness, select a policy that meets the critical illness requirements.

Also Read

Is Health Insurance Only a Short Term Investment?

Is Early Investment in Health Insurance a Better Idea?

Bottom Line

With the benefits and covers available under a health policy, investing in health insurance in 2019 is a fruitful move. It’s the best and most convenient way to stay fit and healthy. It is an excellent option for one and all. However, before selecting a plan, make sure the product meets all your requirements.

So, take the smart step forward, and invest in the right health insurance in 2019!