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Neither of you has plans to get sick or get sick, but there is a good chance someone will need medical help at some point. Rising health care costs are cause for concern, and the role of health insurance in cushioning the financial impact of health care costs is critical. A basic health insurance product will cover medical and surgical costs under the terms of coverage. The policy works in such a way that the insured pays the cost of medical treatment, which is reimbursed by the insurer, or the insurer directly for the hospital procedure called cashless treatment.
Basic health insurance only comes into play if you stay in the hospital for 24 hours or more, which means OPD treatments are generally not covered. In the event of admission, the police will cover the costs of the doctor’s office, treatment costs, ambulance, and post-hospital expenses, including medication for a limited period of approximately 60 days or as specified by the police. Generally, the policy must be renewed annually, although there are some policies that have a two-year term. You can also get a premium reduction or bonus insurance protection for every year that you do not make any claims known as NCBs (no claim bonus).
In order to promote and publicize health insurance, significantly reducing the cost of health problems, a tax reduction is granted on the premium paid for health insurance. The premium paid for health insurance is tax-deductible according to § 80D EStG. This section provides a health policy tax deduction for you, your spouse, and children. You can also include your parents in the policy to distribute insurance benefits and get tax benefits. This tax deduction is only available if the premium is paid by any means other than cash.
The Section 80D deduction is available to both individuals and HUF (Indian undivided family), and the amount on which you can claim a Section 80D tax deduction depends and may depend on the insured under the policy. be one of the four; Rs 25,000, Rs 50,000, Rs 75,000 or Rs 1 lakh (see: Tax deductions in Section 80D). The deduction could also be used for a preventive health check, with a limit on this expense of Rs 5,000. However, these expenses are within applicable limits and not outside individual limits.
Actual savings will vary based on a country’s premium and the policies it applies. For example, a 45-year-old who takes out health insurance for himself and his family with 2 children and his spouse and pays an annual premium of Rs 19,000 for health insurance, and a preventive health check for Rs 2,000 may have a tax deduction of Rs 21,000 under Section 80 claim. There are several types of health insurance to choose from, depending on the risks you are considering insurance for.
The importance of health insurance cannot be denied given the increasing number of health care shocks one faces in life. Over the years, health insurance policies have evolved from a simple policy for individuals to different variations and combinations tailored to different health care needs (see: Choosing Health Insurance). The various types of health policies provide Section 80D tax benefits and protect insured taxpayers from unexpectedly high health care costs. This is because taxpayers can take advantage of the financial impact of medical costs and also save on taxes.
Personal Accident Insurance: This policy covers hospitalization costs in the event of an accident, including death and disability derived from the accident.
Individual Policy: It is the basic policy that covers the costs of medical care (hospitalization) of people. The premium of this policy depends on the age and sex of the insured.
Family Float Policy: Family members can be included in this policy. The insurance coverage is divided among the affiliates in favor of all the affiliates included in the policy. However, the combined entitlement limit is limited to the sum insured. So if a family of three (two adults and one child) takes out a Rs 5 lakh policy and the couple makes two claims for Rs 4 lakh and Rs 2 lakh within one year; The policy would pay a total of 5 lakh rupees. The insured must pay the bill in excess of the insured sum insured in the policy.
Senior Citizen Policy: This policy is aimed at people over the age of 60 and provides protection against health problems under certain age-related conditions.
Critical Illness and Surgery Insurance Policy: To address the rise in serious illnesses and operations that people experience, this policy often lists the specific illnesses and operations it covers. For example, kidney failure, paralysis, cancer, heart attack, etc. are listed as conditions for which medical costs associated with treatment would be covered. These work well to supplement basic health insurance.
Top-up and Super Top-up Policy: These guidelines only go into effect when hospital expenses exceed a threshold known as a deductible. A deductible is that part of the amount of damage that is not covered by the insurer and that the insured person must pay before the benefits of the policy can be used. It makes sense to use this policy to supplement existing basic insurance plans for which you can purchase basic insurance up to a deductible. In this way, your deductible amount will be covered by the basic policy and any additional costs will be paid by the additional policy.
Health Insurance Policies: These are policies that are primarily in the form of a note that can be attached to a life insurance policy. They do not pay for medical treatment and instead pay a fixed amount in case of damage, as set out in the insurance contract. For example, if the policyholder is diagnosed with a serious illness, the policy pays the insured amount in accordance with the terms of the policy.
