Facts about tax benefits of health insurance

Tax Benefit under Section 80D is available now in health insurance policies, whenever the insured pay premiums under a health insurance policy can get certain tax deduction.

Health insurance is the second important and the most important one after life insurance that should everyone must have in his/her portfolio. Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. These plans are different from each other in which suppliers can be seen and the amount to pay can be guessed, so it is much more important to know about the costs and essential health insurance terms. But this health insurance plans work in a simple way like here the insured has to pay regular premiums to the insurer and in return, the insurer gives coverage financially for a medical emergency. Similar to life insurance, a health insurance plan also acts as a very effective tax saving tool that provides the insured strong tax release under section 80D.

Most of the financial planners say that the first ever step in any kind of financial plan must be ensured that the person should have a complete health plan and this complete health insurance is a coverage for the person and his/her family before starting saving. The paid premiums for that particular health insurance plan also provide a tax benefit by decreasing both the taxable income and tax liability. But this is not known to most of the people, this article is a resource for everyone who is interested to know about tax benefits of health insurance plans as per income tax laws.

• ·         Parents: In any health insurance plan, the paid premiums for the chosen health insurance policies for parents qualifies for rebate under Section 80D of the Income Tax Act. This benefit is also available for individuals on health insurance premium which is paid for self, spouse, children  and parents; but it doesn’t matter if the children or parents are dependent on the policyholder or not. Actually the amount of tax benefit depends on the individual’s age who is medically insured under the health insurance plan. The maximum deduction on given premiums for self, spouse, children and parents (below 60) can be Rs. 25000 a year; the paid premium by an individual for his/her senior citizen parent can be deducted at Rs. 30000. On the other hand, a tax payer may increase the tax benefit under Section 80D of Rs. 55000 for below 60 parents and for the above 60 the maximum tax benefit under Section 80D would be Rs. 60000.
• ·         Life insurance companies riders: The Section 80D tax benefit is on premium paid for health policy which does not stop anyone to buy health plan only from health insurance companies. The premium paid for critical illness or medical insurance riders in a life insurance policy also makes qualify for tax benefit and other premium on health insurance policies of life insurance companies can also get the same tax advantage.
• ·         Health check-ups: If a person pays a premium if Rs 20000 for Mediclaim and go through a health check-up of Rs 5000 then total Rs 25000 can be benefited under section 80D. Most of the hospitals offer preventive health check up packages. Tax benefit is available on both ‘indemnity’ and ‘defined benefit’ of health insurance plans;  not only indemnity plans like individual health insurance plans called Mediclaim and Family Floater Plans but also defined benefit plans like daily hospital cash plan and critical illness plan under any health insurance company or general insurance company would qualify for tax benefit.
• ·         Cash payment: The income tax rules dejects tax benefit on premium paid on cash so to get cash benefit one have to pay by internet banking, cheque, draft or even by credit card to get tax advantage on premium.

Source: http://basic-healthinsurance.com/facts-about-tax-benefits-of-health-insurance.php

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Published By

Subhra Bera

www.basic-healthinsurance.com

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5 important things to check before finalizing the Health Plan

The health coverage amount should be evaluated rightly by the number of people under a policy, estimate of the health care costs and the previous coverage from other sources.

Health Insurance Plans are important for all; there are various health insurance plans in India for every person. Health Insurance Plans are like the umbrella for insured persons to protect from various injuries, diseases and risky illness and become a support system in the time of financial support needs. Health Insurance Plans generally have some selected hospitals and doctors under which the patients can get treatment or get hospitalized. It is rather a cashless facility, insured person doesn’t have to pay the bill in the time of hospitalization but on his or her behalf the insurance company will pay and under a plan the insured person can get coverage for his or her family. But every person should know about 5 most important parameters to be looked upon before making a decision to buy any health insurance plan.

This article will guide you by giving information about those parameters and here they are:

• 1.      Scope of Coverage:  It is very necessary to evaluate the chance of coverage as buyers can believe that buying a good health insurance plan will be enough and will fulfill their health care needs. Buyers generally buy a health insurance plan as per the conditions of premiums which should be cheaper but better and might end up with limiting their coverage scope. So it will be not a good option for them that are why it is important to have a health insurance plan with a strong sum insured which has the maximum limit of getting a benefit under a health plan. In recent scenario the medical costs are growing up daily which can be combated by choosing for a sum insured which is enough big to verify the claim amount without making the buyers paying from their pockets. Without this, coverage should look after the needs or requirements, if there is any previous medical history or about the size of the family as it will affect the premiums of the buyers.
• 2.      Room rent concluding: After checking the scope of coverage it is important to check and evaluate the limits as a form of finishing and sub limits before buying a health plan as there are some restrictions lie under the benefits of payable for the coverage in the health insurance plan. Room rent in any hospital is one of them, it is a per day benefit which is given to the policyholder when he/she gets hospitalized as per the eligibility under the chosen health insurance plan. Health insurance plans offer sometimes “single private room” or may upgrade it or may offer “no capping” on the room rent.  So as per the scenario it is really important to determine the room rent eligibility under health insurance plan before finalizing the plan. Make sure to check the room rents under the network hospitals and matching the prices with the eligibility under the selected health insurance plan which will help to save money.
• 3.      Cashless Hospital network: It is a stable process which makes the hospitalization process easy in the troubled time for healthcare; insured person just need to show the health card which is issued by the insurance company. When the hospital authority sees the card they will easily admit the patient but it may be not available in all partnered hospitals under the chosen health insurance policy so buyers need to check the list of cashless hospitals under the policy. There will be numberless hospitals enlisted under the facility of cashless under the policy but the insured should choose those hospitals which are nearer his/her house as it will be easier to reach there. Treatment in non-network hospitals might reduce the claim amount and the cashless treatment will not be available; so it will be an extra burden for the person.
• 4.      Record of claim settlement: A good health insurance company always takes care of its clients regarding the matter of claim settlement and the companies which have the highest record of claim settlement don’t bother the customers too much. The rate of claim settlement depicts the tendency of the insurance company while settling genuine claims and provides assurance of right settlement in the need.
• 5.      Co-payment: It is like a co-share in the claim amount of policy holders and this co-payment held in two ways: one is voluntary and other is mandatory. The first one is chosen by the insured and the second one is compulsory that stayed in the chosen health insurance plan. This co-payment is like a specified percentage of the claim amount so in voluntary co-payment the premium will reduce by the insurance company but should be chosen in the young age.  

Source: https://www.comparepolicy.com

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Graduates can know their health insurance options

Health Insurance coverage is now available for the graduates also and getting an individual health insurance plan is bit easy; it is useful for the career seekers.

Health Insurance Plans are important for all; there are various health insurance plans in India for every person. Health Insurance Plans are like the umbrella for insured persons to protect from various injuries, diseases and risky illness and become a support system in the time of financial support needs.

Health Insurance Plans generally have some selected hospitals and doctors under which the patients can get treatment or get hospitalized. It is rather a cashless facility, insured person doesn’t have to pay the bill in the time of hospitalization but on his or her behalf the insurance company will pay and under a plan the insured person can get coverage for his or her family. In the earlier time health insurance plans can be taken or provided to the working persons only as they will easily give the premiums but after the 2018 Marketplace Health Insurance Plan graduates or college pass outs also have the opportunity. Whether a graduate is going to start a new job or planning a new step in life, he/she can have the options for health insurance through some easy steps

As per the research there are three health insurance options available for new college graduates and they are:

• Buying a Marketplace Plan

Under this option, a graduate may be eligible to enroll himself/herself in Marketplace health insurance for the whole 2018 if the person has a life event: like shifting to or from the place the person has attended school or losing other insurance; it will qualifies the person for a Special Enrollment Plan. The person who has a life event can enroll himself/herself in or change a Health Insurance Marketplace only if he/she can qualify for a Special Enrollment period.

• Under 26 people can get added to his/her parents’ plan

This option will work when a graduate’s parents’ health insurance plans covers dependants; they can usually add the children to their plan and stay on until the graduate turn 26. They have two options then; 1) they can add you to their plan during the plan’s yearly open period or during a Special Enrollment Period after checking all details and 2) whenever a parent applies for a new plan in the Marketplace, they can include their child to an previous Marketplace only during the yearly Open Enrollment Period or a Special Enrollment Period.

• As per the rule of qualification the person can have Medicaid

If the person is working as a part timer or going to start a business or otherwise aren’t making much money then the person will qualify for Medicaid. Medicaid provides free or low-cost health coverage for everyone including low-income people, families and children, pregnant women, the elderly and the people with disabilities.

Source

www.healthcare.gov

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Published By

Subhra Bera

www.basic-healthinsurance.com

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How to select the right doctor?

Being healthy and fit is a dream of every people but going for check up to a right doctor is the important matter also as right doctor always gives right decision.

Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily. People are now-a-days fell ill often and pay a huge amount of money to get rid of that illness, for treatment n good hospitals etc. but spending so much for treatment is not a matter of joke as everyone has not that capability. Though Health Insurance Policies in today’s scenario works as a support system, but still people should take care of themselves to prevent serious illness. Healthy living, good thinking, positive atmosphere and bonding with family can give a person enough life to live healthy but with all of these things, a routine check up or doctor visit is a must do thing in the list.

Old members of family, pregnant women, little babies are the top most priority in a family who should visit doctor as a routine wise but besides them, every other person need to maintain this good habit. Doctors take care of our health in a professional way, diagnosis about right illness and prescribe enough medicine to get cured so their permission is must before taking any medicine or after getting ill.

But the main question is that how a person can choose which doctor will treat him/her the best or give enough advice as it is really a tough to choose one among the huge list of doctors. This article is like guidance for people who are still confused to select the right person to get diagnosis:

• First of all, know about the symptoms from which you are suffering.
• Some home remedies that have applied to get such relief.
• Which part of body is suffering most
• Time when the illness raises
• Search online through specified symptoms and get a list of the approved and best doctors
• Find the names who leaves nearby your home or residence or office
• Get the appointment and fix the time to visit the doctor

After finding a list of the doctors for the particular disease and after choosing the suitable one the work of choosing doctor is not over because the process of treatment and the result is not familiar to you. So make a checklist before visiting the doctor so that you can match them with your curiosities, here are some questions that can be checked after visiting a doctor:

• Were all the health related issues addressed to the doctor?
• After telling the concerns did the doctor pay attention to them?
• Did the doctor give answer to all the questions in a positive way or make you understand completely?
• Did the doctor speak in a comfortable way and not made any rudeness?
• Can you contact with the doctor or related staff about the follow up questions?
• Go with your particular insurance card.
• Know about the family health history and make a list of medicines they take.
• Discuss on your concerns and doubts with the doctor clearly while visit.
• For the first visit, take a knowledgeable person with you.
• Did you feel that you and the doctor could agree on a thing and find the best solution
• It is needed to remember that a provider who can meet the needs will be the right one.
• It can be possible that you will not happy with the first ever visit, may feel uncomfortable in asking questions, no matter go and visit again the same person or can consult with other one.

Next steps

• When all the conditions got verified and doubts get cleared, you may have found the right doctor or yourself.
• But if all the answers are not matched then try once to solve the answers; if this failed then consult with another person. But never stop asking relatable questions or clearing doubts.
• For consulting other doctor check the plan’s list of “in-network” providers.

Source

www.healthcare.gov

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Published By

Subhra Bera

www.basic-healthinsurance.com

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The overview of the Maternity Health Insurance Plan

A Maternity or pregnancy Health Insurance plan covers medical costs rising up for child birth and this insurance plan will take care all kind of expenses for both mother and child.

Motherhood is the bless of God in a form of gift which brings happiness and pleasure in a family and in the life of would be parents. It is a big and new responsibility for the new mother as new life will come in her life that needs more care and support than a normal person and also she wants to keep everything secured. Pregnancy period is full of risks and a little carelessness can result a big complexity so each and everything should be organized in the proper way. Though there has a huge difference between previous and today’s treatment and the advanced technology has made the delivery process easier but it also increases the treatment cost. The hospitalization charges, the delivery charges and the after the delivery charges all have become risen so much that it is not a matter of kid now. So it is really very important to be prepared for this thing from the very first day of marriage and the best way is to insure the newly married girl is to get a maternity insurance plan.

We all know that now-a-days health insurance plans are important for all they are like the helping hands for insured persons to protect from various injuries, diseases and risky illness and become a support system in the time of financial support needs. Health Insurance Plans generally have some selected hospitals and doctors under which the patients can get treatment or get hospitalized. It is rather a cashless facility, insured person doesn’t have to pay the bill in the time of hospitalization but on his or her behalf the insurance company will pay and under a plan the insured person can get coverage for his or her family. Maternity Insurance Plan is one of those health insurance plans which give the pregnant mother a financial stability and secure plan for future; with growing das of pregnancy period, the insurance will offer various benefits.

Coverage under Maternity Health Insurance

It generally covers the expenses during maternity period and these expenses are covered as the riders of a health insurance product. Here policyholders will be charged extra premium for the cover, in some cases maternity coverage comes within the range of OPD related expenses.

Features and benefits

There is a list of features and benefits can get from health insurance for maternity coverage which is discussed here:

1.    Waiting period

Most of the policies come with a waiting period of 3-6 years in that a policyholder can claim benefits only after the mentioned period of time after starting of the insurance policy.

1.    Coverage

 Though there is difference in the covered general expenses but there are some similarities among them and those are: 1) pre-hospitalization expenses given after a 30 days waiting period, 2) post-hospitalization expenses after a 60 days waiting period, 3) delivery expenses, 4) for some cases vaccination of the infant, 5) charges for ambulance, 6) baby cover if the newborn suffers from serious illness and other emergencies

2.    Premium

Besides all these benefits, a maternity insurance policy is costly as it is considered a high risk product which has almost 100% claim ratio than other insurance policies. Though premium is higher than normal policies but it depends on many factors like: Type of industry, Risk factors, Age Profile, Number of employees and Location of company for group policies.

ctors, Age Profile, Number of employees and Location of company for group policies.

Right time to get the Insurance:

According to experts, it will be best decision to plan in advance given that maternity health insurance policies as they have long waiting period that may lead some problems. It should be also keep in mind that, most insurance companies don’t give maternity health insurance to the already pregnant women so who are willing to take policy must apply before conceive.

Exceptions

Although there are some benefits under this policy yet there are some exceptions also which should be known to the mothers:

·         Non-allopathic treatment expenses

·         Consultant fees

·         Regular check up

·         Costs of medicines

·         Inborn diseases

·         Miscarriage under 12 weeks

·         Pre-existing injuries diagnosed within 48 months of policy start

·         Expenses for self-made injuries, drugs or alcohol

·         Treatment costs for AIDS

·         Expenses of dental treatment

·         In-vitro fertilization and infertility-related expenses

Claiming process

Claiming process may vary from different providers, but in most cases, the policyholders have to maintain such procedures like:

Claim intimation for emergency hospitalization is within 24 hours and for planned hospitalization is within 48 hours

Cashless pre-authorization like filling up the pre-authorization form available at TPA desk or can download from the insurance provider’s website. This has two ways: 1) after getting the pre-authorization form, the claim management team of the insurance company sends an approval letter and 2) policyholders can then file their re-imbursement claim

This re-imbursement also works in two ways: 1) policyholder has to fill in the form and submit the claim form with the documents needed to the insurance company and 2) after receiving the form, the claim management team of the insurance company sends an approval letter.

Before buying any maternity health insurance policy for pregnancy, it must be checked that the maternity cover should offer coverage to the new born also and if any policy offers this it is right to get. A health insurance plan for pregnancy is designed to protect both the mother and child.

Source

www.hdfcergo.com

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Published By

Subhra Bera

www.basic-healthinsurance.com

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A healthy heart needs a nutritious meal

There are lots of other healthy nutrients that boost the body and keep the heart healthy as well.

Health is wealth and a healthy heart can expand the life time so keeping the heart healthy and active one needs to keep his/her food habits healthy. It says that a healthy intestine makes the heart life good and leaves a good effect over the body and the daily life; though maintain a healthy heart is not really easy. If anyone talks about healthy diet it already relates to such plant-based foods like fruits, green vegetables, beans and different kind of edible seeds. But besides them there are lots of other things that can be found in the foods that we eat daily such as:

Fiber

Fiber is an essential ingredient in our daily food habit as according to the National Institutes of Health, an increment of fiber in anyone’s body decreases the risk of growing coronary heart disease, stroke, hypertension, diabetes and obesity. It also said that if anyone takes a required amount of fiber daily then he/she can feel the increment in digestion, but enough water should be taken.

Omega-3 Fatty Acids

Omega-3 is very important for various functions in the body like muscle activity, blood clotting, digestion, fertility and many more. Besides that it keeps the heart healthier by reducing inflammation and increasing heart disease and stroke, this can be found in fatty fishes like tuna, salmon and catfish and for veg eaters they can find it in nuts and seeds.

Folate

It is beneficial in the time of pregnancy and also reduces heart attack by improving arterial elasticity; also works with other nutrients to give proper metabolism function. This can be found in dark leafy greens, citrus fruits, beans, peas and lentils.

Water

But all of the above nutrients will not be able to do their proper due to lack of water, water keep the balance of hydration and keep human body energize and alert. It reduces the fatty acid and prevents weight gain and other complications.

Source

www.wellnesscorporatesolutions.com

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Personal Accident Insurance Plan

A Personal Accidental Insurance Plan is a helping hand for the insured and his family in case of any serious accidents happens and has so much benefits.

Introduction

Accidents are the most unpredictable and uncertain thing in everyone’s life and don’t look at time or age, also this uncertain things make our lives shaky and full of tension as it arrives. So to avoid this uneasy situation the entire thing needed is a kind of safeguard that can work as an umbrella for the family in case of any personal accident occurs and save from suffering any kind of accidental misfortune.

This umbrella or security is the Personal Accident Insurance Plan which can guide the insured person against death or infirmity that can happen from any type of accident.

Besides security, this policy also provide economic compensation for any kind of accidental death and temporary or permanent partial or full disability stable and provides the accidental medical charges like hospitalization etc.

Importance of buying a Personal Accident Insurance plan

It can assumed clearly that this plan provides a beneficial coverage for the insured and his family against accidental misfortunes, but there are many more benefits that can be gotten from this such as:

• Rising Road Accidents
  A huge number of deaths occur every year due to road accidents and the number is increasing day by day, from a report of the National Crime Records Bureau it is proved that there has a sudden increment in the road accidents in the year 2015 and reported over 5 lacks cases. And in the year 2016 the estimated number was on an average 400 people per day and a little of them have survived from accidents; as per the above data it has become necessary to get minimum coverage against accidents and having a personal accidental insurance also give compensation against accidental sufferings.
• Accidental Disability
  The higher rate of road accidents increases the rate of disability such as physical and mental disabilities and that affect the families a lot as most of these accidents happen with the bread earner of the family. As a result of this accidents and disability that person become unable to earn more for his or her family and managing the expenses of the family becomes really harder. In these cases, a personal accident insurance plan will become a helping hand as it can provide recompense for the person facing temporary or permanent partial or full disability.
• Loss of Life
  An accident equals to a loss of life that stunned the family and left in a very bad situation from both emotionally and financially, this plan will provide a financial support during that time and compensates the family in case of accidental death.
• • Hospitalization expenses
    Apart from disabilities and death, these accidents cause serious injuries which need immediate medical concern that gives a financial burden directly on the financial balance sheet. While this personal accident plan gives coverage against expenses incurred on hospitalization due to accidental bodily injuries.
  • Worldwide coverage
    The Personal Accident Insurance plans give worldwide coverage for the insured one against accidental unfortunates and outside India; this plan will cover the claims for any unforeseen accidental happenings, also if the person is traveling in abroad.

  Coverage under a Personal Accident Insurance plan

  There is a set of benefits that an insured person gets from the personal accident insurance plan, such as
  • Accidental death
    If the insured person unfortunately passes away due to an accident, then the insurer will pay a certain amount that is similar to 100% of the sum assured to the nominee and insured can get accidental death coverage upon choosing Personal Accident Plans that provides accidental death coverage.
  • Permanent Total Disability
    If the insured’s body goes in a condition where his body faces the complete disablement for an accident and the person lose the earning capability, then the insurer has to pay the total sum assured, but the insured will get when the disablement will happen within 12 months from the accident date.
  • Permanent Partial Disability
    This disability happens to the injured person when he or she get a serious injury during accident and become unable to work with fully physical fitness, here the insured person will get coverage as per the cover towards the terms of Permanent Partial Disability and will get a payment of percentage of the assured sum as a lump sum or periodical payment under the certain plan.
  • Temporary Total Disability
    This kind of disability happen when an accident make the insured disabled and make him unable to work for a period of specific time and as per the plan he will be paid a part of the assured sum for that specific time.
  • Hospitalization expenses
    Any kind of Personal Accident Insurance Plan give coverage to the insured against expenses incurred for hospitalization for an accident under which the insured will get medical expenses, room rent, doctor’s fee etc. as per the chosen policy.
  • Return of Mortal Remains
    This give expenses for the transportation of mortal remains from the place of accident or hospital to the residence/hospital/cremation ground.

  There are more additional benefits under Personal Accident Insurance Plan for the riders that ensure flexibility in the time of buying and depend as per the chosen plan.

  Source

  www.comparepolicy.com
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  Published By
  Subhra Bera
  www.basic-healthinsurance.com
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