Health insurance is a type of insurance that provides coverage for medical and surgical expenses arising due to an illness. The coverage is offered in exchange of the premium paid by the insured. Policyholders can also avail tax benefits on premium as per the Income Tax Act, 1961.
Key Coverages Offered by Health Insurance Plans in India
Hospitalisation Expenses - Health Insurance plans cover the medical expenses of getting admitted to a hospital for more than 24 hours. These expenses could include room rent, doctor’s fee, medicine cost, diagnostic test fees, etc.
Pre & Post Hospitalisation Expenses -Most Health Insurance plans also cover the money spent on an illness before getting hospitalised and follow up treatment or tests. The pre-hospitalisation and post-hospitalisation expenses are covered up to a fixed number of days that differ from policy to policy.
ICU Charges - A health insurance plan also covers the cost of availing treatment in an ICU during hospitalisation.
Ambulance Cost - Health Insurance plans also cover the cost of ambulance services availed to reach the nearest hospital during a medical emergency.
Cashless Treatments - All health insurance providers in India offer cashless treatment facilities at their network hospitals. You do not have to worry about arranging money to pay the hospital bills if you get admitted to a network hospital as it will be settled by your insurer directly with the hospital. This service is only available at the network hospitals of the insurer. A list of these hospitals is given in the policy documents.
Day Care Procedures - It also covers the cost of availing day care treatments that require hospitalisation for less than 24 hours. These treatments may include cataract, dialysis, chemotherapy etc.
Pre-existing Diseases - The best health insurance policies also provide coverage for pre-existing diseases but after a specified period is over. Usually, pre-existing diseases are covered after a waiting period of 2 to 4 years.
AYUSH Treatment - It covers the cost of availing medical treatment through AYUSH school of medicines that includes Ayurveda, Unani, Homeopathy, Siddha and Yoga.
Medical Check-ups - Most health insurance companies in India offer free preventive health check-up facilities to the insured at regular intervals depending on the policy’s terms and conditions.