Health Insurance

Health Insurance

Health insurance is a type of insurance coverage that pays for medical, surgical, and sometimes dental expenses incurred by the insured. Health insurance can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly. It is often included in employer benefit packages as a means of enticing quality employees, with premiums partially covered by the employer but often also deducted from employee paychecks. The cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free.

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Advantages

Some insurance companies pay a specific allowance to the insured for each day he/she spends in the hospital. This, however, is applicable only after the insured has already spent some days in hospital.
The premium paid on a health insurance policy is eligible for deduction under Section 80D of the Income Tax Act. The amount of deduction available is up to Rs 15,000 for individuals or Rs 20,000 for senior citizens (aged above 65 years).
Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured.
Often it has been noted that the cost of health insurance premium increases with rise in age. The reason behind this is simple – the common belief that health risks increase with the age of an individual
Choosing a health insurance plan can be tricky because of plan rules regarding in- and out-of-network services, deductibles, co-pays, and more.
This is the bonus element which is paid to the insured if the insured does not file a claim for any treatment in the previous year.
Insurance policy also provide options for health checkups. Free health checkup is also provided by some insurers based on your previous NCBs.
Premium paid on Health insurance is tax deductible under section 80D of the Income Tax Act.