By Mr. Anil Rego, CEO & founder, Right Horizons
The penetration of health insurance in India is bare minimum. And that is a surprise, given that on an annualised basis, medical costs have, in the recent, past risen by almost 20 to 25%, which is the highest rate of growth for any form of expense.
Out Patient Expenses..!
Many of us are also not covered for out patient expenses; if you budget your medical expenses, you will find that out patient expenses can constitutes around 75% of the total medical expenses.
In the act of choosing the right medical cover, one should understand that there are a few expenses that will be covered by default by most of the medical insurers.
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Mr. Anil Rego, Right Horizons |
What one should really be searching for is if there is any extra mileage in a particular product or two.
Check Your Medical Cover..!
Check if your medical cover includes expenses for room, boarding expenses as provided by the hospital or nursing home, nursing expenses, surgeon, anesthetist, medical practitioner, consultants, specialist fees, operation theatre charges, surgical appliance, medical and drugs, chemotherapy, radiotherapy & similar expenses.
In case of health insurance, one should not always opt for the cheapest quote. While choosing a medical cover, try and go for one that offers long term cover, well into post-retirement years. There are a few insurers, such as Apollo Munich, Star Health & Max Bupa, who offer policies with health insurance cover for life.
Family floater..!
All insurers have different plans available & one should ideally choose the one that suits one’s needs best. While planning for family, one should avail a family floater, which will be cost-efficient.
In this, the health cover is availed cumulatively on the family members, more like an umbrella cover.
Typically, there are no individual limits & any number of claims can be made during a year. It makes sense to avail health cover earlier in life as age definitely affects health insurance plans in terms of coverage as well as cost. The older you are, the costlier your health insurance premiums become.
Income Tax benefit..!
Insurance premium payable on health insurance policy is tax deductible under Section 80 (D) of the Income Tax Act 1961 as Rs.15,000 can be claimed to be deducted on health insurance under Section 80 (D) and a further Rs. 15,000 can be claimed for parents. This limit increases to Rs. 20,000 in case any of the dependent parents being senior citizens. The total amount that one can claim for deduction under Sec 80(D) is Rs. 35,000.
For claiming tax deduction, the premium payment has to be done either by cheque or credit card. Cash premium payment does not qualify for income tax deduction.
Add-on Benefits..!
Normally, pre-existing diseases are covered after a brief 2 year waiting period. There are other benefits, such as bonus for no claim years. This could enable one to increase the sum assured substantially over the years.
There are other features available selectively, such as out patient coverage, investment& insurance plan, etc.
To ensure that you are not caught off guard with critical illnesses during distressed situations like job losses & transition, one should be adequately covered.
At least for such times (and for retirement years), it is important to have a medical cover in addition to the one provided by the employer.
Plan for you healthcare adequately so that your finances don't suffer during times of poor health, and a well-planned health insurance could go a long way in making your financial plans more secure.
Contact - Right Horizons
Bangalore - Head Office
Right Horizons,
6, Arakere Village, Begur Hobli,
Bangalore - South Taluk, B.G. Road,
Bangalore - 560 076. Email : contactus@righthorizons.com
Phone: +91 080-65687503 to 65687518
Mobile: +91 98453 99780
Bangalore - HSR Branch
Right Horizons,
1213, 1st Floor, 22nd Cross,
HSR Club Road, HSR Layout, Sector-3,
Bangalore-560034.
Email : contactus@righthorizons.com
Phone: +91 080-65687521 TO 65687526
Bangalore - North Branch
Right Horizonss, 79, MM Road,
Frazer Town, Bangalore - 560 005.
Email : contactus@righthorizons.com
Phone: +91 080-41252179
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