FAQ
Most frequent questions and answers
Health insurance plans offer protection against a variety of diseases, surgeries, and other aspects of medical treatment. Fixed-benefit health insurance plans give money without asking for a detailed description of all aspects of treatment costs. This type of insurance policy is beneficial for those who want to avoid the hassle of paperwork or for those who know they will require extensive medical treatment.
If you’re unemployed, you may be able to get an affordable health insurance plan through the Marketplace. Your savings will be based on your income and household size.
Health insurance is a worthwhile investment because it protects your life savings from being wiped out all at once, and it means you don’t have to borrow money from others if you experience an unexpected health event. If you pay for health insurance for your family and you are less than 60 years old, you are eligible for a tax deduction of Rs 25,000.
While Health Insurance covers the expenses you incur for treatment, Life Insurance can help your family reduce their financial burden in the event of your death.
It’s important to know that buying a health insurance policy doesn’t mean that the insurer will cover you from the first day. Rather, you need to wait a few days before making specific claims.
A medical insurance plan will cover pre-existing illnesses after the waiting period. The waiting period can vary from insurer to insurer and also depend on the type of illness, policy, age, and other similar factors. It can typically be between two years to four years. The waiting period is in place to discourage people from signing up for a plan only when they need it.
Some Health insurance generally have a waiting period, unless you need urgent hospitalization or treatment for an accident or injury which is covered from day 1. If you’ve chosen a pre-existing disease add-on for your policy, that usually covers you from the first day of your plan.