Important information related to health insurance..!?
Important information related to health insurance..!?
Whenever you go for insurance, you have heard many times about 'Deductibles in health Insurance Plans'. What is the deductible amount?
Nowadays everyone takes health insurance. Having medical insurance is also essential to deal with any emergency. If you don't have health insurance, you also have to deal with financial problems when you get sick and get treated in a hospital. Whereas if you have health insurance, all these expenses are covered by your insurance company. Whenever you go for insurance, you have heard many times about 'Deductibles in health Insurance Plans'. Know what the deductible is and how much it is. From this name itself, we can understand that something is subtracted. The deductible is the amount you have to pay yourself at the time of an insurance claim. The remaining portion is paid by the insurance company. Let us understand this with an example. Let's say you have taken a policy of Rs 5 lakh and the deductible amount is Rs 2 lakh. If you make an insurance claim of Rs 5 lakh, you have to pay Rs 2 lakh yourself first. This money can be paid from your savings or from your corporate policy.
The remaining Rs.3 lakh will be paid by the insurance company. This will result in a deduction of Rs 2 lakh and the remaining Rs 3 lakh will be paid by the insurance company.
There are two types of deductibles in health insurance. First is compulsory deduction and second is voluntary deduction.
Compulsory exclusion:
In this, the insurance company decides what the deductible is. An insurance claim means you pay that amount and the insurance company pays the rest.
In this, the insurance company does not decide what the deductible amount is. It is the customer's choice to choose the deductible amount. It is the customer who decides the amount of deductible in his policy. However, as the deductible decreases, the premium increases.
What are the benefits of deduction?
The biggest advantage of having a deductible in the policy is that you can get insurance with a higher sum assured, which means you can get coverage at a lower premium. As seen, keeping the deductible in the policy helps to get better coverage. The higher the deductible, the lower your premium. This is because if a high deductible is given, your claim may be limited to the deductible amount and there is no need to claim it from the insurance company.
Who should avail of the exemption facility?
Small policyholders in their company should avail the deductible facility. For example, suppose your company policy is only Rs 3 lakh, but you want to increase it to Rs 10 lakh or 15 lakh. In such a situation, one can take a Rs.10 lakh policy and keep the deductible at Rs.3 lakh. This way, you can get more coverage at a lower premium and take advantage of the deductible. Unless you have another policy that can pay the deductible, you should stay away from this facility.
Whenever you go for insurance, you have heard many times about 'Deductibles in health Insurance Plans'. What is the deductible amount?
Nowadays everyone takes health insurance. Having medical insurance is also essential to deal with any emergency. If you don't have health insurance, you also have to deal with financial problems when you get sick and get treated in a hospital. Whereas if you have health insurance, all these expenses are covered by your insurance company. Whenever you go for insurance, you have heard many times about 'Deductibles in health Insurance Plans'. Know what the deductible is and how much it is. From this name itself, we can understand that something is subtracted. The deductible is the amount you have to pay yourself at the time of an insurance claim. The remaining portion is paid by the insurance company. Let us understand this with an example. Let's say you have taken a policy of Rs 5 lakh and the deductible amount is Rs 2 lakh. If you make an insurance claim of Rs 5 lakh, you have to pay Rs 2 lakh yourself first. This money can be paid from your savings or from your corporate policy.
The remaining Rs.3 lakh will be paid by the insurance company. This will result in a deduction of Rs 2 lakh and the remaining Rs 3 lakh will be paid by the insurance company.
There are two types of deductibles in health insurance. First is compulsory deduction and second is voluntary deduction.
Compulsory exclusion:
In this, the insurance company decides what the deductible is. An insurance claim means you pay that amount and the insurance company pays the rest.
In this, the insurance company does not decide what the deductible amount is. It is the customer's choice to choose the deductible amount. It is the customer who decides the amount of deductible in his policy. However, as the deductible decreases, the premium increases.
What are the benefits of deduction?
The biggest advantage of having a deductible in the policy is that you can get insurance with a higher sum assured, which means you can get coverage at a lower premium. As seen, keeping the deductible in the policy helps to get better coverage. The higher the deductible, the lower your premium. This is because if a high deductible is given, your claim may be limited to the deductible amount and there is no need to claim it from the insurance company.
Who should avail of the exemption facility?
Small policyholders in their company should avail the deductible facility. For example, suppose your company policy is only Rs 3 lakh, but you want to increase it to Rs 10 lakh or 15 lakh. In such a situation, one can take a Rs.10 lakh policy and keep the deductible at Rs.3 lakh. This way, you can get more coverage at a lower premium and take advantage of the deductible. Unless you have another policy that can pay the deductible, you should stay away from this facility.