No one plans to get sick or hurt, but most people need medical care at some point. Health insurance covers these costs and offers many other important benefits. Health insurance protects you from unexpected, high medical costs.
Do we require Health insurance? No, if you are a Govt servant and covered by your organisation, including spouse and children you don't need to worry for self and spouse for the rest of your life. But what about your children? They are becoming adults and soon they will be out of your dependent list. How will they be covered then?? What will you do if they have to be hospitalised? These days hospitalisation is most expensive? Few days of hospitalisation means lakhs of rupees of hospital bill.
So, what should you do? If your children are approaching that magic figure of 25 years, when they will be no more dependent on you. If they join a service where they are covered up, no need to worry. But if they join corporate world and not covered by company then you need to think about it.
So, what should you do? If your children are approaching that magic figure of 25 years, when they will be no more dependent on you. If they join a service where they are covered up, no need to worry. But if they join corporate world and not covered by company then you need to think about it.
Please get a health insurance plan for your child/children before they attain age of 25. The early you do it, the lesser is the premium. And mind you, the premium you have to pay for as long as you want the insurance cover. There are slabs for premium, generally it 5-24 years and then 25-35 years and so on. There is a huge difference of premium between both the slabs. It may be around 20-30%. So, please don't wait till your child attains the age of 25 years. Do it before he completes 24 years. Also, you can avail the benefits of income tax deduction under section 80 D over and above of IT rebate of Rs 1,50,000.00 under section 80 C. That means 30% of savings on premium paid. The annual premium will be between Rs 5,000/- to 8,000/- depending upon the company selected. This is hardly any amount, around Rs 600/- to 700/- per month.
Now most important and confusing aspect of health insurance? How do i choose the policy? You will have to do some hard work. Even if you consult an expert, you need to know about the various benefits of insurance cover. You can also take advice from policybazaar.com or 121policy.com and few other sites which provide online help.
It is difficult to recommend names. every policy will have different features. I will not recommend any names since its a personal choice and understanding. But i can only suggest with my experience that it is beneficial to go for insurance cover of Rs 5 Lakhs. And if you take no claim bonus then you receive an increase of 50 % in your sum insured for every claim free year. That means your sum insured increased to 10 Lakhs for 5 years of no claim. You may get more. it depends from company to company. Compare benefits offered by each company and also their pay out record. In the next article on health insurance, i will discuss about the most important aspects of the health insurance plan that one must look into the policy.
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