Health Insurance FAQ

Life Insurance FAQ Health Insurance FAQ Car Insurance FAQ

Frequently Asked Questions and Terms related to Health Insurance

Is Health Insurance the same as Life Insurance?

Most Life Insurance products are designed to protect your family (or dependents) from a financial loss that may arise in the event of your untimely death. The payout is made mostly post the death of the person insured or at the maturity of the policy. Health Insurance on the other hand, protects you against ill health or diseases by covering the expenses you might incur for treatment, diagnosis etc.

Is there any tax benefit that one can avail of while purchasing Health Insurance?

You can avail a tax benefit available under Section 80D of the Income Tax Act 1961 by buying a health insurance policy. Every taxpayer can avail an annual deduction of Rs. 15,000 from his/her taxable income for health insurance premium for self and dependants. For senior citizens, this amount is Rs. 20,000.

Is a medical checkup necessary before buying a policy?

A medical checkup may be necessary when you sign up for a new health insurance policy. However, medical checkups are not usually needed for renewal of policies.

What are the minimum and maximum policy durations?

Your health insurance policy is issued for a period of one year only. At the end of your insurance period you need to renew your policy if you wish to continue being covered, without a break.

Does health insurance cover diagnostic charges like X- ray, MRI or ultrasound?

Health Insurance covers all diagnostic tests like X- Rays, MRIs, Blood Tests etc. if they are associated with an insured person’s stay in the hospital. These tests must also have been conducted within a maximum of 30 days prior to hospitalization and/or 60 days post hospitalization or during hospitalization.

Who is a Third Party Administrator?

An organization that processes health plan claims but does not carry any insurance risk.

Leave a Reply

Your email address will not be published. Required fields are marked *