Types of Health insurance in India

Health insurance popularly known as mediclaim provides healthcare costs if the insured is hospitalized for more than 24 hours. With medical expenses increasing skyrocketing with passing time, health insurance is excellent option to make sure that you receive best healthcare at low costs.

4 types of health insurance:
1Individual health insurance: This is health cover for individuals. You can choose Sum Assured as per your requirements and make sure that you are covered if any medical situation arises like due to accient hospitalized and

2 Family floater policy: Family floater provides health insurance to your complete family under one policy. The premium is priced on the basis of age of senior most member of your family.

These plans basically cover your family and there are two ways to do it:

* Each member of family has cover of same amount. for example a family of 4, each one has cover of 1 lakh each.
* A set sum assured is made available to the family member whoever falls ill. Example – A family of 4 members take sum assured/cover of 4 lakh. If one falls ill he has access to 4 lakh. Suppose he uses 2 lakh then the other members have access to amount of 2 lac.
* Combination of individual Sum Assured plus family floater Sum Assured.

3. Extended family cover: Family health insurance was usually available for close family of 2 adults and 2 children. However these days more and more relationships are getting included so that a single policy can be taken to cover all relatives. The major advantage of this policy is single policy and higher cover. Max Bupa Family First covers as many as 13 relationships to fulfill needs of joint family.


4. Senior Citizen Policy: Recent years some companies have launched health insurance especially for senior citizens aged above 60. These policies are hassle free, can be renewed lifelong and with no pre insurance medical tests. Star Health, National insurance companies had such a plan.


Tax Benefits of health Insurance:

Health Insurance provides the following tax benefits under Sec 80D.
If a person purchases a health insurance policy for himself / spouse / children, he can claim a tax deduction of upto Rs. 15,000. When the person purchases a health insurance policy for his senior citizen parents - jointly or singly - he is eligible for an additional tax deduction benefit upto Rs. 20,000.
It does not matter if the policies are Individual or Family Floater.
Thus, totally the person can claim a tax benefit of upto Rs. 35,000. At the highest tax bracket of 30%, this amounts to a tax saving of Rs. 10,815.
Note: The policy holder and his parents are senior citizens then claim Rs. 40,000.

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