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Health insurance is an insurance that covers the whole or a part of the risk of a person incurring medical expenses, spreading the risk over numerous persons. By estimating the overall risk of health care and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement.The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity.

Health is the priority for each individual. However, with growing expenses it becomes difficult for us to survive and keep us physically fit. Therefore, Health insurance plays a pivotal role in providing financial shelter to by keeping the nation physically fit and healthy.

Benefits of Health Insurance are as listed below :-

• Health Coverage: Health Insurance plans have enhanced offerings to cover a wide spectrum of requirements, like a family health plan offers complete cover to all members of a family under a single umbrella:-
  • Medical Bills: Coverage against medicinal expenses incurred, including pre and post hospitalization.
  • Pre-existing Diseases: Coverage for any pre-existing disease is provided to you after a certain waiting period.
  • Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical
• Tax Rebate: Annual premium paid for health coverage are subject to tax exemption u/s 80D of ITA, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 60,000.
• Other Benefits: As an innovative feature, OPD expenses are now covered under few Insurer plans and don’t require hospitalization for minimum 24 hrs to claim reimbursement. Stand alone OPD plans are also available in the market.

There are several key terms of health insurance. Here, we are listing some of the important key terms of health insurance plans for policy holders.

Check them out:

Sum Assured :-
This is the amount you can expect to receive from the insurer for hospitalization expenses. If bills are more than the sum assured, then you need to bear the amount above the sum assured on your own.

Co-pay:-
It is a certain percentage of the claim you need to bear. The insurer will offer to pay the remaining claim amount.

Sub-Limits:-
Within the policy, you will find some sub limits i.e. the maximum you can get even if you aren’t exhausting your overall coverage. Room rent is one component that carries its sub-limit, beyond which you won’t be reimbursed by the insurer.

Comprehensive Cover:-
A comprehensive plan offers the widest coverage against every illness and thus provide your family with optimal protection.

No claims bonus (NCB) :-
NCB is an incentive for not raising a claim in the previous year. The incentive can be in the form of reduced premium or enhanced coverage.

Critical illness :-
- A serious disease or a chronic condition like Cancer or Heart Attack. For such diseases, it is better to opt for critical illness cover that provides lump-sum amount upon being diagnosed with the illness.

We as an insurance broker are someone who advises people on their insurance needs and negotiates insurance contracts on their behalf with insurers in return for a fee or commission. Insurance brokers act as middlemen between firms that want to insure their property and casualty risks and the insurers that underwrite policies. We are a specialist in insurance and risk management. We act on behalf of our clients and provide advice in the interests of our customers. We help you arrange and place the cover with the chosen insurer and can often provide advice on how to make the most of your insurance budget.

Both insurance brokers and insurance agents act as intermediaries between insurance buyers and insurers. The primary difference between an insurance broker and an insurance agent is who each represents. While a broker represents the insurance buyer, an agent represents one or more insurance companies.

With more companies issuing health insurance products to suit various lifestyles and personal requirements, it can become rather confusing to decide which is the best mediclaim policy and what purpose they serve. To choose the best health insurance plan for your requirements, it is important to know about different types of health insurance policies, coverage extent, features, and customization options: