Health Insurance Advisory Health insurance advisory

Health Insurance Advisory

Health must be one the most valuable assets that one can have. Human body is fragile and hence, insurance is a must! Give us the opportunity to assist you in finding the best insurance policies for you and your family.

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Health insurance is a type of insurance that typically compensates for the insured's medical, surgical, prescription drug, and occasionally dental expenses. Health insurance can pay the care provider directly or compensate the insured for expenses incurred as a result of illness or accident. It's frequently included in employee benefit packages as a way to entice top talent, with premiums partially covered by the business but frequently withheld from employee paychecks. With specific restrictions for S Corporation Employees, the cost of health insurance premiums is deductible to the payer, and the benefits received are tax-free.

Coverage against medical expenses

Health insurance plans offer protection against high medical costs. It covers hospitalization expenses, day care procedures, domiciliary expenses, and ambulance charges, besides many others
Coverage against critical illnesses

Insurance providers nowadays offer critical illness insurance, either as a standalone plan or as a rider. Such an insurance policy provides coverage against life-threatening diseases such as kidney failure, bone marrow transplant, stroke, and loss of limbs, among others.
Cashless claim benefit

Many insurance providers offer cashless claim facility. In such an arrangement, you do not have to make any out-of-pocket payments. The hospitalization expenses are settled between your insurer and the hospital.
Additional protection over and above your employer cover

Many organizations cover their employees with a group insurance plan. However, such policies are not tailor-made according to the needs of every individual. Besides, you may be left uninsured in case of loss of job or change in employment. In order to protect yourself against such an event, purchase a health cover individually.
Tax benefits

Health care plans provide tax benefits. Premiums paid towards your health care policy are eligible for tax deductions under Section 80D of the Income Tax Act, 1961. The quantum of deduction is as under:

• In case of the individual, Rs. 25,000 for himself and his family
• If individual or spouse is 60 years old or more the deduction available is Rs 50,000
• An additional deduction for insurance of parents (father or mother or both, whether dependent or not) is available to the extent of Rs. 25,000 if less than 60 years old and Rs 50,000 if parents are 60 years old or more.
• For uninsured super senior citizens (80 years old or more) medical expenditure incurred up to Rs 50,000 shall be allowed
• A deduction of Rs. 5000 will be allowed under this section for payment of preventive health check-up of either the individual himself or his family members which includes spouse, parents and dependent children. This deduction is NOT in addition to the deduction of Rs.25000/50000 stated above, but is included in the above deduction

List Of Documents Required For Health Insurance Advisory

Age proof – This is an important document while buying health insurance as many policies have a fixed entry age. You can submit a copy of any of the following documents

Voter ID Card
Pan Card
Aadhaar Card
Driving License
Passport
Birth certificate
Identity proof – This document is required for the purpose of records. In the future, your ID proof will help your insurer identify the type of coverage offered to you. You can submit any of the following:

Voter ID Card
Passport
Aadhaar Card
Driving License
Address Proof – Your health insurance company will need to send various communications on your postal address. You can submit any of the following:

Ration card
Driving license
Passport
Rent agreement if applicable
PAN Card
Aadhaar Card
Utility bills like electricity bill, telephone bill, etc.
Passport-size photographs (if demanded by the insurer)
Medical reports (if demanded by the insurer)
Proposal form duly filled in and signed
Documents required while making Claims

Duly filled the claim form
Medical Certificate
Patient’s Discharge summary or card (original)
Prescription and cash invoice from pharmacies/hospital
Investigation report
FIR or Medico Legal Certificate (MLC), in case of an accident