Health Insurance
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What is Health Insurance?
Health Insurance works as a friend in need. It is insurance coverage that covers the hospitalisation expenses if any unforeseen incident happens. These expenses generally cover the hospitalization cost, cost of medicines, or even doctor consultation fees, depending upon the requirement.
Why Health Insurance?
Loved ones falling sick with any critical disease is emotionally draining. It disturbs the entire family and it certainly is a big financial burden. The cost of hospitalisation for treatment of any critical illness is exorbitant. Further, the medical inflation has remained high year on year. One bad such incident can drain years of savings and investments. Health Insurance can't reduce the the emotional upheavel but can take of the financial concerns.
Income tax benefits
Coverage of medical expenses
Cashless claim service
Lifetime Renewability Benefit
Why us?
Fincart understands a client's requirements and customised insurance plan by fulfilling all the specifications with the assurance of good return and no risk.
Health insurance calculator supported by advance channel of technology.
Providing solutions to deal with the rising medical costs.
How much health insurance cover does one require?
To understand the required amount, there are a few things to consider: your current age, your hospital preference, your & family's health condition, affordability, etc. Healthcare costs vary from one hospital to another due to status & facilities. However, our relationship managers structure the health insurance coverage with a very high hospitalization cover with the least possible premium. Further, these help you save tax optimally under section 80D of the Income Tax Act.
What medical expenditure does a Health Insurance Policy Cover?
A health insurance policy covers all medical expenses as per the terms and conditions mentioned in the policy documents. But today, most health insurance plans cover hospitalization expenses including daycare treatment, medical tests, ambulance charges, bed fees, specialist consultation charges, etc.
There are generally 2 kinds of medical expenses-
- Pre-hospitalization expense:
In Pre-hospitalisation medical expenses covers tests, including blood tests, urine tests, etc. The expenses you incur before getting admitted are called pre-hospitalization expenses.
- Post-hospitalization expense:
After you get discharged from the hospital, do the medical expenses stop? In most cases, it does not. The costs incurred after discharge is called post-hospitalization expenses. It generally includes medications, therapy, and medical tests to monitor your health and recovery.
faq's
It's good you have a company policy, but it is valid till you are a part of that organization. Secondly, a company health insurance policy comes with a certain limitation when it comes to coverage. However, with an individual health insurance policy you have its accessibility till the time you survive.
Yes! There are certain illnesses that are excluded from the 1st year of coverage. For instance, the cost of contact lenses or spectacles, and hearing aids are not covered. Then cosmetic surgery, any pre-existing illness, infertility, or pregnancy-related complications, diseases related to overconsumption of alcohol or drugs.
- Yes! Health insurance reduces our taxable income and our tax liability.
- Under Section 80D of the Income Tax Act, 1961 you can claim a deduction of Rs.25,000 on insurance for self, spouse, and dependent children.
- An additional deduction for the insurance of parents is available up to Rs 25,000 if they are less than 60 years of age, which takes the total deduction to Rs 50,000.
- If the parents are aged above 60, the deduction amount is Rs 50,000.
- In this case, you can claim a total deduction of Rs 75,000 from which Rs 25,000 is on the premium paid for self, spouse, and dependent children.
- Whereas if both taxpayer and parents are 60 years or above, the maximum deduction available under this section goes up to Rs.1 lakh.
Yes, of course! Depending on your plan, you can include coverage for yourself, your spouse, children, dependent parents, and siblings, among others.
For planned hospitalization treatment one can apply a few days in advance, this ensures that you have the basic expense approved before you get hospitalized. For unplanned expenses, you can present the hospital card to the hospital's TPA. They will receive approval. The treatment can also be funded and reimbursed.