ad collaborative post // Planning to purchase a health policy but not sure how and from where to buy it from? A good health policy is a great way to secure your future medical emergencies. A health insurance policy lets you go through a cashless treatment that covers not only your hospitalization charges but also includes all your additional medical bills incurred before and after before you commence your treatment.

Photo by Owen Beard on Unsplash

With the third wave of the pandemic potentially around the corner, it would be the right time to get the best health policy in India today. With the medical costs and expenses rapidly increasing, a health insurance policy can act as a safety net when you fall sick and need immediate funds to cover your hospitalization charges and costs.

As important as purchasing a health insurance policy, knowing the policy benefits and limitations is also essential. Therefore, you must conduct intensive research before making the final decision, as a lot of policyholders miss out on a few important guidelines that state the advantages and restrictions of their health policies. To help you buy the best health policy in India, here are a few steps and measure that can make the process easier.

Understand your requirement

To get health insurance is easy, but to get the best health policy in India that suits all your requirements is not that easy. The process of purchasing a health policy demands some

amount of knowledge and research. Finding a perfect policy that fits your age, income, and possible emergencies can be made easier by jotting down each point that you think is essential for decision-making. You can begin the process by asking yourself simple questions like, ‘do I want a health insurance policy for my spouse and children?’ Or ‘Am I looking for a health policy for my parents?’ There are different plans and prospects of policies for every requirement. Thus, you need to state your requirement first and then look for a policy.

Look for the exact coverage offered

Thoroughly go through the terms and conditions of the policy to learn about all the expenses that it will cover. Moreover, the best health policy in India would be a policy that covers pre and post-hospitalization costs along with the room rent, transportation costs, and the cost of the entire treatment.

Allocate your budget

Before investing in a health policy, make sure you have allocated a separate budget to be able to afford a policy and its premium. The best health policy in India for you would be the one that covers your medical bills and expenses at the time of a medical emergency and is also not a major financial obligation on your monthly income. You can browse through many health policies online and get an estimate of the premium costs that you will have to endure. That being said, it would be best if you compare and study the policies well before making any final decision.

Learn about tax and other benefits of the policy

The Income Tax Act of 1961, section 80(D) (1), states that policyholders are permitted certain tax deductions as they make payments against their health policies, known as the premium amount. You can claim a tax deduction of up to ₹25,000 if you purchase a health policy for yourself and your family. In case you are also paying the premium amount of a health insurance policy for your parents, you can claim an added tax deduction of up to ₹50,000.

However, a senior citizen who pays the premium for themselves and their spouse can claim tax relief of up to ₹50,000.

Examine exclusions

Make sure you learn all about the inclusions and exclusions of a policy, as there might be certain treatments that a health policy might not cover. The best health policy in India covers daycare expenses, transportation costs, hospitalization costs and more. Still, it is essential to learn about what a policy covers and excludes before buying it.

The bottom line is to do your homework beforehand and only then invest in a health policy to benefit from it in the best possible way. You can secure your and your family’s health by opting for a Care Health Insurance Policy that allows smooth cashless treatment.

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