All it takes is one major medical bill to create a host of financial problems, even for people with the best
health insurance policies in place.
The good news about high - deductible plans is that monthly premiums are typically much lower than they are for
health insurance policies with standard deductible levels.
While it might seem prudent to do so, most people are covered
by health insurance policies that would contribute towards any additional expenses.
The premium paid
on health insurance policies is also eligible for tax exemption under Section 80 D. Here, the limit is Rs 15,000 for self and Rs 15,000 for parents.
On
most health insurance policies pre-existing conditions are only a concern if the policy holder did not have prior coverage with another health insurance carrier.
You are entitled to a no claim bonus for your individual
health insurance policy which is a benefit accrued in the event of claim free policy year.
A long -
term health insurance policy helps reduce the cost of hospitalization, an assisted living facility or home assistance, especially when one is no longer able to take care of them.
If your school does not offer a low - cost health plan, you may want to consider buying an individual
health insurance policy through an insurance broker or agent.
You can invest in a separate cover for critical illnesses over and above the
regular health insurance policy as these are restrictive in nature and only cover around 15 - 20 diseases.
For many individuals Critical Illness Insurance can provide a vital supplement to their health insurance plan, particularly those with a high
deductible health insurance policy.
A common assumption is that standard
health insurance policies only cover expenses incurred towards expensive treatments pertaining to critical illnesses, requiring an extended hospital stay.
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