Some Facts With Respect to Health Insurance and Health Premiums
According to a recently concluded study, the cost of healthcare services has been steadily rising at an average rate of 20 percent.
Not only that, the out-of-the-pocket spending also continues to hover around the 75 percent mark of the entire medical expense.
Given the aforementioned facts, the ever increasing cost of healthcare and treatment makes it essential that a person have an adequate health insurance policy that covers and reduces the risk of financial pressure in the event of hospitalization or major illness.
Moreover, the government is also proactive in trying to curtail the exorbitant out-of-pocket spending.
It has been promoting those kinds of healthcare plans that are low cost I.
e.
having lower Health insurance A typical health insurance policy usually covers the below mentioned basic cost associated with hospitalization due to any disease/accidents.
1.
Boarding, room expenses provided by the nursing home/hospital.
2.
Nursing expenses 3.
Consultants, medical practitioners, anesthetist, surgeon, special fees 4.
Radiotherapy, chemotherapy, drugs and medical, surgical appliances, operation theatre charges and similar expenses Below are the expenses which are not covered by a typical general health insurance plan.
1.
Non-allopathic or naturopathy treatment 2.
War group and nuclear perils 3.
Nursing home/ hospital charges that do not form part of any treatment 4.
Use of intoxicants and drugs, intentional self-injury, venereal disease, sterility, 'run-down' condition, general debility, convalescence 5.
Cost of hearing aids and spectacles contact lenses 6.
Any injury/disease during the first month of commencement of the health insurance policy There are a few permanent exclusions which consist of the following: 1.
Dental surgery or treatment of any nature unless it requires hospitalization 2.
Childbirth and pregnancy related diseases 3.
Any internal congenital illness 4.
Expenses arising from AIDS or HIV and related diseases 5.
Nuclear weapon, terrorism act, strike, riots, war induced treatment 6.
Use of drugs, intoxicating substances, misuse of liquor as well as self-inflicted intentional injury.
7.
Aesthetic or cosmetic treatment, change of life, inoculation, vaccination, and plastic surgery necessitated in the event of accident.
One common question that always crops up during a discussion with regards to health insurance policy is whether age affects health policies? The answer is in the affirmative, age does affect the insurance plan in terms of cost and coverage.
A rule of thumb is; the cost of health insurance is directly proportional to the age of the insured.
As a human being grows older, he/she becomes increasingly prone to malaise, disorders and illnesses.
Hence, there is an increase in the cost of health premiums.
There are Tax benefits of health insurance as well.
A sum of Rs.
15,000 per annum paid as part of a health insurance premium for self, two children spouse is exempted from tax.
Not only that, the out-of-the-pocket spending also continues to hover around the 75 percent mark of the entire medical expense.
Given the aforementioned facts, the ever increasing cost of healthcare and treatment makes it essential that a person have an adequate health insurance policy that covers and reduces the risk of financial pressure in the event of hospitalization or major illness.
Moreover, the government is also proactive in trying to curtail the exorbitant out-of-pocket spending.
It has been promoting those kinds of healthcare plans that are low cost I.
e.
having lower Health insurance A typical health insurance policy usually covers the below mentioned basic cost associated with hospitalization due to any disease/accidents.
1.
Boarding, room expenses provided by the nursing home/hospital.
2.
Nursing expenses 3.
Consultants, medical practitioners, anesthetist, surgeon, special fees 4.
Radiotherapy, chemotherapy, drugs and medical, surgical appliances, operation theatre charges and similar expenses Below are the expenses which are not covered by a typical general health insurance plan.
1.
Non-allopathic or naturopathy treatment 2.
War group and nuclear perils 3.
Nursing home/ hospital charges that do not form part of any treatment 4.
Use of intoxicants and drugs, intentional self-injury, venereal disease, sterility, 'run-down' condition, general debility, convalescence 5.
Cost of hearing aids and spectacles contact lenses 6.
Any injury/disease during the first month of commencement of the health insurance policy There are a few permanent exclusions which consist of the following: 1.
Dental surgery or treatment of any nature unless it requires hospitalization 2.
Childbirth and pregnancy related diseases 3.
Any internal congenital illness 4.
Expenses arising from AIDS or HIV and related diseases 5.
Nuclear weapon, terrorism act, strike, riots, war induced treatment 6.
Use of drugs, intoxicating substances, misuse of liquor as well as self-inflicted intentional injury.
7.
Aesthetic or cosmetic treatment, change of life, inoculation, vaccination, and plastic surgery necessitated in the event of accident.
One common question that always crops up during a discussion with regards to health insurance policy is whether age affects health policies? The answer is in the affirmative, age does affect the insurance plan in terms of cost and coverage.
A rule of thumb is; the cost of health insurance is directly proportional to the age of the insured.
As a human being grows older, he/she becomes increasingly prone to malaise, disorders and illnesses.
Hence, there is an increase in the cost of health premiums.
There are Tax benefits of health insurance as well.
A sum of Rs.
15,000 per annum paid as part of a health insurance premium for self, two children spouse is exempted from tax.
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