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Making Health Insurance Plans Work for you

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Health care sits high atop the list of priorities for each one of us. It is age-old saying that health is wealth and there is no second thought about it. No matter how much wealth you accumulate but if you do not have a good health, you cannot enjoy it.

At the same time, health insurance in India is going through a massive reform process. Private companies are offering health care services matching global quality standards. The cost is naturally very high.

But, it is true, that once you look at the kind of high standards they follow, you will never like to go to a local hospital – government medical centre are an absolute no, for sure.Now, the fact of the matter is that you have to shell out a huge amount of money to get treatment. Will you compromise?

As a responsible head of family and parent, you would like not only to secure yourself but your loved ones as well. Don't worry. There is a way out.

Health insurance plans in India are so comprehensive that you can fulfill your responsibilities without any worries from the financial perspective.

Which plans are good for you?

Let's take an example here. Assuming that you are a 35 years old married male, with a family of two children, there is a bouquet of health insurance plans which can cover all four of you comprehensively.

For a health insurance coverage of Rs 5-10 lakh a year, you have to pay a premium of around Rs 12,000-15,000.

HDFC Health Suraksha plan, for instance, can provide you a coverage of Rs 10 lakh at a negligible premium of Rs 13,607. Family Health Optima plan by Star Health Insurance is another plan which provides coverage to four of you for just Rs 13,876.

If you wish to go with a Tata brand company, then there is a good option for you. Tata AIG offers Mediprime health insurance plan for the same coverage at the cost of Rs 15,265 a year.

All the above plans are family floater plans. That means the sum insured can be utilised in case of an emergency by any of the family members being covered under the plan.

If you are worried that the amount of coverage can be consumed and you may run the risk of being uncovered after that. It is not like that. There are options available at your disposal. You can buy riders which can get you additional coverage amount.

How do riders work?

Riders, as evident from the term, provide additional benefits. Most health insurance plans offer riders for many aspects such as permanent disability, additional risk coverage, etc.

Some riders work like top-ups, just like the way they work for the telecom industry. You top-up your health insurance plan and keep the coverage intact. There are riders which can cover you against pre-existing diseases. Similarly, you can claim health insurance for ailments arising out of conditions such as hypertension, diabetes, etc.

What about tax sops?

Under section 80D of the Income Tax Act, you can claim the tax deduction to the tune of Rs 25,000 from April 2015 onwards. This limit was recently raised by the government from Rs 15,000 a year to Rs 25,000 per annum.

If you are not keen to spend all of the limits in one go, you can buy a basic health insurance plan and depending on the need, top it up at a later stage. Thus, at the end of the year, you can claim a tax deduction of up to Rs 25,000.

While declaring your investment plans to the payroll team of your company, you can put the entire amount so that you do not get your salary deducted at a lesser amount. Towards the closing of the year, you can re-visit your financial plans and make adjustments to save on tax and optimise your expenditure as well as  an investment.

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