Health Insurance: What You Need To Know For Upping Your Tax Saving Strategy

  You've probably heard the term 'waiting period' if you've been looking to get the best health insurance in India . In India, practically every health insurance coverage includes a waiting period. However, depending on what your insurer offers, you can purchase a plan with a minimum or no waiting time. What does the term "Waiting Period" in health insurance mean? The waiting period, as the name suggests, refers to the amount of time you must wait before you may use the benefits of your health insurance coverage. This duration is computed from the day your policy begins and is dependent on your insurer and certain diseases/health conditions as specified in your policy terms. The waiting period is predetermined for a number of health problems, plan type, age, and medical history. Your insurance will deny any claim you make before your waiting period has expired. What are the various waiting periods? Waiting periods vary greatly amongst health insurance policies...

One of the key reasons for purchasing health insurance coverage is to protect the family's finances from escalating medical costs. Today, many insurance companies offer a wide choice of the best health insurance plans with a variety of benefits, such as speedy claim settlement, maternity coverage, a larger network of hospitals, and so on.  What is the definition of family health insurance?  Family health insurance policies, as the name implies, cover all family members for medical expenses under a single policy. The set sum insured is shared by all family members under the family health plan. This means that if you buy a health insurance policy that covers four persons and has a sum insured of Rs.20 lakhs, anyone can use it to cover treatment costs up to a maximum of Rs.20 lakhs. The Advantages of Purchasing a Family Health Insurance Policy Many people would rather get a family floater health insurance policy than individual coverage for each family member. Let us look at the...