Significance of Health Insurance in Bangalore

Doesn't matter if you have a sizeable savings amount or not; you are always one illness or accident away from exhausting all your life savings. Illnesses and diseases are not recent; they have existed for ages. However, now owing to advancing medical infrastructure, especially in leading metropolitan cities such as Bangalore, new cures and treatments are emerging, causing medical costs to increase like never before.

This is why health insurance in cities like Bangalore is important to ensure the best medical treatment when uncertainties arise and to reserve your savings for the key moments in life.

Why Should you Buy Online Health Insurance in Bangalore?

We are in the era of digitalization. This means we can now buy health insurance online in Bangalore. If you haven't considered buying it online, here's why you should:

Hassle-free Health Insurance

Gone are the days when you took numerous trips to the health insurance providers to buy health insurance in Bangalore. Now you can avoid the hassle of buying health insurance and going through a thousand documenting formalities. 

Benefits of Medical Insurance in Bangalore

Bangalore is known for its splendid nightlife and for being the Indian version of Silicon Valley, housing numerous IT companies and startups. However, it is also known for being one of India's most expensive metropolitan cities. Consequently, healthcare in Bangalore is not as budget-friendly as one would think. On the contrary, it's expensive and can significantly cause serious financial strains if you do not have a dependable health insurance policy. Therefore, investing in health insurance is vital if you are living in a city like Bangalore. It will help you preserve your savings and ensure that you get the best medical care possible, thanks to the city’s excellent medical infrastructure.

Inclusions and Exclusions under Health Insurance Plans in Bangalore

investing in health insurance is vital if you are living in a city like Bangalore. It will help you preser

Inclusions and exclusions differ from policy to policy. However, here are some of the most common inclusion and exclusions in Bangalore.

What is covered in the health insurance plan in Bangalore

In-Patient Hospitalization:

This includes the expenses incurred during the hospitalization of the patient:

- Hospital room rent

- ICU room rent

- Doctor or surgeon's fee

- Medicine cost

Pre and Post-Hospitalization:

Here, expenses incurred prior to hospitalization and after hospitalization are covered.

Daycare Treatments:

If a treatment requires a hospital stay of less than 24 hours, it is known as daycare treatment.

Other Miscellaneous Expenses:

Other inclusions include organ donor expenses, AYUSH treatment, domiciliary treatment, and free health checkups. 

What is not covered in the health insurance plan in Bangalore

- Pre-existing illnesses

- Specific medical treatments such as hernia, joint replacement, and piles are not covered in the initial years.

- Self-inflicted injuries

- Injuries caused due to alcohol or drug abuse

- Cosmetic procedures

- Dental treatments

- Unproven experimental treatments

- HIV/AIDS

- Injuries caused due to wars, riots, and nuclear contamination

Tips for Finding one of the Best Health Insurance in Bangalore

Here are a few tips to help you buy the best health insurance in Bangalore.

Assess your Needs:

The last thing you’d want is to pick a coverage that is inadequate to meet your future healthcare needs. This is why selecting the right coverage amount is essential. Unfortunately, there's no definite figure; it depends on your medical needs. So, to find the right coverage for yourself, it's suggested you take a look at your and your family's medical history. Moreover, it would also be essential to keep inflation in mind.

Use the Online Health Insurance Premium Calculator:

Still finding it hard to find the right coverage? An online health insurance premium calculator can help you. The online tool gives you an approximate amount of coverage you would need and the premium you accordingly will have to pay. The tool factors your medical history, lifestyle habits, and age to calculate the figure.

Opt for Maximum Coverage:

It is better to be safe than sorry. In other words, it's best to go for maximum coverage to ensure that the coverage you choose doesn't fail to meet the medical needs of the future. Not to mention, some unforeseen illnesses can come with highly expensive treatment. Hence, you must ensure that you get insurance coverage that doesn't fall short.

Check the Network Hospitals:

Getting treatment at the nearest hospital that falls in the list of network hospitals can offer you the cashless hospitalization benefit. The benefit enables the insurer to directly settle the bill with the hospital without needing you to pay it first and then get reimbursed. The benefit can be useful to individuals having liquidity concerns. It can also save you from several formalities at the time of admission and discharge from the hospital.

Check What is Not Covered:

Even though a health insurance policy in Bangalore covers your basic medical needs, it doesn't cover everything. For example, pre-existing diseases, HIV Aids, injuries caused by self-harm, drug abuse, and cosmetic & dental procedures are not usually covered in a health insurance policy. Therefore, it is essential that you know what your policy covers and does not cover.

Waiting period:

A waiting period can cause a huge inconvenience if an individual suffers from a pre-existing illness. Apart from that, a waiting period can exist for various other reasons. Nevertheless, you should be aware of your waiting period before buying health insurance. It is advised that you look for an insurance policy with minimal waiting periods.  

Deductions at claims:

The Government of India offers tax deductions to encourage people to buy health insurance in Bangalore. According to section 80D of ITA, a taxpayer can deduct tax on the health insurance premium for self, parents, spouse, and children. However, the limit of the deduction depends on age. A deduction up to the limit of Rs 25,000 is applicable for self, spouse, and children. In addition to this, a deduction of Rs 25,000 is applicable for insurance paid for parents under the age of 60 years. If they are above 60 years of age, the deduction goes up to INR 50,000. 

Types of Health Insurance in Bangalore 

Following are the distinct types of health insurance policies in Bangalore

- Individual Health Insurance:

As the name gives it away, individual health insurance provides health insurance coverage individually. Therefore, it is ideal for individuals who don't have dependents to buy insurance for.

- Family Floater Health Insurance:

This type of health insurance is ideal for families. It is a much more economical and budget-friendly option than buying multiple individual health insurance policies for family members. This policy will provide one coverage for multiple family members.

- Senior Citizen Health Insurance:

This type of health insurance is designed for senior citizens, i.e., individuals above the age of 60 years. As elderly people are prone to illnesses and health issues, buying basic health insurance for them can be expensive. However, investing in a senior citizen health insurance policy ensures adequate coverage at a comparatively lesser premium.

- Group Health Insurance:

This type of health insurance is ideal for groups, especially for corporates. Employers usually provide group health insurance to their employees. The insurance offers limited coverage to the employee. It can also be extended to the employee's family at an extra premium, depending on the employer. 

Frequently Asked Questions

Q1. Which is the best health insurance in Bangalore?

The best health insurance in Bangalore would be the one that offers you adequate coverage and comes with a minimum waiting period and no sub-limit and co-payment clauses. In addition, it should be offered by a health insurance company in Bangalore with a claim settlement ratio above 90%

 Q2. Is it possible to buy health insurance in Bangalore online?

Yes, most health insurance companies in Bangalore now offer health insurance online. You can visit the insurer's website to go ahead with the purchase.

Q3. Can I file a claim immediately after buying the health insurance policy in Bangalore?

No, health insurance policies in Bangalore come with a waiting period, wherein you cannot make a claim for a duration. This duration varies from insurer to insurer.

Q4. Can I buy a single health insurance plan for myself and my family in Bangalore?

Yes, you can buy a single health insurance plan for you and your family. However, it might be an expensive option. Instead, you can use a family floater pack to get single coverage for various family members at economical rates.

Q5. What maximum number of claims can I raise against my health insurance policy in Bangalore?

There is no maximum number of claims you can raise. You can raise several claims; given that you don't exhaust your coverage limit.

ARN: PCP/HIB/060123

Sources:

https://www.outlookmoney.com/insurance/buying-health-insurance-know-the-inclusions-and-exclusions-in-a-plan-3017

https://www.etmoney.com/blog/understanding-the-different-types-of-medical-insurance-in-india/

https://cleartax.in/s/medical-insurance