Health Insurance

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What is Health Insurance?

Health Insurance works as a friend in need. It is insurance coverage that covers the hospitalization expenses if any unforeseen incident happens. These expenses generally cover the hospitalization cost, cost of medicines, or even doctor consultation fees, depending upon the requirement.

Why Health Insurance?

Loved ones falling sick with any critical disease is emotionally draining. It disturbs the entire family and it certainly is a big financial burden. Further, medical inflation has remained high year on year. Health Insurance can't reduce the emotional upheaval but can take off the financial concerns.

Income tax benefits

Coverage of medical expenses

Cashless claim service

Lifetime Renew-ability Benefit

Why us?

Fincart understands a client's requirements and customised insurance plan fulfilling all the specifications with the assurance of good return and no risk.

Health insurance calculator supported by advance channel of technology.

Providing solutions to deal with the rising medical costs.

How much health insurance cover does one require?

To understand the required amount, there are a few things to consider: your current age, your hospital preference, your & family's health condition, affordability, etc. Healthcare costs vary from one hospital to another due to status & facilities. However, our relationship managers structure the health insurance coverage with a very high hospitalization coverage with the least possible premium. Further, these help you save tax optimally under section 80D of the Income Tax Act.

What medical expenditure does a Health Insurance Policy Cover?

A health insurance policy covers all medical expenses as per the terms and conditions mentioned in the policy documents. But today, most health insurance plans cover hospitalization expenses including daycare treatment, medical tests, ambulance charges, bed fees, specialist consultation charges, etc.

There are generally 2 kinds of medical expenses-

Pre-hospitalization expense:
In Pre-hospitalisation medical expenses covers tests, including blood tests, urine tests, etc. The expenses you incur before getting admitted are called pre-hospitalization expenses.

Post-hospitalization expense:
After you get discharged from the hospital, do the medical expenses stop? In most cases, it does not. The costs incurred after discharge is called post-hospitalization expenses. It generally includes medications, therapy, and medical tests to monitor your health and recovery.

FAQ's

I have company policy. Why should I go for an individual health insurance policy?

It's good you have a company policy, but it is valid till you are a part of that organization. Secondly, a company health insurance policy comes with a certain limitation when it comes to coverage. However, with an individual health insurance policy you have its accessibility till the time you survive.

Is there anything that is not covered with the Health Insurance Policy?

Yes! There are certain illnesses that are excluded from the 1st year of coverage. For instance, the cost of contact lenses or spectacles, and hearing aids are not covered. Then cosmetic surgery, any pre-existing illness, infertility, or pregnancy-related complications, diseases related to over consumption of alcohol or drugs.

Do we get a tax rebate for buying Health insurance?

Yes! Health insurance reduces our taxable income and our tax liability. Under Section 80D of the Income Tax Act, 1961 you can claim a deduction of Rs.25,000 on insurance for yourself, your spouse, and dependent children.

An additional deduction for the insurance of parents is available up to Rs 25,000 if they are less than 60 years of age, which takes the total deduction to Rs 50,000.
If the parents are aged above 60, the deduction amount is Rs 50,000. In this case, you can claim a total deduction of Rs 75,000 from which Rs 25,000 is on the premium paid for self, spouse, and dependent children.
Whereas if both taxpayer and parents are 60 years or above, the maximum deduction available under this section goes up to Rs.1 lakh.

Is my health insurance going to cover my family?

Yes, of course! Depending on your plan, you can include coverage for yourself, your spouse, children, dependent parents, and siblings, among others.

How can I make claims under a health insurance policy?

For planned hospitalization treatment one can apply a few days in advance, this ensures that you have the basic expense approved before you get hospitalized. For unplanned expenses, you can present the hospital card to the hospital's TPA. They will receive approval. The treatment can also be funded and reimbursed.

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