Health Insurance
11
Jan 2025

Overview

In today’s fast-paced world, having adequate health insurance is not just a luxury but a necessity. With the rising cost of healthcare, a robust health insurance plan acts as a financial safeguard, ensuring that medical expenses do not drain your savings. This comprehensive guide will walk you through everything you need to know about health insurance, including the best health insurance plans, the importance of health insurance claim settlement ratio, and the leading health insurance companies in India.

Also Read: How to Check CIBIL Score?

What is Health Insurance?

Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. Depending on the policy terms, the insurance company may settle the bills directly with the hospital (cashless facility) or reimburse the policyholder after paying upfront.

Also Read: CIBIL Score Range

Why is Health Insurance Important?

Health insurance offers numerous benefits that can provide peace of mind and financial security:

  • Coverage of Medical Expenses: It covers hospitalization costs, doctor consultation fees, pre- and post-hospitalization expenses, and sometimes even daycare treatments.
  • Cashless Treatment: Your insurance provider’s partner hospitals offer cashless treatment, so you do not have to pay out-of-pocket during hospitalization.
  • Tax Benefits: Under Section 80D of the Income Tax Act, policyholders can claim tax deductions on premiums paid.

Also Read: Common Inclusions and Exclusions of Motor Insurance Policy

Importance of Choosing the Right Health Insurance Plan

Selecting the best health insurance plan is crucial to ensure comprehensive coverage. A good health insurance policy provides:

  • Financial protection: Covers major medical expenses, reducing out-of-pocket costs.
  • Access to quality healthcare: Enables treatment at reputed hospitals and clinics.
  • Tax benefits: Premium payments are eligible for tax deductions under Section 80D of the Income Tax Act.
  • Peace of mind: Offers security against unforeseen health issues.

Also Read: What is a Good CIBIL Score?

Types of Health Insurance Plans

There are various types of health insurance plans available to cater to different needs:

  1. Individual Health Insurance Plans: These cover medical expenses for a single individual.
  2. Family Floater Plans: A single sum insured is shared among all family members.
  3. Critical Illness Insurance: A lump sum payout on the critical illness diagnosis is offered.
  4. Senior Citizen Health Plans: Tailored specifically for individuals above 60 years of age.
  5. Group Health Insurance Plans: Provided by employers to their employees as part of a benefits package.

Also Read: Check CIBIL Score by PAN Card

How Does Health Insurance Work?

Health insurance works by pooling funds from policyholders who pay regular premiums. Here’s a step-by-step explanation of how it functions:

  1. Premium Payment: The policyholder pays a periodic premium to the insurance company to maintain coverage.
  2. Policy Coverage: The policy outlines the medical expenses covered, including hospitalization, surgeries, medications, and more.
  3. Network Hospitals: Insurers partner with specific hospitals where policyholders can avail of cashless treatments.
  4. Claim Process: Depending on the situation, claims can be cashless (direct billing between the hospital and insurer) or reimbursement-based (where policyholders pay upfront and are reimbursed later).
  5. Deductibles and Co-Payments: Some policies require the insured to bear a portion of the cost through deductibles or co-payments.
  6. Policy Term and Renewals: Health insurance policies are typically valid for one year, after which they must be renewed to maintain coverage.

Also Read: How to Identify Fake Motor Insurance Policy?

Choosing the Best Health Insurance Plans

When selecting the best health insurance plan, consider the following factors:

  1. Coverage: Look for a policy that covers a wide range of medical expenses, including hospitalization, ambulance charges, and daycare procedures.
  2. Premiums: Compare premiums across different health insurance plans to find one that offers maximum benefits at an affordable cost.
  3. Health Insurance Claim Settlement Ratio: This ratio indicates the percentage of claims an insurer has settled out of the total claims received. A higher claim settlement ratio reflects the insurer’s reliability.

Also Read: Income Credit Tax

Health Insurance Companies in India

India boasts a competitive health insurance market with several reliable players. Below are the health insurance companies in India offering health insurance:

Company Name

Incurred Claim Ratio (2022-23)

Claim Settlement Ratio (2022-23)

Solvency Ratio (2022-23)

Network Hospitals (2022-23)

Acko Health Insurance

83.88

97.68

4.26

14,300+

Bajaj Allianz Health Insurance

74.27

93.54

3.68

11,000+

Cholamandalam MS Health Insurance

67.88

93.63

2.07

10,000+

Future Generali India Health Insurance

79.18

94.98

1.86

8430+

Go Digit Health Insurance

71.87

96.83

1.96

16,400+

HDFC ERGO Health Insurance

79.04

98.59

1.75

12,000+

ICICI Lombard Health Insurance

77.33

98.53

2.51

7,500+

IFFCO Tokio Health Insurance

111.18

90.65

1.73

7,000+

Kotak Mahindra Health Insurance

56.01

97.61

2.95

7,700+

Liberty Health Insurance

74.17

97.46

2.34

5,000+

Magma HDI Health Insurance

72.10

94.72

2.19

7.200+

Navi Health Insurance

59.28

95.13

2.69

12,000+

Raheja OBE Health Insurance

138.67

97.30

1.96

5,000+

Royal Sundaram Health Insurance

83.36

96.17

2.17

10,000+

SBI Health Insurance

73.92

96.47

1.86

6,000+

Tata AIG Health Insurance

78.33

95.46

1.97

10,000+

Universal Sompo Health Insurance

82.84

91.58

1.73

4,000+

Zuno Health Insurance

89.59

98.54

1.72

10,000+

National Health Insurance

102.35

91.31

0.16

3,000+

The New India Assurance Health Insurance

103.33

90.73

1.82

2055+

The Oriental Health Insurance

130.09

91.62

-0.63

3,500+

United India Health Insurance

89.57

91.10

0.15

6,500+

Aditya Birla Health Insurance

64.68

99.01

2.37

11,000+

Care Health Insurance

53.82

100

1.83

22,900+

ManipalCigna Health Insurance

64.66

99.96

1.57

18,000+

Niva Bupa Health Insurance

54.05

100

1.79

10,000+

Reliance Health Insurance

86.31

87.50

1.60

9,100+

Star Health Insurance

65.00

99.21

2.03

14,000+

*Disclaimer: Bloglynk do not endorse any specific health insurance company or product offered by any insurer, and this list is just an illustration of the health insurance companies offering different health insurance plans in India.

Understanding the Health Insurance Claim Settlement Ratio

The health insurance claim settlement ratio is a critical metric for evaluating the trustworthiness of an insurance provider. It is calculated as:

Claim Settlement Ratio = (Number of Claims Settled / Number of Claims Received) x 100

A higher ratio indicates that the company efficiently settles most claims, ensuring a smoother experience for policyholders.

Also Read: Income Tax Login

Tips to Maximize Health Insurance Benefits

Below are the tips to maximize your health insurance benefits:

  1. Opt for Cashless Treatment: Choose hospitals within your insurer’s network to offer cashless treatment, reducing out-of-pocket expenses.
  2. Understand Policy Inclusions and Exclusions: Read the policy document carefully to know what treatments and conditions are covered.
  3. Avail of Preventive Health Check-Ups: Many insurers offer annual health check-ups, which can help detect health issues early.
  4. Use No-Claim Bonus (NCB): If you do not file a claim in a year, you may be eligible for a higher sum insured at the same premium.
  5. Keep Track of Waiting Periods: Be aware of the waiting periods for pre-existing diseases and other specific treatments.
  6. Enhance Coverage with Add-Ons: To increase your policy’s benefits, consider illness riders, top-up plans, or personal accident covers.
  7. Maintain Accurate Records: Keep detailed documentation of medical expenses and insurance-related communications.

What is Covered Under Health Insurance?

Health insurance plans vary in coverage, but most policies generally include the following:

  1. Hospitalization Expenses: Costs related to hospital stays, including room charges, nursing fees, and medical procedures.
  2. Pre- and Post-Hospitalization Costs: Medical expenses incurred before and after hospitalization, usually for a specified number of days.
  3. Daycare Procedures: Treatments that do not require 24-hour hospitalization, such as cataract surgery or chemotherapy.
  4. Ambulance Charges: Coverage for transportation to the hospital in case of emergencies.
  5. Critical Illness Coverage: Some policies cover life-threatening diseases like cancer or heart attacks.
  6. Maternity and Newborn Coverage: Plans may include maternity benefits and newborn healthcare.
  7. Organ Donor Expenses: Covers expenses related to organ transplants, including the surgery cost for the donor.
  8. Mental Health Treatments: Modern policies often include mental health consultations and treatment coverage.
  9. Alternative Treatments: Some insurers cover AYUSH (Ayurveda, Yoga, Unani, Siddha, and Homeopathy) treatments.

Also Read: How to Increase Your CIBIL Score?

What is Not Covered Under Health Insurance?

While health insurance offers extensive coverage, specific exclusions are typically present:

  1. Pre-Existing Diseases During the Waiting Period: Coverage for pre-existing conditions is subject to a waiting period, which varies by policy.
  2. Cosmetic and Aesthetic Procedures: Surgeries for cosmetic purposes, such as plastic surgery or Botox, are excluded unless medically necessary.
  3. Dental and Vision Care (Routine): Routine dental and vision check-ups are not covered unless specified.
  4. Maternity-Related Expenses (Without Maternity Cover): Policies without specific maternity benefits do not cover childbirth-related expenses.
  5. Self-Inflicted Injuries: Treatments for injuries resulting from self-harm or suicide attempts are generally excluded.
  6. Injuries from Hazardous Activities: Claims resulting from participation in high-risk sports or activities without additional riders.
  7. Non-Allopathic Treatments: Unless explicitly mentioned, traditional and alternative treatments may not be covered.
  8. Unproven or Experimental Treatments: Procedures that are not clinically approved or are considered experimental.
  9. Mental Health Treatments (Without Cover): Many policies exclude mental health care unless covered by specific provisions.
  10. Medical Equipment and Supplies: Costs for non-medical items like wheelchairs, walkers, or hearing aids unless included in the policy.

Health Insurance Riders in India

Health insurance riders are additional coverages that can be added to your existing health insurance policy for a nominal extra premium. They enhance the scope of your policy and provide more comprehensive protection. Some standard health insurance riders available in India include:

  1. Critical Illness Rider: Provides a lump sum upon diagnosing specified critical illnesses like cancer, heart attack, or kidney failure.
  2. Personal Accident Rider: Offers compensation in case of accidental death, permanent disability, or partial disability.
  3. Maternity Cover Rider: Covers maternity-related expenses, including childbirth and newborn care.
  4. Room Rent Waiver Rider: This rider removes or increases the room rent sub-limits, allowing access to higher-category hospital rooms.
  5. Hospital Daily Cash Benefit Rider: Pays a fixed daily amount for each day of hospitalization to cover incidental expenses.
  6. Top-Up Plans: Provide additional coverage beyond the base sum insured when hospitalization expenses exceed a specific deductible.
  7. OPD Cover Rider: Covers outpatient department (OPD) expenses such as doctor consultations, diagnostic tests, and pharmacy bills.
  8. Waiver of Premium Rider: Waives future premiums if the policyholder cannot pay due to disability or critical illness.

Adding appropriate riders to your health insurance policy can significantly enhance its utility and provide targeted financial protection.

Documents Required for Health Insurance Plan

When purchasing a health insurance plan or filing a claim, you must provide certain documents to the insurance company. Commonly required documents include:

Proof of Identity

  • Aadhar Card
  • PAN Card
  • Passport
  • Voter ID

Proof of Address

  • Utility Bills (Electricity/Water Bill)
  • Passport
  • Driving License

Age Proof

  • Birth Certificate
  • School Leaving Certificate
  • Passport

Medical Reports (if applicable)

Any pre-existing medical conditions or recent check-up reports.

Passport-Size Photographs

As per the insurer’s requirement.

Income Proof (for tax-saving policies)

Salary slips or income tax returns.

Proposal Form

The insurer provided the filled and signed application form.

Policy Renewal Notice (for existing policies)

Previous policy documents for renewals.

Submitting accurate and complete documentation helps in a smooth and hassle-free policy issuance or claim process.

How to File a Health Insurance Claim?

The claim process is a critical aspect of health insurance. Here are the steps:

Cashless Claim Process:

  1. Choose a network hospital from the insurer’s list.
  2. Inform the insurer about the hospitalization.
  3. Fill out the pre-authorization form and submit it to the insurer.
  4. The insurer settles the bill directly with the hospital.

Reimbursement Claim Process:

  1. Inform the insurer about the hospitalization.
  2. Pay the hospital bills and collect all medical reports and receipts.
  3. Submit the required documents to the insurer.
  4. The insurer reimburses the claim after verification.

Also Read: How to Get Personal Loan with a Low CIBIL Score?

Health Insurance Buying Process in India

Buying health insurance in India involves several steps, which are essential to ensure you select the right plan for your needs and financial situation. Here’s a detailed, step-by-step guide for purchasing health insurance in India:

Assess Your Health Insurance Needs

  • Personal Health Needs: Consider your current health condition, age, and lifestyle. If you have any pre-existing medical conditions or a family history of diseases, you may need a comprehensive plan that covers specific health issues.
  • Family Needs: If purchasing a family floater policy, consider the health needs of your spouse, children, and elderly parents.
  • Financial Capability: Evaluate how much you can afford to pay as premiums. Consider both your immediate healthcare needs and potential future needs.
  • Coverage Requirements: Identify the coverage you need—hospitalization, day-care procedures, critical illness, maternity benefits, wellness programs, etc.

Understand the Types of Health Insurance Plans

  • Individual Health Insurance: Covers a single individual against hospitalization and medical expenses.
  • Family Floater Plan: A single sum insured covers the entire family, making it a cost-effective option.
  • Critical Illness Plan: Specifically covers significant illnesses such as cancer, heart attack, and stroke.
  • Top-Up Plans: Additional coverage over and above an existing health plan, usually with a higher deductible.
  • Maternity and Newborn Coverage: Health plans cover maternity-related expenses, including pre and post-natal care and newborn baby care.
  • Senior Citizen Health Plans: Tailored plans for senior citizens, offering coverage suited for older age-related health risks.
  • Disease-Specific Plans: Designed for specific diseases like cancer, diabetes, etc.

Research Available Health Insurance Providers

  • Public and Private Insurers: India has a wide range of public (e.g., Star Health, New India Assurance) and private health insurance providers (e.g., ICICI Lombard, HDFC ERGO, Religare).
  • Network Hospitals: Check the insurer’s network of hospitals, especially in your area or cities where you may require medical services.
  • Claim Settlement Ratio: Research the insurer’s claim settlement ratio, which indicates the number of claims they have successfully paid out. A higher ratio suggests reliability.
  • Customer Reviews: Look for feedback from other customers regarding the insurer’s customer service, claims process, and overall experience.

Compare Health Insurance Plans

  • Premiums: Compare the premiums of different policies, but remember that cheaper premiums may come with limitations such as lower coverage limits or exclusions.
  • Sum Insured: Ensure the sum insured is adequate to cover medical expenses for the entire family, including hospitalization, surgeries, and treatments.
  • Coverage Benefits: Check for benefits like pre- and post-hospitalization expenses, ambulance cover, room rent limits, and organ donor expenses.
  • Waiting Periods: Check the waiting periods for pre-existing conditions, maternity benefits, and other specific treatments. Typically, there is a waiting period of 2-4 years for pre-existing conditions.
  • Exclusions: Carefully review exclusions to avoid surprises later. This includes non-covered treatments, like cosmetic surgery or self-inflicted injuries.
  • Co-payment Clause: Some plans require you to pay a portion of the claim amount (co-payment). Lower co-payment percentages are usually better.
  • No Claim Bonus (NCB): Some insurers provide a bonus for claim-free years, increasing your sum insured without additional premiums.

Check for Tax Benefits

  • Section 80D: Under the Income Tax Act, premiums paid for health insurance qualify for tax deductions under Section 80D. You can claim up to ₹25,000 for yourself, your spouse, and children and up to ₹50,000 for senior citizens.

Apply for Health Insurance

  • Online Application: Most insurance providers allow you to buy health insurance online. You’ll need to fill out the application form with your details, family details (if applicable), and health information.
  • Offline Application: Alternatively, you can visit the insurance provider’s branch and apply for the policy with the help of an agent or customer service representative.
  • Medical Tests: In some cases, insurers may require medical tests based on your age, health conditions, or the policy amount. The insurer will guide you on the required tests.

Read and Understand the Policy Document

  • Policy Terms and Conditions: Thoroughly read the policy’s terms and conditions before making the final purchase. Ensure you understand the exclusions, limits, and the claims process.
  • Documentation: Ensure all required documents, such as identity proof, medical records, and past insurance policies, are submitted.

Pay the Premium

  • Payment Methods: You can pay the premium through online payment gateways, debit/credit cards, or cheques. Make sure you receive an official receipt.
  • Premium Payment Frequency: You can pay premiums annually, semi-annually, or quarterly. Annual payments typically offer better savings.

Receive Your Health Insurance Policy

  • After you pay the premium, the insurer will send the policy document to your registered email or physical address. The document will include the policy number, terms of coverage, and detailed exclusions.

Also Read: Understanding CIBIL Score

How to Buy Health Insurance Online?

Buying health insurance online in India is a straightforward process, and it has become increasingly popular due to the convenience, transparency, and ease of comparison it offers. Here’s a detailed step-by-step guide on how to buy health insurance online:

Use an Online Insurance Comparison Tool

  • Many websites (e.g., PolicyBazaar, Coverfox, BankBazaar) allow you to compare various health insurance plans across multiple insurers.
  • Key Comparisons: You can compare the following parameters:
    • Premium amount
    • Sum insured
    • Waiting period for pre-existing conditions
    • Network of hospitals for cashless claims
    • Additional benefits (e.g., maternity, critical illness, wellness programs)
  • Choose the Plan: Shortlist a plan that best suits your needs and budget based on your comparison.

Visit the Insurance Provider’s Website

  • Once you’ve selected a plan, visit the insurance provider’s website. Look for the “Buy Online” or “Get a Quote” option on their homepage.
  • Fill in Details: The website will typically ask you to fill in basic details such as:
    • Personal information (name, age, gender)
    • Contact details (email, phone number)
    • Family details (if purchasing a family floater plan)
    • Health details (pre-existing conditions, lifestyle factors like smoking, alcohol use)
  • You should also provide details about your income to determine eligibility for any subsidies or discounts.

Customize Your Policy (Optional)

  • Some insurers allow customization of the policy, where you can add or remove certain features, such as:
    • Add-ons/Riders: Critical illness cover, accidental death, maternity benefits, hospital cash benefits, etc.
    • Increase in Sum Insured: You can opt for higher coverage if needed.
    • Top-up Plans: Add a top-up plan to boost your existing policy’s coverage.

Get a Quote

  • Based on the details you’ve entered, the website will generate a quote that provides a breakdown of the premiums, coverage, exclusions, and all other relevant policy details.
  • Premium Calculation: Your premium will vary based on factors such as your age, medical history, sum insured, policy type, and any additional riders or add-ons.

Review the Policy Details

  • Read the Terms and Conditions: Carefully read the policy’s terms and conditions, including the exclusions, waiting periods, co-payment clauses, and renewal process.
  • Check the Network Hospitals: Verify that your preferred hospitals are included in the insurer’s network, especially if you opt for a cashless hospitalization facility.
  • Claim Process: Understand the insurer’s claim process, especially the cashless and reimbursement claims procedure.

Provide Required Documents

  • Personal and Health Information: You may need to upload the following documents (depending on the insurer’s requirements):
    • Proof of identity (Aadhaar card, passport, etc.)
    • Proof of address (electricity bill, passport, etc.)
    • Medical history details or recent medical reports (if required)
    • Age proof (birth certificate, passport, etc.)
  • Medical Tests: In some cases, insurers may require you to undergo medical tests, especially if you’re above 45 or have a pre-existing condition. These tests can be done at the insurer’s partner diagnostic centres.

Make the Payment

  • You can proceed with the premium payment after reviewing the policy and documents.
  • Payment Methods: Most insurers offer multiple payment methods, such as credit/debit cards, net banking, UPI, or digital wallets.
  • Receive the Payment Confirmation: After completing the payment, you’ll receive an immediate confirmation, and the policy will be issued. The policy document will typically be sent to your registered email address.
  • Get a Policy Copy: Ensure you save a copy of the policy document (e-copy or hard copy). It contains all the essential details, such as the policy number, sum insured, and coverage benefits.

Receive Your Policy Document

  • After the payment, the insurance company will send the policy document to your email (in most cases).
  • Ensure all details are correct, including the policyholder’s name, sum insured, and coverage benefits.
  • If there are any discrepancies, immediately contact the insurer’s customer service for corrections.

Renew and Review Annually

  • Renewal Process: Health insurance policies typically need to be renewed annually. Set a reminder to ensure timely renewal before the policy expires.
  • Annual Review: Review your health insurance policy every year to ensure it continues to meet your needs. If necessary, you can increase your coverage, add riders, or even switch insurers if you find a better deal.

Advantages of Buying Health Insurance Online

  • Convenience: Buy and manage policies from the comfort of your home.
  • Instant Comparison: Compare policies across different insurers quickly.
  • Transparency: Clear visibility of terms, exclusions, and premiums.
  • No Agent Fees: Avoid commission or broker fees by purchasing directly from the insurer.
  • Quick Processing: Faster application, payment, and approval process.

Conclusion

Health insurance is a crucial investment in your health and financial stability. By understanding different health insurance plans, comparing claim settlement ratios, and choosing a reputable insurer, you can secure the best coverage for yourself and your family. Start your journey toward comprehensive health coverage today by exploring the best health insurance companies in India and selecting a plan tailored to your unique needs.

FAQs on Health Insurance

  1. What is health insurance?

Ans. Health insurance is a contract between you and an insurance provider that covers medical expenses, including hospital visits, surgeries, prescription drugs, and other healthcare-related costs.

  1. Why do I need health insurance?

Ans. Health insurance helps protect you from high medical expenses and provides financial security in case of unexpected illnesses or injuries.

  1. What is a family floater health insurance plan?

Ans. A family floater plan covers the entire family under a single sum insured. It provides flexibility in using the total sum for any insured member.

  1. What are the different types of health insurance?

Ans. The main types include employer-sponsored health insurance, individual health insurance, family health insurance, and government-provided programs like Medicare and Medicaid.

  1. What does a health insurance premium mean?

Ans. A premium is the amount you pay regularly (monthly, quarterly, or annually) to keep your health insurance policy active.

  1. What is a deductible in Health Insurance?

Ans. A deductible is the amount you must pay out-of-pocket for healthcare services before your insurance begins to cover the costs.

  1. What is the difference between in-network and out-of-network providers?

Ans. In-network providers have agreed to negotiate rates with your insurance company, resulting in lower costs for you. Out-of-network providers may charge higher fees that are not fully covered by your insurance.

  1. What is a pre-existing disease (PED) in health insurance?

Ans. Pre-existing diseases are medical conditions that existed before buying the policy. Most health insurance plans cover PEDs after a waiting period of 2 to 4 years.

  1. What is the waiting period in health insurance?

Ans. It is when no claims are accepted for certain treatments or pre-existing diseases. The waiting period varies across policies.

  1. How do I choose the best health insurance plan?

Ans. Consider factors like premiums, deductibles, coverage limits, network providers, and your specific healthcare needs when comparing plans.

  1. Are dental and vision care included in health insurance?

Ans. Most standard health insurance plans do not cover dental and vision care. You may need separate plans or supplemental coverage.

  1. What is a cashless treatment facility?

Ans. In cashless treatment, the insurer settles the bill directly with the hospital, provided it’s a network hospital associated with your insurance provider.

  1. Can I have multiple health insurance policies?

Yes, you can have more than one policy. However, coordination of benefits determines which insurer pays first.

  1. What is the difference between network and non-network hospitals?

Ans. Network hospitals have a tie-up with your insurer for cashless treatments, while non-network hospitals require you to pay and get reimbursed later.

  1. How do I file a health insurance claim?

Ans. To file a claim, you typically need to complete a claims form and submit it, along with supporting medical bills and documentation, to your insurance provider.

  1. What is a no-claim bonus (NCB)?

Ans. NCB is a reward for not making any claims during a policy year. It usually increases the sum insured at no additional cost.

  1. What is co-payment in health insurance?

Ans. Co-payment is the percentage of the claim amount the policyholder agrees to pay out-of-pocket. The insurer pays the rest.

  1. Can I buy health insurance for my parents?

Ans. Yes, many insurers offer senior citizen policies designed specifically for parents with higher coverage for age-related conditions.

  1. Is maternity covered under health insurance?

Ans. Some policies offer maternity coverage, but there’s usually a waiting period of 2 to 4 years before claims are eligible.

  1. What is the sum insured in health insurance?

Ans. The sum insured is the maximum amount the insurer will pay for claims during the policy term.

  1. Is health insurance tax-deductible?

Ans. Yes, under Section 80D of the Income Tax Act, you can claim deductions for health insurance premiums paid for yourself, your spouse, children, and parents.

  1. Can I port my health insurance policy?

Ans. Yes, health insurance portability allows you to transfer your existing policy to a new insurer without losing benefits like waiting period credits.