⭐ How much does health insurance cost for an individual? Health insurance costs are a function of your age, coverage amount and health status. For instance, if your age is 20 years, the health insurance cost in form of premium will be lower than somebody is 50 years of age. For instance, a 20 year old buying ICICI Pru Heart & Cancer Health Insurance will pay a premium of ₹ 119 per month (including taxes) for a ₹ 20 lakh cover for 20 years. But a 50 year old for the same cover and duration will shell out ₹ 1652 per month (including taxes). Do note that the premium cost goes up if you are a smoker since they are prone to more health risks. A 20 year old male who smokes will pay ₹ 132 per month for ₹ 20 lakh cover for 20 years as premium, about 11% more than a non-smoker.

⭐ What are the things to look for while choosing a health insurance plan? The best health insurance policy depends on your specific needs. There are a few important factors that one must look at while choosing a health insurance plan-

i) Payout mechanism - Whether payout happens on diagnosis, or on actual hospitalization

ii) Claim Process - Claim process should be simple, fast and efficient involving minimum discomfort to policyholder/family

iii) Waiting Period - The best plans will have minimal waiting period before you can claim for a pre-existing cover

iv) Adequate cover - With health costs on the rise, the best health plans will give maximum cover at an affordable cost

v) Pre/post hospitalization benefit - Some health plans have limits related for pre and post hospitalization expenses and so you must be aware of them before buying.

⭐ Does health insurance provide tax benefits? Yes, paying health insurance premium every year can lower your annual tax liability. Health insurance premium paid can be used to claim deduction under Section 80D^. An individual can claim a deduction of up to `25,000 for the insurance of self, spouse, and dependent children. An additional deduction for the insurance of parents is available. This is to the extent of `25,000, if the parents are less than 60 years of age. The additional deduction can be up to `50,000 if the parents are aged above 60.

⭐ Do health insurance plans cover diagnostic charges like X-ray, MRI or ultrasound? Yes, the health insurance cover usually pays for them as long as patient is hospitalized for at least 24 hours and such tests have been prescribed. Such tests done out-patients are not always covered, unless specified in the policy#. Please read your health insurance policy document to find out. In ICICI Pru Heart & Cancer health insurance, you get upfront payment for covered ailments, which means you can use them to pay for X-ray, MRI, Ultrasound, nurse and therapy related charges/tests pre and post hospitalization at your own choice.

⭐ What are the documents required for buying a health insurance plan? Generally, the following documents are required to buy health insurance

i) Age proof

ii) Identity proof

iii) Address proof

iv) Some plans may require medical check-up reports, usually for people above the age of 45

v) Passport size photo

⭐ What is the right age to get health insurance? The earlier you get health insurance, the lower is your premium amount. For instance, if a 20 year old person buying `20 lakh cover for 20 years delays buying ICICI Pru Heart & Cancer plan and buys it at 50 years age, he/she will pay nearly 14x premium for the same coverage and policy term. Even a 5 year delay for a 20-year old leads to 33% more premium, while a 10-year delay pushes premium cost by almost 98%.

If you wait to buy health insurance policy at later stages of life, you might be deprived of immediate coverage due to waiting period$. So, it is better to buy health insurance as soon as you meet the minimum entry age requirements for the policy.

⭐ Can a person have more than one health policy? Of course, you can have more than one health policy. Many people have a separate health insurance policy apart from the health cover provided by their employer. You may use the second policy if you exhaust the health cover in the first one.

⭐ Is medical test mandatory to purchase a health insurance policy? Many health insurance plans issue policies without medical tests, depending on the age and medical history of the applicant. However, if your age is above the minimum age limit set by the insurer, then you will have to go through a medical test.

⭐ Is there any difference between health insurance and a mediclaim policy? Mediclaim is a type of health insurance plan that takes care of the policy-holder’s healthcare expenses in case he/she gets hospitalized due to an illness or an accident. These policies cover the policyholder for a defined time period and up to a predetermined limit known as the ‘sum assured’. These policies need to be renewed regularly to continue enjoying the benefits.