Get <strong>₹5 Lac</strong> Health Insurance starts <strong>@ ₹315/<span>month*</span></strong>
Get ₹5 Lac Health Insurance starts @ ₹315/month*
Get ₹5 Lac Health Insurance starts @ ₹315/month*
250+ Plans 18 Insurance Companies
₹ 5 Lakh Coverage @ ₹ 10/day
7 Lakh+ Happy Customers

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply

2-in-1 Health Saving Plan- Health Bhi Aur Saving Bhi

Are you covered under health insurance plan? Great! But when was the last time you got hospitalized and used the benefits of the plan. It is a good thing if you didn’t have to use your health insurance. But, does the insurance company call you up at the end of the policy term and say, “Hey, as you didn’t use your insurance, so we are going to return some of your money back.”

“Of course they don’t.”

That’s where health savings plans differ from traditional health insurance products.

 

What is a Health Savings Plan?

Health savings plan (HSA) offers you health insurance cover as well as premium savings to pay for your future medical expenses. This savings plan acts as an alternative to a traditional Insurance health plan. HSA helps you pay for covered expenses now and save for medical expenses you may have in the future, especially in your retirement years.

Features of Health Savings Plan

  • Health coverage within your means: Use your health savings account to cover 100% of the cost of routine medical expenses like lab tests, office visits, and over-the-counter drugs (with a prescription only). 
  • Tax Savings: You can save tax-deductible money under a health savings plan.
  • Portability: It is your own account, so even if you change jobs, your health savings account funds go with you.
  • Earned Interest: The interest you will get on the saved amount is also tax-free.

The table below points a few differences between a health insurance plan and health saving plan:                                                             

 

Health Insurance Plan

Health Savings Plan

Benefits

The whole sum goes for the insurance cover. 

30-40% of the sum goes in a savings account and the rest for the insurance cover.

Coverage

Full coverage

Partial coverage

Insurance Premiums

Comparatively high

Comparatively low

 

If you are looking for a safety net in health insurance plan and don’t want to end up losing all your money, health saving plan is best suited to your profile. There is no "use it or lose it" condition, so you can build up the savings for future health events.

Written By: PolicyBazaar - Updated: 15 May 2020
2,153,010 Confirmed Cases in India*
21,629,155 Confirmed Cases worldwide*
722,546 Confirmed deaths worldwide*
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

You May Also Want to Know About

Best Health Insurance Plans in India

Best Health Insurance Plans in India

Health insurance is amongst the most intricate insurance products, as it comes with numerous riders and benefits, and hence, there are so many variants to it. The insurance marketplace nationwide is quite competitive. You must consider comparing th...
Best Health Insurance Companies in India

Best Health Insurance Companies in India

Every year, a list of top health insurance companies in India is declared which helps in taking the right insurance decision. There are few important features that help it to rate the insurance companies, such as their performances, Incurred Claim ...
Top Maternity Insurance Plans

Top Maternity Insurance Plans

Maternity or pregnancy is an important phase of life, and one needs to prepare in advance to embrace parenthood. Though rearing a child is an expensive affair and may require good financial backup to meet the requirements of a growing baby. From ho...
Top Family Health Insurance Policies in India 2020

Top Family Health Insurance Policies in India 2020

From the air we breathe to the food we eat; everything is intentionally or unintentionally subjected to adulteration. Due to this, the disease rate in India is rising drastically. Naturally, more and more people are visiting hospitals frequently. A...
Health Insurance for Parents

Health Insurance for Parents

Are you planning to buy health insurance for your parents? Well, the Indian Insurance market is currently flooded with healthcare plans specifically designed for senior citizens or elderly parents above 60 years. And many insurance providers also o...