Monday, 16 April 2018

Who Are the Best Health Insurance Providers in India?

The list of health insurance providers in India is very long and all the listed companies claim that they provide the best health insurance plans. In absence of any specific method to test their truth, it is very difficult for the general public to separate one from the other and choose the best one for them. 

But there is an Insurance regulatory authority called IRDA (Insurance Regulatory Authority of India) which issues a list of authenticated and trusted health insurance companies in India from time to time. So if you are in search of some best health insurance plans or providers, you can refer to this list of IRDA. 

The IRDA has formed this list of best health insurance companies based on various factors like Claim Ratio, performance, overall benefits received by the customers and the benefits offered etc. So here is a list of six best health insurance providers in India. Maybe, this list will help you to choose the best health insurance plans for you and your family. 

1. Max Bupa Health Insurance Company Limited:

Max Bupa Health Insurance Company is located in about 190 countries worldwide. This company has been formed by a tie-up between Max and Bupa healthcare service providers in the UK. Apart from health insurance, the company has an expertise in other insurance-related services like clinical research, life insurance etc. 

In recent past, this company had an Incurred Claim Ratio of about 55.16%. The company provides its customer with a variety of health insurance plans to choose from like ‘Health Companion Individual’, ‘Personal Accident – Health Assurance Insurance Policy’ etc. 

2. Apollo Munich Health Insurance Company Limited:

You must have heard about the Apollo hospitals for sure, haven’t you? Apollo Munich Health Insurance Company Limited is a combined undertaking between the very famous Apollo hospitals and Munich Re (a German company). The health insurance plans offered by this company are exceptional and meet the expectations of all. In the recent past, the company had an Incurred Claim ration of 63.03% and it has also added some additional benefits like lifelong renewability and portability. The health insurance plans of the company are as follows:

Apollo Munich Optima Restore Health Insurance Plan
Apollo Munich Vital Optima Insurance Plan
Apollo Munich Optima Plus Insurance Plan
Apollo Munich Senior Optima Insurance Plan
Apollo Munich Optima Cash Insurance Plan
Apollo Munich Optima Super Insurance Plan
Apollo Munich Health Easy Premium Plan

3. Star Health and Allied Insurance Company Limited

With no famous name attached to the name of the company, this company is formed as a combined undertaking between many famous and trusted companies of India. It is a combined undertaking of Tata Capital Growth Fund, Sequoia Capital, ICICI Ventures Funds Management, Oman Insurance Company and Alpha TC Holding Pte Ltd. In India, it is one of the first standalone insurance firms. 
The best thing about this company is that it supports the direct in-house settlement, instead of a third party settlement option. Immediate access to cash-less hospitalization facility is loved by one and all. The company provides a comprehensive and a long list of health insurance plans, which can be researched and matched to suit your needs. The company had an Incurred Claim Ration of about 63.96 % in the recent past. 

4. Religare Health Insurance Company Limited

This company has set a benchmark in the insurance sector of India. It has achieved a very high growth in a very short time period. Its Incurred Claim Ratio in the nearest past is 61.13%. The company is continuously backed by the Fortis hospitals. The three of its major stakeholders are:  Union Bank of India, Corporation Bank, and Religare Enterprise Ltd. The company is located at more than 1690 locations in India. There are mainly 5 health insurance plans to choose from, namely – Care, Joy, Enhance, Assure and Secure. These plans are regularly appreciated by its clients. 


5. ICICI Lombard General Insurance Company Limited:

‘Health Advantage’ of the ICICI Lombard is the most embraced health insurance plan of the company. The plan offers that in any medical emergency one can get a full coverage for expenses. The expenses cover in its ambit a lot of charges like room rent, hospitalization, ambulance and dental charges etc. If we talk about its Incurred Claim Ratio in the recent past, it was about 87.38%. Isn’t that amazing? The company is trusted in India by most of the big enterprises.

6. Bajaj Allianz General Insurance Company Limited:

There are many health insurance plans offered by the Bajaj Allianz Insurance Company, but there are 3 special health insurance plans which are appreciated by all, namely – Star, Silver Health and Health Guard Package. This company was the first to provide the TPA services. In the recent past, the company had an Incurred Claim Ratio of about 73.59%. The additional services offered with the plans is also very appreciable. 

Hope the information provided in this article is useful for you. You can research about these health insurance companies and find the detailed health insurance plans offered by them. Family floater plans provided by all of these companies are really useful for all family persons. Opt for the plans with distinction and discretion by comparing all the plans offered by these best health insurance companies.

For more details check ​PolicyBazaar Reviews & Ratings

Wednesday, 11 April 2018

New India Assurance - Features and Benefits

Established in 1919 by Sir Dorabji Tata, New India Assurance, headquartered in Mumbai is a wholly government owned general insurance company. With operations spread across 22 nations, they are one of the most reputed insurance groups in the international market as well.

With over 160 products to offer, they have been pioneers in the non life segment over the years.

Achievements 

Some of their Firsts :

In 1946, became the first ever insurer to set up an aviation insurance department.
First insurers to manage all the needs of the Indian Shipping fleet.
The only insurers to set up their own training school.
The only company with offices spread across 28 countries like UK, Thailand, Australia, Mauritius, Philippines, New Zealand and UAE.
The only insurer in India rated ‘A’ by A.M Best.

Benefits

Policies are issued within 7 days of premium acceptance.
Renewal notice sent 15 days before policy expires.
Decision about acceptance of proposal is communicated 7 days of submission.
Claim status is sent out within 3 days after request is received.
Claim amount is paid within 3 days of request received.
Investigation starts within 48 hrs of claim intimation.
New India Assurance customer care is available 24*7*365 on the website/toll free helpline no. for any guidance/queries.

Features of General Insurance Policies of New India Assurance

New India Assurance Health Insurance Plans

Family Floater Mediclaim Policy 

Available to persons in the age group of 18 - 60 years.
Covers spouse and upto 2 dependent children under one sum insured.
Covers pre and post hospitalisation expenses, day care treatment , ambulance charges, ayurvedic, homeopathic and unani treatments upto 25% of sum insured.

Janata Mediclaim Policy

Available to persons in the age group of 18 - 60 years.
Children between 3 months - 18 years covered, if the parents are covered at the same time.

Senior Citizen Mediclaim Policy

Available to citizens between 60 - 80 years.
If renewal continued without break, policy can extend upto 90 years.
Pre acceptance health checks are waived off if the proposer already has medical insurance with New India Assurance in continuity.

New India Assurance Top Up Mediclaim

Available to persons in the age group of 18 - 65 years.
Covers in patient hospitalisation expenses incurred in India.

Asha Kiran Policy

Available to parents in the age group of 18 - 65 years who only have girl/s as children.
Girl child can be covered between 3 months - 25 years.
Covers unforseen hospitalisation expenses and accident coverage to the parents.

New India Assurance Group Mediclaim Policy

Targeted to corporates and business enterprises who need coverage for their employees or selected individuals.

Car Insurance Plans

Comprehensive plan offers third party coverage as well as coverage for the occupants and the vehicle.
Liability only policy will only insure against third party liability.
Covers cars, two wheelers, commercial vehicles as well as garage & showroom vehicles.

Travel Insurance

Overseas Mediclaim Plan

Available for international travel by corporates prior to departure.
Covers medical expenses incurred overseas due to injury, disease or sickness contracted on travel.
Premium paid in INR and claims settled in foreign currency.

Suhana Safar Policy

Aimed at domestic travel upto 60 days within India from the date of departure to the date of arrival.
Covers all modes of transport.
Covers the insurer, spouse and dependent children for personal accident and damage/loss of luggage.


Home Insurance Plans

New India Assurance Householder’s Policy

A combination of standard policies in a single policy.
This package policy is composed of 10 sections.
Based on the number of sections opted for by the proposer, discount on premium is offered.

Personal Accident Plans

New India Assurance Rasta Apatti Kavach (Road Safety Insurance) 

It covers hospitalisation or treatment expenses caused by road accidents.
Provides compensation for death & permanent disability as well.
Sums of Rs 25000/50000/75000/100000 can be insured on an annual basis.

Personal Insurance Plans

These are specific plans that provide additional coverage for an individual

Money Insurance 
TV/VCR Insurance 
Phone Insurance 

Commercial Insurance 

These policies offer a range of customized plans for commercial enterprises. Some examples being :

Jewelers Block Policy 
Banker's Indemnity Policy 
Shopkeeper’s Policy 
Fidelity Guarantee Policy 
Aviation Insurance Policy 
Marine Hull Policy 

Social Insurance Plans

These policies are meant to protect the economically weaker sections of the society. In some cases, they provide coverage for specific social causes. Some of these are :

Rural Insurance 
Swavlamban

For more details check ​PolicyBazaar Reviews & Ratings

Five Compelling Reasons To Get Health Insurance In Your 20s


Health insurance covers the cost of medical care. It is difficult to predict your health even though you manage an active lifestyle and do not pose hereditary risks. As per the type of insurance plan, the coverage extends medical and surgical expenses. Based on the terms of the policy the insured will pay the hospitalization bills and the insurance company will reimburse the costs.

Before subscribing an insurance policy, you should be aware of the features of the insurance policy. The chances of rejection are low when you pursue insurance policy during the 20s. You can go for the best medical insurance policy even though it is not the least expensive policy. The policy should be subscribed as per your current financial capability and future risk coverage. If plans are offered by employers, you should go for them based on their merit. In some cases, you might want to go for additional health plans in addition to the plan provided by the employer.
The following reasons compel a person to consider health insurance during the 20s:

Cost-effective

You will explore and experiment various things during the 20s. However, the money can be spent in a very efficient manner. If you take an insurance plan when you are young and active, the premium amount will be very low. At a low premium, you will enjoy higher benefits.  
·        The health will go down with the progress in age. Hence, medical attention is required quite often. During the 20s, the chances of getting ill or sickness will be very low.
·        
      The premium amount for health insurance is based on the risk factor associated with the insured. If the risk is low, the premium amount will be low.
·        As the chance of claims by people during 20s is low, less premium will be collected by insurance companies.
·        
      When you go for a health insurance plan during the 20s, you will enjoy low insurance premium and you will enjoy higher insurance cover.

No waiting period
·        Health insurance will be offered by the insurance company with a 30-day waiting period. If you are issued an insurance policy with a waiting period, you will not be able to claim the insurance cover during the waiting period. Even though there is a medical emergency, it is not possible to claim the policy during the waiting period.
·        
      The waiting period varies as per the type of disease and it varies from one insurance company to another company.
·        The waiting period time frame can be surpassed very easily when you go for a health insurance plan at an early age.
·        Hence, it is ideal to go for a health insurance plan during the 20s so that you will enjoy insurance cover at a lower premium and you can easily exceed the waiting period for various kinds of diseases.

Income tax benefits
The health insurance coverage will help you claim income tax deductions under section 80D of the income tax act, 1961. Instead of spending money on taxes, you can invest in future health expenses. Hence, it is considered as a wise investment option.
·        The earnings will increase at a consistent pace from the 20s and it will be at the lowest ebb after retirement.
·        The premium paid towards health insurance will be exempted from income tax and you can increase your saving potential on annual basis.

Diverse options
A young person can exercise a wide range of options in the selection of the insurance policy and features. The application of health insurance plan from a young person is readily accepted by most of the insurance companies. After reviewing the best insurance policies offered by various agencies, you can go for the best policy as per your needs.
·        The health insurance policy can be customized as per your needs.
·        As you go for a health insurance plan at a young age, you will be able to get benefits throughout your life.
·        You will get better renewal facilities when you buy an insurance plan during the 20s.

Financial planning

The insurance policy will help you accomplish financial planning in a very efficient manner. If you incur major health issue in the coming days, it will be covered by the insurance policy so that there will be less financial stress.
·       
      You will buy insurance policy willfully and will enjoy great peace of mind.
·        It is possible to support your family by being covered by a comprehensive health insurance plan.
If a person suffers from a serious health condition, the insurance policy proposal will be rejected by the insurance company. When you subscribe a health insurance policy during the 20s, it can be considered as a ‘value for money’ product. As you are required to diversify your investment options, you can consider health insurance one of the prime components of your investment option. Even though the financial returns are low with a health insurance, the objectivity is highly elated during the stressful time when the risk takes place.

To buy or renew insurance plans, you can check out the reviews of policybazaar 

Friday, 6 April 2018

Still staying with the same motor insurance policy? Here are the pros and cons you should know


Many people do not have enough knowledge about motor insurance plans available in the market and they just manage with whatever they get from the nearest source. This can put you in lot of trouble if you are not choosing the suitable plan for your vehicle. In some cases, it may not be giving you the best value for your money and you need to analyze this factor carefully with your existing car insurance plan. The simple act of comparing your plan with other plans from competitors will help you to understand the worthiness of your plan. If you find that what you are having is good enough for your vehicle, you can continue to stay with the same plan. On the other hand, when you are not satisfied with some of the features of your existing plan, you can easily choose better options as there are many service providers in the market. In this regard, let us take a detailed look into the advantages and disadvantages of sticking to your existing vehicle insurance plan.

Pros of staying with the same motor insurance policy

There are few advantages of staying with the same company for your motor insurance policy. The car insurance rates will remain more or less same and you will not have to search for new options every year. This offers convenience for many consumers and they are more than happy to just renew their policies with the same service provider.

Advantage of getting no claim bonus
One thing you need to understand about motor insurance is that you may never use the insurance throughout the year if you do not face any damages due to accident or theft. In this scenario, the company is likely to reward you by offering lower premium rates for the renewal of the policy. This encourages safe driving habits among consumers and the car insurance rates will decrease if you do not make any claims for the entire tenure of the policy.

No drastic increase in premium even after accident claim
Even when you have to make a claim due to accident, the premium for the next year will not go drastically high as the company will reward loyalty. In some cases, they may even consider keeping the same rates for the premium if the claim amount is not very high. In this situation, you will have the advantage of paying same car insurance rates even after making accident claims. This may not be possible with a new service provider and you will end up paying additional premium when you have made claims in the previous year.

No paper work involved every year
Many people are fed up with lots of paper work to be done for the insurance policies. When you stick with the same service provider, you will have very less paper work and you can easily renew the policy without any hassles. In most cases, you can even do the online renewal without the assistance of any agent. This is a convenient option if you are very busy to search for a new service provider.

Overall cost of getting insurance decreases

Remember that when you want to change your insurance service provider, you will have the start the process from the beginning and this may involve additional charges apart from the regular premium charges. Sometimes, you may not notice these hidden charges when you are presented with attractive car insurance rates from the new service provider. You need to be careful and avoid such things as much as possible. When you stay with the same service provider, you will not have these additional hidden charges and the overall cost of the policy is likely to reduce by a huge margin.

Cons of staying with the same motor insurance policy

While there are certain advantages of sticking with the same service provider, you need to understand that there is huge competition among service providers in the market and you will be missing out on new and attractive features.

You may not be getting the best deal

The market has opened up with regards to auto insurance in India and you have to be updated with the latest offerings from different service providers. When you are staying with the same policy, you may be continuing with the old features and you will not be able to get the best deal for your vehicle. This will not provide the full value for your money in the long run. You can negotiate for discount with a new service provider and also get various additional features that are not available in your existing plan. The car insurance rates may also reduce by a huge margin if you are able to find the suitable service provider for your vehicle.

You will be missing out on new options in market
Many service providers offer additional riders that offer various benefits for the consumers. You can thoroughly research the market conditions and understand the new options available for your situation. This is not possible when you blindly renew your policy with the existing service provider. You need to consider the advantages of getting service from a new service provider for your vehicle. This can help you to get new features added to your policy that is usually not possible with your current service provider.

In this manner, you need to take the suitable decision after considering the pros and cons of shifting to a new service provider. If you notice that the car insurance rates are not changing drastically even when you are shifting to a new company, you can stay with the same service provider as it will give you many advantages in the long run. In the same manner, if you have more than one vehicle, it makes sense to stay with the same company for both the vehicles as this may give you additional discount with regards to reduced premium. Before you plan to move to a new policy, get in touch with a professional advisor and discuss your plans. This can give you the complete value for your money spent on the insurance policy.

Thursday, 5 April 2018

Health Insurance Essentials for Business Owners

Medical insurance provides financial security to employees. The unforeseen risks are covered by the group policy offered by the employer. The employer will also manage a group policy to take care of self and family needs. However, the group policy will not cover critical illness and other benefits. If the business owner suffers sickness or disease which is not covered by the insurance plan, there will be a huge financial loss. It will affect the profitability of the organization as well. Hence, a prudent business owner will go for the best insurance plan as per his or her needs!

Benefits of individual health insurance plan

There are many benefits with an individual health insurance plan. The stress levels in the corporate sector are very high and you should take steps to manage good health. In spite of taking best precautionary measures, it is impossible to prevent sickness or disease. The rising healthcare costs will also compel you to go for a comprehensive insurance policy so that you will have great peace of mind. You can buy Hdfc Ergo Health Insurance plan online and the company offers the best support for filing claims. The existing primary health can be supplemented by going for top-up and super top-up plans.

Review your insurance requirements

A wise business owner will assess his current and future health insurance needs. The premium paid on health insurance should be considered as an asset but not a liability.
As a business owner, you should fulfill the insurance needs of your employees as well as your own needs. You should go for the best group insurance policy to offer protection for employees. An individual policy should be subscribed to protect the business owner’s interests as well.

The selection of health insurance plan
·       
  •        The selection of health insurance plan should be done as per your budget.
  •        The requirements of the business owner, his/her family members, employees and dependents should be fulfilled by the policy
  •        There are certain benefits which should be included without fail and certain benefits can be considered as optional
  •         The group health insurance plan can be 100% sponsored by the employer or a portion of the premium can be borne by the employee
  •         The budget of the business for group insurance plan
  •         The differences between your family and the employers in terms of requirements of health risk coverage should be figuredout.

Affordable group insurance plan

After subscribing a group insurance plan, most of the general sicknesses and illnesses will be covered. The greatest advantage of the group insurance is that the existing ailments will be covered by the insurance company. However, you should go through the terms and conditions mentioned in the policy very carefully so that there will not be any disappointment in the coming days!
The group health insurance plan is very much affordable. The premium amount will be low and the coverage will be high.  In fact, the premium amount will decrease with the increase in the number of subscribers.

Top-up health insurance plans

Employees, as well as business owner, can go for a top-up plan to enhance the coverage. If the group policy covers an amount of Rs. 2 lakh, the insurance cover can be extended further by going for a top-up plan. The premium for the top-up plan will be very low. If the hospitalization expenses are above the maximum cover offered by the first insurance plan, the remaining amount will be paid by the top-up plan.

It is possible to subscribe the super top-up plan as per your needs. The super top-up allows you any number of claims as long as the total claim amount does not exceed the sum assured.

Best health insurance policy

You can buy best health insurance plan from many insurance companies such as Hdfc Ergo Health Insurance.

Features
  •         A wide range of health insurance plans (silver, silver regain, gold, gold regain, super top up, and classic) are offered by the HDFC Ergo.
  •         The indemnity benefits offered by the plan include rehabilitation, follow-up medical investigation, dietary supplements, purchase of ergonomic furniture, modification of house, blood pressure monitoring devices.
  •         The critical illness plan covers heart attack, stroke, coronary artery bypass surgery, cancer, paralysis, Alzheimer's disease, Parkinson's disease, Multiple sclerosis, and Primary Pulmonary Arterial Hypertension.
  •         The comprehensive health insurance policy covers the cost of hospitalization. It will cover the in-patient treatment and pre and post hospitalization expenses as well. It is also possible to cover day care procedures and domicile treatments with the help of the insurance plan.

Conclusion
As per the advancement in technology, the treatment cost has increased. Hence, it is advisable to cover critical illness with an individual policy. The group insurance will give protection to common ailments. It is very much important to assess your health needs and you can go for best Hdfc Ergo Health Insurance plan for business owners

Thursday, 29 March 2018

Want To Save On premium When Buying Medical Insurance?


The tips listed in this article will guide you in buying health insurance and saving on premium!

None of us like to shell out extra bucks. Most of us are looking to save our money, whatever the situation or occasion may be. The same holds true for when we are buying health insurance.

A medical insurance is a must by all means; but what about the premium that we have to pay? Now that is something we can surely do away with right?

Well if life turned out the way we thought it would, I would have been a Nobel Prize winner and you a millionaire. Now we can’t entirely eliminate premiums from our lives but we can certainly work towards reducing the cost of them.

Does that sound good enough? If yes, then these tips listed below will help you in purchasing the best medical insurances in a way where you can save your premium!

A Note To Remember: Various Factors Affect The Premium That You Pay

It is vital for policyholders to note that health insurance premiums keep undergoing transformations every year. However, if you purchase a life-insurance plan, then the premium is paid only after the policyholder is deceased. That way, the premium for lifetime insurance plans is fixed. 
 
·        In case you find your health deteriorating, you will end up paying more premium as it has a direct relation to the benefits of the policy taken up by you.
·       
     You may also end up paying a high premium if you don’t claim any medical benefits for more than a year.
·       
          In order to make sure that you are paying the right amount of premium, make sure you do an online check of the premium that your policy provider is giving to fresh customers.
·        You should also check the premium policies that are being awarded to customers by other insurance providers.

Stay Healthy, Wealthy And Wise
·         This has to be the most important tip from the lot; always aim to stay healthy.
·         If you are a smoker, quit the habit as smokers are at a greater risk of passing away than most.
·         Also those suffering from high blood pressure should make it a point to keep the same under control.

We Before Me: Buy The Insurance Plan Not Just For Yourself But For Your Family Too
·         Buying a policy for an individual always costs more. Stick to buying the medical insurance for your entire family.
·         By doing the same, you also benefit by availing a high cover.

Also keep in mind that the likelihood of more than a single member of your family making a claim under the family insurance policy within the same year is minimal.

Look Out For That Discount
Always be on the lookout for insurance providers that offer discounts. There are some that offer discounts to families that have more than four people covered for insurance.
·         There are others that offer a special discount for the girl child; a gesture that has been implemented owing to the sad truth of families not buying insurance policies for their daughters.
·         Discounts can help you save up on the premium.

The Two-Yearly Ritual: Always Review Your Policy Every Two Years
·         If you renew your policy for two years, you will be able to save on health premium by a large margin and you also succeed in saving yourself from paying an increase in the premium for the next year. How cool is that!

Know What You Need- Choose Your Policies Smartly
·         Choosing the correct insurance policy is no rocket science.
·         All you have to do is judge your current situation and the likelihood of your future shaping up according to your plans.
·         By doing this, you can choose the appropriate insurance plan to save on premium. If you are ill and your health is deteriorating, choose a plan for which you would have to pay minimum premium.
·         If you are healthy and keeping well, choose a cover that has the lowest amount insured. Without claiming the benefits through the years, you can increase the cover without paying added premium.

Say No To Extra Insurance Facilities
·         Insurance providers package facilities in a way that can make the customer pay extra for the added advantages.
·         Most insurance policies come with added features and policies that cost extra money. Some of these features include coverage fees for accidents, critical illnesses, health check-ups etc.
·         It’s best to avoid purchasing insurance policies with such added benefits. Stick to the basics and save on premium.

From One Insurer To Another
·         You can always transfer your insurance policy from one insurer to another, if you feel that there is no way possible to save on premium.
·         If you choose this option, you can successfully stop your insurance providers from demanding a high premium from their existing customers.
So next time you buy an insurance policy, keep these tips in mind and you will end up saving on premium like never before!

Tuesday, 27 March 2018

Why Mediclaim is important and why you Must have a Mediclaim


It is human nature to invest your money in only things that yield returns. But it is also important to recognize that health insurance is the most vital investment. Holding a Mediclaim policy means peace of mind for your entire life concerning your health and one less worry about expenses during a medical emergency.

Why Mediclaim policy is a necessity and not a choice

According to statistics, India will soon become the diabetes capital among all countries of the world, and 60% of patients with heart disease are from India. India also has maximum cases of cancer. These sorts of health news are alarming and make us ponder over the importance of having a mediclaim policy. Although we can keep ailments at bay to a certain extent with a healthy lifestyle, our genetic setup may lead to diseases that cannot be avoided. This is when a Mediclaim policy acts as a safety net so that you don’t drown in medical and treatment bills.

Due to current lifestyle and habits, even young and middle-aged people are vulnerable to health-related issues and insurance may be needed at any stage of life to avoid financial hardships. Ensuring once health for life is imperative to avail of good quality medical treatment when necessary without having to stress about the medical bills burning a hole in your pocket. There are numerous mediclaim policies available in the market tailor-made for an individual depending on his age, income, health and so on. They are designed in a way that makes them affordable to everyone and provides financial coverage during medical contingencies.

Advantages of having mediclaim policy:
     You can avail adequate medical treatment in private hospitals with modern facilities without worrying about insufficiency.
     You will not go bankrupt due to a medical emergency; health insurance gives you financial security.
     There are tax benefits under section 80D of the Income Tax act where you may receive up to Rs.25,000 per annum if you buy medical insurance for your family.

Key features and Myths about Mediclaim policy

It is necessary to understand if your Mediclaim policy has these key features and also apparent misconceptions about the details.    

Pre-existing health conditions
Pre-existing diseases are ailments or even symptoms that are diagnosed or that exist at the time of buying the Mediclaim policy. It is essential to read the clause about pre-existing conditions in your Mediclaim policy carefully. Typically, pre-existing health conditions are covered by Mediclaim after four years. But of late, many insurance companies are excluding pre-existing conditions permanently in their Mediclaim policy. To get clarity on this, you must provide a detailed report of the medical history of your family.

The myth here is that the pre-existing clause is for everyone. You must know that if you are in perfect health at the time of taking the policy, this requirement doesn’t apply to you.

Reimbursement/Cashless reimbursement
Every insurance company is tied up with a network of hospitals with which they have a direct billing arrangement. Then the company directly pays the amount of legitimate claim to the hospital. Apart from this, the insured only has to pay the expenses that are not covered under the Mediclaim policy from his pocket.

On the other hand, if you get admitted to the hospital that is not in the network of the insurance company, then you are responsible for making all the payments to the hospital and then submitting the claim papers to the insurance company to obtain reimbursement.
This busts the myth that cashless eases everything.

What is covered under Mediclaim
Before you sign up for a Mediclaim policy, it is essential to take an informed decision. The following are the costs that are covered by a standard Mediclaim policy:
     Investigative costs or in other words, prices of medical tests, doctors fee, consultation charges.
     All expenses incurred during hospital admission like room charges, charges for diagnostic tests, any surgery charges, medicines bought during hospitalization and so on.
     Cost of an ambulance is usually covered by Mediclaim as well.

Family Floater

Family Floater policies are economical if you want medical insurance for all members of your family. It is under one Mediclaim policy and has fixed cover. The full family can only make claims up to the designated amount of coverage in the year.

Pregnancy coverage
It is again a myth that pregnancy-related expenses are not covered by Mediclaim policies. That was true until recently. Insurers now have begun to cover the costs associated with pregnancy and childbirth. But they may include some conditional clauses like they are covered only three years later or just the first pregnancy is included and so on.

Tips before you choose the right Mediclaim policy

Before you zero in on the right Mediclaim policy for you make sure you have the followings points clarified:
     You must understand that there is no one perfect insurance plan. Each may have some shortcomings. But make sure to choose the one that maximum fits your needs.
     Look ahead. You are looking for insurance cover until old age. Try not to go for a very less amount of sum insured. Since the medical costs are only going to rise, plan to allow about 20-25% of your annual salary towards premium.
     Before you sign a policy, demand all the rules and regulations in words and study it in depth.
     Do not just depend on the insurance given by your employer as that may vary each year depending on their budget and constraints.
     It is better to choose lifetime renewable Mediclaim policies.
     Consult a good health insurance advisor if needed who will assist you in claims, renewal and so on.
Your health is your responsibility, and it is never too early or too late to sign up for Mediclaim policy to acquire financial security and peace of mind.