8 Things You Should Consider Before Buying Health Insurance

Do you want to safeguard you and your family’s well-being? Buying medical insurance will secure the health of your family. Finalizing a health insurance plan is not a child’s play. Finalizing an individual health plan or a family floater plan, check out health insurance from L&T as its plans are formulated to fulfill your health insurance needs. 

The process of buying health insurance becomes more confusing because of the terminology- policy wordings, technical jargons etc.

The sum insured of your medical plan is the biggest factor that insurance buyers consider before selecting or rejecting an insurance plan. Although, it shouldn’t be the sole criterion that insurance buyers should factor in.

Here are the 8 things you should consider before buying health insurance.

The efficiency of claims procedure- It is very important to consider the claim settlement time along with the ratio of claim settlement before you finalize an insurance plan. Higher the claim settlement ratio is, the faster the claim can get settled.  Generally, it means that the insurer is doing a fabulous job with the claims requests.

Co-payment option- Co-payment means that the insured will have to pay a pre-decided percentage of the claim from his/her own pocket and the remaining will be borne by the insurer. If you come across a cheap insurance policy, it might not offer you sufficient insurance coverage in case it has a co-payment clause.

Day-care procedures- Generally, most of the insurance plans don’t cover day care procedures. In order to make an insurance claim, it is mandatory to have hospitalization for a minimum 24 hours. Due to technological innovation, most of the procedures don’t need any hospitalization. It is recommended go for an insurance plan that provides a maximum number of such procedures.

Network listed hospitals- It is recommended to check out the network authorized hospitals and analyze whether it offers the facilities that require often. It’s an extremely crucial factor to keep in mind especially if you travel frequently. Your medical insurance should offer you insurance coverage even when you travel domestically. Cashless facilities are offered particularly at the network authorized hospitals.

Pre and post hospitalization- Medical charges incurred after and before hospitalization are known as pre and post hospitalization charges. In event of hospitalization, the treatment exceeds above and beyond the hospitalization. The follow-up visits, follow-up treatment to be done is included in the post-hospitalization charges. A health insurance plan that covers these charges is considered to be good. 

No claim bonus- Generally, insurer offers a no claim bonus, if the insured hasn’t filed any claim. When NCB is offered, either the amount insured is enhanced or the insurance premium is decreased. Some insurers offer both the benefits.

Maternity Benefits- When an insurance plan is purchased for a woman, the plan should cover maternity benefits. To be able to cope up with the sky-rocketing pregnancy-related expenses, it’s extremely significant to check if the plan caters to maternity benefits or not.

Free healthcare checkup- Check if a health plan entitles insured to undergo a free health check-up. The medical tests or checkups shouldn’t come with hidden expenses that are brought up at the time of renewal.

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Protect Your Family with Star Medi-Classic Insurance Policy

The importance of a health insurance plan in our lives cannot be underrated. We need it, we want, we know the worth of it. Still, with the everyday hustle and bustle, we tend to ignore our health or take it lightly to own a medical insurance plan. But believe us, it is a serious business! With the ever growing medical treatment prices or in the era of medical inflation, where treatment costs seemed to be sky-high, only a health insurance plan can rescue you by providing financial protection is a crisis time.

As thousand of insurance companies have entered the market with lots of attractive health plans. It might be difficult for one to choose the best deal. However, among the leading health insurers, Star Health is a reputed name that has been serving since ages and able to win the trust of the customers. Star medical insurance policy or health insurance policies are worth investing on because of the health benefits it offers. In this article we discuss Star Medi-classic Insurance plan, which is an individual health insurance policy, offered by Start Health.

Star Medi-Classic Insurance Policy- at a Glance

Policy Name: Medi-classic Insurance Policy

Policy Tenure: Tenure is available for one year and two years. 5% discount is imposed on policy premium for two-year policy on the payment of two-year premium.

Policy Benefits:

Hospitalisation Cover	Add-on Benefits	Auto-restoration of Sum Insured	Bonus	Family Package	Medical Check-up	Pre-existing Illness Cover
The policy offers in-patient hospitalization cost, room rent, cost of surgeon, consultants, medicines and drugs, Anesthetist, nursing and boarding etc.	Insured can avail patient-care benefit for the person above 60 years old.	You can avail restoration benefits in case the sum insured is exhausted but the policy tenure has not expired yet.	For every claim-free year earn NCB bonus of 5% up to the maximum of 25%.	You can avail family package benefit from 15 days to 45 years.	Free health check-up benefits on every four claim-free years.	Pre-existing illness is covered after  48 days, only if the policy is continued without any break.
Ambulance charges up to specific limit	It pays for the attendant costs after discharge for maximum 5 days per hospitalization and 14 days as per policy period.	The auto restoration of sum insured will be done to the original amount only once. Restored sum insured can be used for remaining policy period if any illness occurs	In case of any claim during the tenure, the earned bonus will be reduced by 5%.	The sum insured in equally allocated to each family members and Medical check-ups are done based on the Sum Insured	This benefit is only available for sum insured of Rs. 2,00,000 or above	HIV positive persons can be added only if the CD 4 count is above 350.
101 day-care treatment	Also avail hospital cash benefit for each hospitalization day			Optional New Born Baby cover is also there
Non-allopathic treatment cover up to defined limit

Why Star Health Policy?

• ·         Settle your claim without an agent. In-house claim settlement is provided.
• ·         Quick and tranquil claim settlement
• ·         Avail cashless hospitalization at more than 8200 network hospitals in India
• ·         Maintain your personal health record digitally.

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Maternity Cover is Indispensable: Here’re the Reasons

Maternity is one of the most precious moments for a woman. It is a crucial time when one needs to plan about few things and financial planning tops the list. After all, quality maternity care is what a pregnant woman only needs to ensure good health of the mother as well as the infant. Sometimes good maternity care and medical treatment can be availed after a huge monetary drain in most of the private hospitals in India due to medical inflation. Even if one bears the same, rearing a child is again an expensive affair. Therefore, a well-structured maternity insurance policy will not only ease off the growing expense of childcare but also allow you to enjoy each moment of this blissful feeling without panicking about the financial burden.

 However, there are mediclaim policies such as Star Health Mediclaim Policy, Apollo Munich Mediclaim Policy, Religare Mediclaim Policy, Bajaj Allianz Mediclaim Policy and so on. However, some of them cover maternity, while some others offer it as an add-on benefit. But whatever it is, it is essential especially for those who are working couples and planning to enter parenthood at their later age.

4 Reasons Why You Need a Maternity Insurance Plan

We guess the below reasons are enough to justify the need of a maternity plan:

It Acts as a Financial Back-up

A maternity plan covers medical expenses related to both normal and caesarean delivery. So, you ensure about no financial stress throughout. Some policies even cover pre and post hospitalisation costs, up to 30 and 60 days respectively. These plans also provide coverage for doctors fee, surgeon’s fee, room rent, anaesthetist consultation, nursing cost etc.

Private Hospitals are Way-expensive

When it comes to maternity, preference is given to private hospitals over the government. It is again a costlier affair as private hospitals these days seem to be expensive due to the world-class health care. Sometimes, it beats the five-star hotels in terms of tariff and luxury. A normal delivery in these hospitals could cost between 50,000-70,000 while in case of caesarean it costs around Rs. 40,000-80,000 or more. Moreover, maternity complications are highly erratic that you can’t assume what affects the final costs. Here comes your maternity benefit plan that works as a soothing balm.

Covers the Infant From the Day-1

No health insurance policies cover newborn baby until they turn 90 days old. That’s why owning a maternity plan benefits you as it cover the infant from the day-1. With some policies, you can avail cover for the vaccination costs from the time baby born till the last date of the policy.

Helps You in Entering the New Phase without a Financial Burden

Today’s generation appreciates having a family with proper planning. Most couples tend to delay their baby planning due to the expenses that come along with a baby. But with insurance plans that come with sub-limit, you can plan your family without bothering for financial burden. Also, some insurance companies also offer maternity benefit within its family floater plan. In this case, if your spouse is already covered, you can add your child as well.

Usually, your insurer will allow you to purchase the maternity only when you conceive. They may reject your application if you are already pregnant. Again, one has t o serve the defined waiting period for avail the benefits of maternity insurance plan. 

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Senior Citizen Health Insurance Policy Myths Busted

The most important features of a senior citizen health insurance policy are hospitalization coverage including room charges and medical bills, the facility of cashless hospitalization, day care expenses arising due to technological advancements, ambulance expenses, pre-existing illness, no medical screening required before buying health insurance plan, higher sum assured coverage, faster and convenient claim settlement.

It is very important to buy a senior citizen health insurance policy as it helps to keep a financial emergency away at the time a senior citizen needs healthcare services the most. 

Myths about Senior Citizen Health Insurance

When it comes to buying health insurance for the senior citizens, many people have several apprehensions due to a few myths revolving around the senior citizens’ health insurance. Even at such old age, people don’t buy health insurance plan for their dependent parents due to certain misconceptions.

Here are some myths around senior citizens health insurance that must be busted so that more and more number of people can buy senior citizen health insurance plans.

1.       Group insurance coverage is apt

It is quite a common misconception that many people have. People believe that mediclaim group coverage is enough for their senior citizen parents. Plenty of insurers have stated that the coverage solely for the senior citizens needs to be expanded so that premium for family insurance plans can be reduced. Some insurance providers have gone to the extent of excluding senior citizens from the policy. It’s very important that one doesn’t rely completely just on mediclaim plans to offer insurance benefits to senior citizens.

2.       Pre-existing Illness

It is right that various health insurance plans don’t cover pre-existing illness, especially when senior citizens are involved. Due to this very factor, people don’t buy a health insurance plan for their parents as they feel that any pre-existing illness can make their senior citizen parents ineligible. There are a plenty of health insurance providers that provide coverage for pre-existing illness in case the illness is not terminal or critical.

3.       Insufficient Coverage

People have a tendency to consider medical insurance plans to be not of any use since they don’t offer coverage for specific pre-existing conditions. Almost all health insurance plans come with a waiting period of 4 years. Post that existing illnesses are covered. Still, your parents would be covered for the hospitalization expenses during the first 4 years for any other illness as well as accidents.

4.       Higher Expenses

Buying health insurance can be more expensive for some senior citizens. Still, one must buy health insurance for senior citizens because at the time of hospitalization the bill could be far more than the insurance premium. There are senior citizen medical insurance plans available in the insurance market that wouldn’t make a hole in your pocket as it will offer sufficient health coverage at a minimum premium.

5.       Healthy and fine

Your parents could be in the best shape having no pre-existing illness and no unforeseen situations like age related illness or any particular disease that can impose a threat to their fitness any time. It’s important to buy a medical insurance plan for your senior citizen parents even if their health is fit and fine.

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How To Make A Claim On Multiple Health Policies

In recent years, there has been a considerable increase of innovation in medical procedures and treatments. With all the top-notch treatment options available out there comes the burden of ever-increasing expenses of the said procedures.

So it is quite often seen that people tend to buy more than one medical covers. However, while doing so, the experts suggest that one should always compare health insurance policies available in the market and decide which policies when brought together would benefit the buyer the most.

The Need To Buy Multiple Health Policies

There can be many reasons that may lead one to believe that they may need more than one health policy. However, it is sensible to compare health insurance policies first. The most prominent one is the ever increasing medical costs and treatment expenses.

Another one is that buying two or more smaller policies than investing in a bigger one lowers the amount payable as premiums. Apart from this, fear of claim rejection at the time of need can further make the purchaser think that it is better to be safe and buy multiple policies instead. In addition to these, some people buy special policies like fixed benefit plans and critical illness plans as they provide an additional cover to the holder.

Pay Attention While Buying Policies

While the reasons compelling to buy multiple health policies are many, precaution must be sought while getting them.  It is advisable to compare health insurance plans before going for them. There is a good chance that there may be some plans from different insurers that actually don’t provide any additional benefits.

This can be a nuisance to the customer. So it is always better to opt for the policies that give the clients additive benefits. So, one must always read all the clauses, terms and conditions when they compare health insurance policies.

Disclosing Existing Health Cover Policies

As an important fact, it is compulsory to mention all the present health covers of the individual while buying a new one. The reason for this is the presence of a “contribution clause” in most of the health policies. This is an important thing to look out for when one chooses to compare health insurance plans.  The process of contribution clause can be understood by a simple example:

If a person buys two different health covers, one for ₹ 1 lakh and another for ₹ 2 lakh and makes a claim of ₹ 50,000, the insurers will have to pay them proportionally - ₹16,666 and ₹ 33,333 respectively.

Although, it is worth mentioning that due to recent changes in rules, the contribution clause does not come into play if the amount claimed is less than the sum insured by one single policy a person holds. Contribution clause also doesn’t apply if the claim made is fixed in nature or has defined benefits like Critical Illness where the claim has no relation to the treatment cost and the amount payable is already fixed. 

The Process Of Claiming Multiple Health Policies

There can be two situations while claiming from multiple health insurers:

Setting 1:

If the claim is lesser than the sum insured by any one of the policies, then as said above, the contribution clause is not applied. For instance if Mr. A wants a claim of ₹ 2 lakh; and he has one health policy X of ₹ 2 lakh and another policy Y of ₹ 3 lakh, then he is free to choose from either of the insurers and the selected insurer cannot apply the contribution clause and has to settle whole of the claim as per the terms and conditions of the said policy.

Setting 2:

If the total claimed is more than the insured sum under a sole policy after calculating the deductibles and co-pays, the contribution clause will be applicable. However, even then the customer is free to choose the company they want to approach first. In this case, if Mr. A’s claim amount is ₹ 2.5 lakh; and he has one health policy X of  ₹ 2 lakh and another policy Y of 1 lakh, and he approaches X first, it shall pay about 80-90% of the claim, while the Y will pay the rest, i.e. 10-20% of the claimed amount.

Things To Keep In Mind

• It is advised to plan the claim properly because it generally takes about 30-45 days to claim the insurance amount, whereas it can take longer if the amount is larger- a basis to compare health insurance plans available.   
• The first insurer notes the deductions and sub-limits against the claim amount and then pays.
• The second insurer also follows the same process and then it subtracts the settled amount by the first insurer and clears the rest.
• A group cover must always be claimed first as they usually have simpler clauses and lesser waiting period.
• It is better to claim an older policy first as its waiting time for pre-existing diseases may have reduced over the time; this can again be noted when one chooses to compare health insurance plans.
• In case of cashless claims, the one paid by the first insurer is cashless while the remaining is reimbursed. 

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Top 10 Health Insurance Companies In India 2017

Health insurance or medical insurance is a popular insurance plan that offers comprehensive protection against treatments that are very expensive. This lets the patient get quality treatment without worrying about expenses.

It saves you from the heavy medical expenses. Similar to insurance policies of any kind, a medical insurance policy also lets you select a plan for which you pay a premium, and you get benefits in return for that.

When going to buy the health insurance policies, you are bound to have many doubts. Doubts like how much insurance do you and your family need, where should you buy the health insurance policies from and whether you can afford the health insurance policies. It can also get very daunting to decide from among the various health insurance policies.

Apollo Munich Health Insurance

The insurance plan is today the number one insurance plan because of the many benefits that it offers. It is one of the most acclaimed health insurance plans and also offers the cashless facility. You can get various benefits when you choose this plan like restore benefits, no claim bonus and also plans that cover your entire family under a single health insurance plan.

The other features that the plan offers is no additional loading at renewal, an option to get 100% no claim bonus and great sum assured on the premium amount paid. There are many senior citizen plans as well that cover self and the spouse for a lifetime and also give discounts on every claim free year.

Max Bupa Health Insurance Company

This is a JV between Max Indian limited and Bupa which is a UK based healthcare provider. Bupa is one of the fastest growing heathcare companies in the country and if offers many health insurance schemes. These have various sum assured plans and also many deals that come under budget.

There are different health plans for heart ailments as well as complete hospitalization. The features and the benefits offered by the health insurance plan are unique and hard to find in other health insurance policies. The insurance plan covers the basic coverage as well as coverage for newborn, vaccination and many more features.

The thing that works to the benefit of the policyholder is that the company lets settlement of claims without any third party interference. There is also a healthy relationship program for those who are with the company for many years and have renewed their policy without any break in between.

ICICI Lombard

This is a JV between Fairfax financial holdings limited and ICICI bank limited. It is one of the biggest general insurance companies in the private sector. They also provide many healthcare products that offer complete protection and health insurance. The policyholder can get maximum coverage through the health plans.

National Insurance Company Limited

This is a government-owned insurance plan and provides health coverage as well. Varishta mediclaim is one of the best health plans offered by the company, and it also has a good incurred claim ratio.

Bajaj Allianz Health Insurance  

A JV between Allianz SE and Bajaj Finserv, the company boasts of its expertise and stability. They offer mediclaim policies as well as policies for senior citizens. One can also opt for a family health insurance plan through the company. The company also lets you get a lump sum in case the policyholder has any critical illness or a hospital cash facility where a fixed amount is received each day.

Religare Health Insurance

This is today one of the leading health insurance providers and was started by the Fortis hospitals. They give access to various health care services and have gained a reputation having served happy customers. One can get quality treatment in 4000 hospitals in the country when they opt for the scheme.

Cigna TTK Health Insurance Company Limited

This is new to the health insurance market and was launched in the year 2014. It quickly made a place for itself in the health insurance plans because of its high payout ratio and various benefits

New India Assurance Company Limited

This is a government-owned entity and has been serving customers since the year 1919. The company is known for its mediclaim policies. It also has a high incurred claim ratio.

Oriental Insurance Company Limited

This is a government-owned health insurance plan that offers many health insurance products to choose from. One does not need to go through a premedical check up till the age of 60.

Star Health & Allied Insurance Company Limited

The company has a high incurred claim ratio and also has an in-house claim settlement process. This deals with cashless claims in case of hospitalization. The company offers various exciting products

There are many health insurance policies and selecting one among the thousands available is no easy task. You need to check various aspects of the claim settlement ratio, the past performance of the plan and reviews of the company before you decide one from the many health insurance policies. The list will help you choose from the top health insurance plans.

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What Are The Best Health Insurance Provider In India

People are facing the dire consequences of inflation. The expenses are at an all-time high. Due to inflation people are facing a yearly increase of 15% on medical treatments alone. With the sudden rise and fall of employment, people need a form of stability.

HDFC Health Insurance strives to provide the very same in the hour of need. It intends to give financial security and quality healthcare to people along with access to expenses like daycare treatment, hospitalization etc. even OPD expenses are covered by HDFC Health Insurance. People could even save a lump amount of INR 55,000 yearly from the tax under section 80 D by opting for HDFC Health Insurance.

Philosophy For A Peaceful Life

At HDFC Health Insurance, it is understood why peace is important for a satisfying life. People should be able to spend every moment of their lives without having to worry about the future. Everyone cherishes even the smallest moments like the moments spent playing with their kids or even the smallest stroll through the park with their parents. At HDFC Health Insurance, the motive is to help people accumulate scores of such memories without the worry of unpredictable sudden medical emergencies.

Solutions To Ensuring Good Health…Hamesha!

HDFC Health Insurance motto is ensuring good health…hamesha! This is achieved by a comprehensive Health Insurance Plan. Now HDFC Health insurance has made sure to meet everyone’s healthcare needs be it, individual or family. The health insurance plan - Care, has been designed to protect the client and client’s family from financial emergency due to a medical issue. This ensures that the client has to only concentrate on their recovery and to be worry-free from the other complicated procedures related to their treatment when they are not well.

Cover At Every Step

HDFC Health Insurance understands that expenses are not solely restricted to when hospitalizations happen. It starts right from the time of diagnosis and continuous up to even after the discharge until the patient has fully recovered. The health insurance intends to stand with the client for the entire journey and not the hospitalization only.

Coverage During Diagnosis

HDFC Health Insurance provides a coverage of expenses till 30 days before the actual hospitalization. The Care program ensures that the client is covered for the entire financially draining procedures of investigative tests as well as routine medicine. It is a known fact how physically and emotionally draining these procedures can be, as a result, HDFC Health Insurance wishes to remove some of the stress surrounding the medical emergencies away from the patient.

Transportation Coverage

HDFC Health Insurance is very well aware of the importance of getting the patient on time to the hospital. Thousands of patients’ lives are lost yearly due to the lack of transportation or because the family were unable to provide for transportation. In order to make sure such a misfortune does not befall its clients’, the Care package makes sure that all expenses incurred while availing a domestic road ambulance during a client’s hospitalization are reimbursed properly. Not only that, but few plans in HDFC Health Insurance also offers to cover expenses for availing Air Ambulance, if it has been prescribed by the doctor.

Single Day Hospitalization Coverage

All the expenses like ICU charges, room charges, surgeon’s fees, doctor’s fee, nursing expenses are covered. Even medicine related expenses like anaesthesia, blood, oxygen, operation theatre charges are also covered. If the patients get admitted as inpatient care for a period of 24 hours minimum on a consecutive hour basis, the expenses get covered by the Care plan.

Other Coverage

HDFC Health Insurance also covers nearly 540+ day care procedures. Basically day care procedures are defined as the treatments that a patient is required to undergo, but there is no necessity for the patient to be hospitalized for 24 hours or more. The package also covers the room rent. Every cent that is spent for staying in the single or private room is reimbursed. In fact, the Care package also allows upgrade of room if there is a need or it has been recommended by the doctor treating the patient. Patient need not worry about the ICU charges either. Even that is covered under the package. The only worry for the patient is on how to recover completely at earliest possible.

After Hospitalization Coverage

The patient is not completely declared cured even if he has been discharged; they have to keep up with the follow-up medicines and checkups. Neither does the expenses stop immediately at discharge also. Hence HDFC Health Insurance provides a coverage of 60 days Post hospitalization coverage plan which covers all expenses that arise from doctor fees, tests, medicines etc.

Home Hospitalization

In case the patient is in a condition which restricts his transportation to the hospital and has to be treated at home, even that gets covered by the HDFC Health insurance for medical expenses that are accumulated for treatment at home for a period of three consecutive days. This is to ensure nothing delays the critical treatment that the patient deserves.

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Why Do You Need Critical Illness Insurance Plans Separately When You Have Health Insurance

Clients must know that all the insurance experts’ advise getting Critical Illness Insurance Plans along with a general insurance plan. This advice is generally given because a critical illness means it may have an adverse effect on the client’s health condition.

It could lead to a severe effect on the individual’s lifestyle and require a substantial amount of money to be spent on treatment. This might result in loss of income due to the client no longer being able to work as before falling ill.

Knowing The Severity Of The Illness

The disadvantage of such a fast pace but a sedentary lifestyle is that the number of diseases has been increasing every single day. These serious illnesses mean the loss in income, sudden change of lifestyle and at times irreversible handicap. Critical Illness Insurance Plans are necessary because financial burden that comes with these diseases might not be covered by an indemnity health insurance plans.

So in order to meet the huge medical cost that will arise from combating a critical illness, the client requires Critical Illness Insurance Plans. These plans also ensure that it provides the client with an adequate amount of money to meet the day to day expenditure without having to run pillar to post for arranging money.

Reasons To Get Critical Illness Insurance Plans

A person is allowed to receive a lump amount resulting from their Critical Illness Insurance Plans when they get diagnosed with a critical illness. The amount is accessible to them right from the moment of diagnosis. In order to be fair to the already suffering person, this amount is almost always tax-free. Since the Critical Illness Insurance Plans are separate plans, they tend to seem to be expensive, but of course, they have their own valuable benefits, which means it is worth every rupee invested.

What All Illnesses Are Covered Under The Plans?

•         Heart attack
•          Strokes
•          Organ transplantation
•          Cancer
•          Disability
•          Blindness
•          Paralysis
•          Terminal Diseases

Buying Critical Illness Insurance Plans

It is a common knowledge which is not usually informed to the client before applying for the Critical Illness Insurance Plans, the unique reason why it has to be bought. It covers the exorbitant medical bills that neither life insurance nor health insurance will cover.

For example, a lump amount is received from life insurance only in the case of death of the client. The client will not receive a single paisa if they survive through a critical illness. Similarly, health insurance will have clear exceptions on critical illnesses, it won’t cover, which defeats the very purpose of buying it.

Now take the case of a heart attack person, it is a known fact that a lot of effort goes into recovery from such critical setback. Not only does the person have to invest a lot of money to cover the medical expense, they have to recover financially, and also have to return to their previous lifestyles. This is nearly the same case for stroke and cancer patient. The diagnosis of a life-threatening disease is by itself a harrowing experience which also results in emptying of the entire life’s savings.

How Is It Different From Medical Insurance

The client must be aware of what medical insurance is, in order to be able to make a wise decision. The medical insurances will work on the basis of recurring benefits, a person who is getting hospitalized multiple times yearly will be eligible for medical benefits from the insurance policy, only if their claim is proved valid and also the medical bills do not go in excess of the sum insured limit.

The medical bill is claimable if the patient has been hospitalized for more than 24 hrs. Some medical insurance plans also provide for expenses accumulated for pre and post hospitalization. Most of the medical insurances, do not include critical illnesses as part of their plans.

Points To Looks For

The patient must be mindful of what all illnesses are being covered. Each company will vary quite differently in terms of the illnesses being covered. While all the companies will cover the previously mentioned eight critical illness, some plans may cover even up to 20 illnesses.

The deals being offered. Along with the sum that has been agreed upon to be paid, other additional benefits are also provided like hospital cash and surgical benefits. Also, check the number of hospitals being covered.

Fine print is to be read carefully. Like any insurance policy, the Critical Illness Insurance Plans are no different.

The client has to be cognizant of the fact, which medical condition he suffers from while buying Critical Illness Insurance Plans may result in another illness down the line. Therefore it is critical that the client is completely truthful with their insurer about their medical history. In some companies, it is a prerequisite that the medical test be performed on the client for buying the Critical Illness Insurance Plans.

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What to Look out When You Buy Senior Citizen Health Insurance?

Health insurance should top the priorities for individuals both young and old. Unforeseen circumstances can hit one anytime. Therefore, it is essential to be prepared before any unfortunate events strike. Therefore, buying a health insurance for senior citizens can keep you secured post-retirement.

Senior citizen health insurance plans are rolled out by multiple insurers for those who have retired from a hectic work life. Adequate coverage and better plans can help senior citizens during medical emergencies which can otherwise prove as a setback due to limited income.

How To Decide Which Health Care Plan For Senior Citizens Is Right?

In case you are purchasing a health insurance for senior citizens such as your parents, it can be a cumbersome task to drill down to that perfect plan which offers the best coverage and plans at an affordable premium rate.

Severe medical conditions such as joint problems, heart-related problems, chronic lung diseases, diabetes et al. are usually covered under most of the health plans for senior citizens. However, buyers should focus on the capping limit rolled out by the plan in case of a hospitalization or any other chronic illnesses.

A Thoughtful Gesture

Affordable health insurance plan for senior citizens over the age of 60 is designed to cover the medical expenses that are incurred during the policy coverage duration. It is more than a thoughtful gesture if you plan to gift a healthcare plan for your parents.

But Why Is It Crucial To Buy Health Insurance For Senior Citizens?

With increasing age, the body starts losing its resistance to diseases as the natural immune system starts becoming weak. Survival and living on the pension and savings incurred over a period of time is what everyone looks forward to. However, with age, senior citizens start becoming prone to multiple health issues.

It is essential that there is a health insurance for senior citizens in place to take care of the medical needs and emergencies. Not only does a senior citizen healthcare plan ensure security, but also makes the process free of any additional hassles.

Immediate crises can be a sudden blow. However, without a health insurance for senior citizens, the family members might have to struggle to make ends meet just to afford the medical expenses for the elderly. Therefore, an affordable healthcare plan for the elderly can not only reduce the financial burden but also help you claim tax rebates according to the various laws of the Income Tax Act.

Tips To Consider Before Finalising The Senior Healthcare Plan

There are several factors which need to be taken care of before you invest in that mediclaim policy for the elderly. A thorough research and proper comparison can help you pick out the most suitable plan for you.

·         Co-payments clause offer that a ratio of premium is paid by the insurer and insurance holder. However, caution should be exercised in terms of the coverage that the plan has to offer.

·         Choose a plan that allows renewal up to the maximum age limit. With the premium paid annually, it makes it slightly affordable.

·         Pre-existing diseases are covered only after the policy has completed 12-18 months since the purchase. However, there are many insurers who do not cover pre-existing illnesses. Thus, making an informed decision is the key.

·         Pick a plan that has a lower waiting period and provides better coverage.

Which Health Insurance For Senior Citizens Is The Best?

There are a lot of options available in India when it comes to securing health insurance for senior citizens. It is essential that you compare various policies based on the number of dependents, income, age, financial status etc.

Not only do these factors help you in finding the affordable health care plan for the elderly, but also guide you in choosing the best available plans. Senior citizen, health care plans, have been rolled out by leading insurers in India.

1.  Silver Health from Bajaj Allianz

·         

•       Offers coverage up to 70 years  for an assured sum of 50,000- 5lakhs
•          All pre-existing diseases are covered from the second year of the mediclaim
•         Medical check-ups, Out-patient visits and even hospitalization is covered under the policy offered.

2.    New India Senior Citizen Mediclaim Policy

•          It provides coverage up to 90 years.
•          Available for a sum of 1-1.5 lakhs
•          Pre-existing diseases are covered after 18 months of the policy commencement
•          Depending on the days of hospitalization, the plan reimburses 5-10 percent of the total charges incurred.

3.    SBI Arogya Top Up Plan

•          An affordable health care plan for senior citizens which provides coverage from the 65^th year of birth
•          It covers 60-90 days of the total hospitalization charges and other medical expenses.
•          It does not require any prior medical tests if there has been no medical history prior to policy declaration.

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