Having a health insurance plan protects you against the financial consequences of a wide variety of health-related expenses, from minor illnesses to critical diseases. If you have a major medical expense, you can rely on your health insurance and cumulative bonus for financial protection. To be prepared against any sudden and, in some cases, expected medical expenses, it is important that you select suitable medical insurance. Take into account a scenario in which you are diagnosed with a serious medical condition requiring hospitalization and/or surgery. As an example, consider the spread of COVID-19 in India, and consider how many expenses you would have to pay if you were diagnosed with the disease. Would you want your medical bills to dig a huge hole in your savings or cause you to go into a financial crisis to pay them? Therefore, it is crucial to get insured at the earliest possible time, choose the right sum insured, pay the applicable premiums, and buy a suitable health insurance plan.
Types of Best Health Insurance Plans
a. Health insurance for individuals - You can purchase individual health insurance for yourself, your spouse, your children, and your parents. An insurance policy of this type will cover your medical expenses for injury or illness-related hospitalization, surgery, room rent, and daycare.
A sum insured will be assigned to each individual covered by the Individual Health Insurance plan. A three lakh sum insured individual health insurance policy covers your spouse, your two children, and yourself, so each of them will have a three lakh sum insured. It does, however, result in a higher premium.
The plan is available to individuals between the ages of 18 and 70. Each covered member has their own Sum Insured limit with an Individual Policy.
Floater health insurance covers all members of the family under one policy with a single sum insured. An Individual Health Insurance policy is more expensive than a Family Floater Health Insurance policy. Parents, children, and spouses can be covered under this policy. If you are over 60 years old, you shouldn't consider adding family members to your household. As a result, their premiums will be higher since they are more likely to fall ill.
Your family floater policy should be purchased if you or the eldest member are under 60 years of age.
c. Health Insurance for groups of employees - Employees working together can benefit from Group Health Insurance policies. You should buy such plans for your employees if you own a start-up or a corporation. Employees receive this benefit as a kind of compensation. The cover can help employers retain their employees.
There is a low premium associated with a Group Health Insurance Plan. It is possible to refill the sum insured, if it is exhausted, an unlimited number of times with some insurance companies. You are covered for hospitalizations due to accidents, illnesses, critical illnesses, psychiatric illnesses, and maternity expenses under a Group Health Insurance Plan. In addition to providing coverage for your employees, a Group Health Insurance policy also improves your company's reputation. Employees are only covered while working for your business, which is very important.
d. Health insurance for seniors - Health insurance policies designed specifically for elderly people over 60 years of age are called Senior Citizen Health Insurance Plans. This policy is a good choice if you have parents or grandparents over 60. As part of a Senior Citizen policy, you will be covered for the costs of medicines, hospitalizations resulting from accidents or illness, and pre and post-hospitalization treatments. There are also other benefits such as psychiatric care and domiciliary hospitalization.
With add-ons such as "Zone Upgrade", you can keep up with city-based price increases. In addition to this, you can also purchase alternative treatment (AYUSH) coverage. Some insurers may require a complete physical before selling a Senior Citizen Health Insurance Policy. With lifetime renewability, the maximum entry age has been raised to 70 years old. These plans are more expensive than other health insurance policies because senior citizens are more likely to get sick.
e. Health Insurance coverage for maternity care - It is possible to purchase maternity coverage as an add-on to a basic health insurance plan. A full range of expenses is covered during the prenatal stage, delivery, and postpartum period. This policy is recommended for newlyweds or families expecting a baby in the near future. As well as childbirth (including medically necessary terminations), it covers infertility expenses as well as newborn coverage for the first 90 days after delivery. There is a minimum two-year waiting period for Maternity Cover.
f. Health Insurance for critical illnesses - There is an increase in lifestyle-related diseases. In light of this, insurance companies offer Critical Illness Policies.
This health plan is specially designed for middle-class families to cover diseases such as:
- A cancerous tumor
- Symptoms of paralysis
- Bypass surgery for the coronary arteries
- Heart attack for the first time
- Hypertension of the pulmonary arteries
- Several sclerosis
- Surgery on the aorta
The cost of treating these diseases is high. If you are diagnosed with a critical illness, the Critical Illness Plan will pay you a predetermined amount regardless of the actual cost of treatment.
There is no better way to protect your savings than by purchasing a Critical Illness Policy. Lifetime renewal is available on the policy. You should be able to survive 30 days after diagnosis of an illness if you take a Critical Illness Policy. In case you have a family history of certain diseases, you may want to buy this policy. In addition to the lump sum amount, a Critical Illness Policy reimburses you for hospitalization and care expenses. In addition, complementary health checks are available. It is important to keep in mind that once a claim is filed, the Sum Insured is released in one lump sum. As soon as the Sum Insured is released, the policy terminates.
g.
Health insurance top-up -
Top-up policies are available if you need coverage for higher amounts. There is, however, a "Deductible Clause" attached to such plans. When a claim is made, the payment will exceed the policy's defined limits. In the case of a 15 lakhs cover with a deductible of Rs.3 lakhs, you will be required to pay up to Rs.3 lakhs if you file a claim. Over and above this, the insurer will pay.Hence, you can purchase this plan if you want wider coverage than your basic health insurance policy.
Benefits of Buying a Health Insurance Policy Online
1. Benefits of hospitalization - The hospitalization benefit of a health insurance policy covers the costs incurred during treatment, such as:
- Treatment in the hospital - We cover expenses arising from hospitalization for at least 24 hours, such as ICU, medicines, doctor's fees, room rent, etc.
- Treatment at home - Under medical supervision, it covers treatment at home. Benefits are limited to a certain amount and number of days.
- Coverage for ambulances - A health plan covers ambulance charges incurred during a medical emergency.
- Pre and Post-Hospitalization - A pre-and post-hospitalization cover protects you against costs incurred before and after hospitalization.
2. Claims without cash - The insurer will settle the claim amount directly with the hospital, so you won't have to pay for the hospitalization. For the cashless facility to be available, you must seek treatment at one of the insurer's network hospitals.
3. Treatment alternatives - Ayurveda and homeopathy are often covered by health insurance providers, giving policyholders an alternative treatment option. Therefore, you can opt for alternative treatment under your health insurance without any hassle.
4. Benefits for convalescence- In addition to recuperating/recovery benefits, convalescence benefits cover the insured's 'recovery expenses'. Under the plan, any additional costs incurred as a result of the insured's hospitalization, such as replacement of income, are insured.
5. Transplantation costs - Healthcare plans in India cover organ transplant expenses. There are some insurers that cover the entire cost, while others have a limit on these expenses. Make sure you read the plan's sub-limits and terms carefully.
6. Cash at the hospital every day - Other hospitalization expenses that are not covered by the plan can be covered with the daily hospital cash feature. As far as the use of this amount is concerned, there are no restrictions and it can be used as you see fit. This feature is not included in all health plans, and it may be available as an add-on.
7. Allowance for attendants - In India, health insurance plans provide attendant allowances for adults accompanying the policyholder for treatment. However, this benefit is only available to children. A fixed number of days is also included in the attendant allowance.?
8. Treatment for dental problems - It is common for insurance companies to cover dental treatments taken once every few years. In the long run, this cover can prove beneficial due to the high costs of dental treatment.
9. Check-ups are free - After completing a certain number of claim-free years, many health insurers offer free health check-ups to policyholders. Those who receive medical treatment from a network hospital can now take advantage of cashless check-ups.
10. Coverage of additional services - Also, you can purchase add-on covers at additional but affordable premiums to enjoy many other benefits of this insurance. To name a few, these include air ambulance coverage, vaccination coverage, maternity coverage, and newborn coverage.
Buying Health Insurance: Things To Consider
One of the best ways to deal with the costs of medical issues is to purchase health insurance. Unless they are in need of financial assistance for medical treatment, people may avoid buying health insurance. Prepare with adequate coverage before a medical emergency occurs instead of buying insurance at the last minute. Let us help you get started on health insurance before you need it. Before purchasing health insurance, consider these factors.
Before buying health insurance, what should you consider?
You and the insurance company have a contract called a health insurance document. When you face a medical emergency, the insurer agrees to bear part of your financial burden. Health insurance plans and companies should be carefully selected, therefore.
a. The plan's exclusions and inclusions - The scope of the health insurance policy depends on its coverage (inclusions) and the conditions for which it is not applicable (exclusions). Before purchasing health insurance, you should be completely clear about both. Unawareness of the coverages can increase out-of-pocket expenses. Claims can be rejected if you are unaware of the exclusions.
b. Make sure you have health insurance as soon as possible - In the early stages of your life, it is a good idea to buy health insurance. When you are over a certain age, you don't want to shop around for the best health insurance. When you are younger, you will likely make fewer claims than when you are older. If you have not purchased health insurance yet, now is the right time to do so.
c. How to choose a health insurance company that is right for you - In the world of health insurance, insurance companies play an important role. It is imperative that you choose only the best insurer for the speed of claim processing. Nowadays, you can easily find a reliable health insurance company online thanks to the internet. Discover more about the services they offer by reading their customer reviews.
d. Waiting period - You cannot make a claim against a health insurance plan during the waiting period. Usually, it applies to pre-existing diseases and maternity benefits. Depending on the insurance company and the plan you are interested in purchasing, it can last between nine months and a few years. Before purchasing a health insurance plan, make sure you know the waiting period.
e. Sum insured and premiums - An insurance policy with certain coverage is purchased by paying a premium. There is a direct correlation between the premium amount and how comprehensive and high the coverage is. Buying health insurance requires a thorough understanding of the coverage and premium amounts.
f.The daycare process - Some medical treatments are completed within a day nowadays. As a result, you should check if your health insurance covers such treatments. Cataract surgery, tonsillectomy, etc., are examples of these types of procedures.
g. A list of specific diseases and treatments - Certain illnesses and treatments are covered by medical insurance plans after a specified period of time. Some plans do not cover piles, fistulas, hernias, etc., until the second and third policy years. Specific diseases refer to these ailments. If you have questions about this coverage, contact the insurance company.
h. Treatment alternatives - Ayurveda, Yoga, Unani, Siddha, and Homeopathy (AYUSH) are non-allopathic treatments. The coverage of these non-allopathic treatments is often limited. Many people prefer AYUSH treatments over standard allopathic treatments during the COVID-19 pandemic.
i. Health insurance plan limit on room rent - Depending on the type of hospital, hospital room rent can be exorbitant. It is possible for treatment costs to rise if the patient is admitted to a room with a higher cost than the allowed limit. A health insurance policy's room rent limit specifies the maximum amount that can be covered for room rent. The policyholder would have to share the burden of the entire hospital bill proportionately if he chooses a room with a higher rent.
j. Treatments based on new-age technologies are covered - In comparison with traditional treatments, these advanced treatments are more accurate and can produce better results. You should check with your health insurance provider if such modern procedures are covered. Stem cell therapy, robotic surgery, and CyberKnife are examples of new-age treatments.
k. Coverage add-ons are available - Adding coverage to a health plan increases the scope of coverage. Depending on your needs, you can customize your health insurance plan. It is important to note that each add-on cover requires an additional premium in addition to the base policy premium.
l. Coverage of pre- and post-hospitalization - Pre- and post-hospitalization includes any tests, treatments, doctor visits, etc., conducted before and after the hospitalization. Pre- and post-hospitalization terms and conditions vary between insurance companies. You should check your policy to see if it covers this.
m. Clauses relating to co-payments - Copay clauses require the policyholder to pay a predetermined percentage of the hospital bill. Despite the fact that such policies are cheaper, they also offer less compensation because you have to pay a considerable part of the hospital bill out of pocket. If you decide to opt for this clause, make sure you study it thoroughly.
n. Network hospitals are plentiful - Before buying a policy, consider how the company settles claims. See if the insurer has a wide network of hospitals where you can receive cashless treatment. During medical treatment, you will spend much less money this way.
o. Employer-sponsored group health insurance - Health insurance policies offered by employers do not have lifetime validity. Upon termination of employment, it comes to an end. In the event of a medical emergency, you and your dependents could be liable for financial damages. To get comprehensive coverage, you should purchase a separate health insurance policy.
Best Health Insurance Companies
1. HDFC Ergo Health Insurance - The HDFC ERGO Health Insurance Company is a joint venture between HDFC and ERGO.ERGO International and HDFC Limited have entered into a joint venture. As a result, In 2020, HDFC Health Insurance merged after getting Apollo Munich Health Insurance, A license from the Insurance Regulatory and Development Authority(IRDA). As of now, The second-largest player in the health insurance industry is HDFC, a Health insurance company owned by a private company. There are more than a dozen locations for the company: more than 200 cities, 170 branches, and 7000 employees working for it.
Furthermore, there are a few best health insurance plans by HDFC as follows-:
a. Optima Secure health insurance - It gives you an incredible 4X coverage at no additional cost with Optima Secure health insurance, which redefines the value of health insurance. You are now able to purchase Optima Secure at no additional cost by taking advantage of The cost installment benefit (which applies to one-year policies). All debit and credit card holders can use this option. It's not done yet. In addition to these benefits, you can also look forward to no room rent capping, a wider range of pre and post-hospitalization procedures, unlimited day-care procedures, and exclusive discounts. Optima restore health insurance. Selecting the right health insurance plan is essential when it comes to protecting your family's health. In addition to cashless treatment at our network hospitals, you also receive other great features with Optima Restore. b. 100% Restore Benefit - Get 100% of your basic Sum Insured restored instantly after the first claim. Optima Restore is a unique health plan that restores your sum insured on partial or complete utilization of your health cover, for your future needs. The benefit of a 2X multiplier. An increase of 50% in the basic Sum insured for every claim-free year, up to a maximum of 100%.
c. Checkups are complimentary - A regular health checkup keeps track of your well-being and helps diagnose illnesses early. Renewing your policy brings you access to preventive health check-ups up to 10,000.
d. My health suraksha - Priority has always been given to health! Health Suraksha aims to protect you from soaring medical expenses. My: health Suraksha is an ideal health cover for individuals, families, and seniors looking for a range of 3 to 5 lacs of coverage. e. Health wallet plan - What are the benefits of health insurance for healthy people? What is the point of having to pay for your OPD expenses? The Health Wallet has everything you need and more. Health insurance is being redefined and revolutionized with the introduction of health wallet plans. In a few years, Reserve Benefit will pay for itself because it is flexible and comprehensive.
f. Energy plan - Diabetes patients can benefit from Energy Plan General Insurance, which provides insurance and personalized management plans. Furthermore, this plan is also a health insurance product for people suffering from Type 1 diabetes, Type 2 diabetes mellitus, pre-diabetes (IFG, IGT), or hypertension. There are two variants of the Energy plan - Gold and Silver. Co-payment options are available for both variants. 20% of the claim amount will be your responsibility. The Gold segment of HDFC ERGO General Insurance offers twice-yearly medical check-ups at no cost to you. For the Silver segment, you must undergo a medical check-up twice at your own expense at a diagnostic center in order to qualify for Wellness Benefits.
g. Medisure super top-up - If even your existing health insurance isn't enough to handle health issues at times, may your health thrive always. You and your family don't have to worry about rising medical costs. Make sure you get the best medical care possible with my: Health Medisure Super Top-up.
2. Tata Aig Health Insurance- In 2001, Tata AIG General Insurance Company Limited was founded. AIG and the Tata Group are in a joint venture. A variety of non-life insurance products are offered by the company, including home insurance, motor insurance, travel insurance, health insurance, and commercial insurance. Innovative risk solutions are provided by Tata AIG Insurance. Tata AIG comes with amazing health insurance plans for you and your family as follows-: a. Medicare plan - Designed to address the growing cost of medical expenses today, this is a simplified and comprehensive health insurance plan. A dependent child between 91 days and 5 years can be insured only if both parents purchase the policy. Age 65 is the maximum entry age. In addition to the global cover, lifelong renewals, bariatric surgery cover, and a strong network of over 3,000 hospitals across India, TATA AIG MediCare offers its policyholders a wide range of benefits. Moreover, it offers a variety of discounts based on the policy's terms or other factors. b. Medicare Premier plan - With Medicare Premier, you have medical insurance across the globe. With the auto restore feature, you and your family get a No Compromise cover of up to 50 Lacs. Over 5800 hospitals offer cashless benefits. c. Medicare Plus plan - This top-up policy from Tata AIG offers several features and benefits that are suitable for your needs at an affordable price. Medical expenses covered by the policy are reimbursed if they exceed the deductible. This policy can be proposed by anyone who is between 18 and 65 years of age and includes up to 7 family members including themselves, their spouses, up to three children, and up to two parents. Insured sums and deductibles range from Rs. 3 lakhs to Rs. 1 crore and Rs. 2 lakhs to Rs. 20 lakhs, respectively. Depending on your budget and requirements, you can purchase a policy for 1 year, 2 years, or 3 years. With Medicare Plus, the insured is covered for a wide range of medical expenses. An inpatient hospitalization, a second opinion, a daycare procedure, a specific number of days' pre-hospitalization and post-hospitalization expenses, an AYUSH benefit, ambulance coverage, organ donation costs, domiciliary treatment costs, and global coverage (optional). Aside from coverage benefits, the policy offers other benefits such as tax deductions on premiums paid, lifetime renewals, and cumulative bonuses. Simply put, the policy protects you and your loved ones completely.
3. Niva Bupa Health Insurance - Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance) was formed in 2008 as a standalone health insurance company. A Niva Bupa Health insurance company backed by True North and Bupa aims to reach Rs. 2,500 crores by 2021-22 by maintaining strong growth in the market. By focusing on customer-centricity, product innovation, and digital capabilities, the insurer aims to provide financial assurance and healthcare access to its customers. Individuals can choose from a variety of health insurance plans designed to meet their specific needs. Whether you are an individual, a family, a senior citizen, a woman, a parent, a self-employed person, or a child, you can find affordable health insurance here. Additionally, the insurance company offers painless health insurance claims. Due to the absence of third-party agents, the claims are settled directly. Cashless treatment is available at more than 7,000 hospitals across the country through the insurance company. In addition, the insurer promotes healthy living among its customers. Health App and AnyTimeHealth (ATH) kiosks are some of the digital solutions it has introduced for this purpose. Adding further it has some worthy insurance plans as follows-: a. Reassure plan - It offers both individual coverage and family floater coverage with Niva Bupa Health Insurance's ReAssure Policy. There are various sum insured options ranging from Rs. 3 lakhs to Rs. 1 crore, so you can choose as per your needs. In addition to hospitalization expenses and daycare expenses, the policy also covers modern treatments and ambulance expenses. As well as covering hospitalization, it also covers emergency road and air ambulance expenses, second medical opinions, and home hospitalization expenses. As its name suggests, the policy provides complete coverage for COVID-19-related treatments. There is also good news: the policy has a 15-day waiting period, which means you can begin using the policy benefits 15 days after it was enacted. As well as offering coverage benefits, the policy provides a free look period, lifetime renewal benefits, portability and migration benefits as well as tax benefits. b. Health companion plan - A Health Companion Policy offered by Niva Bupa Health Insurance covers a wide range of healthcare expenses for both individuals and families. Depending on your budget and requirement, you can choose from a range of sum insured options starting at Rs. 2 lakhs and going as high as Rs. 1 crore. In terms of coverage benefits as well as sum insured options, variants 1, 2, 3, and Family First differ from one another. Both a one-year and a two-year subscription are available. The second-year premium can be discounted when you buy it for two years. As a top-up, you can choose from deductibles ranging from Rs. 1 lakh to Rs. 10 lakh. As part of the Health Companion Policy, the insured receives several benefits, including organ donor expenses, inpatient hospitalization expenses, pre-hospitalization and post-hospitalization expenses, daycare expenses, health checkups, domiciliary hospitalization expenses, and modern treatments. In addition, you can include two optional covers in your policy, hospital cash and Safeguard (rider), to add additional coverage to the benefits of your base policy. In addition to the refill benefit, a No Claim Bonus, a lifetime renewability benefit, and a tax benefit under Section 80D, there are other benefits of the policy. As a result, the policy offers many benefits which may help the insured in case of a medical emergency and is, therefore, a preferred option. c. Health recharge - Niva Bupa Health Insurance offers a Health Recharge Policy as a super top-up plan. Affordable premiums cover you and your family members. In addition to yourself, you can include your legally wedded spouse and up to four children. Various sum insured options are available, starting at Rs. 2 lakhs and going up to Rs. 95 lakhs. E-Saver and super top-up plans require you to choose a deductible option, which ranges from Rs. 10k to Rs. 1 lakh. In addition to in-patient hospitalization expenses, pre-hospitalization and post-hospitalization expenses, organ transplantation, e-consultations, daycare expenses, alternative treatment, and emergency ambulance expenses, the policy covers several healthcare expenses. A premium can be paid at the time of policy purchase to include add-on coverage under this policy. Among them are personal accident insurance, critical illness insurance, and modifications to the room rent. Despite having a basic health insurance policy, the policy offers wide coverage. d. Health Pulse - Health Pulse Policy offers comprehensive coverage for people aged 91 days to 65 years old. As the policy comes with an affordable premium, it is easy on the pocket. With this policy, you can choose between two variants with different sums insured ranging from Rs. 3 lakhs to Rs. 25 lakhs. The policy covers a variety of healthcare expenses, including pre-hospitalization and post-hospitalization expenses, in-patient hospitalization expenses, annual health check-up coverage, alternative treatments, home hospitalization expenses, ambulance charges, organ donation charges, pharmacy charges, and diagnostics. It's available on an individual or family floater basis. Under this policy, you will also receive several additional benefits, including lifetime renewability, tax benefits according to current tax laws, a free look period, No Claim Bonus, a refill benefit, etc. To enhance your coverage, you can also add several additional benefits to the policy. In addition, there is a critical illness cover, e-consultations, and personal accident expenses. After a waiting period of 15 days, you can begin receiving coverage benefits under this policy.
e. Health premia - An indemnity-based health insurance policy offered by Niva Bupa Health Insurance provides all-around coverage for you and your family at an affordable price. There are three variants of the policy: Silver, Gold, and Platinum, which can be purchased individually or as a family floater based on your needs. As part of the policy, you will be covered for almost all healthcare expenses, such as inpatient hospitalization, daycare expenses, ambulance charges, maternity expenses, travel insurance coverage, e-consultations, mental health treatment, etc. From as low as Rs. 1 lakh to as high as Rs. 3 crores, the policy offers wide coverage for sum insured options to the insured. By paying an additional premium at the time of policy purchase, you can select additional coverage benefits in addition to the base coverage as per your needs. There are various types of coverage available, including personal accident insurance, critical illness insurance, loyalty enhancements, health coaching, and hospital cash. A lifetime renewal benefit is offered to the insured under the policy. If covered under any variant of the Health Premia Policy, you will also receive a premium waiver benefit, a refill benefit, and a 15-day free-look period.
f. Senior first - One of the most well-known insurance companies, Niva Bupa, offers exclusive health insurance coverage. Niva Bupa offers affordable health insurance plans that cover every aspect of healthcare. The healthcare needs of senior citizens are substantial, so it is necessary for them to have health insurance. There are many benefits offered by Niva Bupa Health Insurance's Senior Citizens plan. A wide network of over 4,500 hospitals and over 2,000 doctors are available to Niva Bupa Health Insurance customers for cashless treatment. Furthermore, it provides a delivery service for medicines and diagnostic samples at home.
How To Choose The Best Health Insurance Plans
1) Choose the right policy coverage - You should choose a health plan that covers a wide range of medical issues, including pre-and post-hospitalization cover, ambulance charges, critical illness coverage, maternity benefits, cashless treatment, daily hospital cash benefit, and in-patient hospitalization. You should ensure that the medical insurance you buy for your family caters to the needs of all the members. Check out the policy features and limitations, consider your requirements, and compare different plans. We tend to overlook hidden factors like sub-limits, waiting periods, etc. Make sure you read all the terms and conditions in the policy wording. At the time of the claim, this would ensure that you and your family would not face any problems.
2) Be flexible when it comes to adding new family members- Make sure you can easily add a new family member when purchasing a family health plan. The other family members can continue to use the same plan if the senior-most member passes away or becomes ineligible for coverage.
3) Verify the waiting period clause-Generally, health insurance policies cover pre-existing conditions, maternity expenses, and certain specific treatments, such as hernias, varicose veins, etc. after a specified waiting period, usually between 2 and 4 years, which varies from plan to plan. After 2 to 4 years from the date of policy purchase, maternity expenses are usually covered. Your family health plan should cover pre-existing diseases after a certain period of time, so choose one that has a minimum waiting period.
4) Verify the co-payment clause-You will be required to pay a percentage of the amount out of your own pocket. The remaining hospitalization expenses are covered by the insurance company. For instance, if your policy has a 10% Co-pay clause, you will need to pay Rs. 10,000 out of your own pocket for a claim of Rs. 1 lakh while the insurance company will cover Rs. 90,000. It is also possible to find a policy without a co-payment clause.
5) Select a plan that can be renewed for life -Consideration should also be given to lifetime renewability. We tend to forget about it a lot. Check whether your policy offers limited lifetime renewals, check how long it remains valid, and the number of years it remains valid.
Eligibility Criteria For Buying Health Insurance Plans
A perfect situation would have no hard-and-fast eligibility factors, but in reality, the following two factors have a slight impact on eligibility.
a. Age limit for entry - Health insurance benefits for your child under a child plan are usually available at 16 days to 18 years of age. For adults, the entry age ranges from 18 to 65. Depending on the plan and insurer, it may also be 70 years or older.
b. Medical Conditions that Preexist - Purchasing health insurance after the age of 45 may require you to undergo various medical tests. In the absence of medical tests, the policyholder must submit a declaration disclosing any pre-existing conditions. In order to be eligible for a policy, a policyholder must meet these preconditions or reveal their health information through a medical test.
What Is Covered Under Health Insurance Plans
It solely depends on the type of health insurance policy you purchase. While individual health insurance plans can generally cover most critical illnesses, one cannot expect them to cover all of them without paying an additional premium. Therefore, you should carefully examine the coverage of each plan before choosing one. Some coverage features may be common to all plans, but others may be unique to certain plans. It is important to choose the best health insurance plan in India because not all of them have the same features.
- Rent or charges for hospital rooms.
- Surgery theatre charges.
- Charges for ICU rooms.
- Costs associated with organ transplants.
- Medicine costs.
- X-rays, MRIs, and CT scans cost.
- Instruments and surgical devices related expenses.
- Expenses incurred for your wellness
What's Not Covered Under Health Insurance Plans
1. Surgical cosmetics - In medical terms, cosmetic surgeries are not considered crucial or life-saving, and they do not contribute to the quality of life. Among these treatments are lip or breast augmentations, botox injections, facelifts, etc. There is no guarantee that these procedures will facilitate or improve any body function or enhance your beauty.
2. Excessive consumption of intoxicating substances can cause health problems - It is well known that drugs, smoking, and alcohol overdose can be fatal. Lifestyle diseases are more likely to affect people who consume these products habitually than those who abstain from them. You can suffer severe damage to your lungs, liver, and mouth, and even get cancer and stroke if you consume these products regularly. The inclusion of such claims may be excluded by medical insurance plans due to the voluntary nature of the consumption of these substances. Insurance companies, however, consider such claims on a case-by-case basis.
3. Genetic disorders or congenital diseases - Congenital diseases or conditions are those that are present at birth. A recurring skin condition is an example of an internal condition, such as a weak internal organ. It is always a good idea to inform your insurer if you have a congenital disease before purchasing a health insurance plan. It is important for insurers to know about these conditions even if the policy does not cover them.
4. Abortion that is voluntary - There may be times when pregnancy does not go according to plan. The Medical Termination of Pregnancy Act (MTP) was passed in 1971 and amended in 2003, allowing women to access safe and legal abortions. A voluntary abortion, however, without a doctor's recommendation, will not be covered by your medical insurance plan if complications arise.
5. Complications associated with pregnancy - The process of having a baby can be quite delicate, as well as quite expensive. Consider a specific health insurance plan with an inbuilt maternity cover if you are planning a child and want to be covered by a health insurance plan. These plans can be better equipped to handle pregnancy and birth complications than traditional health insurance plans.
6. Treatments for infertility and IVF - Due to the fact that these are planned medical procedures and are extremely expensive, in vitro fertilization and fertility treatments are not covered by all health insurance policies. Health insurance policies do not cover infertility procedures and treatments, since they are intended for sudden and unexpected accidents or injuries.
7. Diseases transmitted by others - Sexually transmitted diseases (STDs), gonorrhea, HIV, and other transmitted diseases are not covered by many health insurance policies in India. The coverage provided by these health policies is limited as well. This is due to the fact that such diseases require lifelong treatment and are very expensive. Most health insurance plans exclude transmitted diseases, therefore.
Why is Comparing Health Insurance Plans Necessary?
1. Easy to do - By going to the websites of different insurers, you can find relevant information on health insurance policies based on the parameters that are important to you.
2. Free of charge - Online health insurance comparison is free of charge. As a result, you can get a quote any number of times for the coverage you need, without having to worry about the cost.
3. Convenience - Comparing health insurance online has several advantages, including the fact that you no longer have to go to various insurance providers and discuss the details of health insurance plans. To know what plan is right for you, you can do your research from the comfort of your own home or even on the go on your smartphone.
4. You can do it at any time - If you have any questions about prospective policy purchases, most companies require you to visit the branch during their office hours. If you also have work commitments, it might not be possible for you to take a day off or visit in person. On your laptop at home or during free time at work, you can compare health insurance plans even at night.
5. Time is saved - Comparing health insurance policies online is the best way to save time when buying health insurance for yourself or your family. There is no need to fill out lengthy paperwork or deal with an agent or executive at the insurance office. By feeding in data online, you can do your analysis privately and quietly at your own pace.
6. The cost is reasonable - For those who prefer to buy online, most insurers offer policies at reasonable rates with sufficient coverage. Therefore, comparing health insurance plans will save you money over purchasing a policy offline without compromising on the insurance coverage.
Instruments and surgical devices related expenses.
- Expenses incurred for your wellness.
- Charges for ICU rooms.
- Costs associated with organ transplants.
- Medicine costs.
- X-rays, MRIs, and CT scans cost.
