Renu Rai
I am holding family medical insurance of National co.need to pay premium..
Pls advice. Last date is 9 may..
07 May 2020
Language
With growing medical needs and rising inflation, we must secure ourselves with a medical health plan. A simple outpatient procedure can make your wallet considerably lighter. An insurance policy will help you get the best medical care and you don't have to worry about expenses. A good insurance plan ensures you don’t have to dig into your savings in the time of a medical emergency.
It also helps cut down the cost of medical expenses in cases such as daycare procedures & routine check-ups. At the cost of a small premium every year, you can protect yourself and your family from huge financial losses in the time of a medical emergency. Here are some of the reasons why you should get a health insurance policy:
Health insurance comes with a plethora of benefits that are not just limited to offering financial cover during medical emergencies but also offers you a peace of mind The most important ones are listed below.
Your health insurance policy generally covers all your medical expenses resulting from your hospitalization for more than a period of 24 hrs. These expenses include diagnostic test fees, doctor's fee, medicine cost, room rent, etc.
Most health insurance companies have tie-ups with hospitals and medical centres. If you get admitted to one of these network hospitals, you will not have to pay anything. The insurer will handle all the bills and all you have to do is mention the policy number. This not only saves you from the hassle of arranging money in an emergency but also saves you a lot of time running around filling forms while you can be focusing on what’s important.
This is one of the most underappreciated benefits of medical insurance. One of the things that stop many people from opting for quality healthcare during emergencies is the rising cost of medical care. But with an online health insurance by your side, you can opt for quality medical care instead of settling for cheaper options. Many health plans also offer cover for health check-ups which will help you keep your health in check.
The cost related to ambulance services during medical emergencies is mostly covered in all health insurance plans. Check your policy to know more about ambulance cover before you buy insurance.
A health insurance policy offers the policy holder with a lot of tax benefits that fall under the section 80 D of IT Act (income tax act) of 1961. The deduction on taxes offered to the policy holder depends on factors like the premium amount, insured person's age and many other aspects. Based on these given factors, a policy holder can claim for tax deductions & this can be from anywhere between Rs.25,000 to Rs.50,000.
You and your family members also become eligible for free health checks at the nearest network hospital of the insurance company.
Without insurance policy, it takes just one serious medical emergency to deplete your life savings. A health plan not only offers you peace of mind but also offers financial security. With the right health insurance policy, you can avail quality medical treatment without having to break into your savings.
Unlike the old times, today one does not need to move from one health insurance company to another, if one wants to buy the right health plan. Today we have the provision to search for our preferred health plans, compare them with each other, do our assessment & then buy the right medical insurance plan online. The icing on the cake is that you also get discounts on online health insurance purchases.
There is a wide range of health insurance policies & plans in India. Here's a list of some popular health insurance plans:
An individual health insurance policy or plan provides coverage for a single individual only. This plan covers for your medical expenses related to hospitalization, injury, room rent, and more. This policy offers sum insured which can be used by only one person i.e. the individual covered under the plan.
Under a family floater health plan, you can cover your entire family under a single policy. The sum insured for these policies are usually higher than regular individual health insurance plans. The sum insured is available for all the family members insured under the plan. The best part about this plan is that you can get cover for your entire family for a small premium amount.
Group health insurance plans are highly popular in the corporate sector. Medium and large-sized enterprises use this insurance policy to offer cover for their employees in time of a medical crisis. It is a benefit that most employees expect when joining a company and this helps the employer retain their employees.
Critical illness health insurance policy offers cover specially for critical illnesses such as stroke, kidney failure, organ transplant, cancer, and more. Treating critical illnesses can get expensive and a policy like this can save a lot of money if you ever were diagnosed with a critical illness. The insurance pays a predetermined amount towards the treatment when the insured is diagnosed with a critical illness.
Apart from this IRDAI has directed insurance companies to launch two special standard health insurance products, namely Corona Kavach Policy and Corona Rakshak, were launched.
Be battle ready against new Omicron variant of Covid-19
This plan provides you with a cover against hospitalization due to Covid-19. However, one needs to get hospitalized for a minimum of 24 hours. This plan covers for your covid-19 hospitalization cost, bills related to AYUSH treatment that go up to Rs. 5 Lakh & expenses related to home treatment. The cost of items that are consumable are also covered. These consumable items include PPE kits, oxygen cylinders, ventilators, masks, gloves etc.
The benefits provided to the policy holder under the terms and conditions of the Corona Kavach Policy remain the same regardless of the insurance provider.
| Eligibility | Specifications |
|---|---|
| Age of Entry | 18 to 65 yrs. |
| Types of Coverage | Family floater or Individual |
| Sum Insured Amount | Rs. 50,000/- to Rs. 5,00,000/- |
| Discount Percentage on Premium | 5% for doctors & health workers |
If you are covid positive & it is diagnosed in the policy term period, you receive a lump sum amount on your hospitalization. However, the hospitalization needs to be for a minimum of 72 hours. The duration of Corona Rakshak Policy on the minimum is 3.5 months & 9.5 months on the maximum.
| Eligibility | Specification |
|---|---|
| Age of Entry | 18 to 65 yrs. |
| Types of Coverage | Individual |
| Sum Insured Amount | Rs. 50,000/- to Rs. 2,50,000/- |
| Discount Percentage on Premium | 5% for doctors & health workers |
The decision to acquire the correct medical insurance policy is an important one and requires an in-depth examination on your end to ensure it meets your needs. The following factors must be considered closely to make the right decision:
Coverage Offered: The insurance coverage and the amount insured will determine the type of illnesses and operations that can be claimed during the policy term. Pay close attention to the benefits offered like hospitalization expenses, daycare expenses, covid 19 coverage, etc. before choosing the policy.
Adequate Sum Insured: The sum insured must be equivalent to your requirements. It is important to choose the plan with the highest coverage for your needs. In the current situation where covid 19 coverage is crucial, an insured sum between 10 lakh to Rs 1 Crore is recommended. If you are acquiring a family floater plan, the higher the sum, the more beneficial it is.
Type of Policy: It is vital to choose the right type of medical insurance policy online as each policy serves specific needs. As per your requirement, you can select an individual plan, a family floater plan, a group medical insurance, or a critical illness plan.
Waiting Period: The waiting period is the time you cannot file a claim under your medical insurance coverage. You have to wait for the deadline to expire. The waiting period typically applies to pre-existing illnesses, maternity benefits, etc. Thus, look at the Waiting Period when buying health insurance policy online and choose the one with the least waiting period.
Co-Payment Clause: Some medical health insurance plans online consist of a Co-Payment clause. Under this clause, a portion of your coverage is borne by you. This does not reduce the total medical insurance coverage but can put pressure on you as you could be paying a part of the expenses out of your pocket when the need arises. The clause does result in a reduction of the premium amount. If you do not wish to opt for this, look for another policy.
Network Hospitals: Network Hospitals are directly associated with health insurance companies. They help you avail of cashless facilities at the time of need. Take a look at the network hospitals of your insurance company when choosing a medical insurance policy online.
Lifelong Renewability: Health insurance policies are generally renewed every year. The process of renewal is quite simple & can be done entirely online. As a part of the renewal process you are required to pay your health insurance policy premium. It is important that you choose a health insurance policy coverage that has renewal options on a life-long basis.
Claim-Settlement Ratio: You should assess your health insurance company’s credibility based on its Claim-settlement ratio. If the ratio is higher, the more confident you can be that your claim can be fulfilled at the time of need. Ideally, a car insurance company with a claim settlement ratio of 80% is a good option.
Exclusions: Exclusions are the conditions under which the claim cannot be fulfilled. Such exclusions must be examined beforehand by the policyholder. An ideal health insurance policy is the one that meets your requirements, provides adequate coverage, and requires minimum medical insurance premium. But before that, it is essential to know the type of insurance policy suitable according to your needs. Mentioned below are some health plans based on your needs:
The eligibility criteria for a Health insurance policy depends on certain pre-existing illnesses or pre-existing ailments, policy holder's age & current medical conditions. The health insurance companies also conduct a medical test to check if the applicant already has some health diseases or not. Commonly these eligibility criterion needs to be met:
Age Criteria to Buy Health Insurance Plans?
The entry age for Adults: 18 to 65 years (70 and above, depending on the plan and the insurer).
The entry age for Children is 90 days to 18 years, and in some plans, it goes up to 25 years.
Pre-medical Screening Before You Buy Health Insurance Plans?
In most cases, the applicant’s age has to be above 45 years, but it might vary depending on the insurer and the kind of health insurance plan. Most senior citizen health plans need pre-medical tests to determine if the applicant meets the eligibility criteria for insurance cover. The criterion for an individual and family floater health plans might vary according to the policy terms and conditions.
Pre-existing Diseases To Mention Before You Buy Health Insurance Plans?
While buying a medical insurance policy, you must inform the insurer about the health diseases you have or any pre-existing illness that you or your family members have. It would be best if you did not keep it a secret as it can create problems at claim settlement time. It can even lead to the rejection of your claims.
Most health insurers question the applicant if they have any medical conditions such as blood pressure, diabetes, kidney problems, cardiovascular diseases, and other diseases. You also have to inform them about your smoking or alcoholic habits (if you have the habit); based on these factors, the insurance company will decide if you are eligible to get medical cover or not.
If one insurer rejects your application, you can also check with another or buy a specific health plan as per your medical conditions. Check the policy for terms and conditions to have a better understanding of the eligibility criteria.
Different health insurance companies offer various impressive features, and it can become challenging to choose the right policy. Therefore,comparing various health insurance plans online is a great idea. We offers you a systematic way to compare top health insurance policies so that you can select the most suitable & convenient plan one for yourself & your family.
Here are some of the significant advantages of comparing and buying a health insurance plan online:
Buying Health Insurance Policy online through the Coverfox website is quite an easy task. Coverfox gives you detailed insights, on-call customer service & an efficient tech-enabled interface. These factors make your online health insurance buying process quite smooth & easy. We get you expert advice along with an informed, unbiased opinion that will clear all your doubts and help you buy the perfect plan.
Follow the steps given below in order to buy a health insurance policy online with the Coverfox website.
Step 1: Enter full name & select gender.
Step 2: Put in your correct mobile phone number, then click on the option 'view plans' & then select your age.
Step 3: Click 'continue' & then enter your resident city name and its pin code.
Step 4: Select Yes or No if you take any medications.
Step 5: Choose the best health insurance plan from the options that are displayed.
Step 6: Now select and compare the different health insurance plans on Coverfox. You can also choose the personalized plans options.
Step 7: Once you select the plan, you can pay the premium or speak to our customer care representative to take you through different options.
Step 8: Do make an informed decision and pay the premium. Once all the steps are done, the policy will be emailed on your registered email-id.
Once you select the plan which meets your needs with the least amount of premium, you can go ahead and pay the health insurance premium or talk to our customer service to avail of the insurance policy. While it is understandable to choose the policy with the least insurance premium, it is essential to know that various factors can affect your health insurance premium.
Some factors influencing the premium of a health insurance policy include lifestyle, family health history, personal medical history, proposer’s age, sum insured etc. These factors are considered before the premium amount is determined. It is important to take note of these to make an informed decision.
As the medical facilities are advancing, so are the health care costs. The primary benefit of health insurance is that it takes care of healthcare costs. It gives financial security to you and your family if any unanticipated serious illness or accidental injuries drains all your savings. Learn how the cost of your insurance premium is determined:
A policy holder does not have to carry on with their current health insurance policy provider, if he or she doesn't want to. IRDAI gives you a provision to change the insurance provider. This switch happens without the policy holder having to compromise on the existing policy benefits or accumulated benefits.
Now IRDAI allows you to switch from one insurer to another while the new insurer will have to consider the credits you have gained from your previous insurer, where the credits refer to the completed waiting period in pre-existing conditions. The same thing applies if you switch from one plan to another within the same insurance company.
Q. How to get the best coverage with health insurance?
Ans: The best way to get the highest coverage with health insurance without splurging is through additional riders. You can add riders as per your needs and enhance your policy coverage.
Q. At what age can I get a health insurance policy?
Ans: The minimum age to purchase a health insurance plan is 18 years.
Q. What happens if I don’t pay my health insurance premium?
Ans: Your policy will lapse or get terminated if you fail to pay your premiums.
Q. How many health insurance policies can I have?
Ans: There is no limit on how many health insurance plans you can purchase.
Q. What is cashless treatment?
Ans: Cashless treatment under health plans ensures that you do not have to pay anything when you get admitted to one of the network hospitals of your health insurance provider.
Q. Is health insurance in India expensive?
Ans: No, health insurance is quite affordable. For instance, under a basic health plan with a sum insured of Rs. 5 lakh, you might have to pay a premium of Rs. 5,000 - Rs. 10,000 per year. The premium depends on your age, type of policy, and other factors.
Q. Can you get cover for family members under one insurance policy?
Ans: Yes, you can add family members like your spouse, children, parents or parents-in-law under a family floater which offers cover for the entire family.
Q. When can I use my health insurance policy?
Ans: Every policy comes with a waiting period after which your cover gets activated. The waiting period for most health policies is 30 days but we suggest checking with your insurance provider on the same.
Q. Will I still be covered if I get admitted to a non-network hospital?
Ans: Yes, your health insurance policy will still cover you if you are admitted to a non-network hospital. The only difference is that you will have to pay the bills and then file for reimbursement as opposed to getting cashless treatment.