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Health Insurance Plans starting @ Rs 6 / day
Most employers cover their employees under a standard corporate health insurance plan. This may or may not cover the employees’ family members. Compared to the cost of hospitalization for a regular illness, the coverage offered by your company’s health plan may not be enough in the actual time of need. Thus, you must consider buying a health insurance policy of higher sum assured.
It is always advisable to buy a health plan at an as early age as possible. The younger you are the cheaper the premium. For instance, if you’re 25, a plan with Rs. 5 lakh coverage would cost you around Rs. 5,000. At 35 for the same you’d have to shell out around Rs. 6,000 and at 45 the cost could rise to Rs. 8,000 a year. Moreover, you would even have to go for various medical tests.
If you do not have emergency funds to pay off your hospital bills, cashless hospitalization under your health plan acts as your savior. By informing the insurance company about the hospitalization and duly submitting the required documents, your hospital bills, diagnostic test costs, etc could be settled directly between your insurer and the hospital. In case of claim settlement you might have to pay for the expenses initially and get them reimbursed later.
The fact is, you need not be 60 to purchase a health insurance plan. Sedentary lifestyle is one biggest cause of lifestyle disorders, including heart and lung conditions and stroke, which claim younger lives. It, therefore, is imperative to insure yourself under a health plan that protects you against the financial risk from such diseases.
Most of us have to travel a lot for work. Buying a health insurance plan that covers emergency medical support along with making available the best healthcare facilities around the country for some common yet critical diseases, is the best choice. Travel health insurance covers both pre and post-hospitalization expenses. It provides financial protection for medical treatment as well as cost of carrying a patient to the hospital by reimbursing ambulance charges.
Of course, you also save on tax for paying the premium for a health insurance plan. As per Section 80D of the Indian Income Tax Act, a taxpayer can claim deductions on health insurance premiums paid for self or family and parents, apart from deductions on expenses related to health check-ups, and avail exemption up to Rs. 55,000.
While choosing a health insurance plan, there are a few things that you should consider and look into the health plan terms and conditions:
Entry Age: One can opt for health insurance with extended coverage on the basis of Individual and Family Floater. Entry age to become a policyholder for adults is from 18 to 65 years (70 and above, based on the plan and insurer). The minimum age from which the children can avail health insurance is from 90 days to 18 years. Coverage cost increases as you grow older on the basis of your medical background. Buying health insurance is cost effective during early age as one can be free from pre-medical tests conducted by the insurers. However, in some cases pre-medical tests may be mandatory.
Number of members covered: Certain plans restrict the number of members into a policy. Family floater plans cover you and your family on a sharing basis. Most of these allow two adults and two children. However, you could consider covering individual members under separate individual health plans too. Thus, consider the possible health expenses in your family before heading on to buy one.
Sum insured: Sum assured or coverage is the minimum amount payable to the insured by the insurance company. Sum insured is very crucial when it comes to any health insurance. Hence, before you buy a health insurance plan, consider the possible health expenses in your family. Remember that a bigger sum assured comes at a slightly higher premium.
Deductible: The partial amount of expenses that have to be paid by you before your insurer pays the remaining expenses during a claim settlement is a deductible. A health insurance plan with a higher deductible will have cheaper premium. But you'll pay a lot upfront when you need healthcare. Do read the terms and conditions carefully for this one.
Family Discount Applicable: Some health insurers offer discounts of 5-10 percent on premium if you buy an individual health plan for more than one member of the family. However, remember what may be suitable for you may not cover your spouse or parents adequately. So, in case you want to avail benefits of such an offer, do consider the coverage properly.
Pre-Policy Medical Check-up: Usually, individuals with entry age above 50 years or with adverse medical history have to undergo pre-policy medical check-up. In most of the cases the amount spent on pre-policy medical check-up is reimbursed up to 50% after the policy is issued.
Waiting Period: Waiting period or cooling period is the time after the purchase of policy under which no claim is paid other than in situations when claim has resulted due to an accident. It varies (from 30 days to 90 days) from insurer to insurer.
Pre-existing Diseases: These are medical conditions that existed before you obtained a health insurance policy. It is significant to check this in the policy wordings because insurers do not cover such pre-existing conditions, within 48 months or prior to the 1st year of policy. It means that pre-existing conditions can be considered for claims after completion of 48 months of continuous insurance cover.
Room rent limit: Your health insurance policy sets the maximum per day room charges that you are eligible for in case you get admitted to a hospital. Check for the capping amount or criteria defined, if applicable.
Network hospitals: Check for the list of network hospitals and try buying a policy which covers your hospitals.
While there are a lot of health plans available in the market, we have collated a list of top insurance plans below:
|Health Insurance Plan||Age||Type of Plan||Sum Insured||Benefits|
|Religare Care Plan||Children 5||Adults Min- 18 Years Max- No Age Limit||Individual Plan||Family Floater Plan||2/3/4/5/7/10/15/20/25/50/60 Lakh|
|Max Bupa Companion Health Insurance Policy||Children 91 Days||Adults Min- 18 Years Max- No Age Limit||Individual Plan||Family Floater Plan||2 - 100 lakhs|
|Oriental Happy Family Floater Mediclaim Plan||Children 91 Days||Adults Min- 18 Years Max: 65 years||Family Floater Plan||Silver:1 lakh to 5 lakh Gold: 6 lakh to 10 lakh|
|Senior Citizen Red Carpet Plan||Children- N/A Adults : 5 Years Min : 60 years Max: 75 years||Individual Plan||1 Lakh to 10 Lakh|
|iHealth Plan||Children in Individual Plan 3 Months- 23 Years Family Floater Plan Children- 6 years – 23 Years||Adults Individual Plan Above 18 Years Adults Family Floater Plan Above 18 Years||Individual Plan||Family Floater Plan||2 Lakh to 10 Lakh|
|Apollo Munich Easy Health Individual Plan||Minimum Age- 3 Months Maximum Age- 65 Years||Individual Plan||Standard- 1 Lakh- 5 Lakh Exclusive- 3 Lakh- 50 Lakh Premium- 4 Lakh- 50 Lakh|
|Max Bupa Heartbeat Health Insurance Policy||Children 91 Days||Adults Min- 18 Years Max- No Age Limit||Individual Plan||Family Floater Plan|
|IFFCO Tokio Swasthya Kavach Plan||Children 91 Days||Adults Min- 18 Years Max- 65 Years||Family Floater Plan|
When we pay for something, we don't like to compromise on quality. This applies to the health insurance we would want to buy as well
The whole concept of insurance brokers revolves around offering essential insurance services to consumers on priority. Since they are licensed by the IRDA, brokers are liable to provide specific solutions as per your distinct needs and requirements. They can be approached for unbiased and accurate advice.
Online insurance brokers, such as Coverfox.com, have a user-friendly interface and secure payment gateways, where even a newbie can access and purchase the health insurance policy as per their requirement. And when they offer the facility to compare and choose with ease and simplicity, why look back?
For anything and everything related to your health insurance policy, you can contact your broker. They can easily help you manage your policy and handle the requests on your behalf while dealing with the insurance companies. Anything from changing the address to filing a claim—a phone call is all it'll take. Most of the health insurance policies offer annual health check-ups to assure health awareness. Preventive measures can include counseling, screenings, and vaccines that help you to better manage your health.
Brokers, like Coverfox.com, have a dedicated claims team that handle all claims-related concerns and questions of their customers. They are experts in everything— right from scrutinizing the required documentation for filing the claim to the final settlement. A guaranteed peace of mind for the customer.
What is the right time to buy health policy?
As soon as you read this! Buying a health policy at an early age is cheaper, the premiums are low. So, don’t wait for any accident or a medical condition to occur, be prepared and buy a health insurance policy.
Is medical checkup required before buying a health insurance plan?
A medical checkup before buying a policy is mostly applicable on higher age bracket or people having past medical history and opting for high sum insured. However, it is in your best interests to undergo medical test at the time of buying a policy to ensure the fast and efficient claim settlement.
Do health insurance policies cover diagnostic charges like X- Ray, Ultrasound Or MRI?
A health insurance policy does cover diagnostic charges like X-ray, ultrasound, blood tests or MRI, as long as a patient is hospitalized for at least one day. Any diagnostic test which is not related to the treatment are not covered.
Can I take policy for my kid who is 3 years old?
Ideally, there is no separate policy for toddlers. However, they can be covered in your own health policy by either of the parent.
Will I get maturity benefits?
No, you will not get any maturity benefit on health insurance plans. However, if there are some insurance companies who plan to offer a health saving plan, in near future, we will update in this blog for sure.
What are the documents required for buying health insurance online?
No documents are required for buying health insurance online. However, in some cases medical tests may be required. It is in your best interests to undergo medical test at the time of buying a policy to ensure the fast and efficient claim settlement.
Can I cancel my health insurance? If yes, will I get my premium back?
Yes, you can always cancel your health insurance whenever you feel like. In such an event, insurance company allows refund of expense done after adjusting underwriting costs, cost of pre-acceptance medical screening, etc.
Will I get the entire amount of claimed expenses?
The insurance company is liable to pay you the entire amount if it is within the sum assured and is related to the treatment mentioned in your policy document. Make sure you submit all your relevant documents, like hospital bill, doctor’s prescription, etc. along with the duly filled claim form.
What if the insurance company refuses to settle my claim and I want to file a complaint? Or I am not happy with processed claim amount.
In order to monitor complaints and grievances of policyholders, IRDA has implemented the Integrated Grievance Management System (IGMS). It is a platform where policyholders can register their complaints with insurance companies first and if required, it can be escalated to IRDA Grievance Cells. You can reach IRDA Grievance Call Centre (IGCC) through- Call - Toll free number 155255 for voice calls Email - firstname.lastname@example.org