Health insurance tips

The health insurance segment witnesses the highest number of claims and hence the rejection rate is also very high. To ensure smooth settlement-
Make sure you have all the documents in place and the renewals are done in time.
Make sure you have carefully read about the exclusion of diseases such as pre-existing illness etc. Be aware [...]

The health insurance market is flooded with an array of products. You are spoiled with choices as different policies offer different benefits. So your work does not stop at deciding to buy a health insurance product. It is essential to choose the one that will satisfy your need. Make sure you buy a product that [...]

What is the difference between a Gold, Silver and Standard Plan? tips
Some insurance companies offer gold, silver and standard plan variants in health products. Example: Reliance Healthwise Policy has the gold, silver and standard option. The main difference is in the spectrum of coverage. For e.g. The Reliance Health Wise policy Gold and Silver cover Donor [...]

Health insurance covers your hospitalisation needs while a life insurance product is for the financial security of your family in case of an untimely death. Besides, the riders such as critical illness policy are a benefit only policy, wherein on the happening of an event, the insurance company pays the policy holder a lump [...]

The health insurance policy that you buy is in force across India. You should look for network hospitals in an around the area in which you live and your family so that you have the option of cashless claim. If there are no network hospitals, you will have to opt for the reimbursement mode of [...]

What expenses does a health insurance policy typically cover? Tips
A typical health insurance plan would cover hospitalisation expenses (minimum 24 hour hospitalisation required) and also pre and post hospitalisation expenses to the extent of the sum assured. Conditions arising from diseases existing before the purchase of the policy are not covered in the policy. These [...]

The earlier, the better. The premium charged is primarily dependent on- age, the amount of coverage required and your previous medical history. It pays to start early as younger individuals are considered healthier and hence have to pay a lower premium. As you progress in age, premium increases as the incidences of health problems in [...]

A surgery today costs several thousands of rupees and sometimes several lakhs. Take the case of a heart surgery- It would easily cost upwards of Rs. 1 lakh. Are you prepared to bear expenses of this quantum? Medical expenses are on the rise and the suddenness of the expense sometimes puts the family in a [...]

Health insurance tips

Now that you know the importance of health insurance, I’m sure you would want to know when, how and which policy to choose.

* Modern-day lifestyles result in many individuals suffering from health-related problems sooner than expected. Hence, it is advisable to opt for health insurance at as young an age as possible. Another advantage of this is that you have to pay a lower premium if you start at an early age.
* In case you are single without any dependants, then you could opt for a Standard policy. But if you have a family, a Family Floater plan may be a better option for you. The factors that you should consider before deciding on the amount of cover include the number of members in your family, their ages, cost of medical expenses, your income and lifestyle.
* While choosing a policy, ask your insurance company for a list of in-network providers. In-network providers are hospitals that your insurance company has tie-ups with. These hospitals provide cashless treatment in case of a medical emergency. What this means is that you can avail medical treatment from them without paying any money and the bills will be directly settled by the insurance company. In case you go to a hospital which is not among the network providers, you will need to settle the bills yourself and these will be later reimbursed by the insurance company.

As you can see, health insurance can be a real life-saver in case of medical emergencies. Most health insurance companies also offer a no-claim bonus. What this means is that if you don’t file a claim during the term of the policy, you are eligible for a discount on the premium at the time of renewal of the policy. And, the icing on the cake is that premiums paid on a health insurance policy can also save you tax as they are deductible from your total taxable income up to a limit of Rs. 15,000 per annum.