So if you are interested in buying senior citizen health insurance, here are 4 things you must keep in mind to make the right choice.

Health Insurance for pre-existing illness

There might be a pre-existing condition that you may be suffering from. It is important to understand whether or not it is covered in your medical insurance policy. Some policies do not include medical expenses incurred due to pre-existing illnesses.

Companies also have a waiting period after which you can make claims for such conditions. This may vary between different insurance providers. So make sure to buy a policy that covers your pre-existing disease without having you wait for long.

An alternative Health Insurance treatment cover

You may be more inclined to get treated by Ayurveda or homeopathy medication than allopathy. They might suit you better than the conventional method. If so, then look for a health insurance provider that offers coverage for alternate medication and treatments according to your preferences.

Coverage over premium on Health Insurance Policy

Your health insurance premium for retirement is usually higher than the normal one. Due to this, many people decide to pay for the hospital costs on their own without taking a health cover, only to regret later. Considering the increasing medical costs, a single surgery could cost you a lot of money and exhaust all your savings. So, choose a health insurance policy based on the cover offered instead of the premium.

Co-payment clause is included under Health Insurance Plans

When you take health insurance for your retirement, an additional co-payment clause is included in the terms of your policy. This means you will have to pay a certain percent of the medical bill and the medical insurance provider will take care of the rest. For example, health insurance that includes 10% co-payment means that you will have to pay Rs. 20,000 and your insurance company will pay the rest of your medical expense if the total bill is of Rs. 2 lakh. The co-pay percent is usually about 10-20%, however, it can also go up to 40% for some policies. So, select the lowest co-pay percentage as possible to get the maximum benefits.

Finally, it is important to carry out thorough research and comparison before shortlisting a policy. You can also use aggregator websites to help you get the right health insurance policy according to your requirements. Above all that, do make sure to read all the terms and conditions carefully before you move ahead with your decision. By doing so you will truly get the best value for money.

Good luck and take care.

These days, most insurance agencies have begun selling medical coverage online to facilitate the system for clients. They have additionally presented credit only health care coverage administrations, which makes it simpler for you to make claims and pay for clinic and other clinical costs. The accompanying article clarifies exhaustively about credit only health care coverage.

Importance of cashless health insurance

At times of a medical emergency, it gets difficult to run to ATMs and banks to get access to cash and carry out the heavy paperwork required by the hospitals. However, with a cashless health insurance service, you can eliminate the entire process of payment using cash and all your documentation is taken care of by your insurance provider. This helps you be there for your family during a medical crisis without stressing about the hospital’s formalities and bills.

Types of cashless health insurance

There are two types of cashless health insurance, one being a family plan and another being a senior citizen plan. The former provides cover for your family against medical emergencies and treatment costs. The latter helps protect senior citizens against pre-existing illness and other overhead charges along with hospitalization expenses.

Steps to follow to make claims of health insurance online

At the time of need, cashless health insurance takes away the hassle of paying the hospital bills using cash. As the entire procedure is digitized, here are the steps you will need to follow to make claims

STEP 1

Along with your policy, you will be given a policy card. Once you show your policy card at the hospital, you will have to fill out a form. Some information on the form is to be filled by the doctor who is attending to the patient. They also cross-check the details entered by you for authenticity.

STEP 2

This form is then sent to the third-party administrator. They will check for eligibility and validity of the pre-authorization form. Depending on the terms of your health insurance policy, the third-party administrator will issue a letter of approval or denial.

STEP 3

On approval, your insurance company will sanction and disburse the amount within a few hours. However, this varies among different insurance companies.

Points to remember

• Cashless health insurance services are applicable only if you get the treatment done in a hospital that falls on the list of your insurance policy
• The claims can get rejected if your preauthorization form is incomplete or lacks authenticity
• Some expenses may not be included in your policy such as medical equipment charges, documentation costs, etc.
• You will have to pay for overhead charges if your assured expense is exhausted
• Make sure to keep the hospital and other bills intact for future references
• Read the terms and conditions carefully before giving any commitment

Finally, when taking cashless health insurance, do remember to compare various policies. This will assist you with choosing the one that best suits your necessities. Fare thee well.

You can compare all the available plans based on factors such as claim settlement ratio, the number of cashless hospitals, reviews and ratings, etc. However, once you find the right plan, you have one more important set of choices to make; the choice of add-ons. Most Medical Insurance Plans in India will offer up to 10 or 15 different add-ons for you to choose from.

Each and every one of these add-ons can be extremely helpful. However, there are some that can prove to be especially advantageous. This article will highlight 5 such add-ons to help you craft the best coverage for your needs.

Most Used Critical Illness Add-On

Most useable add-ons in a health insurance policy. If your plan does not offer critical illness cover by default, it makes sense to have it included through an add-on. This is because the treatment of a critical illness cost a lot of money. So much so that, even with medical insurance in India, you might still end up with costs to cover out of your own pocket.

This is because critical illnesses have long treatment procedures and leave you out of work for extended periods of time. This is a dangerous combination that could eat through your health insurance coverage and your savings in no time. This is the place where the basic disease add-on can be incredibly useful. It will provide a lump sum payment over and above the sum insured of your health insurance policy to help you cope with expenses.

Important Maternity Add-On Cover

This is another important add-on you should consider when buying medical insurance in India. Not all plans offer to cover these expenses by default. You might have to purchase a separate cover in the form of a maternity add-on. This will usually cover medical expenses for 2 deliveries or lawful terminations. It should also cover medical expenses for newborn babies up to 90 days from the date of delivery including vaccination expenses till the baby completes 1 year.

Medical Inflation Add-On

Medical inflation is causing Healthcare prices to shoot through the roof. Therefore, if a sum assured that seems more than adequate today might fall short in a few years. To ensure your coverage stay in tune with the times, it is advisable to include the inflation add-on when buying medical insurance in India. This will bump up the sum assured of your plan every year to ensure your coverage is always in line with the times.

These were 3 of the most important add-ons you should consider when buying medical insurance in India. However, remember to also go through the rest of the add-ons before finalizing the plan.

According to Section 80D of the Income Tax Act, 1961, you can avail of tax benefits on the premiums paid towards your health insurance. Due to these health insurance tax benefits, you can enjoy certain deductions on your tax, which is an added advantage of buying health insurance. Now, there are certain terms and conditions to these tax benefits. To help you understand better how the tax deductions work, here’s a brief explanation of the same as per the Income Tax Act under Section 80D.

• As per Section 80D of the Income Tax Act, health insurance premiums paid in cash are not included in the tax exemption clause. This means that you will not qualify for health insurance tax benefits if you pay your premiums in cash. However, all other modes of payment including cheque, net banking, demand draft, debit card, and credit card qualify for tax exemption.
• Tax exemptions are not valid on additional charges like GST, processing fee, service charge, etc. but only on the exact amount of the health insurance premium.
• Health insurance plans, including family plans that provide coverage to your children, spouse, and dependent parents, all qualify for tax deductions.
• If your health insurance consists of a critical illness coverage add-on, then the premium paid for this rider can also be claimed for a tax deduction.

Let’s look at the specific amounts of deduction in health insurance

Under Section 80D:

If a person is covered by a plan that offers health insurance for their family, including themselves, their spouse, parents as well as children, then they can avail health insurance tax benefits of up to 25,000. And if a person takes health insurance for their parents who are more than 60 years of age, they can claim a deduction of up to Rs. 30,000.

Under Section 80DD:

If you have paid the health insurance policy premium for a handicapped family member, then you can claim a deduction of up to Rs. 75,000 as per section 80DD.

Under section 80DDB:

As per section 80DDB, a policyholder may claim deduction on medical costs incurred due to the treatment of a family member who is affected by diseases such as AIDS, dementia, chronic renal failure, certain cancers, and a number of other conditions. The deduction can go up to Rs. 40,000.

Under section 80U:

As per the 80U section of the Income Tax Act, a disabled person qualifies for a tax deduction in the range of Rs. 75,000 to Rs. 1,25,000, depending on the severity of their condition.

In conclusion, buying health insurance helps lower your tax liability. So, it is a smart choice to invest in a medical insurance policy that provides both financial safety and tax benefits. Hope this article has helped you understand more about health insurance tax benefits.

Good luck!

General insurance refers to insurance products that financially protect you and the things you value. The most common types of general insurance products include health insurance, car insurance, home insurance, and travel insurance, among others.

Selecting the best general insurance company in India is as important as choosing the right policy. As policy providers in India range from industry giants to small companies, doing some homework is always a good idea. The reason behind this is that you want to be sure you can rely on the insurance company you choose. So, how do you know if a particular insurance company is the right one for you? Here are a few tips to guide you in selecting the best general insurance company in India.

1. Check the company’s reputation

It is important to understand the insurance company’s reputation to know how well they serve their customers and honour claims. One of the most effective ways of evaluating an insurance provider is by going online and checking out customer reviews. This will give you a fair idea of the company’s standing. To know a bit more about the provider, you can also read their ‘About Us’ section that describes their years in business, the types of products they sell, and a lot more to help you decide whether that provider is well suited for your needs or not.

2. Inspect the claim settlement ratio

In case you have to make a claim, you would not want it to get rejected. Hence, it is important to do a quick background check on the provider’s claim settlement ratio, ratings, and choose the one with the best record. This information is easily available online.

3. Get maximum coverage

Proper coverage is essential and can save the day when things go wrong. Always choose the insurance company that provides the maximum coverage for your business or personal needs. For instance, if you are buying car insurance, choose a provider who offers roadside assistance, a wide network of garages, and cashless service as part of their plans. With health insurance, look for benefits such as a free health screening.

1. Opt for affordable pricing

Different insurance companies have varying premium rates, depending on the policy that you choose and their reputation. So, choose a company whose premiums fall within your budget. Also note that when you decide to take insurance through an agent, you may have to pay additional commission while purchasing a policy. This adds to your premium and can get a little heavy on the pocket. So even as you search for the best general insurance company in India, make sure you can afford the final cost.

5. Look for ease in doing business

Understand the company’s customer servicing and how easy it is to reach out to them. Do they have facilities for online bill payments, claim reporting, policy changes, and a 24/7 helpline service? If the answer to all these is a yes, then you should definitely buy a policy from them.

We hope this article will help you in your search for the best general insurance company in India. Take care and good luck!

Does The Family Health Insurance Plan Provide Adequate Coverage For A Variety Of Illnesses?

In any health insurance plan, you can expect the hospitalization expenses to be taken care of. What you should be looking for besides that is coverage for pre-and post-hospitalization expenses. You should also ask questions about the coverage for other health expenses such as ambulance services, vaccination, annual health check-ups, AYUSH/alternative treatment, and so on. A good health insurance plan should cover an extensive number of day-care surgeries as well.

Does The Insurer Offer Cashless Services At A Large Number Of Hospitals?

This is an important question to ask if you want to find the best out of the many health insurance plans for family coverage. If the insurer has a large number of network hospitals, that is the hospitals where one can access cashless treatment, it can really ease things for you. It takes away the need to get yourself involved in the claim process and arrange large amounts of money as the insurer tends to take care of that when it comes to cashless services.

How Dedicated Is The Insurer To Settling The Claims Of Its Policyholders?

This can be ascertained to a great extent by looking at the claim settlement ratio of the insurance company. It tells you how many claims an insurer solved in a year as compared to the number of claims they received. When finalizing health insurance plans for family needs, it is important to go for an insurer that has a CSR of over 90%.

How Many Members Can I Add To A Family Health Insurance Plan?

These days, insurers offer family plans for every type of family. In most plans, you can cover yourself, your spouse, dependent children and parents, parents-in-law, siblings, nieces and nephews, and so on. Plus, insurers that offer health insurance plans for families understand that families undergo changes. So, one can add or remove members as per one’s will. You can also purchase a family plan if you are a single parent.

What Are The Exclusions Of The Family Health Plan?

Looking through the exclusions category of any plan is vital. A plan that has exclusions for a large number of relevant diseases is better avoided. Usually, the exclusions are related to situations where the health expenses are caused due to war, nuclear activities, substance and alcohol abuse, and so on. In many cases, pre-existing diseases may not be covered for a certain period.

For many, their loved ones are their biggest treasures. The care and concern one feels for them can be expressed in practical form by securing their health and their future in the best way possible. Therefore, ensure to do ask these questions when you are looking through health insurance plans for family coverage.

Given the current scenario, you might have several questions regarding your presently active health insurance policy. Several policyholders are wondering whether they should increase their health insurance due to the pandemic to deal with the rising risks and medical expenses. We will attempt to answer that in this article.

As per IRDAI guidelines, the typical health insurance policy is expected to provide coverage for COVID-19 treatment expenses. However, there might be certain situations where your policy might not provide coverage. Let’s look at the following scenario for example.

Ramesh was diagnosed with COVID-19 and immediately hospitalized for treatment. During his treatment, he was given several bottles of oxygen. The overall treatment at the hospital cost Ramesh Rs 4.5 lakhs. Ramesh’s health insurance had a sum insured of Rs 5 lakhs. However, he could not pay the entire Rs 4.5 lakhs out of his health insurance pay-out as his health insurance doesn’t cover consumables. Consumables include oxygen bottles, PPE kits, gloves, sanitizer, and so on. He had to pay a significant chunk (cost of consumables) of the hospital bill out of his own pocket.

Furthermore, Ramesh was in the hospital for two weeks for his entire course of treatment. During this time, he had to take a break from his work and this affected his income severely. He had to dip into his savings for his hospital and household expenses. Being the sole breadwinner of his family, the situation was tough indeed.  

In this scenario, having a health insurance policy that focuses on the unique circumstances of COVID 19 might have helped Ramesh. To keep up with the specific needs of a COVID 19 patient, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced two new COVID 19 specific policies: Corona Kavach Policy and Corona Rakshak Policy.  These two have certain distinct features that prove to be more suitable in the present circumstances. Let’s try to understand the two policies.

Corona Rakshak Policy – Health Insurance

Corona Rakshak Policy is a benefit-based plan which financially covers the policyholder in case of a COVID-19 diagnosis.

Even if you already have health insurance, you may increase your coverage by buying the Corona Rakshak Policy. Under this policy, you are eligible for a 100% pay-out of the sum insured in case you are diagnosed with COVID-19 and are hospitalized for 72 continuous hours or more. This lump sum amount can be used as you deem fit for any expenses that may arise in the course of your treatment.

The sum insured for the Corona Rakshak Policy ranges from Rs 50,000 to Rs 2.5 lakhs. Selecting a higher sum insured will take care of the rising expenses of COVID-19 treatment and help you get the medical care you deserve.

COVID-19 can cause severe complications and the treatment for the same may also lead to loss of income for a while. In such a situation, your household finances must continue running smoothly. Opting for a Corona Rakshak Policy would help compensate you for the loss of income due to your COVID 19 treatment so that you and your family can focus on recovery.

The infectious nature of COVID 19-19 means that your near and dear ones are at risk too if you have been diagnosed. That is why it is advisable that you also purchase a Corona Rakshak Policy individually for your family members to fully secure them.

Even if you already have a health insurance policy, opting for the Corona Rakshak Policy can help you fill in the gaps of your present coverage.

Corona Kavach Policy – Health Insurance

The Corona Kavach Policy is an indemnity-based policy that offers financial coverage for COVID-19 hospitalization and treatment. This policy acts like your normal health insurance plan, but only for COVID 19-related medical expenses. In case, you do not have health insurance. This policy can be immensely helpful to you given the current situation.

Major features of the Corona Kavach Policy

1. Wide coverage

A standard Corona Kavach Policy will cover the following expenses-

1. Hospitalization (this also includes hospitalization at any temporary, government-approved treatment center)
2. Pre- and post-hospitalization for a specified period as mentioned in the policy
3. Authorized AYUSH treatments
4. Telemedicine consultation
5. Home care treatment

Hospitalization coverage also includes consumables such as PPE kits, gloves, oxygen, and so on.

2. Sum assured of up to Rs 5 lakhs

While opting for the Corona Kavach policy, you can select the sum insured ranging from Rs 50,000 to Rs 5 lakhs.

3. No upper limit on room rent

Considering the present shortages of resources, hospitals are charging heavily for beds and rooms. Your normal health insurance might not help you with the finances here as most insurers have a capping on room rent while paying for hospitalization expenses. Under the Corona Kavach Policy, however, there is no such cap.

4. Also available as a family plan

This policy can be purchased for the whole family under the insurer’s Corona Kavach family health insurance plan.

It is important to note that the Corona Kavach Policy and Corona Rakshak Policy are available in short-term tenure options of either 3 ½ months, 6 ½ months, or 9 ½ months. A minimal waiting period of 15 days is applicable to both the policies. Normal health policies usually have waiting periods that can go up to 90 days which might not be suitable during a pandemic.

As we can see from the features of both the policies, while the Corona Rakshak plan may supplement your existing health insurance during these troubled times, the Corona Kavach plan can act as an insurance policy of its own. Being protected, physically, and financially, during a pandemic is of the utmost importance for peace of mind, and increasing your health insurance can help you achieve that.

However, it must be emphasized that these two plans are applicable to COVID 19-related expenses only. If you want a comprehensive health plan that includes coverage for other diseases and expenses, it is advisable to purchase a normal health insurance policy for you and your family.

Since Corona Rakshak policy and Corona Kavach policy are standardized policies, the coverages and terms and conditions remain the same across all insurance providers.

We hope this article has been helpful to you.