Monthly Archives: May 2016

How to buy right health cover policy online?

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With hectic lifestyle, growing environmental concerns, inflation costs, rising medical expenses, complex treatment procedures getting a suitable health insurance cover for you and your family is a must. Today, with online medium you can easily access and compare insurance policies at your convenience. Online mediums take few minutes to give you quotes on some of the best insurance policies suitable for you and your family at optimum costs. Depending on the coverage you choose, applying and enrollment take only minutes as well.

But selecting the right health cover for you and your family is a serious one time decision in life. They are many insurance companies which often try to lure customers with unnecessary rider benefits, policies etc. that will only end up buying irrelevant policy. So the article helps you with some useful tips for purchasing right health insurance online. Whether you are looking for individual major medical, critical illness, short-term medical or surgical insurance these tips prove beneficial for choosing the correct policy.

Know your Needs

Purchasing health insurance is a financial commitment which means if you pay more and get less coverage or purchase any useless policy then it will lead to serious health and financial crisis. Therefore, before going for policy purchase try and understand how long will you need the coverage for? What are the income sources? Are there any pre-existing ailments in family? Do you need extra protection? Etc.

Budget

Get a clear picture of your budget allocation. Check your income sources and decide how you are going to spend on each element of the insurance policy. Consider premium, copay, coinsurance, prescriptions, over-the-counter drugs, services not covered by insurance and any other out-of-pocket medical expenses as well. Knowing how much you can spend will be important when obtaining online health insurance quotes and comparing plans.

Health history

It is important to keep information handy such as birth dates of family members, addresses and coverage start dates of everyone on the health insurance policies.  Secondly, it is very crucial to know if there are any pre-existing ailments within your family members. For example if it’s  your parents they are bound to have health issues beforehand, or else your wife might be expecting and so she might need extra care.

Compare plans and premiums

Online policy purchase gives you ample of time to compare the policy in terms of benefits and features, premium rates, discounts and offers, payment modes etc. so take your time and then decide. Get few quotes, narrow them down to few that fit your budget, compare details minutely and then go for purchase.

Network providers

If it’s important you examine the network provider lists. Check if you have in-network access to the doctors, specialist, clinic and hospitals you prefer or that are most convenient for you.

Expert Opinion

Health insurance policy purchase is not like purchasing onions or tomatoes in the market i.e if rotten just throw them away. An expert opinion is anytime better than going for wrong purchase which might end up into serious finance crunch during health crisis. You will likely have many questions as you go through the process. Ask them before you apply and start paying premiums.

Health policy a better way to protect you in medial crisis

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Health cover is an awesome way to protect yourself and family from the heavy expenses of medical treatments in today’s times. Health insurance policy covers the expenses of the insured person’s medical and surgical costs. Future is highly uncertain; you may never know when you might fall ill critically or meet with an accident. Therefore, it is better to stay prepared beforehand with suitable health cover.

In India, there are various companies who have introduced hundreds of customized policies for consumers. But still many people are not aware of India health insurance policy and its benefits. Although, many organization have introduced employee health insurance but these cover come with limited benefits and won’t cater to specific needs. Therefore, it is advisable to own a customized private health cover that can cater to yourself and family’s specific needs well.

The article discusses few points to remember while purchasing India health insurance policy:

Compare Policy:

Firstly, it  is important you make a list of your family members, their needs, hereditary disorders, their health issues, term of policy, premium you can pay, base plan and your expected top up cover. Then compare these with features you need online and see if policies are meeting your needs. Shortlist 3 to 4 policies most appropriate ones and then go for the purchase.

Joint or Individual Plan:

Many times people get confused whether to buy a family floater plan or individual policy for each member. It is advisable if your family members are young and below 50 years it is better to go for family floaters as there is less chance of risks to health. For people above 50 years purchase an individual plan as they would be more prone to health needs and thus expenses.

Cashless Facility:

One of the best parts of India health insurance policy is that they provide customers with cashless claims. There are different insurance companies with varied ways of settlement of medical claims. Some provide pure cashless claim while other give reimbursement of the treatment after paid by you at the hospital counter. Cashless claim policy is better because here you don’t have to bother about paying the bills and then run for the reimbursement.

Hospital Networks:

Before buying your health plan it is important to check the empanelled hospital covered by the policy. Check if they have cashless claim, check if they are nearby from your house. Compare the network in your preferred area, which is nearest to your convenience. If hospital network, facilities and amenities are not as per your criteria, you can opt to look for another company’s policy.

Sum assured

It is important you determine the sum assured to you on the basis of your city, duration you buy the policy and the city you live in. India health insurance costs higher in metropolitans and big cities compared to smaller ones. So make sure the sum assured is as per your city expenses. The amount should also include the expenses or inflation costs of near future because they are bound to inflate many times as compared to today.

Buy Early:

Early policy purchase give lots of benefits like low premium, high cover, less settlement time of claim etc.  At early age you’re not prone to diseases, you can get best coverage with no medical examination hassles. Also, you should check the insure renewability terms and conditions. See, if the premium costs doesn’t exceed as per your expectations.

Keeping in mind few of these points while purchasing India health insurance will make sure you opt for the best suited policies, from the available options in markets.

How health policies will help you during medical crisis?

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It was the happiest moment in life of Vinit Shejwal – my best buddy as they had bought their new house and had shifted few days ago. He threw a lavish party for everyone of us and we gave best wishes for his future. Since, Vinit had purchased the house little bit away from town side, his father had to travel everyday to handle the business in town. Just like any other day his father visited his office and was travelling by train at home during which he got a sudden pain in his chest. He immediately called Vinit’s uncle at the station who then quickly rushed him to the doctor. Doctor asked them to get him admitted very urgently as it was a heart attack. After all the tests, doctor suggests Vinit for an angiography since the blockage was around 99% and the costs would incur somewhere around 5 lac. For a moment I and Vinit were in a state of shock, but without delaying for a minute we asked the doctor to go ahead with treatment. Vinit seems to be little worried, after consoling him obviously my next question was how will you arrange the finance buddy? For which he replied, “I have taken a health insurance policy and my parents are well covered as well.”

The point is inspite of Vinit being well settled in life, he ran in a state of shock taken into consideration his father’s critical attack and the treatment costs. Just like my friend Vinit there are millions of people in India who may live a lavish & well settled life but criticality of health will never come knocking at your door. Its’ uncertain and all of sudden. Therefore, owning good health insurance policies would be the ideal way to safeguard yourself from the health horrors of life. Health covers are becoming imperative in today’s world, whether for you as an individual or securing your family’s health. It ensures you receive the best possible medical treatment in an emergency medical crisis and also helps you save your valuable money earned.

Health insurance policies are one of the smartest move in today’s time and age when stress, hectic lifestyle, environmental degradation induced diseases are on the rise. Sedentary work, poor eating habits, long working hours, adolescent habits, living in far flung cities, work related stresses, are some of the other factors that affect individual’s health, especially the young section of the society. Therefore, whether a single, married or family person owning health policy would be smart choice. Secondly, since you have to pay fraction of the actual medical costs if the need arises, your financial stability stay intact. You don’t have to borrow money from friends, family members or take loan during such time. You hold your respect in front of other as well. You can either pay an upfront amount to purchase your insurance or make payments in installments.

Some of the benefits of health insurance policies:

  • You avail cashless treatment in any of the network hospitals
  • Covers pre and post hospitalization expenses up to the specified number of days
  • Reimbursement facility if availing treatment in non-network hospital
  • Ambulance charges covered
  • Room Rents
  • Doctor’s Consultation time-to-time

Health insurance policies are designed in such a way that they cater to all your financial requirements of the time. It mentally and emotionally stabilizes your mind during medical crisis. The cashless facility offered by health insurance providers is indeed a boon for people as arranging for last minute cash for medical treatments can be a burden on anyone. The best way to buy policies would be online as you get a premium quote from the website, compare policies in terms of benefits & features, discounts & deals, payment modes, claim procedures, premium costs and lastly purchase it anytime and anywhere at the place and time of your convenience.

Best Family Floater Health Insurance Plans in India for 2016

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In the first part of our series, Best Health Insurance Plans in 2015: Individual Mediclaim, we had looked at the best individual Mediclaim plans, based on the most recent Mint Mediclaim ratings.

Mint the leading financial daily rates Health insurance plans based on a variety of parameters like premiums, benefits and claims settlement track record of the insurer. In this part we will look at the best family floater plans, as per Mint’s most recent Mediclaim ratings. While an individual Mediclaim policy covers only the insured, a family floater plan covers the entire family. The cover for the entire family is limited to the sum insured in a family floater plan.

A family floater plan provides health insurance to the whole family at a lower cost compared to individual Mediclaims (please refer to our article, which health insurance plan makes more sense: Individual Mediclaim or Family Floater). One disadvantage of a family floater plan is that the plan cannot be renewed, once the senior most member of the family reaches the maximum renewability age.

For our selection of the best family floater plans, we have looked at the overall score assigned to each family floater plan by Mint based on the following factors.

Pricing or premiums

Co-pay requirements

No claim bonus

Waiting period for pre-existing medical conditions

Waiting period for specific diseases

Disease wise capping

Percentage of claims pending for over 6 months

Percentage of claims not settled

We have selected the plans in the top quartile in terms of overall score assigned to the family Health plan by Mint. The table below shows the family floater plans in the top quartile of Mint’s ratings, along with the premiums and the incurred claims ratio. Please note that the premiums are applicable to a family where the most senior member is 35 years old for a total sum insured of र 10 laces. Further, please note that the incurred claims ratio is the ratio of the claims incurred by the insurer to the premiums earned by the insurer.

Conclusion

In this two part series, we have discussed the best Mediclaim plans based on the most recent Mint ratings. Health Insurance is a critical aspect of financial planning and should never be ignored. With a plethora of Mediclaim products available in the market, selecting the best Mediclaim plan is often confusing for health insurance buyers. If you are not sure, which product to buy, you should discuss with your financial advisor to help you select the right product. However, you should also educate yourself about Health Insurance, so that you can ensure that you are making the correct choice.

[Source: http://healthinsuranceplanindia.blogspot.in/2016/05/best-family-floater-health-insurance.html]