The most appropriate financial planning tool available in the insurance market is to ensure the safety of one’s loved ones are various health insurance plans that cover each family member.
Let’s face it, medical treatments aren’t cheap in India. Without health insurance coverage you could end up paying off medical bills for the rest of your life. Innovative Insurance can help you find an affordable healthcare plan that’s right for you. Contact us today to learn more.
It will have a single annual premium and a fixed sum insured. There is much more available now with each insurance company. The premium to be paid depends on the age of the family members. It usually covers the policyholder, spouse, and up to 4 children. There are plans in which parents, siblings, and extended family members (such as in-laws) are also covered for an additional premium.
Types of Health Insurance Plans in India:-
Health Insurance in India can be broadly classified into the following types:
★ Family Floater plans: The best and highest selling plan, which covers the entire family in one health insurance plan. It works under the assumption that not all members of a family will suffer from illness at one time. These plans cover hospital-related expenses which can be pre and post-hospitalization. Most health insurance companies in India offering family insurance have a wide network of hospitals that help the insured people in times of an emergency.
★Senior Citizen Health Insurance Plans: As the name suggests, senior citizen health insurance plans are for the older people of the family. These plans cover health issues arising during old age. As per IRDAI guidelines, each insurer must provide cover up to the age of 65 years.
★Maternity Insurance Plans: Maternity health insurance plans provide coverage for maternity and other additional expenses. These policies take care of both pre and post-natal care, and delivery of baby i.e. normal or cesarean deliveries. Just like other health insurance plans, maternity insurance providers usually have a wide range of network hospitals and also takes care of ambulance expenses. As you progress and you reach 60 years of age, your body needs special attention. Hence, it is only wise to invest in a health insurance plan that takes care of your specific needs. Various insurance providers have customized plans that are designed for senior citizens and cater to the needs of older people of the society. Some of the best health insurance plans are provided by Star Health Insurance, Bajaj Allianz, Max Bupa, HDFC Ergo Health Insurance (Apollo Munich), ICICI Lombard and Religare Health Insurance,
★ Super Surplus Insurance Plans: Saves you money if you already have an existing plan given by your employer. Works as an add-on or top-up to your existing plan to give you extra coverage at a low cost
★ Hospital Daily Cash Benefit Plans: Hospital Daily cash benefits are a defined benefit policy that provides a certain sum of money for every day of hospitalization.
★ Critical Illness Plans: These plans are benefit-based policies, where a lump sum benefit amount is paid on diagnosis of covered critical illness. These diseases are usually specific, with high severity and low frequency in nature. Hence, the treatment cost is high when compared to day to day medical / treatment need. Some of these illnesses include heart attack, cancer, stroke, etc. Women are subjected to a number of health hazards and medical conditions that the other gender does not have to suffer from. This is basically because of the difference in their biological make and the fact that there are several risks associated with pregnancy, childbirth, and menstruation. Many insurance providers understand a woman’s plight and have introduced various health insurance plans that combat critical illnesses associated with the fairer sex of the society. The critical illness plan covers a number of medical conditions such as breast cancer, cervical cancer, burns, paralysis, fallopian tube cancer, uterine or endometrial cancer, vaginal cancer, and ovarian cancer.
★ Health Insurance For Parents: As a child, your parents always invested in raising you well and giving you the best. Hence, now it is important that their needs are catered to so that they stay in the pink of their health in their later years. Therefore, various insurance providers have rolled out special health insurance plans that cater to the medical needs of their parents. These plans cover pre and post-hospitalization charges, ambulance charges and a few of them are also inclusive of pre-existing diseases.
Features of Health Insurance:-
Health insurance companies offer a wide variety of policies, tailored to the unique health necessities of their customers. Hence, numerous plans encompass different functions associated with medical remedies, surgeries, etc.
✚ Domiciliary Hospitalization: Medical charges incurred because of remedies undertaken at domestic for a duration of greater than three days.
✚ Expenses for Organ Donation: Some health insurance plans cover medical charges incurred within the process of organ donation. If you’re being donated an organ, your donor may be financially secured by way of your medical health insurance plan.
✚ Day Care Procedures: Daycare methods or medical treatments like dialysis, angiography, radiotherapy, chemotherapy, appendectomy, colonoscopy, lithotripsy, hydrocele, eye surgical procedure, amongst others. Certain high-end medical health insurance plans cover all daycare treatment techniques.
✚ AYUSH Treatment: Alternative clinical remedies or AYUSH, which stands for Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy are covered for policyholders who’ve opted for it.
✚ Hospital Cash: Daily expenses for food, health center stay, etc. which might be incurred by way of your caretaker in the course of your hospitalization may be provided on medical health insurance plans or can be available as a rider. Health insurance plans also provide compensation for the loss of income because of health issues.
✚ Ambulance Cover: Health insurance policies cover expenses for ambulance service.
✚ Check-ups: General fitness check-ups are included with the umbrella of some health insurance plans.
✚ Vaccinations: Certain medical insurance plans cover vaccination fees for bee stings, dog bites, etc.
✚ Emergency Evacuation: Under emergency conditions whilst a patient needs to be transferred from one health facility to another, health insurance plans cover prices involved inside the relocation process.
Does a Health Insurance Policy Cover Coronavirus (COVID-19)?
The recent coronavirus outbreak has recently shaken everyone. More than 118,000 cases in 114 countries and 4,291 have already lost their lives. Besides, thousands more have been fighting for their survival in hospitals.
Listed below are some important pointers that you should not miss as per IRDA’s circular:
On March 4, 2020, the Insurance Development and Regulatory Authority of India have advised on the handling of claims under the coronavirus wherein the claims of coronavirus need to be handled expeditiously and the health insurance companies need to provide cover for the medical expenses incurred during the treatment and the quarantine period. As per the applicable terms and conditions of the health insurance plan.
Any claim reported under the coronavirus will be thoroughly reviewed by the claim review committee.
IRDA has also advised the health insurance companies to design.
Now, COVID-19 has been declared as a pandemic therefore, you need to check with the health insurance company as they might be unable to settle the claim under the health insurance policy under such a situation. However, most of the health insurance companies do provide a cover under pandemics or epidemics depending upon the health insurance plan you choose.
Now, let us understand the following situations wherein claims for the treatment of coronavirus will get rejected:
In case, if an individual is affected with coronavirus and then intending to buy health insurance policy most likely it will not be covered under the newly bought health insurance policy.
The policyholder will not get a claim filed if the treatment of coronavirus falls within the waiting period of the health insurance policy.
If an individual is diagnosed with coronavirus within the waiting period of the health insurance policy it will not get covered.
Any claim will not be settled if an individual gets infected with coronavirus from any of the family members who recently traveled to coronavirus affected countries such as Italy, China, Republic of Korea, Japan, Macau, Taiwan, Kuwait, Singapore, South Korea, and Hong Kong.
Documents Required for Buy Medical Insurance Policy
- Proof of Age: Acceptable documents are Birth Certificate, PAN Card, Voter’s ID, Driving License, Passport, School or College Certificate, etc.
- Photo Identity Proof: Aadhaar Card, PAN Card, Driving License, Passport, Voter’s ID, etc.
- Proof of Address: Acceptable documents are Ration Card, Telephone Bill, Electricity Bill
Passport, Voter’s ID, Bank A/C Statement, etc.
- Proof of Income: Salary Slip, Employer’s Certificate, Form 16, etc.
- Medical Checkup: If asked by the insurance company
- Passport Size Photograph x2
- Height & weight of the members
What is Health Insurance Portability?
Health insurance policies are portable, which means the policyholder can transfer their policy from one insurance company to another. In the past, when a policyholder opted for this option, it resulted in them losing certain benefits, such as the waiting period for covering pre-existing ailments. However, now the insurance regulator protects the policyholder by giving the individual the right to port his or her health insurance policy to another insurer, keeping the benefits intact. The regulator has stated that the new insurer “shall allow for credit gained by the insured for a pre-existing condition(s) in terms of waiting period”.
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