Health Insurance (All you need to know about it) benefits, coverage and term

Health Insurance

 

 

 

 

  1. Best Health Insurance Policies, 
  2. list of Health insurnace companies in india,
  3. best family insurance plans.

 

Introduction

The relevance of Health Insurance is increasing with growing medical expenses and increasing health risks. Be it individual or companies, Health Insurance is pertinent to relieve one of the medical expenses and overheads. Further, it protects you against sudden critical illness and you don’t feel unprepared in case of emergency. The Health Insurance plans include the cover for your dependants (could be spouse, children and parents in some case) there by providing a family protection.

Coverage of Family Health Insurance

A comprehensive Health Insurance must cover the following

  • Re imbursement of Pre hospitalization and Post- hospitalization expenses
  • Surgical charges, doctor consultancy fee, medical charges etc.
  • Critical Illness Cover

Factors affecting Choice of Health Insurance Plan

The purpose of Health Insurance is solved when it shares your medical burden immediately and over a long time period. Some of the important factors to keep in mind are

  • Coverage Amount

The coverage amount must be chosen considering your treatment preference, residential city, etc. It is advised to take sufficient cover for yourself and family so that you don’t have to later pay the overheads.

  • Re-imbursement

As against the fixed cash allowance plan, one must opt for Reimbursement of Hospital Expenses as the latter is cost- based and therefore, advised.

  • Cashless Facility

The cash less facility is preferred by the insured, as they are relieved of the limits of arranging cash as the time of urgency. With cash less facility option, the insured can directly go to the network hospital and start the treatment process right away by presenting the Health Insurance Card to the hospital administrators and the rest is taken care by the Insurance Company.

  • Age

This is another important factor to consider. While opting for policy, the age for renewal must be examined.

  • Co- Payment

Co payment means that the hospitalization expenses will be divided between the insurer and the insured in certain ratio. The ratio determines the amount of premium paid which must be evaluated.

 

Selection of Health Insurance Plan

Health Insurance is included in the product portfolio of all General Insurance Companies. There are few companies that provide only Health Insurance Services, such as Apollo Munich, Max Bupa, Religare, Star Health etc. Which means the buyer faces several choices. This calls for a careful evaluation of policies to select the best suitable to you. The selection is not necessarily based on one of all of above factors, but decisions are also affected by the insurer’s goodwill, insurer- insured relationship and individual preference/ perception.

Selective Comparison between Different Health Insurance Plans

New India Assurance’s Mediclaim Policy

Key Factors:

  • No Maximum Age for Renewal if insured has renewed the policy regularly.
  • Sum Assured is from INR 2 lacs to 5 lacs.
  • Does not cover Parents/ Parent in Laws
  • Pre hospitalization for 30 days and post hospitalization for 60 days.
  • Day care treatment/ surgery
  • Waiting period for pre-existing disease cover is 4 years and 2 years for pre-existing conditions.

Oriental Insurance’s Happy Family Floater

Key Features:

  • Includes self, spouse, children, parents and parent in laws.
  • Sum assured is from INR 1 lacs to 10 lacs
  • No claim discount from 5% to 20%
  • Co-payment under Silver Plan @ 10 % where as Gold Plan is without Co-Pay.
  • Pre policy medical check- up not required up to 60 years.
  • Waiting period 4 years for pre-existing disease
  • Hospitalization expenses for tests, surgery, treatment, room, organ’s transplant, dog bite, critical illness and accidental death and disability are also covered under Silver and Gold Plans.

 

Appolo Munich’s Optima Restore Family Floater

Key Features:

  • Sum assured starts with INR 3.5 lacs
  • Pre- hospitalization period up to 60 days and post- hospitalization period up to 180 days
  • 50% enhancement on the basic sum assured for every year you do not claim, up to 100%.
  • Day care hospitalization and organ transplant costs are included
  • Co Pay Clause not applicable.
  • Health Checkup ( for sum insured greater than 15 lacs)
  • 3 years waiting for Pre-existing condition
  • Includes dependent parents/ parent in laws as well.

Bajaj Alliaz’s Health Guard Family Floater

Key Features:

  • Pre- hospitalization period up to 60 days and post- hospitalization period up to 90 days
  • Emergency ambulance charges
  • No claim benefit in the form of free medical check every four years.
  • No claim bonus from 10% to 50%.
  • No medical tests up to 45 years.
  • Reimbursement for non-network hospitals within 14 days
  • Entry age – 18 to 65 year with no age limit for renewal.

Conclusion

If we compare the above considered plans, we can conclude that Apollo Munich offers benefit of maximum coverage for hospitalization period with highest no claim bonus. Both Apollo Munich and Oriental Insurance provide extra cover for dependents parents and parent in laws where as this feature is missing from the other two plans offered by Bajaj and New India.  The plans provided by New India and Oriental Insurance offer the benefit of coverage at low premium cost and thus cater to the section of society who cannot afford high cost Health Insurance. In addition, Plans offered by Oriental Insurance offer added advantage of Accidental Death and Disability. Also, waiting period for pre-existing disease seems to be lowest for Apollo Munich among the four.  Bajaj Allianz offers the benefit of maximum age limit plus life time renewal followed by New India Insurance. There is a lot of formalities related pre- policy medical check- up, especially, for elderly members. Oriental Insurance relieves this clause which might be an added advantage to the company over others. To sum up, one must consider the long term benefits and life time revival of health insurance plans as the conditions get tougher with growing age. The scope of critical illness covered by your Health Insurance Plan must be another important consideration.

Reference

http://www.orientalinsurance.org.in/happy-family-floater-policy.jsp

http://www.apollomunichinsurance.com/family-health-insurance-plan.aspx

http://www.newindia.co.in/Content.aspx?pageid=1182

https://www.bajajallianz.com/Corp/health-insurance/health-family-floater.jsp