Categorized | Health Insurance

medical insurance - dealing with death of the insured in hospital

Do you have a Health Insurance plan in place to meet emergencies of severe ailment or accident?  Do you have a health insurance for all the family members? It is a

must in today’s time when medical expenses are shooting through the roof. You need medical care without bothering about the expensive treatment and cover unexpected

calamities. Simply nothing is more precious than your own life.

In a nutshell, health insurance safeguards you and the family from bearing a huge expense.

Medical insurance covers individuals and their families against unforeseen circumstances arising from accidents, illness or injury. There are mainly three types of

medical insurance:

•Individual Mediclaim

This is a basic plan covering a single individual. It covers you against Hospitalization charges for a maximum up to the limit of the sum assured. Generally, in India

individuals can opt for Coverage ranging from one lack to ten lack rupees.

•Family Floater Policy

This Policy covers not just an individual, but the family members as well. Generally, this policy covers the head, his spouse, parents and children. Here, the sum

assured value floats among all the family members who are covered under this policy. It covers the expenses for the family only up to the sum Assured limit. This plan

is better than buying individual policy’s for each member separately. Economies of scale make Premium for a floater plan lesser than opting for individual policy for

all. These plans are available in the range of two lack to ten lack rupees.
Let us suppose a family of three have a family floater policy for five lack rupees. Under this, anyone can Claim the entire five lack rupees in one year. Another case

could be possible. In this, a member could claim two lack rupees and another could claim the remaining three lack rupees if hospitalised. This policy makes sense

because chances of all members’ getting hospitalised at the same time are quite rare. Like that, one member can enjoy a larger chunk of claim if need be.

•Unit Linked Plans

Like life insurance, child plans etc, medical insurance too has introduced a unit linked plan. They combine health insurance with investments. The return on the

invested portion is dependent on the market risk. But, if you are focussed on getting a pure medical insurance only, you could give this a miss.

After understanding the types of medical policy that you could chose from. Let me explain the procedure in case the Insured dies in the hospital.
 
Case 1: In case of an Individual Policy.

Now a days, a lot of hospitals have a cashless arrangement with the insurance companies. Under this, the hospital directly gets the payment up to the Sum Assured

amount by the insurance agent. But, if it is not a cashless transaction, then the bills are redeemed later. The insurance company makes the payment to the assignee,

appointed by the Insurer while taking the policy.

Case 2: In case of a Family Floater Policy.

Likewise, if it is a cashless transaction, the hospital gets it directly from the insurance company. In case the hospital or doctor is not on the panel of the

insurance company, a form needs to be filled and submitted. Then, the medical insurance claim amount directly gets credited to the proposer’s bank account. If the

proposer dies, the floater policy can be transferred in the name of another member in the family, provided s/he is above 18 years of age.

Time to go ahead and get you and the family medically insured. This not just protects you against illnesses and accidents but guarantees you a sound and secure future.