Tag Archive | "Health Insurance"

Health Insurance Cover for Dengue

  • Easypolicy
  • 13 Jul 2017

When Ms. Mehra residing in south Delhi was struck by dengue last year, she was hospitalized and bed-ridden for over a fortnight, bringing life to a halt. Disease-induced weakness apart, this viral attack also made her realise that the costs of treatment for this vector-borne disease can be exceptionally high for someone like her.

Not many Health Insurance plans in India cover dengue or provide reasonable cost benefits if they do. Should you consider investing in dengue-specific insurance this monsoon?

Come rainy season, and several thousand cases of dengue and other vector-borne diseases are reported from across the country. This year itself, over 18,700 dengue cases have already been reported in the country so far, according to recent news reports.


While the government claims to be taking measures to check the spread of this and other vector-borne diseases in India by trying to raise awareness of the same through massive campaigns, it is time for you to see where you stand in the protection for you and your loved ones. Have you considered health insurance to tackle this unforeseen but high Risk health expense this monsoon?

Symptoms of dengue include fever, headache, muscle and joints pain, skin rashes, nausea – and in extreme cases may cause haemorrhaging leading to death. As it is a virus that causes the disease, antibiotics cannot help making supportive treatment imperative. With rising medical diagnosis and treatment costs, you could do well by securing yourself against the health risk borne out of this disease in the mosquito-breeding season of monsoon.

The Dengue Treatment Costs

Detection of dengue usually involves multiple schedules of blood tests amounting to rather high diagnostic test costs. This could be over a few thousand rupees, at times.

It could involve repeated visits to the doctor’s clinic or the hospital for regular check-ups. This would add to the medical costs as consultation fee.

If dengue tests turn out to be in the positive, hospitalisation of anywhere between a couple of days and about a fortnight may be required. The costs for this could be as expensive as up to 50,000 rupees.

WHY TAKE DENGUE INSURANCE?

The first question to ask here is – whether your current health insurance plan covers dengue. And even if it does, does it really make financial sense to lose your no-claim Bonus on a larger health cover for a smaller dengue expense as opposed to a small-premium separate dengue cover?

You are better off with this plan as compared with the regular health insurance covers – which while offering In-patient benefits – may restrict these to the sub-limits and capping mentioned in the plan details.

Also, certain diseases or treatments of these are often restricted to a limited amount of money which makes the policyholder responsible for dispensing the remaining claim. The out-patient benefits are also limited to a certain amount or may even be absent in the regular health insurance policy.

SO HOW DO YOU BENEFIT FORM A STANDALONE DENGUE POLICY?

A dengue-specific cover would reimburse outpatient billing besides covering inpatient treatment, and do a lot more for you, if and when one is caught with the menace of this disease. So what is on offer? Let us explore a plan on offer in this category:

Apollo Munich Dengue Care Health Insurance

Apollo Munich claims that its’ Dengue Care plan offers Coverage against any medical expenses incurred on inpatient or outpatient treatment for dengue. At the time of buying the cover, the company says, only a declaration stating “I do not suffer from dengue” will suffice as the plan doesn’t require the Policyholder to undergo any medical test. What are the other salient features to benefit the Insured under this cover?

It is Affordable

Coming at a fairly low Premium price of 500 to 700 rupees (inclusive of taxes) for an insured sum of up to one lakh rupees, it is surely an affordable dengue health cover plan for the average person. Apollo Munich offers you a choice between an insurance of a sum of 50,000 rupees or one lakh rupees.

Additionally, you benefit from a uniform premium irrespective of the age of the insured.

Realistic Expense Cover

The plan provides cover for OPD expenses up to 10,000 rupees upon diagnosis of dengue.

It also offers coverage for consultations, diagnostic tests, pharmacy and home nursing for dengue treatment taken at home. Further, it proposes accounting for coverage even for non-medical expenses incurred during hospitalisation, wherever the insured have opted for shared accommodation.

Short Waiting Period

What is great about this plan is just a fortnight of Waiting Period since inception of policy. There are no additional waiting periods in this plan.

Lifelong Renewal

This cover is renewable through the life Term of the insured.

No Pre-Medical Tests

All you need to do to get this plan in terms of medical health is a self-declaration – along with the Proposal form – that you are not infected with the dengue virus. Apart from this, you are not required to undergo any pre-acceptance medical tests.

One Plan for All

One dengue care plan would suffice for the entire family since the Apollo Munch Dengue Care Plan lets you insure several family members including adults and children (beginning age 91 days) on an individual sum insured basis for comprehensive dengue cover.

Further, this Policy covers persons in the age group of 91 days up to 65 years, the maximum entry age being restricted to 65 years. While the minimum entry age for an adult is 18 years and maximum 65 years, the minimum entry age for children is 91 days and the maximum is 25 years.

Does Not Upset Main Health Cover

In any case, if you go for a dengue Claim through a dengue cover, even when you own a separate health insurance policy, you can preserve the larger benefits of your regular health plan such as a no-claim bonus.

You may further compare this dengue care health insurance plan with other health covers and buy this plan online with EasyPolicy.com.

No Sub-Limits

The benefit of a standalone dengue health insurance plan like Apollo Munich offers is the absence of sub-limits (such as restriction on room rent, ICU charges, and so on) apart from there being no co-payment clause either.

So Should You Go For It?

Dengue fever takes a toll on the health and its treatment can prove to be heavy on the pocket. Coverage for both in-patient and Out-patient expenses for dengue treatment provided by Apollo Munich in its dengue care plan comes at a very reasonable price.

You may go for standalone dengue insurance if your current health insurance policy restricts you with sub-limits or capping that do not accommodate dengue treatment costs. This additional cover would protect you and your family from the life-threatening dengue virus when the need arises.

Written By: Urvashi Sibal


Insurance Before GST: Should You Buy Before 1st July or Not?

  • Easypolicy
  • 09 Jun 2017

Hence, any changes in taxation are definitely going to leave an impact on insurance markets. That is the reason, introduction of GST (Goods and Services Tax) will affect the insurer's business largely and the prices of insurances thereof. Lok Sabha passed the long pending GST Bill on 8th August, 2016, wherein the indirect tax system (multiple/various taxes) which has a cascading effect due to double taxation on goods and services, will be replaced by uniform GST. This shall come in effect from 1st July, 2017.

Is it going to affect the insurance industry positively or negatively?

Is it advisable to buy insurance before 1st of July, 2017?

Let's find out!

It has been established that GST is a value added tax, which is being brought in implementation to eliminate adverse effects of current multiple  taxes on costs of goods and services, down the value chain. Therefore, this new tax reform, with the new service tax rate anticipated to be fixed at 18%, will leave a not-so-favorable effect on insurance industry and cost of insurance products.

·     The reason is that with GST in picture, service tax will be increased from 15% to 18%, hence the cost of buying and maintaining insurance is going to go high.

·         This is because, when you buy an insurance policy, you pay the service tax on the Risk element of premium. The risk being, the payment (term policy) made by the Insurer to you, if something happens to you. You are not paying any service tax on investment that you are making in buying insurance. After GST implementation, all insurance policies including term, health, and car will become expensive as the service taxes rate will go high from 15% to 18%. Which is by minimum 300 basis points, where one basis point stands equal to 1/100 of percentage point. This stands true for Policy renewal too.

·         The traditional insurance savings plans, better known as endowment plans currently attract a service tax of 3.75% on premium, in first year. This will see an hike up to 4.5%, which will prevail for the first year of GST. In second year the current tax slab on endowment plans is 1.88%, which will be 2.25% after the implementation of GST, second year onwards. Hence, the maintenance of endowment plans will also become expensive.

·         Talking of Health Insurance, the present rate of tax is 15% on premium, which is again rise up to 18% after GST. Same is the case with Car Insurance. GST of 18% will be levied upon every motor insurance policy you buy.

All in all, the overall cost of insuring life and assets, and making investments in insurance based products, is definitely going to rise as GST comes in force. This indicates, that buying a long Term effective plan or term insurance before GST, to secure your life, is going to be a smart move.

Moreover, as the cost of insurance is likely to go high, the insurance market is going to become even more competitive, before the implementation of GST. The insurance provider companies are going to offer the best possible insurance products with maximum benefits to consumers. There are other intermediary costs associated with insurance premiums, such as issuance cost, agents' commissions etc. The companies are going to lower these costs to make as much sales as possible, to compensate the effect of enhanced service tax, pro GST.

If you plan to buy insurance before 1st July, 2017, which is actually a sensible move, you must go for term plans. Life insurance or term plans are the most suitable plans one can invest in, because they provide comprehensive Coverage to the Insured individual and provide for the family in the absence of the policyholder.

Other investment plans are also going to make a suitable choice only if you compare smartly.

Before you buy, you must compare the insurance products to match with your financial requirement, investment needs, tax structure, your liabilities, future objectives, cost and your insurance budget.


8 Tips To Find Almost Perfect Health Insurance!

  • Easypolicy
  • 10 Mar 2017

To buy an adequate Health Insurance is going to prove to be one of the most sensible decisions of your life! A perfect health insurance plan not only secures life, but also provides a corpus of funds needed in case of medical emergencies.

But, the question is, how to reach the perfect health insurance plan?

We are here to provide you effective and meaningful 8 tips to find almost perfect health insurance for you.

Read on!

1. Choose The Right Insurance Amount As Per Your Specific Needs

As per your medical and health care needs, you must keep a certain amount you want to be assured for. Especially with the city you are living in and the medical costs you may incur in case of Hospitalization for general or critical illnesses. Buy your health cover accordingly.

2. Do Not Miss On The Cashless Health Cover

This is one of the most important points to keep in consideration while buying a health cover. You may not have access to instant cash, as and when you need medical attention for self or family. In such emergent cases, cashless medical cover comes in handy to have immediate treatment without cash. Go for the plan which offers this feature.

 3. Look Carefully For The Age Criteria

Health insurance renewal is easily possible in young years but there are only a few insurance providers who allow renewal in old age. Keeping in view your needs of health cover, go for a plan which covers you or lets you renew your plan in old age.

4. Choose The Sub-limits Thoughtfully

A sub-limit is a stipulation by insurance providers to the hospitalisation expenses or other medical expenses incurred by you. They will pay only a certain amount as per the sub-limit. Rest has to be paid by you. You must choose your sub-limit with a sincere thought, if you understand your paying power

5. Look For Waiting Period

Waiting period is the period where you have to wait before the medical Policy comes in force and you can get the medical bills reimbursed. It can be of few months to few years, depending upon your insurance provider. You must go for an insurance company that stipulates least waiting period, so that your policy becomes useful at the earliest.

6. Make Sure You Get Maximum Pre-existing Diseases And Critical Illness Covered

All the medical insurance providers list the pre-existing diseases and critical illnesses that will be covered under the insurance. Go for the insurance plan that accommodates the maximum of those, as you never know, which expense you may have to bear at what stage of life.

7. Check Company's Background And Network Hospitals

Before you zero in to a particular medical insurance plan offered by a particular insurance company, make a thorough check of the company's background, their market standing, their customer service reputation, their Claim settlement ratio and Network Hospitals listed by them for cashless treatments. These important aspects must give a positive report about the company and the hospitals listed must be within your reach.

8. Always Remember To Start Early

In case of health insurance, the early you start, the maximum benefits you reap! Buying a health plan in young years is always advisable, as you get it at lower premiums and with lot of features which may be denied in older age. Also, if you are entitled for a basic medical cover by your employer, even then you must buy one for your customised needs.

These smart tips will help you to reach your almost perfect health insurance, and be covered for all your medical needs.

Keep these points in mind and you will end up buying the best health insurance that will prove to be of great benefit to you and your family. Be careful be wise!