Tag Archive | "Health Insurance"

will health insurance cover you in your old age?

  • Easypolicy
  • 06 Apr 2013

What is Health Insurance

Cure for most illnesses have been found today. However, the costs of treatment for many illnesses run into lakhs of rupees. In the absence of health cover, you will end up paying huge sums of money from your own hand. A Health Insurance Policy is the perfect life-saver tool that will protect you and your family from financial stress during any medical emergency. You will need a medical insurance policy in your old age too. The insurance cover will help you get the best medical treatment in the best facilities in the country and also lessen the burden on your children.

You can thus enjoy life even in old age till your last days. In case you missed out on taking sufficient health cover earlier, you can still go for a policy in your old age. However, as with other insurance policies, you must purchase a health policy only after comparing various policies at portals like easypolicy.com.

Health Insurance for the Elderly

There are various medical health insurance plans brought out by insurance companies exclusively for senior citizens. This is because the common health plans usually provide Coverage only up to the age of 60. Most of the plans offer coverage from the age of 61 onwards. There is generally no limit on the maximum age till when you can receive insurance coverage.

Most of the benefits offered by these plans are very similar as compared to the plans for the younger. Various old age insurance benefits are:

Cashless Mediclaim

This facility enables you to undergo medical treatment at the best facilities in the country without worrying about the expenses, which will be taken care of by the insurance cover. The expenses may include doctor fees, cost of medical tests and medicines, room charges etc.

Critical Illness Coverage

Major critical illnesses such as Hypertension and Cancer are covered under health insurance plans for the aged.

Pre existing diseases

Pre existing diseases are also covered under most health insurance plans for the aged subject to certain terms and conditions mentioned by the insurer.

Pre and Post Hospitalization Care

Medical expenses you may incur for medical care before and after hospitalization will be covered by the insurance cover.

Day Care Expenses

Expenses that may arise from procedures such as chemotherapy, dialysis, etc. as well as emergency ambulance charges will be covered by the insurance cover.

Insurance Portability

Insurers generally try to avoid portability requests from the aged and elderly. However, there are insurers who provide this facility for senior citizens, though the Premium will in most cases be higher than the other health insurance policies.

No Claim Bonus

As with other health policies, insurers may provide you a bonus if you do not claim the insurance policy in the previous year. The bonuses for the previous years can be accumulated over a period of time.

You must always have a health insurance policy in your old age. These policies ensure that you are financially secure during your final years when health issues multiply and medical costs could go really high. Most of the insurance companies in India extend medical insurance for senior citizens and have dedicated products to cater to them.

is medical check-up mandatory before you buy a health policy?

  • Easypolicy
  • 19 Mar 2013

Many of us feel very happy to read the Health Insurance advertisement that states- “no medical check-up required”. But you need to ask yourself, is it worth to buy a health insurance Policy without your medical history. After all, it is all because of your health requirements that you want to acquire the health policy. If you do not consider your medical history, there is no use of buying health policy.

Do not get allured by “no medical check-up required” statement

The reason why health insurers are not asking for medical check-up is that they want to attract maximum number of customers to buy health policy from them. Even if they state that they do not require medical tests to be done, they will ask you to fill out various details related to your health on your medical health insurance form. High cholesterol level, diabetes and thyroid are some common diseases many people are suffering from. Besides these health conditions, there are many more in the list the people may be suffering from.

If you are not asked for medical check-up, possible chances are there that you are involved in the category of “may have any disease” by the health insurers. And for the same reason, you are charged the higher amount of insurance Premium as compared to those who had medical check-up done before acquiring the health policy.

Dis-advantages of not disclosing the health condition

On the other way round, many people try to take advantage when insurers do not ask for medical check-up. They simply do not disclose their health condition on their application form and assume that they will be charged low premium. But they do not understand the repercussions of not disclosing their health condition. May be initially they are not charged high insurance premium, but later on when their health Insurer comes to know about that, they may be denied to get any insurance benefits and all their claims get rejected. Furthermore, the health insurance company may cancel their policy and the insurance premium amount paid by the Insured merely goes waste.

Advantages of getting medical check-up done before acquiring health insurance cover

No irrational premium rates

Do not worry if you think you will be charged higher premium because of your health condition. Health insurance premium is calculated on the basis of your existing health condition and you will have to pay what other insured people are paying for the same health condition. The positive side is your premium rate will not be declared irrationally.

Best health treatment

Moreover, when your insurance company knows every detail about your health, you will be given the best health treatment possible according to your condition. You do not need to run here and there to avail the best health services, instead just a phone call will make every required arrangement.

No rejection

Since you are honest regarding your medical condition and have proofs supporting that in the form of medical reports, your health insurance company does not have any base to reject your insurance claims.
Buying health insurance cover without any medical check-up may appeal you as it is convenient at the initial phase. However, if you consider its consequences, you may not at all prefer to acquire the health policy without getting medical tests done. Keep insurance benefits apart, if you get medical tests done, you will be able to know how healthy you are and you will be able to take informed decisions on time.

things to know about riders in health insurance

  • Easypolicy
  • 14 Mar 2013

Health insurance has evolved beyond the obvious, the days where people had to be convinced about the need for and the inevitability of Health Insurance policy. Today, insurance benefits have been driven home by the influence of information technology and it is no longer a surprise that online health insurance is a tool that is capable of delivering quality services and peace of mind in case of a medical emergency. The issue today is that of being informed about insurance rider, the clause that could be attached to health insurance Policy to make it customised and suitable to your unique needs and circumstances.
Riders are the set of added benefits that could be appended on to your original health insurance policy to make it more appealing to your unique set of circumstances and to increase the value that you derive out of your investment. Riders are equally applicable to online health insurance as well, adding to the convenience factor associated with medical health insurance. Here is what you should know about riders in health insurance.

Adding riders to health insurance policy: This does not happen automatically or by default; rather, it is your choice regarding what kind of insurance rider you would want to add to your insurance benefits. You could add an insurance rider either at the time you commence your health insurance policy or renew it. Having said that, you may also note that there are no restrictions on the number of riders that you could add to medical health insurance. In effect, online health insurance gives you all the liberty to choose your own insurance benefits. The only aspect that you need to know is that the maximum limit on the premiums that you pay on the insurance rider should be capped at 30% of the total insurance Premium that you pay on health insurance.
What are the key riders in health insurance?

While insurance rider varies with individual insurance providers, there are a few standards and popular kinds that provide substantial insurance benefits to the insured.

Critical Illness Rider: One of the most important aspects that you need to know about health insurance is that not all illnesses are covered by your standard health insurance policy. Rather, you need to pick and choose riders that would address your concerns with regard to critical illnesses. The Critical Illness rider would be just the kind of added benefit that would increase the value of your online health insurance.
Home Nursing Charges Rider: In most cases of regular or online health insurance, you would not have an allowance for getting the charges incurred in home nursing reimbursed from your insurance provider. If you would want to insure yourself against the increasingly exorbitant rates associated with the medical care even with home nursing, this may be the insurance rider for you.

Ambulance Charges Rider: There is no way you could guess the kind of emergency that you may land in. Why would you want to pay to be rushed to the hospital in an emergency? Given that your health insurance policy may not provide for your ambulance charges by default, you may wish to consider this health insurance rider just in case.

Hospital Cash Rider: Again, in an emergency situation, you may not always be expected to carry cash. For all the expenses that you may incur when in hospital, apart from the medicine and consultation charges, the hospital cash rider in online health insurance might come in handy in injecting the right kind of liquidity for your medical needs.
Patient Care Rider: Medical expenses do not restrict themselves just to medicines, diagnostics and consultation fees, and your health insurance policy should provide for such expenses as well. People in hospital would need to be attended to by accompanying persons, who incur expenses as well. This insurance rider takes care of patient care and related expenses.