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.

how can i switch my health insurance provider?

  • Easypolicy
  • 14 Mar 2013

Most people think it is necessary to tolerate poor service from their Health Insurance provider. This is because they do not want to lose the benefits of the present insurance Policy in case of switching to another insurance provider. Until recently, if you change your insurance provider then the new company would consider you as a new customer and you would have to complete the Waiting Period of one to four years in order to get the Coverage for your pre existing ailments. However, the introduction of Health Insurance Portability from 1st October, 2009 has changed all that. Portability allows the changing of insurers without having to lose out the benefits of the present policy. This means that if you have had an insurance policy for two years and have an existing ailment which will be covered after three years of purchasing the policy, then if you shift to a new insurance provider, you will have to wait only for one year.

Features of portability

Only non life insurance companies providing health insurance policy can benefit from portability. If you are working in an organization that provide its employees with group health cover, once you leave the job you can switch to an insurance policy meant for individuals or families. For this, you need to have the same insurance provider for at least one year. Such a feature is especially good for people who only have the health plan provided by the employer and is especially useful when you change from one job to another.

The period in which you can apply for portability is 45 days before you require to renew the present policy and not before or after that. You will have to submit a portability and Proposal form.

It is the right of the new insurance provider to be able to deny your application according to their own policies. For example, if the maximum eligibility age with the new Insurer is 55 years and the Policyholder is 60, the insurer has the right to reject the application.

What to look for

In order to reduce the hassle of the process of buying a new policy, you can opt for online health insurance. You should analyze the finer points of the policy carefully while deciding because you may not get a chance to change your decision later. You should not only consider the cost while analyzing the policy but also take in the consideration the features which suit your present and future requirements. For instance, rise in price with the standards of service provided by the insurer and your age.

Although your no Claim Bonus will be forwarded to your new policy, you may have to face some losses. The calculation of the Premium will be done on the basis of the improved cover.
It is a common belief that the provision of portability will lead to the improvement in the standards of customer service, the buying process might become easier, policy documents will be delivered promptly and the claims themselves will be more hassle free. Insurers may start customizing products and they may introduce innovative plans. In order to retain the policyholder, insurance providers could either keep the premium same or increase it marginally.

why do you need family health insurance?

  • Easypolicy
  • 01 Feb 2013

Health insurance is an important aspect that can be ignored only at one’s own peril. Health Insurance benefits are designed to cater not just to an individual, but to solve problems that come to afflict the entire family when health becomes a matter of concern. And that precisely is why you need family health insurance, where health insurance benefits are not confined to just one member of the family, but to the entire family. Here is why you need a family health insurance policy.

•Wider cover for health insurance claim: The first of health insurance benefits that apply to family health insurance is the wide scope of Coverage that you could enjoy. The best that you could hope for when you buy health insurance is coverage for you or for the individual Insured alone. With medical health insurance that is designed for the family, you could be peaceful at the comfort that you have covered the risks for each of your family members.

•More value for Premium paid: The very basics of customer service and delight require that businesses excel in delivering their products and services. And the only way that organizations can sway customers in their favour is by delivering real value. That is what family health insurance is all about. When you go for medical health insurance that takes care of your entire family, you would be able to get the most out of your health insurance Policy by getting complete coverage for the premium paid.

•Single plan for the entire family: Health insurance benefits are made available for everyone when you go for family health insurance. Moreover, there is also a factor of convenience when you have the luxury of using a single plan for the entire family – it makes much sense to use one plan that provides health insurance coverage for all the family members, than go for an individual health insurance policy for each member. 

•Major medical and Hospitalization expenses covered: One of the primary health insurance benefits is the kind of facilities that people are entitled to – there is coverage for major medical expenses and for hospitalisation as may be specified in the health insurance policy. And similar benefits apply to family health insurance as well – you would have to check with your health insurance provider to see how you could make the best use of health insurance benefits.

•Range of additional benefits: Medical health insurance meant for the family provides not just the required coverage but also comes with a range of additional benefits. Cashless Claim facility is equally applicable to family health insurance, as it does to the individual health insurance policy. Similarly, there are adequate avenues for tax savings making use of the provisions of Section 80D of the Income Tax Act – after all, what is health insurance without the accompanying tax benefits?

•Ease of purchase: Health insurance claim comes along with the added incentive to purchase health insurance policy, which is ease of purchase. In this day and age of online health insurance, it doesn’t get any easier than just a click or two of the mouse to get one of the most valuable assets that you could fetch for your family. Health insurance is the need of the hour.