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How to Choose Health Insurance Policy in India?
Health insurance is a policy that provides financial support to people if and when they are diagnosed with a medical condition as per the terms and conditions of the policy. A health insurance policy offers coverage for the expenses incurred due to all various aspects of the treatment, including diagnostic test, hospitalisation, and medicines.
As you may know, medical treatments nowadays can put considerable of financial burden on your pocket, which makes planning for any unanticipated eventuality ahead of time mandatory. You must be aware that the advances in medical sciences have made treatments for many conditions, which were non-treatable just years ago, possible to a great extent. Nevertheless, the expenses incurred from these treatments continue to be high. You must have health insurance to avoid any burden on your and your family’s finances. A health insurance plan offers you and your family the necessary financial support.
Tips to choose a health insurance plan
The overall process of choosing the health insurance policy can prove be overwhelming for some. Moreover, the broad range of health insurance plans available in the market can even cause you to become confused instead of helping you make an informed decision. Hence, it becomes critical for you to research what benefits you can get from the policy of your choice and compare the policy and its benefits against other options available in the market.
Moreover, to avoid any puzzlements, you can look at some of the policy parameter to select a health insurance plan with optimal coverage and benefits for you. These parameters can make the entire process of policy selection easy for you while helping to avoid any confusion that may result from plethora of available choices. Here is a list of some tips to choose a health insurance plan.
1. Sum insuredThe highest amount that you can get cover for against the premiums paid by you is termed as sum insured. To ensure that all and your medical needs are taken care of and your treatment costs are covered entirely by your policy, you should consider a health insurance plan that provides you with the maximum possible coverage.
2. Health insurance coverageDifferent health insurance providers may offer coverage for different aspects of treatment for various conditions, such as critical illnesses and day-care procedures. You should consider your family history and ensure that any condition that you have a high chance of developing in the future is also covered in your health insurance. You should also look at other coverage benefits offered by the policy before purchasing it.
3. Waiting periodThe time for which you have to wait before a raise claim on your policy is commonly known as the waiting period. This waiting period differs with your plan and insurance provider. Some insurance companies offer a waiting period of zero days, whereas others may allow you to request a claim after up to four years of you buying the policy. You should consider the optimum waiting period for you before finalising your health insurance plan.
4. Co-payment clauseSome policies can come with a co-payment clause, under which you are expected to pay a predetermined part of the sum insured out of your own pocket. Most health insurance plans ask the senior citizens to opt for this clause so as to reduce the amount they may have to pay to the insurance beneficiary. You can opt for a plan that offers a no co-payment clause.
5. Pre-existing disease coverageYou must consider any pre-exiting disease or condition that you have before purchasing a policy. Most policies that offer coverage for a pre-existing condition come with a waiting period of 1 to 4 years, after which you can request a claim for your pre-existing condition. Depending on the severity of your condition, you can opt for a plan that covers your conditions after the completion of a time desirable to you.
6. Plan flexibilityMany health insurance plans offer the option to add family members to one policy at an increased premium rate. When expecting a new arrival in the family, you should find out whether your insurance plan allows addition of new family member and immediate cover for them without a waiting period. You should be able to add any new family member whenever required; this allows you to ensure that your loved one will be as secured as you in a medical event.
7. Sub-limit helpA health insurance policycovers for the cost of hospitalisation, including the rent for your room and treatment expenses. Some insurance providers set a sun-limit of various aspects of treatments such as room rent. You can compare different policies to find a plan with a sub-limit on the hospital room rent that suits your needs the best. When you take this factor into account, you ensure that you will be comfortable throughout your hospital stay.
8. Tax benefitsWhile pondering over the question ‘how to select health insurance policy,’ you can consider the tax benefits offered by the policy as well. You can claim tax deduction for the premiums that you may pay for your policy. The tax benefit amounts differ between ₹ 25,000 and ₹ 75,000, depending on the type of your health insurance policy. For a family floater plan, if the age of dependent parents is more than 60 years, you can claim for a tax benefit of up to ₹ 50,000 rupees annually. In health insurance for parents aged more than 75 years, a tax benefit of up to ₹ 75,000 can be availed annually. For individual health insurance bought for a person below the age of 60 years, a tax benefit of up to ₹ 25,000 can be availed.
Understanding health insurance policyA health insurance plan is a tool curated specifically with a focus on your medical needs. This plan allows you to pay for your medical expenses without burning a hole in your pocket. Moreover, this plan provides coverage for the expenses incurred due to various non-medical aspects of your treatment such as ambulance service and hospital room rent to ensure that you stay in a stress-free environment throughout your recovery journey.
While wondering about ‘how to choose the best health insurance policy’, you must pay close attention to the terms and condition of the policy. Doing so can make you aware of various policy aspects such as the waiting period of health insurance, co-payment clause, and sub-limit.
FAQs
How to choose health insurance policy?You must consider the coverage offered by the policy, inclusions and exclusions of the plan, along with other benefits offered by your insurance provider to select the best health insurance for you and your family.
How must sum insured should I get for my insurance?The sum insured for your insurance policy should be equivalent to half of your annual income. This amount ensures that your medical expenses can be covered in a medical emergency.
How to choose Mediclaim policy?The coverage offered by your healthcare provider must be reviewed in detail before purchasing a Mediclaim policy. In addition, you should also consider the various benefits and exclusions of the policy to make an informed decision.
What is waiting period in health insurance?Waiting period is the minimum time that you have go without raising a claim after purchasing a healthcare plan. This period can be anywhere between 1 and 4 years and differs with the insurance provider.
When should I buy health insurance?You should consider purchasing a health insurance plan when you are your, preferably in your 20s. Buying this plan early allows you to enjoy the benefits of low premiums and no-claim bonus every year for which you do not raise a claim.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
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Health Insurance
How to File a Health Insurance Claim?
With the rising medical expenses and changing lifestyles, it has become imperative to purchase a comprehensive health insurance plan in today‘s time. Additionally, the recent COVID-19 pandemic has further established the importance of health insurance even firmly. A health insurance policy is the finest way to receive the best medical treatment without burning a hole in your pocket.
Be it an unforeseen medical emergency or a planned treatment, a health insurance policy can always come to your rescue. However, to avoid any last-minute hassle, you must be well aware of the process to file a health insurance claim beforehand. Below is a quick guide on how to file a health insurance claim.
But firstly, let‘s understand what a health insurance claim is.
Health Insurance Claim
A health insurance claim is a request that a policyholder must submit to the insurer for getting the services that are covered in their health insurance policy. Depending upon their convenience, policyholders can either opt for a cashless claim settlement option or reimbursement for the availed medical services.
Cashless Claims
For cashless claims, the insurance provider settles the hospitalization bills directly with the hospital. However, to get the benefits of a cashless claim, the policyholder should be hospitalized only at a network hospital of the insurer.
Reimbursement Claim
In case of reimbursement claims, the policyholder pays for the hospitalization expenses and later requests for reimbursement by the insurance company. The reimbursement facility can be availed at both network and non-network hospitals.
Now that you are well aware of the types of health insurance claims, let‘s understand how to file a health insurance claim
How to File a Health Insurance Claim?
1. Get in touch with the insurance help desk at the hospital
2. Show the ID card of the insured provided by the insurance company
3. The hospital will verify the insured‘s identity and will submit the pre-authorization form to the insurance company
4. The insurance company will then review all the documents submitted and process the claim as per the terms and conditions of the health insurance policy.
5. For reimbursement claims, you will also have to submit original bills to the insurance provider. The insurer will then evaluate the claim and make a payment to the insured. In case the treatment is not covered under the health insurance policy, the claim will be rejected.
Make sure that you have the following documents readily available with you before filing a health insurance claim.
Documents Required to Make a Claim
Valid photo ID cards such as Aadhaar, PAN, and Driving License
Copies of prescription for diagnostic tests, treatment advice, and medical references
Original set of investigation reports
Original hospital and pharmacy bill
Original discharge card or discharge certificate
It‘s always advisable to opt for an insurance company with a high claim settlement ratio and a large number of network hospitals. This makes the claim settlement process completely hassle-free.
Frequently Asked Questions (FAQs)
1. When can my health insurance claim be rejected?
Your claim can be rejected if you file a claim for an ailment that isn‘t covered by your health insurance policy. Moreover, your claim can also be rejected if you fail to submit the necessary documents or file a claim during the waiting period
2. What is the minimum time limit for hospitalization to make a health insurance claim?
You can file a claim if your hospitalization is for more than 24 hours. However, for certain treatments, such as dialysis, chemotherapy, etc., the stay could be less than 24 hours
3. What is claim settlement ratio?
The claim settlement ratio is the ratio of number of claims paid to the number of claims received
Health Insurance
All About Adding Spouse To Health Insurance After Marriage
Marriage brings a lot of changes in your life. Not only does it affect your lifestyle, but it also requires you to switch your investments in a way that are better suited for a family. You will now want to include your spouse to your financial world by adding them as a nominee in your banking accounts and other investment assets. Amidst all these personal and financial changes, do not forget to add your spouse to your health insurance plan. Adding spouse to health insurance after marriage is quite easy and can be done in three ways.
Buying a new family floater plan
If you do not have an existing health insurance plan, now would be a great time to invest your money in a family floater health insurance plan. Health insurance plans for family members cover your spouse, parents, and dependent children. The family floater plan allows you to pay a single premium to cover all named family members for medical expenses.
When buying a family floater plan, do ensure that it offers adequate coverage for you and your family. It is also important to keep in mind that the coverage amount is directly proportional to the health insurance premium you need to pay. This means that a family health insurance plan that offers a sum insured of Rs 10 lakh will require you to pay lower premium as compared to a family health insurance plan that offers coverage of Rs 20 lakh. However, it is advisable to opt for a higher sum insured if you have senior members in the plan.
Adding spouse to insurance after marriage
If you already have an existing health insurance policy, you can extend the cover to your spouse by adding their name to the policy after marriage. Upon adding you spouse, the individual health insurance plan will be transformed into a family floater plan. Since the coverage amount will increase, the premium of the policy will be recalculated. You can also add your spouse to your existing health insurance policy at the time of its renewal. You will need an application form and a few KYC documents like identity proof, residence proof, marriage certificate and photographs, to get this process started. You can easily get the application form from the insurer’s website.
Adding your spouse to the health insurance plan offered by your employer
There are many companies that offer health plans to their employees. These plans usually extend the coverage to the immediate family of the employee. However, this condition varies from one insurer to the other. Hence, it is better to check with your insurance company if they allow you to add your spouse to the existing health insurance plan that is issued by your employer. Here, it is important to remember that the health insurance policies offered by employers are group insurance plans and may, therefore, have certain limitations to coverage. Still, these plans offer a great option for coverage in case you don’t have health insurance of your own.
It is quite important to avail the health insurance cover for your spouse after marriage. This can help the both of you to securely plan your financial future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Steps of adding spouse to health insurance after marriage
Marriage is a huge step in everybody’s life. And personal finance has a big role to play for a successful married life. Therefore, it is important to update the financial records, including the health insurance plan, post-marriage.
In case you did not have an individual health insurance policy before the wedding, you can invest in a family floater plan for yourself and your spouse. In case you already have an individual health insurance policy at the time of wedlock, then you do not need to buy another one for your partner. Instead, you can add your spouse to the plan and convert it into a single policy. It is a feasible and simple way of ensuring that you and your partner are adequately covered.
Porting health insurance after marriage is also important. When one of the partners already owns a plan, you simply need to add another partner to the current policy as the spouse. There is no specific rule which specifies who can add the partner. The process of adding the spouse to health insurance after marriage is simple. The one who owns the policy can start this process with the submission of KYC documents such as identity proof, proof of age, photographs and marriage certificate.
The change will come into effect in the next policy renewal by just submitting the additional form and paperwork. Once you do this, the premium will be calculated and pro-rated. It will become a family floater insurance policy that covers all the members of the family for a single premium. You will not have to worry about paying separate premiums for each member of the family. It will cover the entire family at the lowest premium based on the age of the members in the family. Let us take a look at the benefits of a family floater plan.
A major perk of the floater plan is that you can cover yourself and your entire family in one policy. The policy is easier to handle and you do not have to worry about handling separate individual plans
You enjoy additional benefits like a newborn cover, maternity benefits, etc. It will be highly effective for young married couples who are on the road to starting a family. You must ensure that you choose a plan that covers yourself and the spouse and invest in one right after marriage
You must also get maternity cover at the earliest. It has a waiting period between 0 to 4 years and if you buy the cover on time, you will be able to enjoy the maximum benefits
With a family floater plan, you enjoy the same tax benefits under Section 80D as you do on individual health insurance
Many plans come with a reinstatement feature where you enjoy the reinstatement of the entire coverage after it is exhausted in the policy period. This is only applicable to unrelated claims but it is very useful.
If you do not have a policy and are looking to buy one, consider a joint life policy. It will work on the same lines and will provide coverage to your children in future if anything unfortunate happens to the parents. The main reasons couples should think of joint life insurance are premium reduction and waiver benefits. In this case, if one partner dies due to an unfortunate event, the spouse will not only be entitled to enjoy the full sum assured on the cover but will also be absolved of the responsibility of the payment of premium. Alternatively, the spouse may have to pay premiums only applicable for their own cover for the remaining period of the policy.
After your marriage, it is your responsibility to ensure the safety and adequate coverage of your spouse. You must include your spouse in the decision and speak to them about the coverage you wish to buy. Only then proceed with the decision. The right health insurance plan will offer acomplete protection and peace for the future.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.
Health Insurance
Advantages of Group Health Insurance
As the name suggests, group health insurance is aimed to offer health insurance cover to a group of people, usually employees, and if offered by an employer. It can also be offered to members of a professional association or a society. As compared to individual insurance, group insurance has many benefits for the employee as well as the employer who offers the insurance.
Comprehensive cover: Group health insurance plans offer wide coverage and can be customised by the employer. It comes with many benefits like cashless healthcare services at network hospitals. There is no waiting period which means the employee is covered from day one. Besides personal accident cover, some group health insurance plans offer cover to family members of the employee.
Guaranteed cover: All employees and in some cases their dependants are covered, even if they have existing medical conditions. A group insurance policy doesn't require a separate medical check-up. As long as an employee is working for the organisation offering group health insurance, he or she shall remain covered under the plan.
Low premium: As group health insurance plans are bought for a larger group of people, they offer comprehensive cover at affordable rates. The costs are much lower than individual health insurance plans. Group health insurance plans can be customised as per the employer’s budget and requirements.
Tax incentive for the employer: Besides safeguarding employees from health issues, group health insurance plans also provide tax benefits to the employer. Under Section 80D of the Income Tax Act, tax relief is offered to businesses that give their employees the benefit of group health insurance.
Happy employees: When companies offer health insurance plans to their employees, they help retain and attract good talent. A Group Health Insurance plan is a significant part of the employees’ total compensation. A group health insurance plan provides employees with financial security against accident and illness.
Rider options: With a nominal extra payment, employees can take advantage of other additional benefits. The employee can also opt for a corporate plan along with the base plan offered by the employer. The riders may differ from one organisation to another.
Provide your employees SBI General Group Health Insurance
Group health insurance is a very important benefit that makes employees feel like a valued part of an organisation. It helps companies retain as well as attract talent. SBI General Group Health Insurance plans offer multiple coverages: Individual, family floater. It offers wide coverage from Rs 1 lakh to Rs 7.5 lakh. The group health insurance plans offer pre- and post-hospitalisation expenses. With SBI General group health insurance plans keep your employees happy.
Disclaimer: SBI General Insurance Company Limited I Corporate & Registered Office: 'Natraj', 301, Junction of Western Express Highway & Andheri - Kurla Road, Andheri (East), Mumbai - 400 069. | The information in the advertisement is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale. * ‘Tax benefits are subject to changes in tax laws’ I 'For SBI General Insurance Company Limited IRDAI Reg. No. 144 dated 15/12/2009 | CIN: U66000MH2009PLC190546 | SBI Logo displayed belongs to State Bank of India and used by SBI General Insurance Co. Ltd. under license. | Website : www.sbigeneral.in,Tollfree 18001021111 | UIN: SBIHLGP21330V022021 | ADDIG/20-21/AUG/652
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