Are you benefiting from best health insurance plan in India?

Considering Indian healthcare perspectives, even the best health insurance plan in India is nothing but a modified form of Hospitalization Insurance. Such a scheme implies that only the medical bill prior to your admission in few selected hospitals would be borne by the insurance company. Needless to say that you got to judge the concerned scheme from those cost elements, alongside few additional parameters.

When it’s about making a strategic investment to meet emergencies like health complicacies, certainly you are to rate both tangible and intangible benefits associated with that scheme. Such facilities are associated with structuring of healthcare industry, and Indian Territory is yet to get that organized framework when compared with her western counterparts. A scheme that has earned the status as best health insurance plan in India is actually a prototype of Hospitalization Insurance practiced in developed countries. It means that you have the single benefit of getting your medial bill paid by the insurance companies (and that too subject to particular illness or accident types and treatment in few chosen institutes). Considering this perspective, a plan that comes with justified price tags is supposed to be your preferred option. You may note that while making a comparison between available products; better opt out from exact matched ones, alongside vital features to give long term benefits

1) Schemes coming with frills almost double the average premium for non-frilled plans, with little or no additional benefits at all. Most of us can manage consultation fees charged by the local physician, bills for general medicines etc, and there’s no point in raising premium level by inclusion of these mere expenses into the plan

2) You are not supposed to compare schemes with respect premiums, unless they offer more or less similar benefits. Health insurance is a complex pattern of financial contracts, with even more complicated terms and conditions. That’s where each is different from the rest, and so are the premiums charged

     3) Maximum age for renewal of the scheme is trusted parameter to consider credibility of a plan. You seek health insurance to safeguard yourself or your family member from ever increasing cost of medical treatments. Besides, the current rate of life expectancy in India is on a high, thanks to medical science development. Combining these two, stay away from a plan that has shorter lifespan for renewal

      4) Upon understanding daily cash limit health products, you can make considerable savings. Such schemes offer a maximum cash limit for critical operations and surgeries, and would be added to actual medical expenses. Automatically, you are to shoulder more premium load

Besides these all, you can rate a insurance plan with respect to coverage amount offered, facilities for senior citizens, TPA/non TPA study etc as well. For too many confusing options, there’s always provision for appointing a profession to offer right suggestions. 

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Making the most of the provisions to make health insurance affordable

When it comes to health insurance, picking the right one might be a tricky ask. For a start, the terms and conditions included in medical or health insurances are considerably more than the standard insurance policies in purview. There is a number of add-on clauses involved in health insurance policies, which makes it necessary to read the finer prints thoroughly. With health insurance becoming easily accessible even through online, sure people re getting more acquainted with their benefits. But there have been instances where the insured face problems extracting money from the insurance company, thanks to a number of complexities involved. It is to be noted in this regard that health insurance premiums are also inflated due to the added risks involved. But does that mean affordable health insurance is not possible? Sure it is. To acquire a cheap health insurance plan, one has to be judicious in some regards:

1)      Going in for coverage early: Many people are reluctant to go under health insurance coverage at a younger age as life expectancy is certainly higher at that point of time. This is certainly a mistake, which can make the insured person lose out on a number of verticals. First and foremost, the premiums on health insurance are certainly lower if one goes in early. Secondly, due to the enhanced life expectancy, the coverage periphery becomes wider. With age, the human body incorporates a number of complexities, which makes it harder to attain coverage against. Pre-existing diseases are given coverage after 1-4 years of taking the policy. If someone acquires illness after taking the policy, the company is liable to cover for those ailments as well.

2)      Tailoring the policy parameters: More often than not insurance companies come up with a host of add on services and clauses and charge the insured person for the same. The insured must look into the details of the policy carefully and chalk out the provisions which are actually beneficial to his or her causes. Providing maximum coverage to their critical illness is necessary. One can drastically cut down on the premium values if one can tailor their policy parameters in accordance to their needs.

While it is easier to say, it is considerably time consuming to land your hand on the right health policy. It is advisable thus to chalk out the actual health coverage needs beforehand. Zeroing upon on the policy according to their demands will fetch better results for individuals.

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Providing cover to the years of old age

Being in the ripe old age of sixty and above comes with a number of predicaments which more often than not are restrictive in nature. Be it an age related disease or any lifestyle oriented illness, the vulnerability of human body peaks as the immunity comes down. Scientific statistics point out a major decline in metabolism rate for inactive seniors, leading to a number of illnesses. The enhanced vulnerability of old age is the recipe for skyrocketing medical bills and expenses relating to recurring illness. With the current inflation scenario, it is no secret that medical costs have reached epic proportions and an average individual with a decent income source finds it hard to maintain the same.

A solution to this grim scenario can be the effectiveness of health insurance cover. Those having foresight, go under a medical coverage scheme before they cross sixty to take advantage of the enhanced coverage options and obviously the lower premiums. There is some technicality involved in the provision for senior citizen health insurance in India.

1)      Late entry equals higher premiums: The later you go into health insurance cover, the more inflated the premium costs be. Most companies in India allow senior citizens over sixty to come under medical coverage, but with added premiums to guard against the enhanced risk factor. Lower life expectancy plays a leveraging pat in inflating the premium pays.

2)     Lower periphery of coverage: With the added years, cover against critical illness becomes less. For example, most companies provide cover against pre-existing diseases after the first or second (even more) years of acquiring the policy. Many also do not cover critical ailments.

3)     Restriction in medical coverage: While it doesn’t necessarily mean that the senior citizen can’t get medical coverage, there are some organizations that restrict the entry age. Normally the age bracket applicable ranges from 60-80 years. In some instances that age is restricted to 69 years. People trying to acquire medical coverage must have a deeper look into these parameters.

Given the context of the complexities involved, it is advisable to go under the radar of medical insurance before one attains the age of sixty. One can certainly benefit from the lowered premiums and the extended coverage. 

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Covering the twilight years with health insurance coverage

Growing old is never easy, but it can be made more secure if covers their recurring medical expenses with a well-tailored medical insurance. Finding a suitable policyfor senior citizens can be a tricky as the limited life expectancy added with late date of entry inflates the premium value.

The key question in this regard lies in answering the question, “Can one buy a decent health insurance at the age of 60 or above?”

There answer is certainly positive, but one needs to gauge out some details before going in for senior citizen coverage

1)      Entry age: This is the most important aspect to take into consideration. Some companies limit the entry age of a policy rendering one ineligible, while some others provide provision for entry at maximum age. Normally the age bracket for senior citizens eligible for coverage is set to 60-80 years.

2)     Coverage against pre-existing diseases: This is another vital aspect to take into purview for senior citizens. Normally coverage against pre-existing diseases is offered after 1-2 years after one takes the policy. The timeline can differ from one company to another. It is also advisable to read between the lines to ensure that the pre-existing diseases are taken care of. Some companies do not provide coverage against some critical illness like AIDS.

3)     Amount of premium: If you are looking to acquire coverage for your parents, there is always a chance that the premiums will be on the higher side due to the late date of entry. Additional premiums are levied if the insured person has a pre-existing disease.

4)     Sum assured: Those with limited knowledge about the intricacies of medical coverage often goes wrong in this part. As the premium amount is directly proportional to the sum assured, people tend to thread in the lower margins here. This can be a grave mistake to have a lower sum assured. Taking into purview the ever-increasing medical costs, it is necessary to have a balanced sum assured. Under family-floaters, the math of co-payment in premium comes into play as well.

5)     Bonus if no claim is made: Though the medical policies are taken to cover against diseases and illness, one normally doesn’t want to face the scenario where they have to actually use the provision. It is important to keep a keen eye on the bonuses, which can be accrued if no claim is made during the policy tenure. Normally, the no claim bonuses are levied at a rate of 5% to 30% on sum assured.

Apart from these key facets, one should have a better understanding of the renewal age parameters and the tax benefits available on the premium paid.

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Is India Going To Be in the Top 10 Pharma Markets?

The insurance industry has developed significantly over the past few years. Recent studies reveal, the drugs and pharmaceutical industry of India has the potential to grab a position among the top ten fastest developing pharmaceutical markets. Considering the increasing value of this market, it is expected that by 2016, the total sales would double up to $26 billion. As revealed by a market prognosis report released by IMS Health, the drug market researcher, the increase in sales is expected to happen due to a surge in health insurance.

Though health insurance in India is expected to rise as an industry, some experts still believe that the prospect of such a huge sales jump may be a bit unrealistic. The conservative annual growth of 13 to 14 percent may be expected. Despite the calculations of the experts, IMS is sticking to the hope of seeing the across-the-board expansion. 

A sophisticated and dynamic healthcare market is expected to be created in India through increasing government funding, improving standard of care, and providing access to all the necessary treatment procedures. As of May 2013, India’s drug market is worth of Rs.74, 117 crore or $12.35 billion, which has taken the market to the 13^th position. The figures are quite impressive since in 2006, India was at the 15^th position. Since then, sales have increased up to $6 billion.

So, if you are thinking of getting health insurance, this may be the time. Get yourself covered!

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Health Insurance for Women and Girl Child

Are you looking to get insurance coverage for yourself or your daughter? If you are, you would be happy to learn that the private company, Reliance General Insurance is planning to launch a new insurance policy, which will be exclusively for women and girls. It would enable independent women to get insurance coverage with a handsome discount. Through this venture, the company aims at contributing to the women empowerment movement.

As far as the CEO of Reliance General Insurance, Rakesh Jain states, families that have welcomed a girl child recently, would get pricing benefits of up to 5% on the premiums of their family plans. Such similar pricing benefits will also be extended for widows and single women. He also adds that the primary objective of launching this new insurance benefit is empowering women and also supporting their healthcare needs.

The best thing about this scheme is that the special discount is offered to a female proposer, and this would apply to the premium of the insurance policy that covers the whole family. However, the discount will only be given if a girl has been included in the floater plan.  

So, if you have a daughter, obtaining a family health insurance may be a lucrative idea since it will help you save a significant amount of money. 

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Health Insurance for Senior Citizens

The health care industry has come up different healthcare plans of the senior citizens. In the past, getting a decent healthcare plan for the elderly was a difficult task. However, with the latest policies that have been introduced by various insurance companies, obtain healthcare for the senior citizens has become fairly easy. Having a proper plan becomes even more necessary if you are planning on retiring and living on pension or some other form of savings. Medical emergencies won’t give you a prior notice before taking place, and such emergencies can cause major financial troubles. A good health insurance plan will keep you covered in times like these.

As far as the new guidelines of IRDA suggest, insurance companies are liable for providing coverage to elderly individuals of up to 65 years of age. The new guidelines allow elderly individuals to get coverage even at a later stage of their lives. They can even change their insurer in case if they are not satisfied with the services they were provided. Such insurance policies are specifically for individuals who belong to the ages of 65 to 80. If you are thinking of carrying out a price comparison between the different health insurance providers, you would need to consider a few points. These points include renewability, waiting periods and coverage for specific diseases.

Not all plans provide the same coverage. Difference policies may cover different areas. However, there are some common areas that every health insurance plan must cover. Some of them include:

·         Hospitalization coverage

·         Medical expenses

·         Daycare expenses

·         Medical expenses required before hospitalization

·         Ambulance charges

·         Pre existing diseases

These are some of the factors that you need to learn before opting for Policy for senior citizens. If there are personal requirements, you may include that in your list of requirements.  

                                              

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