You have to pay a sum of money (Health insurance premium), to avail a health insurance policy. Your medical bills will be paid back to the extent you have insured yourself (premium you have paid).
The health insurance plan pays your hospitalization expenses/bills, if you are hospitalized for at least 24 hours. You can also take a health insurance plan for your family under the family floater plan.
Know the waiting period of your health insurance plan
A health insurance plan has a waiting period of 1 month after you avail it. The health insurance plan will not pay your medical bills for any disease you contract, within a month of taking up the health insurance plan.
You are hospitalized after a week of availing the health insurance plan .When the hospital bill is presented you get a nasty shock. Your bills are not settled by the health insurer as you are hospitalized within a week of availing your health insurance plan. You are covered by the health insurance plan only a month after availing it.
All you have to do is show your health insurance card at the hospital. You get free treatment, at any of the network hospitals under the health plan.
The health insurance plan offers you health insurance across your lifetime, as long as you pay the health insurance premiums.
Health insurance plans offer first time buyers, the option to enter health insurance plans, even at 65 years of age.
Premiums on health plan, tax deductible up to INR 25,000 a year. If you are under 60 years. If you are over 60 years, it is INR 30,000.
You can buy the health insurance policy for any family member, children and even your parents.
You/ Proposer need to be above 18 years. You get coverage upto 65 years of age, which varies from Company to Company.
Individuals who propose to have insurance whose age is 46 years and above, have to undergo medical tests at designated diagnostic centers.
A pre existing disease is a disease that exists before availing the health insurance plan.Life style diseases like diabetes or heart ailments are common pre existing diseases. You are covered for pre existing diseases only 2-4 years after you avail the health insurance plan. This depends on the type of health insurance plan you avail.
Your health insurance plan does pay for the hospital room charges , but only up to a limit called a sublimit. The health insurance plan would pay up to INR 1000 per day for the room rent depending on the health plan you take. If your hospital room rent exceeds this amount, you have to pay it from your own pocket, called an out of pocket expense. Your health insurance plan might not pay for certain surgical procedures you might undergo and you have to pay this from your own pocket.
If you are a senior citizen, then your hospitalization expenses will be very high and possibly frequent. The health insurance plan will cover you only under the co payment clause.You will have to pay part of the hospitalization expenses yourself, and the health insurance plan will pay the remaining amount. This could be determined at the time you avail the health insurance plan, as a fixed percentage. You will have to pay say 10% of the hospitalization expenses yourself, and the health insurance plan will pay the remaining 90%.
Individual Health Insurance Plan: This is designed to cover an individual against various illnesses with cashless hospitalization and other add-on features.
Family Floater Insurance Plan: With this plan, you can cover all your family members against diseases under a single policy.
Surgery and Critical Illness Insurance Policy: This is usually brought as a standalone policy, or as a rider in case of treatment against serious illnesses like cancer, kidney failure, heart attack, paralysis and so on. As the treatment of such diseases is expensive, the premium is also on a higher side.
Senior Citizen Health Insurance Plan: This offers to protect you from health issues during your old age. According to IRDA norms, every insurer must provide cover for people up to the age of 65 years.
Preventive Healthcare: Undoubtedly health care is expensive and who wants to fall sick. So now insurers' have preventive health care that offers to take care of you and not let you fall sick. This includes preventive care treatments like regular checkups, consultation charges and other tests or x-ray fee concessions. The idea is to monitor your health at timely intervals and provide overall health care benefits.
27 January 2016, Thursday
There is a famous saying “He who has health, has hope. He who has hope, has everything”. Do you need any better words to explain why you must be in good health? Yes, good health is everything, but life’s not fair. Sometimes you do fall ill and land up in hospital. Now medical treat. . .
09 January 2016, Thursday
You live in a World of expenses. All your money goes on food and clothes. You visit a mall and a decent shirt costs close to a thousand rupees. Fruits and vegetables are turning unaffordable. But cost of hospitalization and medical treatment, exceeds all these expenses. If you suffer from a disease . . .
20 January 2015, Thursday
You have just bought a new smart phone. It has a number of applications and you don’t know how to use most of them. Have you bothered to know what most of these applications do? Your health plan is no different than a smart phone. It has a number of features which you might not have bothered. . .
20 January 2008, Thursday
The BSE Sensex or Bombay Stock Exchange Sensitive Index is a value-weighted index composed of 30 stocks with the base value of 100 started on April 1979. It consists of the 30 largest and most actively traded stocks, representative of various sectors, on the Bombay Stock Exchange. These companies . . .
07 January 2014, Thursday
There is a famous saying “Better be safe than sorry”. One cannot make too many mistakes and live to tell the tale when he is investing in the stock market. Building a safety net under one’s portfolio is very essential and its true value is realized only in a recession. Fortunately. . .
18 January 2012, Thursday
Formalities for a health insurance claim You can make a claim under a Health insurance policy in two ways : On a Cashless basis and A Reimbursement Claim On a Cashless basis : For a claim on cashless basis, your treatment must be only at a network hospital of the Third Party Admini. . .