Health Insurance

Listed below are the different reasons why you should buy a health insurance plan online:

• Time-Saving: Unlike the traditional ways of buying a plan where you had to explain all your requirements to the insurance agents and follow the tedious process, buying online saves your time and lets you buy the health plan conveniently. All you need to do is fill out a few details, after which you will be able to view the health insurance quote and accordingly buy the right insurance plan for yourself.
• Easy to Compare Different Health Insurance Plans: The online way of buying a plan has simplified the process of comparing different plans. With an online premium calculator, it becomes easy to calculate premiums as well as compare different insurance plans.
• Buy the Plan At Your Convenience - There are no fixed timings to buy an insurance plan on online platforms like InsuranceDekho. You can easily buy a suitable plan anytime at your convenience.
• Discounts - Many insurance companies offer discounts on buying health insurance online. Thus, buying a health insurance plan online can be an affordable option for you.
• Flexible Payment Modes: On buying a health insurance plan, there are flexible modes of premium payment available. You can choose the payment mode at your convenience and pay the premium via a secured payment gateway.

Listed below are the key features of health insurance plans that you should know about before buying a health insurance plan for yourself:

• Sub-Limits on Room Rent: The sub-limits are the maximum amount that an insurance company shall pay in case a claim is raised. Generally, this limit is up to 1% of the sum insured and a maximum of 2% in case of ICU expenses. But there are several general insurance companies that offer health insurance plans without any sub-limit on room rent. Hence, it is recommended to go for such plans.
• Pre-Existing Diseases: Pre-existing diseases are those from which an individual has already been suffering. In health insurance, pre-existing diseases come with a waiting period, so while buying a health insurance plan, you need to check the waiting period for pre-existing diseases.
• Health Insurance Types: Before buying any health insurance plan, you need to be clear about the health insurance plan type you are planning to buy. For instance, if you are buying a health insurance plan that covers all your family members, then you must buy a family floater health insurance plan.
• Cashless Treatment: While buying a health insurance plan, you need to check the cashless treatment facility. Cashless treatment in health insurance means the option wherein the health insurance companies tie-ups with network hospitals to provide policyholders with the option of getting cashless treatment. If this feature is not covered under a health insurance plan, then you will be required to pay the expenses incurred at the hospital, from your own pocket, and the insurance company will reimburse you for the same later.

There are several benefits when you compare health insurance plans online such as the following:

• Select The Best Plan: On comparing the health insurance plans online, you will be able to able to select the best plan as per your budget and requirements. Moreover, comparing health insurance plans also helps you make an informed choice without the involvement of an agent.
• Offers Convenience: The comparison of health insurance policies online is more convenient than offline. The process will become too tedious if you have to visit different locations to get quotes and understand the coverage benefits before shortlisting the insurance plan. Hence, it becomes easier to buy when you compare plans online.
• 24*7 Availability: You can compare insurance plans anytime at your convenience. Unlike the online process, the offline process has fixed working hours and hence you won’t be able to visit an insurance company’s branch office late at night to compare the plans.
• Saves Time: When comparing health insurance plans online, you will not be required to spend so much time filling forms or discussing with agents or executives. All you need to do is fill a quote and several health insurance plans will be displayed on your screen which you can compare easily. This saves you enough time as well as money.
• Health Insurance Premium Calculator: With the help of health insurance premium calculator available online, it becomes convenient to select the most affordable health insurance plan for yourself.
• Right Coverage: While comparing the medical insurance plans offline, you may be restricted to understand the coverage benefits of a few plans. However, comparing the plans online will allow you to search for the desired coverage by comparing as many insurance plans as you need.

Here are some factors that you need to consider while buying a health insurance plan for yourself:

• Claim Process - Before buying a health plan always consider the number of claims settled by the medical insurance company. The entire purpose of buying an insurance plan is to get secure financially against unexpected illnesses. If the claim settlement process is smooth then it is advantageous for the insured. Additionally, you must look for great customer service.
• Sum Insured - The sum insured should be carefully chosen because it covers you and your loved ones for medical expenses incurred during the policy term. You should consider your income as well as your age when deciding on the sum insured for your medical insurance policy. Make certain that the sum insured is not insufficient and that the premium is not excessively high.
• Network Hospitals - Availing treatment at network hospitals is very convenient as they allow cashless treatment to the insured. This is why you should check the number of network hospitals associated with an insurance company. It is recommended to choose an insurance provider that has a maximum number of network hospitals. Also, make sure to select the one nearby your place of residence to save time in case of an emergency.
• Add-on Benefits - There are a number of riders that you can include in your health insurance plan such as maternity riders that will help in enhancing the plan benefits. You can choose the add-ons voluntarily by paying an extra premium at the time of policy purchase.
• Lifetime Renewability - You should always check the renewability feature in your health insurance plan. Ideally, you must buy a health insurance plan that offers lifetime renewability.
• Free Medical Check-Up - The cost of regular medical check-ups can also put a hole in your pocket. So, it is advised to consider the insurance plan that will cover your medical check-ups.
• Waiting Period - The waiting period in health insurance refers to the period during which you cannot raise health insurance claims. So, before buying any health insurance plan, you must always check its waiting period.
• Premium - The purpose of buying an insurance plan is to reduce financial stress in case of any medical emergency in future. You must choose a plan with an affordable premium so that you continue your policy for a longer period without any financial stress at present. However, choosing a medical insurance policy with a low premium is not always advisable as it may not get you enough coverage in case of an emergency.
• Type of Policy - Evaluate your needs thoroughly to identify the type of health insurance that would be advantageous to cover you and your loved ones. After understanding your requirements, you can choose from different types of plans available in the market such as individual plans, family floaters, senior citizen plans, critical illness plans, maternity insurance, and many others.
• Exclusions - Exclusions are the conditions for which you cannot make a claim, under your health insurance policy. Hence, when choosing a policy, you must opt for the one with the least number of exclusions. Some common exclusions under health insurance plans are treatment required due to self-harm, treatment required due to participation in adventure sports, etc.

According to the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), it is mandatory for all general and health policy providers to cover COVID-19 treatment expenses in the existing plan of policyholders. The regulatory authority issued a circular on March 4 that directed insurance companies offering health insurance plans to include cover for COVID-19, irrespective of which policy the insured is covered for.

Are you already covered with any type of health plan? Then You must know the following details:

• An initial waiting period is applied, which is 30 days in most health insurance plans.
• The claim process for COVID-19 is the same in regular health insurance plans like any other medical condition.
• Cover for pre-hospitalisation and post-hospitalisation expenses is offered as per the terms and conditions of the policy selected.

In addition to COVID-19 coverage in existing health plans, the IRDAI has created COVID-19 medical insurance policies, namely Corona Kavach and Corona Rakshak. Both are short-term plans that cover families and individuals, with the former being an indemnity-based policy and later being a benefit-based policy. Both plans make you feel financially secure if you are diagnosed with COVID-19.

If you have a health insurance policy or a mediclaim policy, you can take advantage of medical insurance coverage benefits in case of an emergency.

What is Mediclaim?

A health policy called Mediclaim only provides you with specific financial protection for costs associated with hospitalization. It covers any necessary hospitalization brought on by an accident, an unexpected illness or operation, as well as any surgeries performed within the insurance period. There are two types of medical claims: reimbursement and cashless.

What is Health Insurance?

It is a comprehensive insurance plan that will provide coverage to the policyholder for unexpected medical and surgical costs. With a health plan, you can avail of cashless treatment or reimbursement for the cost of the covered treatments.

To understand the difference between a medical insurance and mediclaim policy, kindly refer to the table below:

The following things need to be taken into account when deciding between a health insurance policy and a mediclaim policy:

1. Your economic situation
2. Your age, any existing health issues you and your family members may have
3. Add-On covers
4. Members who will be covered by a health insurance policy's
5. Sum insured
6. Policy term

If you are planning to buy a health protection plan, then you can choose from several health insurance plans that are available in India. These include family floater plans, senior citizen health plans, critical illness insurance plans, maternity insurance, and much more.

In case you have a huge family or one with senior parents, then it is recommended that you should buy an individual health plan over a family floater policy. Moreover, you can also buy a separate senior citizen insurance policy for parents in this case.

Whereas a family floater medical insurance policy is recommended for a young couple or a small family. Kindly note that when going for a family floater health insurance policy, you must choose a higher sum insured so that it is sufficient for all family members.

When choosing the best health insurance policy, there are many other factors besides the premium that should be considered. The right approach will be to seek maximum coverage for all the family members at the most affordable premium. It is recommended to do enough research in order to zero down the most suitable insurance policy for yourself and your family.

Hence, after deciding which plan to buy, you can also buy add-on covers to get extensive coverage. Though it is not mandatory to purchase add-ons covers, but looking at their advantages it is suggested that you can buy them voluntarily at the time of policy purchase. Some popular add-ons offered under health insurance plans are room rent waiver, hospital daily cash, second e-opinion, critical illness cover, air ambulance cover, and many others.

Check out the top reasons for buying a health plan at an early age in the below section.

Lower Premium - Youngsters of the age of 20 years will have to pay a lesser premium on health plans than those older of age 52 years. The idea behind this is that older people are more vulnerable to getting ill because of a weaker immune system. So, it is suggested to purchase a health policy at an early age.

Lesser Exclusions - Many medical insurance plans come with restrictions on coverage offered, due to which you may not be able to avail full-fledged cover on buying a policy in later years of life. But if you buy a health insurance policy at an early stage in life, when you do not have any health condition, then you will be able to enjoy a full-fledged health cover.

No Health Check-Up - When you purchase a health plan at an early age, there is not any need of undergoing a medical examination. However, most insurance companies will ask you to have a medical test before purchasing a policy at an advanced age, let’s say at 50. Additionally, if a health condition is revealed in the medical test results, you can be obliged to pay a higher premium due to the increased risk of hospitalization.

No Claim Bonus - You will be able to start accumulating No Claim Bonus early on by buying an insurance policy timely. You can use this NCB in your senior years when you are more susceptible to illnesses and may need to file a claim. However, if you get the policy later in life, you will not be able to benefit from such expanded coverage.

Aligned Finances - If you buy a health policy at a young age, then you have time to plan your finances for the long term. However, if you buy it in your latter years, your financial planning may go wild. As a result, it is recommended that you purchase health insurance coverage when you are young so that financial planning can begin early and that you are prepared for any kind of crisis.

Waiting Period - Waiting periods for various conditions are included in health plans, some of which you are more prone to get in old age. The benefit of purchasing health policies when you are young is that you can complete the waiting period sooner and use the policy advantages when you need them.

Rejections - As you will be more prone to illnesses in your old age, therefore there are higher chances of your health insurance application getting rejected then. Thus, it is advised to purchase insurance policies early on to reduce the likelihood that your application will be denied.

Pre-Existing Conditions - There is a potential that you may already have pre-existing conditions if you get health coverage later in life. But before you may receive the advantages of the coverage, you must first finish a waiting period. On the other hand, if you get the insurance while you are young, you will already have finished the waiting period and be able to access the necessary coverage by the time you might need coverage for pre-existing conditions.

Explained below are terms that you must know in order to understand your health insurance policy better:

Co-Payment - Health plans compensate you for healthcare expenses incurred during a treatment that is covered under your policy. However, co-payment occurs when the insured and the insurance company share the expenditures at the time of the claim. In general, health policies with a co-payment clause have lower premiums. This feature is most commonly found in senior citizen health insurance plans.

No Claim Bonus - It is a reward that a medical insurance company gives to the insured for not making a claim in a particular year. For instance, an increase in the sum insured by a fixed percentage according to the policy, not more than 50% of the sum insured, if the policy has been renewed continuously.

Deductible - Deductible is identical to co-payment. It is a fixed amount in rupee terms that are shared by the policyholder, and not the insurance company, at the time of claim. It is, however, decided by the insurance company if the insured is required to pay this amount per year, per life, or per event.

Dependents - Family members including legally wedded spouse, unmarried children, and more who are financially dependent on the insured are known as dependents.

Exclusions - There is an innumerable list of conditions that are not covered under the health plan during the policy tenure by insurance companies. Hence, these leftovers are known as exclusions. Some common exclusions under health plans are treatments required due to participation in adventure sports, Injuries due to self-harm, insured committing a breach of law, etc.

Grace Period - The grace period is a specific period of time that is given to the policyholder to pay the premium to continue availing coverage benefits under the policy, immediately after the expiry of the due date or premium payment. Hence, if you will pay the premium during this period, then you can continue to avail the policy benefits. However, in case you forgot to pay your premium during the grace period also, then your policy may lapse and you may lose all the accumulated benefits.

Insurer - The insurer is the insurance company from which you choose to buy the relevant health plans and get protection for yourself and your family.

Premium - A fixed amount that must be paid on a regular basis in order to continue receiving benefits from your health plan.

Policy - It is a legal contract between an insurance company and the insured, that contains all the terms and conditions of the insurance.

Pre-Existing Disease - Any condition, illness, or accident for which the insured had symptoms within the past 48 months before purchasing a health policy falls under this category. After a certain waiting period, pre-existing conditions are often covered by the policy. Therefore, it is advised to report any pre-existing conditions in order to prevent complications at the time of claim settlement.

Network Hospital - Network Hospitals are referred to those medical care centres that have a partnership with an insurance provider and are entitled to pay cashless care to the insured. To ensure maximum ease in the event of an emergency, it is advised to select an insurance carrier with a large number of network hospitals.

Portability - In case the insured is dissatisfied with their existing company or policy, they can either switch from one company to another or maybe change their insurance plan to another. The portability feature can only be availed of if the insured has maintained their plan without any lapse. Portability allows you to transfer the accumulated benefits as well such as waiting for period benefits, NCB, and much more.

Sum Insured - It is the sum amount that an insurance provider is liable to pay to the insured at the time of claim. For instance, if a health insurance policy's sum insured is Rs. 5 lakh and hospitalization costs total Rs. 2 lakh, the insurance company will pay the costs. However, the insured will be responsible for paying any additional costs if the expenses are greater than the maximum sum insured.

Waiting Period - This is a fixed time period for which the medical insurer does not cover you, even after the commencement of the policy term. Waiting periods can be of different types such as initial waiting period, waiting period for specific diseases, waiting period for pre-existing diseases, etc. The waiting period is calculated from the date of commencement of the policy.

Free Look Period - It is the time period in which insured can understand all the details, features, benefits, terms and conditions of their health insurance policy. During this period, if the insured is not satisfied from their plan, then they have a choice to cancel the policy.

Even after purchasing a health plan, insured is not entitled to receive the entire value for some conditions that are mentioned in your policy due to a waiting period in health insurance. Hence, this means that insured person will only be eligible to get coverage benefits for pre-existing diseases after completing a specific time-period, which is determined from the beginning of the policy.

Types Of Waiting Period In Health Insurance

Following are the types of waiting period in health insurance-

1. Initial Waiting Period: Initial period, that is also known as cooling period, is that in which the policyholder has to wait for a certain number of days before receiving any claim benefits under the plan. Most of the health insurance plans come with a waiting period of minimum 1-month and maximum 90 days.
2. Pre-Existing Diseases (PED) Waiting Period: It is a pre-existing disease waiting period that the insured acknowledges at the time of policy purchase. According to the Insurance Regulatory and Development Authority of India (IRDAI), a pre-existing disease is defined as any condition, accident, ailment, or disease detected within 48 months of the policy acquisition. Pre-existing illnesses include thyroid, hypertension, and diabetes. Pre-existing conditions are usually subject to a 1-4 year waiting period in most health insurance coverage.
3. Waiting Period for Specific Diseases: There are some conditions, including hernias, tumours, ENT disorders, cancer, strokes, and cardiac problems, that come with a specific waiting period. This period for specific diseases vary from insurer to insurer and can found in the policy provision of each company.
4. Maternity Waiting Period: If you are planning to start your family very soon, then you can add maternity coverage to your standard health policy. With this plan, your pregnancy expenses and a newborn baby care cost will be covered. However, a policyholder can avail benefits only after the waiting period of 2 years to 4 years.
5. Waiting Period for Bariatric Surgery: Under a variety of health policies, bariatic surgery is also covered. It is a procedure that involves stomach or intestines surgery done to assist a patient with severe obesity-related disorders. The individuals who are experiencing health problems and are with a BMI of over 40 usually undergo bariatic surgery.
6. Waiting Period for Coronavirus: Many people in India are purchasing coronavirus specific health policies for themselves and their loved ones because of the increased frequency in the number of cases and a high treatment cost. However, insured must have to wait for 30 days before receiving coverage benefits such as hospitalization and therapy under these plans.
   

What Is The Importance Of Waiting Period In Health Insurance?

The purpose of a waiting period in health insurance is to prevent people from claiming benefits under a policy for the wrong reasons. People without health plans have purchased plans after being given a specific diagnosis, often without disclosing the diagnosis to the insurance company. The concept of a waiting period is also included in health policies to stop unethical behaviour like this.

With the help of health insurance premium calculator, you can easily estimate the value of your health plan or medical insurance policy. The online tool will calculate the premium on your health plan without any hassle. Moreover, it is a free tool through which you can compare a variety of available plans to choose the most suitable for yourself as per your requirements and budget.

The premium is calculated after considering various factors such as BMI, age, lifestyle, income, gender, no. of members to be covered under the plan, and many others. Hence, to avoid any discrepancy in calculating the premium, it is advised to provide the correct details.

Following are the steps to be followed in order to use health insurance premium calculator online:

• Visit an official website of InsuranceDekho and click on ‘Health’.
• Enter your personal details such as name, age, gender, city, mobile number, no. of members to be covered, and much more. Then click on ‘View Instant Quote’.
• You will able to see the most suitable health plans with their premiums displayed on the screen.
• Among a variety of options, you can select the most suitable plan as per the premium and coverage benefits that are offered by different companies.

The premium of a particular health policy for an individual is determined by a number of variables. They are described below:

Age - Companies that provide medical insurance generally adhere to the rule that older the customer, the higher the premiums. This is due to the fact that as people age, their susceptibility to illness increases, increasing the likelihood that they would file a health policy claim. As a result, premiums increase with age and vice versa.

Past Medical History - In case you have a history of any kind of medical condition, then the health insurance company will charge you higher because of the fact that you have a higher chance of getting hospitalised. But you will be charged a comparatively lesser premium if you do not have any past of medical problem.

Lifestyle Habits - Lifestyle habits such as excessive smoking or drinking deteriorate your health and make you more prone to illnesses. If you lead this lifestyle, your health may be at risk, increasing your likelihood of filing a claim. You will pay a greater premium for health plan as a result compared to someone who does not smoke or drink frequently.

Policy Term - Policy term is another crucial factor that decides the premium for a health insurance policy. You can choose from different policy terms such as 1 year, 2 years, or 3 years, according to its terms and conditions. The higher the policy term you opt for, the higher premium you will be required to pay, due to the higher coverage offered.

Add-On Covers - For comprehensive coverage, you can add add-on covers to your health insurance policy. You will need to pay an additional premium for this when you buy your insurance. The greater the number of add-ons covers you buy, the higher premium you will be required to pay for it.

Co-Payment - Premiums for medical insurance plans that come with a co-payment clause are generally low, due to the cost-sharing involved. Therefore, if you choose a health insurance policy with a co-payment option, then you will be required to pay a lesser premium and vice versa.

Body Mass Index - You run a higher chance of developing health problems if your body mass index is higher than average. Your premium will be expensive as a result. However, if it is normal, you will be liable to pay a lower premium.

The documentation needed in the case of a reimbursement claim are as follows:

• Valid identity proof.
• Duly signed and completed original claim form.
• Doctor’s prescription recommending hospitalisation.
• Original pharmacy bills.
• Original prescription for medicines, consultation, and diagnostic tests.
• Indoor case papers.
• Ambulance receipt.
• First Information Report (FIR), if applicable.
• Policy details with the insured person(s) name, policy number, illness, and address.
• Any other document if required by the insurer.

Listed below are additional documents required in case of a cashless medical insurance claim:

• Pre-authorization form.
• Valid identity proof along with a photograph.
• Documents like voter ID card, driving license, PAN card, and Aadhar card.

The following mentioned are some of the steps to buy health insurance from InsuranceDekho-

• Fill Your Details: Visit the official website of InsuranceDekho and browse to ‘Health Insurance’. Enter your personal details such as name, age, gender, and more. Moreover, you can talk to the experts as per your convenience through WhatsApp. Click on the “View Plans” Button to see available plans. Select the family members you want to insure like your father, mother, son, and others.
• Compare Different Health Insurance Quotes: Once you enter the above details, different health insurance quotes will get displayed to you. Compare the available plans and select the health insurance that suits you and your requirements perfectly.
• Make the Payment: After selecting the best health insurance plan for yourself, select or adjust the sum assured and the term of the policy.
• Once all the details are provided by you, make the payment. You can make the payment through credit\debit card or netbanking.

Due to lack of knowledge and understanding, people in India have a lot of misconceptions when it comes to health plans. It is important to debunk these myths in order to make the best purchasing choices. Here are some popular misconceptions and the truth about health policies:

Myth 1: Young And Healthy People Do Not Require Health Coverage

Reality: The most effective time to buy a health is a young age. This is because you are young and are less vulnerable to critical illnesses. Hence, the chances of getting hospitalized are low and you will be able to buy a health coverage at an affordable premium. Also, you can serve waiting period of your health plan at young age and get a quality treatment at older age without any obstacles.

Myth 2: Only Hospitalization Charges Are Covered

Reality: It is true that health insurance plans cover you for hospitalisation expenses only when the hospitalisation of at least 24 hours takes place. But it is not true that the plans only cover you for these expenses. In most cases, they also cover you for daycare procedures such as sinusitis, radiotherapy, chemotherapy, etc, which do not require hospitalisation of at least 24 hours. Other expenses covered are OPD expenses, road ambulance expenses, second medical opinion, medical check-up, etc.

Myth 3: People who smoke cannot be covered under any health insurance policy

Reality: You can still buy a health insurance plan even if you are a smoker. But medical insurance companies are concerned about pre-existing conditions, which may even lead to the cancellation of your health insurance application form. So, if there is any pre-existing condition due to smoking, then you must disclose the same to your insurer. It will not deny you the policy but may charge you a higher premium because as a smoker, you will be more prone to illnesses.

Myth 4: Health insurance plans are bought to save taxes

Health insurance plans do not only help you save taxes as per the prevalent tax laws but most importantly, cover you for healthcare expenses, which may help you save even more in the long term.

Myth 5: It is not safe to buy health insurance plans online

Purchasing health plans online through reputable companies such as InsuranceDekho is absolutely safe and easy. All you have to do is fill out a quote, compare the insurance plans offered on the screen, shortlist the one you want to buy for yourself and your family, and pay the premium online through a secure payment method. You can choose from a variety of premium payment methods such as credit cards, debit cards, and e-wallets.