Introduction
The agenda and awareness of health-related insurances and plans came in India in 1986, and by the surveys by World Bank, by 2010, more than 25% of the Indian population is now under some sort of health insurance policy. This segment is the reason for economic growth and beneficiary on the personal level.
There are different kinds of payment facilities while availing the insurance which can be a direct payment or some reimbursement after the treatment is done. The policy here can range from ₹5000 to 5 million. Health insurance usually lasts for the period of one year but life insurance gives the cover for several years as per the plan.
Under the income tax act section 80D, the insured person can claim tax deductions of a range of ₹25,000 for self, and other differences for spouse and family members.
Types of health insurance policies in India
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Individual Health Insurance
This kind of policy covers individual persons in the family. Like if you have insured a sum of 5 lakh then each 5 lakh will be covered for you, your spouse, 2 kids. This insurance can be avail by age of 18 to 70 years of person.
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Family Floater Health Insurance
This is principally the same as individual health insurance discussed above but the difference is entire family is covered in this insurance. One should keep in mind if any one of your family members is above 60 years of age, they are more likely to prevail premium offers and not be considered in this health insurance.
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Group Health Insurance
This insurance is useful for any company, the employees can get benefits from this insurance. This helps employees to avail insurance during the time of serious illness or accidents. It is not only a cover to your health but also enhances the goodwill of the company.
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Senior Citizen Health Insurance
This insurance starts with the age of 60 years for the senior citizens with more chances and prone to illness, with a limit to 70 years and can be renewed further.
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Maternity Health Insurance
This is good for those couples who are expecting a baby and it covers the parental stage, pre, and post-natal-stage, and up to baby’s birth of 90 days coverage.
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Critical Illness insurance
This covers lifestyle-related diseases like cancer, stroke, kidney dysfunction, first heart attack, and others to get savings sorted.
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Top-Up Health Insurance
This has add-on benefits to your previous insurance. So, if you seek a wider cover over and above your basic health insurance policy, then you can buy this plan.
Tips to finalize your best-suited health plans
- First have a thorough study of what plans best suits your family and you for a long run.
- Set the right sum for all your members depending on their necessities.
- Choice the plan with maximum age and minimum waiting period.
- Choose the company which covers large group of hospitals and health center worldwide.
The best affordable health insurance comapnies.
Blue Cross Blue shield:
- It is advantageous for remote workers.
- Covers 50 states available and international plans.
- Long company history and reputed.
United HealthCare
- It is short-term health insurance.
- This can fill gaps between jobs.
Kaiser Permanente
- They have its own health savings accounts.
- They severs in 8+ states and Washington DC.
Cigna
- They come with varieties of services like free annual checkups, 24*7 assistance, multiple coverage types.
- MycignaApp, it assist with online facilities and statement or bill keeping.
Oscar
- This have digital assistance with doctor free of cost through their app.
Humana
- All medial facilities are covered with different plans.
- This is best for medicare and medigap plans.
Some Frequently Asked Queries.
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Is Private Health Insurance worth it?
Yes, it is just important and good to have a private heath insurance to help in saving costs of high medical care.
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What is Consumer-directed coverage?
It is the kind of cover plan than the insurer has control over the access, the kind of care they wanna avail. The various kinds of consumer-directed coverage are:
- Health savings accounts.
- Health reimbursement arrangements.
- Flexible spending arrangements.
- Archer Medical Savings Accounts.
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What is pre-existing condition in health insurance policy?
If you have exisiting disease like diabeties insurance does not cover such under their policy. It means, pre-existing conditions can be considered for payment after completion of 48 months of continuous insurance cover.
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If my policy is expired and not renewed on time?
The policy is renewed only when you pay the premium within 30 days also known as Grace Period.
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What does “Any-one Illness” means?
The term means a continuous period of illness usually this is of 45 days.
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What is the coverage offered for ICU/ICCU expenses?
Such facilities are covered 5% of sum insured subject to maximum of Rs. 10,000/- per day.
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What is other hospitalisation facilities covered other than ICU/ICCU?
Anesthesia, blood, oxygen, operation theatre charges(OTC), surgical appliances, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities, and such other similar expenses.
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Is there coverage for Dental Treamtements too?
Majorly the dental treatment due to accidents are covered but not for minor problems.
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How many claims are allowed in a year?
The claim amount should not exceed the insured assured amount and hence can be claimed as many time possible.
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Can a free trial is given by company for a run-up?
Yes, usually companies provide a window of maximum 15 days as free trial period under some terms and conditions.
Glossary
- Coinsurance- The amount to pay to the health company after meeting the deductible period.
- Copay- The fee you pay each time you receive medical care.
- Deductible- The amount insurer pay each year before the plan begins paying.
- Exclusion- Services that are not covered in the plan also called limitations.
- Fee-for service insurance- Health insurance where your plan is paid each year by you, pays a portion of your health expenses, usually after you meet a yearly deductible.
- Flexible Spending arrangements- Use of pre-taxed amounts to set up these accounts and draw down on them to pay qualified medical expenses per year.
Bottomline
Since, the increasing risk factor of you and your family might haunt you. Stop worrying insurances and insurance policy companies gets you covered. You just have to choose the right kind for you. Happy and healthy life to you and your family.
