Tag: health insurance

How to Pick the Best Health Insurance Plan for Parents?

  Purchasing adequate health insurance plans for parents is important to ensure that they have the best medical treatment without financial burden. Currently, the insurance market of India is flooded with health insurance plans for Insurance seekers who want to buy plans for parents. Moreover, many of these plans are specifically designed for elderly parents and senior citizens above the age of 60 years.

However, with an extensive range of plans available in the market, choosing the most appropriate plan can be a bit confusing. Thus, to help our readers know how to choose the best health insurance plan for parents, here we have discussed in detail the certain parameters to consider.

Factors to Consider While Purchasing Health Insurance for Parents

The following are the factors that one can consider while purchasing health insurance for parents:

Adequate Sum Insured Amount

Since parents are more vulnerable to health-related problems considering their age factor, an individual must choose a higher sum assured. Having adequate coverage will ensure that they get the best treatment in case of any medical emergency without getting worried about finances.

Health Insurance Coverage

Before zeroing in on a plan, it is very crucial to go through the benefits and coverage offered by the policy. Look for some important features like critical illness cover, pre and post-hospitalization cost, policy tenure, in-patient hospitalization, daycare procedure, domiciliary hospitalization, Ayush treatment, etc.

Co-Payment Clause

A co-payment clause in a health insurance policy means the percentage (%) of the amount that the insured will pay on his own. The remaining expenses of the medical treatment are paid by the health insurance company. Suppose, if a policy has a co-payment clause of 20%, then for a claim of Rs.20 lakh the policyholder will need to pay Rs.2 lakh on his own and the rest Rs.8 lakhs will be paid by the insurer. So, while purchasing the policy, make sure to check the co-payment clause. You can also choose for no co-pay clause.

Pre-existing Diseases Cover

In case the policyholder’s parent suffers from any pre-existing illness, then it is only covered after the completion of the waiting period of 2-4 years. However, the policy’s waiting period may vary from insurer to insurer as per the plan opted. Thus, make sure to check the time period after which the pre-existing diseases will be covered in the health insurance plan for parents.

Tax Benefit

The premium paid towards the health insurance policy is applicable for tax deduction under Section 80D of the Income Tax Act. If an individual is paying a premium for himself and his parents, then the maximum limit on health insurance premium is Rs. 50,000. If the parents are above the age of 60 years then the maximum limit on the premium that can be claimed for tax exemption is Rs. 75,000.

Compare Different Health Insurance Plans

To choose the best health insurance plan for parents make sure to compare the quotes of various plans online and choose the one that offers maximum coverage at a lower premium rate.

Network Hospitals

An individual must go through the list of network hospitals that are in collaboration with the insurance company they are picking. Make sure that the reputed hospitals in your surrounding are mentioned in the plan so that in case of emergency it is convenient to take them to the hospital.

What is Covered in a Health Insurance Policy for Parents?

Let’s take a look at what is covered under the health insurance plan for parents-

  • Hospitalization Expenses- Any eventuality or illness can lead to excessive hospitalization costs. With a comprehensive health insurance plan, the financial burden of hospitalization expenses is taken care of by the insurer up to the coverage limit
  • Daycare Procedure- Daycare treatments like a cataract operation and varicose veins surgery that does not need hospitalization for 24 hours are also covered by the insurer. The number of daycare procedures depends on the plan opted by an individual
  • Pre and Post Hospitalization Cost- The health insurance policy provides coverage for the expenses that occurred pre and post-hospitalization. Generally, it is 60 days and 30 days however, it may vary from insurer to insurer
  • Pre-existing Illnesses- The health insurance company covers the pre-existing illness after completion of the waiting period. However, one can choose a plan that comes with a lower waiting period and provides maximum coverage for critical illnesses like diabetes, heart ailment, etc.
  • Major Surgeries- Most medical insurance policies offer coverage for major surgeries, which involves high medical expenses like open-heart surgery, bariatric surgery, etc. In case of any such medical emergency, the policyholder can get their parents admitted to some of the best hospitals in India and get the operation done by renowned surgeons
  • Ayush Benefits- Nowadays, Ayush treatments are covered by almost all health insurance companies, which include Ayurveda, Homeopathy, Unani, Siddha, etc.
  • Renewability- Health insurance plan for parents generally comes with a lifetime renewal option.

Wrapping it Up!

You can consider the above-mentioned points while purchasing a health insurance plan for parents. However, make sure that you compare the benefits and features of various plans and choose the best plan as per your requirement and suitability.

Top 7 Benefits of Health Insurance Plan

  The outbreak of COVID-19 indeed has forced financial as well as medical security to the minds of individuals in an unprecedented way. In these times of uncertainty and with the skyrocketing cost of the health care sector, having a health insurance policy has become a necessity more than a choice. The health insurance policy not only takes care of the medical needs of the individual in case of any eventuality but also provides many different benefits. Read further to know the benefit of a health insurance plan.

Benefits of Health Insurance Policy

The following are some of the benefits of the health insurance plan:

Coverage against medical expenses

In case of any medical emergency, the last thing that a person would want to worry about is the cost of medical treatment. One of the major perks of having a medical insurance policy is that it offers coverage against any type of medical expenses that may/may not arise during an emergency.

Thus, a comprehensive health insurance policy covers all the medical costs like pre and post-hospitalization costs, ambulance charges, doctor’s fees, etc. are all covered. Many insurance companies offer rider options along with the base plan to enhance the coverage of the policy.

These riders offer the benefits that are not covered in the base policy like personal accident insurance, critical illness cover, maternity benefits, etc. With all these costs covered by a medical insurance policy, one does not need to worry about financial loss in case of any medical emergency.

Cashless Mediclaim Facility

In case of any medical emergency, if the insured undergoes any treatment in a hospital, then it might get difficult for the family members to immediately pay the hospital bills. To avoid such a situation, many insurers offer the facility of cashless mediclaim at network hospitals.

The cashless mediclaim facility ensures that the policyholder gets the best treatment without worrying about the finances. One just needs to fill the mediclaim form offered by the insurance company to avail of the benefit of cashless mediclaim at network hospitals.

Tax benefits

Another benefit of a health insurance policy is that it offers an opportunity to save on taxes. An individual can claim up to a maximum of Rs. 25,000 of tax exemption on the premium paid towards the policy under Section 80D of the Income Tax Act. 1961. Moreover, one can also claim an additional tax exemption of Rs. 25,000 for the premium paid for parents.

Financial protection against critical Illness

Most health insurers provide coverage against critical illnesses such as cancer, stroke, heart attack, kidney failure, etc. The critical illness cover either comes inbuilt in a plan or is offered as an add-on cover to the health insurance policy. In case the insured person is diagnosed with any critical illness as stated in the policy documents, a lump-sum amount is paid by the insurer so that the insured can fulfill their financial obligations.

Buying a comprehensive medical insurance policy helps an individual to be prepared for the worst. Moreover, buying the best health insurance plan at a young age not only provides the advantage of lower premiums along with comprehensive coverage but also helps to contribute towards savings in the long term.

No claim bonus

A No-Claim Bonus is a special incentive given by the health insurance company for every claim-free year. If the policyholder completes a year without making any claim for medical expenses then the insurance company offers a no-claim bonus to the policyholder in the form of premium discounts.

If a person does not file a claim for a consecutive tenure of the policy then he/she can enjoy up to a 50% discount on the premium amount. Moreover, some of the insurers also offer an increase in the base amount of the policy for every claim-free year. This not only benefits the insurance holder but also adds to their savings.

Protects the long-term savings

A health insurance plan acts as a safety net and protects the individual and his family against any type of financial crisis due to any medical eventualities. In case, a policyholder requires any medical treatment or a lifesaving surgery then he/she does not need to compromise on their children’s education fund or retirement savings. With a quality, health insurance policy one can ensure the right financial protection to themselves and their family without burning a hole in the pocket.

Free health checkup

After every 4-5 claim-free years, the facility of free health checkups is offered by the insurance companies to their policyholders. The insured can avail of the facility of free health checkups at any of the network hospitals.

The Bottom Point!

So, these are some of the benefits of health insurance plans. To choose the best health insurance policy for your family and yourself, make sure you compare the plans available and make an informed choice.

Why should you have health insurance?

Health Insurance 

Usually, the first thought that comes to mind when entering a hospital is how much lighter your wallet will be when you leave. In a high-tech world, medicine is at the forefront, and technology comes with a cost. It’s not uncommon for routine check-up bills to run into the thousands of dollars. A lengthy hospital stay will inevitably set you back hundreds of thousands of dollars. Having reliable comprehensive health insurance can save you a day and your wallet, at least if you’re in the hospital for treatment.

What is health insurance?

If you choose health insurance, your medical expenses will be covered by your insurance company and you will instead have to pay an annual membership fee called a “premium”. This can also be paid in monthly installments. Depending on which policy you choose and who provides it, health insurance protects your wallet by covering medical bills, hospital bills, ambulance bills, test bills, and other related costs. Some policies also cover lost earnings compensation.

Why should you have health insurance?

A WHO report outlines the need for expanded health insurance coverage in India, which is staggering as 68% of India’s healthcare costs are out-of-pocket (OOP). Also, only 18% of urban and 14% of rural India have health insurance. Getting health insurance at a young age is a wise decision as premiums are much lower. Please note that many policies do not cover pre-existing illnesses or illnesses that occur within 30 days of obtaining the policy, except for accidents.

If you do not yet have health insurance or are considering it, here is a list of reasons why you should recognize the importance of health insurance.

• Cashless treatment: All major health insurance companies have many popular hospitals in their networks, so-called network hospitals. When you get treatment at one of these hospitals, all you have to do is present your health insurance card (or just your insurance number), fill out a few forms if necessary, and then you’re all set. However, if you decide to go to an out-of-network hospital, you will have to pay for treatment and later apply for a refund. Cashless treatment is therefore one of the biggest benefits of health insurance. Because few people can arrange a large amount of money in a short period of time for medical purposes.

• Rising health care costs and illnesses: According to cancer statistics in India, there were 11,57,294 registered cancer patients in 2019. In the last 26 years, cancer incidence has almost doubled in India. Other life-threatening diseases such as tuberculosis and diabetes are also on the rise. With medical and treatment costs continuing to rise, look no further than why health insurance is a must.

• Free Health Checks and Additional Benefits: Many insurers offer their customers free health checks every year (but only if you haven’t filed a claim in the last few years). Some companies do). You are also eligible to receive a No Claim Bonus (NCB). H. If you do not have insurance other than outpatient insurance during the insurance period, the insurance amount will increase by a certain amount. In addition, ambulance costs, pre-hospital and post-hospital costs are some of the other benefits offered by insurance companies.

• Tax Incentives: Section 80D of the Income Tax Act provides tax incentives for health insurance premiums. Under the age of 60, INR 50,000 for parents under the age of 60 (INR 25,000 for self-employed persons, spouses and dependent children and INR 25,000 for parents), for parents over the age of 60 can claim a deduction of Rs 75,000. (Self-employed person, spouse and dependent children Rs 25,000 for her and Rs 50,000 for parents). In total he can claim a deduction of Rs 1,00,000 if both the individual and the parents are above her 60 years of age.

• Peace of Mind: Well-planned back insurance can be a great peace of mind, especially when life-threatening diseases have increased at an alarming rate in recent decades. It can save you and your family during a medical emergency, and most importantly, one less thing to worry about in your busy daily schedule.

Now that you understand the importance of health insurance, let’s take a look at what to consider when choosing health insurance.

Points to note when looking for health insurance 

• As mentioned above, it is better to get health insurance when you are young. Insurance premiums tend to increase with age, as does the risk of health problems.

• Look for insurance that covers terminal illness. These are the things that weigh most on our finances, so it makes no sense not to include them in the covered list.

• Do not choose insurance with expensive copay clauses. Your copay is the part of your bill that you have to pay out of your own pocket in the event of a claim. The insurance company will pay the rest according to the terms of the policy.

• You may select passenger/additional features related to health insurance to contribute to the overall insurance coverage network.

Types of Health Insurance

•Compensation Plan: In this case, the patient pays a fixed amount for hospital expenses and the insurance company pays the rest of the bill. You can choose the doctor you want to see, and your insurance company doesn’t have to decide which hospital or whether you need to see a doctor. But this autonomy is only up to a point. In an emergency, emergency room admission still requires insurance clearance unless you are incapacitated. If you choose a coverage plan, first pay the full amount out of your own pocket and then request a refund. is needed.

•Exclusive Provider Organization (EPO): Members of the EPO plan must use a defined network of physicians and primary care physicians (PCPs) who issue referrals to the network’s specialists for treatment. However, this condition does not apply in emergency situations. You will also be required to make a small donation yourself.

•Point of Service (POS): Similar to EPO Pan, POS also offers PCP with a choice of network providers. In such cases, higher compensation is available. However, if you choose to go to an out-of-network hospital, you may be subject to a deductible (out-of-pocket) and have less insurance coverage. You may also need to prepay and then request a refund.

In summary, the importance of health insurance cannot be overestimated. Get health insurance for yourself, your spouse, your children, and your parents early.

Top 7 Benefits of Health Insurance Plan

 The outbreak of COVID-19 indeed has forced financial as well as medical security to the minds of individuals in an unprecedented way. In these times of uncertainty and with the skyrocketing cost of the health care sector, having a health insurance policy has become a necessity more than a choice. The health insurance policy not only takes care of the medical needs of the individual in case of any eventuality but also provides many different benefits. Read further to know the benefit of a health insurance plan.

Benefits of Health Insurance Policy

The following are some of the benefits of the health insurance plan:

Coverage against medical expenses

In case of any medical emergency, the last thing that a person would want to worry about is the cost of medical treatment. One of the major perks of having a medical insurance policy is that it offers coverage against any type of medical expenses that may/may not arise during an emergency.

Thus, a comprehensive health insurance policy covers all the medical costs like pre and post-hospitalization costs, ambulance charges, doctor’s fees, etc. are all covered. Many insurance companies offer rider options along with the base plan to enhance the coverage of the policy.

These riders offer the benefits that are not covered in the base policy like personal accident insurance, critical illness cover, maternity benefits, etc. With all these costs covered by a medical insurance policy, one does not need to worry about financial loss in case of any medical emergency.

Cashless Mediclaim Facility

In case of any medical emergency, if the insured undergoes any treatment in a hospital, then it might get difficult for the family members to immediately pay the hospital bills. To avoid such a situation, many insurers offer the facility of cashless mediclaim at network hospitals.

The cashless mediclaim facility ensures that the policyholder gets the best treatment without worrying about the finances. One just needs to fill the mediclaim form offered by the insurance company to avail of the benefit of cashless mediclaim at network hospitals.

Tax benefits

Another benefit of a health insurance policy is that it offers an opportunity to save on taxes. An individual can claim up to a maximum of Rs. 25,000 of tax exemption on the premium paid towards the policy under Section 80D of the Income Tax Act. 1961. Moreover, one can also claim an additional tax exemption of Rs. 25,000 for the premium paid for parents.

Financial protection against critical Illness

Most health insurers provide coverage against critical illnesses such as cancer, stroke, heart attack, kidney failure, etc. The critical illness cover either comes inbuilt in a plan or is offered as an add-on cover to the health insurance policy. In case the insured person is diagnosed with any critical illness as stated in the policy documents, a lump-sum amount is paid by the insurer so that the insured can fulfill their financial obligations.

Buying a comprehensive medical insurance policy helps an individual to be prepared for the worst. Moreover, buying the best health insurance plan at a young age not only provides the advantage of lower premiums along with comprehensive coverage but also helps to contribute towards savings in the long term.

No claim bonus

A No-Claim Bonus is a special incentive given by the health insurance company for every claim-free year. If the policyholder completes a year without making any claim for medical expenses then the insurance company offers a no-claim bonus to the policyholder in the form of premium discounts.

If a person does not file a claim for a consecutive tenure of the policy then he/she can enjoy up to a 50% discount on the premium amount. Moreover, some of the insurers also offer an increase in the base amount of the policy for every claim-free year. This not only benefits the insurance holder but also adds to their savings.

Protects the long-term savings

A health insurance plan acts as a safety net and protects the individual and his family against any type of financial crisis due to any medical eventualities. In case, a policyholder requires any medical treatment or a lifesaving surgery then he/she does not need to compromise on their children’s education fund or retirement savings. With a quality, health insurance policy one can ensure the right financial protection to themselves and their family without burning a hole in the pocket.

Free health checkup

After every 4-5 claim-free years, the facility of free health checkups is offered by the insurance companies to their policyholders. The insured can avail of the facility of free health checkups at any of the network hospitals.

The Bottom Point!

So, these are some of the benefits of health insurance plans. To choose the best health insurance policy for your family and yourself, make sure you compare the plans available and make an informed choice.

How to Pick the Best Health Insurance Plan for Parents?

 Purchasing adequate health insurance plans for parents is important to ensure that they have the best medical treatment without financial burden. Currently, the insurance market of India is flooded with health insurance plans for Insurance seekers who want to buy plans for parents. Moreover, many of these plans are specifically designed for elderly parents and senior citizens above the age of 60 years.

However, with an extensive range of plans available in the market, choosing the most appropriate plan can be a bit confusing. Thus, to help our readers know how to choose the best health insurance plan for parents, here we have discussed in detail the certain parameters to consider.

Factors to Consider While Purchasing Health Insurance for Parents

The following are the factors that one can consider while purchasing health insurance for parents:

Adequate Sum Insured Amount

Since parents are more vulnerable to health-related problems considering their age factor, an individual must choose a higher sum assured. Having adequate coverage will ensure that they get the best treatment in case of any medical emergency without getting worried about finances.

Health Insurance Coverage

Before zeroing in on a plan, it is very crucial to go through the benefits and coverage offered by the policy. Look for some important features like critical illness cover, pre and post-hospitalization cost, policy tenure, in-patient hospitalization, daycare procedure, domiciliary hospitalization, Ayush treatment, etc.

Co-Payment Clause

A co-payment clause in a health insurance policy means the percentage (%) of the amount that the insured will pay on his own. The remaining expenses of the medical treatment are paid by the health insurance company. Suppose, if a policy has a co-payment clause of 20%, then for a claim of Rs.20 lakh the policyholder will need to pay Rs.2 lakh on his own and the rest Rs.8 lakhs will be paid by the insurer. So, while purchasing the policy, make sure to check the co-payment clause. You can also choose for no co-pay clause.

Pre-existing Diseases Cover

In case the policyholder’s parent suffers from any pre-existing illness, then it is only covered after the completion of the waiting period of 2-4 years. However, the policy’s waiting period may vary from insurer to insurer as per the plan opted. Thus, make sure to check the time period after which the pre-existing diseases will be covered in the health insurance plan for parents.

Tax Benefit

The premium paid towards the health insurance policy is applicable for tax deduction under Section 80D of the Income Tax Act. If an individual is paying a premium for himself and his parents, then the maximum limit on health insurance premium is Rs. 50,000. If the parents are above the age of 60 years then the maximum limit on the premium that can be claimed for tax exemption is Rs. 75,000.

Compare Different Health Insurance Plans

To choose the best health insurance plan for parents make sure to compare the quotes of various plans online and choose the one that offers maximum coverage at a lower premium rate.

Network Hospitals

An individual must go through the list of network hospitals that are in collaboration with the insurance company they are picking. Make sure that the reputed hospitals in your surrounding are mentioned in the plan so that in case of emergency it is convenient to take them to the hospital.

What is Covered in a Health Insurance Policy for Parents?

Let’s take a look at what is covered under the health insurance plan for parents-

  • Hospitalization Expenses- Any eventuality or illness can lead to excessive hospitalization costs. With a comprehensive health insurance plan, the financial burden of hospitalization expenses is taken care of by the insurer up to the coverage limit
  • Daycare Procedure- Daycare treatments like a cataract operation and varicose veins surgery that does not need hospitalization for 24 hours are also covered by the insurer. The number of daycare procedures depends on the plan opted by an individual
  • Pre and Post Hospitalization Cost- The health insurance policy provides coverage for the expenses that occurred pre and post-hospitalization. Generally, it is 60 days and 30 days however, it may vary from insurer to insurer
  • Pre-existing Illnesses- The health insurance company covers the pre-existing illness after completion of the waiting period. However, one can choose a plan that comes with a lower waiting period and provides maximum coverage for critical illnesses like diabetes, heart ailment, etc.
  • Major Surgeries- Most medical insurance policies offer coverage for major surgeries, which involves high medical expenses like open-heart surgery, bariatric surgery, etc. In case of any such medical emergency, the policyholder can get their parents admitted to some of the best hospitals in India and get the operation done by renowned surgeons
  • Ayush Benefits- Nowadays, Ayush treatments are covered by almost all health insurance companies, which include Ayurveda, Homeopathy, Unani, Siddha, etc.
  • Renewability- Health insurance plan for parents generally comes with a lifetime renewal option.

Wrapping it Up!

You can consider the above-mentioned points while purchasing a health insurance plan for parents. However, make sure that you compare the benefits and features of various plans and choose the best plan as per your requirement and suitability.

Insurance

 What is insurance?

Insurance is generally a financial coverage for the losses which is beared by the person under certain circumstances or we can say that it is a legal agreement between two parties, the two parties include 1) insurer 2) insured.
Insured is defined as the person who is covered against risk while insurer is the company that is providing coverage.
In simple terms if any unfortunate things happen to the person at any time where he/ she is not aware about the situation and not having that much amount or we can say he or she was financially weak then this insurance will help them in her bad situation or mishappening.

What is the importance of insurance?

Insurance help the society for managing their economic growth. Insurance develop financial institutions and reduce uncertainties by improving financial resources.
1. It provide safety and security to the person in case of any sudden financial loss . It provide financial support to the person and reduce the uncertainties in business and human life. Let take example that if any accident happen in anyone’s life then this insurance will help to overcome from the financial loss.
2. Some insurance plans will help in protecting the dreams of your child in terms of his/her education. Insurance are make sure that your children are financially strong while pursuing their goals.
3. There is one type of insurance that is home insurance which help a person when there is any damage to your home then this insurance will help you to get coverage for damages and pay for the cost of repairs, whichever is needed.
4. It will help your family to maintain the stability of financial growth. If any unfortunate death to the sole earner will happen then the insurance will help to the other family members.
5. Insurance will help in encourage savings. Everyone need savings in this generation. They saved money for the future needs which help in our education and in other events.

Types of insurance 

1) Health insurance 

Health insurance are types of insurance that helps to cover the expenses done by the medical care.
We should always done our health insurance policy because no one knows when their health will be affected by the surroundings as we all know that the pollution level is increases and it also affect the human health.

2) Property insurance 

Property insurance gives you financial coverage against damage caused to your private property due to fire, earthquake and many other casualties.
If you have many properties then you have to done your insurance as it help to give you financial support if any unfortunate things happen to your properties.

3) Travel insurance 

This insurance covers the costs and losses which are incurred while traveling.
Facts – 36 percentage of Americans say they’re more likely to purchase travel insurance for trips abroad following the COVID-19 pandemic while 34 percentage said they’re more likely to do so for domestic trips.