MATERNITYINSURANCEPLANS

While medical services are getting better day by day, the hospitalization is getting costlier. The cost of health care is touching the sky, which means that you have to be financially prepared to deal with unfortunate situations and circumstances. Health Insurance indeed is a life saver “In Literal Sense”, as it helps you pay the medical expenses when you need it the most.

Health Insurance is a kind of insurance coverage, which covers the cost of your medical and surgical expenses, based on the health insurance coverage you have invested in – i.e. either the company pays the bill directly or you are supposed to pay out of your own pocket, which is reimbursed by the insurer later.

There are many family health plans that you might like to invest in. Unlike an individual plan, a family plan gives insurance coverage to the entire family. This also means that anyone in the family can claim the benefit, in case of hospitalization and/or surgical expenses.

In this plan, more than one member of the family can avail the benefit of the plan simultaneously. Just like you pay for the individual plan, you need to pay a premium for the family floater plan. If you avail individual policies for every member of the family, it turns out to be more expensive.

GETTING THE BEST HEALTH INSURANCE PLAN FOR YOU AND YOUR FAMILY

It entirely depends on the family member you are willing to cover and the use of the policy. Here are a few tips that can help you purchase the best health insurance plan for you and your family:

WHO ARE YOU BUYING FOR?

If it is for your spouse and a maximum of up to 2 kids while your spouse and you are below 45 years of age, then go for a family floater health insurance plan.

If you are trying to cover your parents, who are above 60 years of age, then do not try and bundle them in the same plan as you or your nuclear family. The calculation of the premium for a health insurance policy is based on the age of the eldest member if your family. The premium goes up by 100% for people above 50 years as compared to someone who is say 35 or 40 years old. Therefore, cover your parents separately. Plans that are meant for slightly older ages make more sense.

The Amount of Coverage You Need

It is very tough to decide what the ideal amount of coverage one should have. So, here are some questions you need to answer:

1. Do I want insurance to cover all possible expenses?

Can I find something from my savings or self-insurance? Can my employer-provided insurance fund some parts?

If you have a low cover from your company, i.e. up to 2 Lakhs, then do not rely on that cover because when you switch your job or start your own venture, you might need health insurance to control any situation.

What do medical emergencies cost today and how much will it cost five years from now?

Medical inflation in India is about 15%. So, if you calculate in 5 years, the cost of medical procedure would nearly double. Remember that your health insurance should be able to pay your expenses for the next five years at the least.

2. What Else Should You Look At?

Room Rent Limit - This feature causes the maximum distress for those who buy health insurance.

The funny part is that hospitals’ charges are in package rates, which means that the cost of surgery or treatment under the observation of the same doctor at the same hospital may go up by 40-50% depending on whether you choose a shared room, a private room, an AC room, or a Suite.

The Solution: Seek out plans that have no limit on room rent. You can easily find many these days.

Claims Settlement Record - It is depressing to go with a company that does not respond when you need it the most. Look at the percentage of claims it reject and how many it settles each month. Many companies at this juncture would fall off your consideration list.

Every year, Insurance Regulatory and Development Authority of India (IRDA) announces a list of the best health insurance companies. There are few important features that help it to rate the insurance companies, such as their performances, Incurred Claim Ratio, and overall benefits offered to their customers. Lets us read about top ten health insurance companies in India.

THE TOP 10 HEALTH INSURANCE COMPANIES IN INDIA ARE LISTED BELOW:

1) Apollo Munich Health Insurance Company Limited

Apollo Munich Health Insurance Company had an outstanding record of Incurred Claim Ratio of 63.03% for the fiscal year 2014-15, and it has brought additional benefits like portability and lifelong renewability options in its existing health insurance plans.2) Star Health & Allied Insurance Company Limited

Star Health & Allied Insurance Company recorded the Incurred Claim Ratio of 63.96% for the fiscal year 2014-15. The company has an in-house claim settlement procedure to deal with cashless hospitalization facility. Along with this, Star Health & Allied insurance company comes up with a range of exciting products that offer protection to Diabetes and HIV+ patients.

3) Max Bupa Health Insurance Company Limited

Max Bupa is one of the best-known insurance companies in India, which had an Incurred Claim Ratio of 55.16% for the fiscal year 2014-15. This company offers its health insurance policies to individuals from all age groups.

4) ICICI Lombard General Insurance Company Limited

The most popular product offered by ICICI Lombard General Insurance is Health Advantage that offers full coverage for expenses incurred in a case of a medical emergency. It covers the cost of hospitalization, dental expenses, room rent, and ambulance charges up to a limit. It had an Incurred Claim Ratio of 87.38% for the fiscal year 2014-15.

5) Religare Health Insurance Company Limited

Religare Health Insurance Company limited has shown tremendous growth in a short period of time, thereby setting a benchmark in the insurance market of India. It had an Incurred Claim Ratio of 61.13%. It is being regularly appreciated and promoted by the Fortis Hospitals.

6) Cigna TTK Health Insurance Company Limited

Cigna TTK Health Insurance Company is comparatively a new player in the Indian insurance market, as it was launched in 2014 only and immediately fell into the category of the best health insurance companies in India. Its Incurred Claim Ratio for the fiscal year 2014-15 is 64.32%.

7) Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company has some health products that are very beneficial for customers from a particular age group. The 3 major health insurance products are Health Guard, Silver Health, and Star Package. Bajaj Allianz Insurance Company was the first to provide captive TPA services with certain additional benefits. Its Incurred Claim Ratio is 73.59% for the fiscal year 2014-15.

8) New India Assurance Company Limited

New India Assurance is a fully government-owned entity of India, which has been in operations since 1919. This company is well-known for its Mediclaim policy. The best feature offered under this health insurance policy is that it provides different ratings for major metros. It had an Incurred Claim Ratio of 98.78% for the fiscal year 2014-15.

9) Oriental Insurance Company Limited

Oriental general insurance is also a government-owned general insurance company that offers a wide range of health insurance products in India. The impressive part of Oriental health insurance is that it doesn’t require a pre-policy medical test up to the age of 60 years, whereas it is mandatory under other health insurance providers to get a medical examination done if you are below 45 years of age. Its Incurred Claim Ratio stood at 117.02% for the fiscal year 2014-15.

10) National Insurance Company Limited

National Insurance Company Ltd. is a full government entity, which has been serving its customers for more than a century and also provides health insurance coverage. It had an Incurred Claim Ratio of 110.02% for the fiscal year 2014-15. The best health product offered by National General Insurance Company is Varishtha Mediclaim that offers coverage to senior citizens. Hope this article has shared with you useful information regarding top 10 health insurance companies in India. You can select a health plan from a wide range of products offered by these general insurance companies in India. These insurance companies are well known for their family floater plans. Now! Compare different insurance plans online to find the best insurance policy.

Sub-Limits Or Package Treatments In Health Insurance Policy

With the health care industry thriving and medical inflation rising, health insurance is taking rapid strides as the awareness among people is on a ramp up. As a result, presently there are several health insurance products in the market that come with various customised options to suit your needs. You can take your pick from a myriad of plans which provide family floater benefits, extra coverage for critical illnesses and treatment for common ailments that come packaged with the provisions to cover pre and post hospitalisation charges besides offering other benefits.

WHAT EXACTLY ARE PACKAGED TREATMENTS IN HEALTH INSURANCE?

Packaged treatments give you the ease to choose plans that will cater to your particular needs for treating specific ailments or to cater to your family requirements if there are any. You can opt for family floater plans, which will extend coverage to your entire family, usually covering yourself, spouse, dependent children and parents. These packaged plans are especially beneficial when anyone in the family falls sick or meets with an accident as the coverage amount can be used to treat any member of the family. Also, it extends benefits like a network of hospitals that you can visit to avail the services and cashless treatment among other services. Also, many insurance companies have started including packages for treatments, which are chosen on the basis of the selected hospital rooms. The package will include the cost of the treatment along with the room rents and hospitalisation expenses.

WHAT FEATURES SHOULD A PACKAGED TREATMENT PLAN CONSIST OF?

Besides providing coverage for the ailments, a packaged treatment plan must provide essential coverage for other areas, which form a crucial part of your expenses. Thus before opting for any packages you must ensure that the plan covers pre and post hospitalisation expenses, takes care of your medical expenses and also has a good network of hospitals.

WHY IS IT IMPORTANT TO READ THE FINE PRINT?

Although packaged treatments are meant for your convenience over and above anything else, it is extremely important that you go through all the terms and conditions carefully before signing on the dotted line. Financial advisers stress upon the need to understand and read the fine print for a better understanding of the nitty gritties associated with each plan. The most crucial limitation of these plans is the imposition of a “sub limit”.

Sub limits - What are They?

Usually imposed on common ailments like kidney stone, cataract, sinus, piles etc., sub limit is a clause, which many insurance providers employ to restrict their outflow and eventually it eats into your claim. Basically, by using sub limit, a company puts a cap on the amount it will pay for a certain ailment and will not pay beyond the sub limit mentioned. Thus if the procedure costs more than the sub limit specified, you will have to shell out the remaining amount from your own pocket.

For e.g., let us assume Shubham has invested in an insurance plan worth 10 lakh rupees and requires a hernia operation. However, the sub-limit on a hernia procedure is Rs 35,000. Thus, if the hernia operation costs him Rs 1 lakh, he will only receive 35,000 and has to pay the remaining Rs 75,000 from his own pocket. Additionally, sub-limits are not only imposed on procedures but also on hospital room rents.

You may also like to Read: Sub-limits in Health Insurance Policy

SUB LIMITS ON ROOM RENTS

Health insurance companies usually have a cap of 1.5%-1% of the total sum assured on hospital room rents. So if you have an insurance policy worth 3 lakh rupees, you’re per day limit for each day of hospitalisation will be approximately Rs 3,000. If you choose a room that is more expensive than this, you will have to shell out the remaining amount from your pocket.

CONCLUDING

So when you plan to go for a packaged treatment plan, it is crucial to read the terms and clauses carefully, and choose the package that guarantees you the rooms you prefer; otherwise, you may end up paying through your nose!