Health insurance is an awesome way to protect your finances from the heavy expenses of medical treatments today. Of course, you know this and you know where to get some, but did you know that your insurer could reject your claim and not pay you a paisa on a mere technicality? Do you know what a waiting period is, and what that entails for your insurance policy and benefits pay-out? Did you know that there are health insurance products for diabetes and dengue and other specific diseases that aren’t covered under regular insurance plans? There are exceptions and limitations to your policy that the constantly-smiling insurance sales agent will never tell you about.
That’s where we at BankBazaar.com come in. We highlight general clauses in insurance policies that aren’t particularly helpful or beneficial to you – the policyholder. We give you the best tips on how to choose and apply for the best insurance plans also answer all your questions regarding the fine print, right here – on the BankBazaar Guide to Health Insurance Products.
Incurred Claim Ratio - Important Factor to Choose a Health Insurer
Incurred Claim Ratio is basically the overall value of every claim a company has paid divided by the total sum of premium collected during the same period. Incurred Claims Ratios are calculated on an annual basis, and the ratios for 2014-15 and 2013-14 have been listed here. Read more about it.
Top Up/Super Top Up Health Insurance Plans - An Overview
Given our propensity to want more in life, it is only natural for us to want extra health care benefits, at nominal rates, of course. Getting additional benefits through an existing health insurance policy would mean higher premiums, but there is a smart way to get extra cover without having to empty your bank account.
Why Employer Health Insurance is not Enough?
Your company could have an excellent group policy, or a really bad one - you need to analyse the policy document to know exactly how much coverage you have, and how good it is. It’s advisable to always treat your employer’s insurance policy as a secondary cover, should your primary policy (that you take as an individual, with no connection to your company) run out.
Organ Transplantation & Health Insurance in India
As we all know, insurance companies like to protect their own interests with extremely detailed and intricate policy documents that you need a calculator to decipher. Here are some of the areas of fine print in your policy document you’ll need to analyse with a fine toothed comb, in order to ensure that you’re making the most of the organ donation/transplantation part your insurance policy.
What is Third Party Administrator (TPA)?
TPA or Third Party Administrator (TPA) is a company/agency/organisation holding license from Insurance Regulatory Development Authority (IRDA) to process claims - corporate and retail policies in addition to providing cashless facilities as an outsourcing entity of an insurance company.
Health Insurance Agent or Broker: Whom to Trust?
You typically buy a health insurance cover from either a broker or an agent. More often than not, many often use the words broker and agent interchangeably without understanding the difference between the two. Read on know the difference between these two:
Critical Illness Plans for Women in India
Insurance providers today are looking at non-earning women and homemakers as a potential source of business, by designing insurance policies that are specific to their needs. There are quite a few health insurance plans out there that cater to women-specific illnesses and medical conditions. Here are a few of the top women-specific insurance products on the market today:
Maternity Health Insurance Policies in India
According to latest reports, the average age of women becoming mothers has risen to 32 to 33 years in India. There is a view that women who have their first child in their early 30s are more likely to have complicated pregnancies. Significantly, the ratio of caesareans to normal deliveries stood at 65:35 in metropolitan cities, according to a study done in the recent past. Several women are, therefore, increasingly opting for health insurance plans which offer maternity expenses as well.
Tax Benefits of Buying Health Insurance
As a responsible person, you should ensure that your family does not suffer if you contract any ailment or diagnosed with a life-threatening disease. Apart from the benefits in terms of coverage, health insurance also provide some tax benefits which may work to your advantage. One can claim the tax deductions under sections 80D to 80U depending upon the premium paid towards a health insurance policy.
What are Pre & Post Hospitalization Expenses?
Health insurance not only entails medical expenses during medical emergencies, but also encompasses pre and post hospitalization expenses. It is common knowledge that when an individual is hospitalised, he or she undergoes several tests in addition to taking medication, both of which are covered by most of the health insurance policies.
What are the Benefits of Purchasing a Health Insurance Plan?
Most of the insurance providers in the country offer health insurance products which offer a wide variety of benefits beyond cover for hospitalization related expenses. Check out the most important benefits of buying a health insurance policy:
Why People Don’t Buy Health Insurance?
Low awareness about health insurance, dependency on employer provider insurance, misconceptions about companies, etc. are some of the reasons people skip buying health insurance. Read on to know the most common reasons some ‘smart people’ avoid medical insurance./p>
Questions to Ask before Buying Health Insurance
Choosing the right policy among so many options can be quite overwhelming and confusing. The right way to choose the suitable health insurance policy is to make a checklist of your own and move accordingly. In this article, we will deal with some of the important questions that you need to ask before buying a health insurance policy.
Important Financial Lessons which Diwali Teaches Us
Diwali is just around the corner and you will be busy buying gifts and ensuring that you avoid mishaps while you are having fun. How often have you thought that in order to live stress free, you have to plan and ensure that you are insured and are ready to meet any financial burden in the future with ease? You can take the following takeaways from this festive season and implement them in your life at the earliest:
Health Insurance Portability – Things to Know
Dissatisfaction is common among people, and it wouldn’t come as a surprise if policyholders are unhappy with their policies or the services offered to them. The Insurance Regulatory and Development Authority of India (IRDAI) came up with a novel way to ensure that common people are not taken for a ride by health insurance providers, introducing the concept of Health Insurance Portability.
Read on to know more about health insurance portability in India.
Top 10 Factors that Affect Health Insurance Premium
Health insurance or mediclaim is opted by most of the individuals with various insurance companies to pay for hospitalization or medical expenses. The amount of premium that needs to be paid towards medical insurance is decided upon the calculations made by the insurance companies.
Find out the factors that affect your premium towards health insurance.
Health Insurance Plans for Diabetics in India
As a diabetic in India, it can be hard to find good health insurance products that don’t have terms and conditions that totally exploit you. Diabetes falls under the “high risk” category or is written off as a pre-existing ailment and any medical expenses arising out of the same are not eligible for claims.
Escape from annoying clauses and enjoy the benefits of excellent insurance cover with these health insurance plans for diabetes:
Difference between Waiting Period & Survival Period
You’ve bought what appears to be an awesome new insurance policy from a man in a suit who refused to stop smiling at you. He probably didn’t answer any of your questions to the point or explain any of the fine print that could eventually lead to your insurance policy being rendered useless.
That’s right, there are clauses in your policy that affect the possibility of your receiving any benefit right from day 1. Know more about Waiting Period & Survival Period here:
Health Insurance Co-Pay
If your insurance policy has a co-pay clause, you will agree to pay a part of the medical expense out of your own pocket, and the insurer will cover the rest. There are many insurance companies today that have co-pay clauses in their policies. The co-pay amount is usually a fixed amount for different services and drugs, varying depending on the nature of treatment or medication required.
Importance of Converting Employer Health Insurance into Individual Policy?
Group and individual health insurance policies are rather similar in terms of the coverage they provide. However, there are stark differences between the two kinds of policies, especially when it comes to the details. Before we begin to count the benefits of converting to an individual health insurance policy from a group health insurance policy, it is important to know what each policy means.
Things to Know about Hospital Cash Plans Benefits
Rising inflation and hospitalization expenses make health care accessibility a major concern for the average Indian citizen. Even with emergency reserves, the cost of hospitalization can exceed the funds available. In such cases, the best solution is to avail health insurance policies that offer a daily cash allowance for each day that you are in the hospital. Go through this to know more
What is Free Look Period in Health Insurance?
Well, there’s good news. As per the IRDA regulations, policyholders are granted a free look period, during which they can go through the terms and conditions stated in the health insurance policy to evaluate if the policy is indeed beneficial for them or not. Read more about it.
All About No-Claim Bonus in a Health Insurance
The No Claim Bonus offered on a health insurance policy is usually in the form of a cumulative bonus. This is offered by insurers on indemnity based health insurance policies at the time of renewal.
What is OPD Expenses in Health Insurance ?
OPD or Out Patient Department cover is a new feature offered as a part of the health insurance policies from insurance providers such as Apollo Munich, ICICI Lombard, Bajaj Allianz and Cigna TTK. Most health insurance providers only cover hospitalization expenses and this limits the scope of cover for Out Patient Department expenses. These expenses include doctor’s consultation fees, health check-ups, pharmacy bills, dental treatment, diagnostic tests, etc.
Sub-Limits in a Health Insurance Plan
Sub-limits are caps placed by health insurance companies in health insurance policies in the form of a predetermined limit on the claim amount for a specific disease and/or treatment procedure. In some cases, sub-limit may be a percentage of the sum insured or a specific amount specified by an insurance company.
How Pre-Existing Medical Condition affects your Health Insurance?
Health insurance companies are seldom willing to provide coverage to individuals who are suffering from any pre-existing medical condition. This is due to that fact that such individuals would be in greater need of medical assistance and therefore, pose a higher financial risk to the insurance company.It’s not easy for such individuals to find adequate insurance coverage. Here are some points to keep in mind when one shops for health insurance policies
What is Preventive Health Care Insurance?
“Prevention is better than cure”, individuals should take necessary steps to stay healthy and also keep diseases in check. Preventive health care plans help customers to identify probable diseases and take the required precaution. Additionally, these plans take the family history of a patient into consideration and assess the risk of developing diseases based on those factors.
Procedure for Health Insurance Claim from Multiple Policies
Every health insurance policyholder must have the liberty to be able to decide and use more than one health insurance policy, as and when required. This is especially applicable in case of meeting steep hospitalisation expenses.Here, the process of claiming two health insurance policies has been explained.
How Much Health Insurance Cover Do I Need?
Health Insurance is a saviour when you or your immediate family face any medical issues and need financial backup. It helps to save money on various expenses incurred from hospitalization and other Out Patient Department (OPD) expenses. In order to evaluate how much health insurance cover an individual needs, the following factors should be taken into account
Steps to Follow while Filing a Complaint against Health Insurer
In the event that the insurance provider does not provide a service or resolve a grievance within the stipulated date, the policyholder can approach the IRDA for a solution. The complaint can be escalated and the IRDA will help resolve the dispute with the insurance provider.
Why you should Buy Health Insurance at Young Age?
Time and tide wait for no one, goes the old adage. The right time to buy a health insurance policy is the moment you realise that your health costs may only escalate in the future owing to the overall rise in the cost of living among other factors In other words, you should buy a health insurance policy at a young age to avail of many benefits.
IRDA Health Insurance Regulations 2016
On July 12th, 2016, the Insurance Regulatory & Development Authority of India (IRDA) announced a new set of Health Insurance Regulations which will have a positive impact for insured individuals. These new revised regulations replace those which were last set in 2013 and will bring about some changes in the health insurance industry.
Do's and Don'ts for while buying Health Insurance
Considering that health insurance doesn’t come cheap, it is better to be aware of the nuances involved in the purchase of a health insurance policy. To help you make an informed decision, here is a list of a few do’s and don’ts to keep in mind before you purchase a health insurance policy.
Misconceptions about Health Insurance
Here are some misconceptions that people usually have regarding health insurance, which we will help rectify, so you can make an informed decision when it comes to purchasing health insurance for yourself or your family.