How do you know when to change your Broker/Agent?

Following are the time when you know that you have to change your Broker:

• No accessibility: When you never seem to get access to your agent or your Broker. His contact numbers are non functional or he is not entertaining your calls.
• No health insurance knowledge: When you ask him simple questions regarding the policy, the broker/ agent is unable to give you adequate information.
• No maintenance of records: When you find that your broker has no computer records of your transactions and renewals or if he does not remind you of your renewals.
• Ineffective: When your Broker is unable to help you at the time when you need him most like when Suresh needed him most. There will be some who do not have those skills that are required to provide the service that customers need.

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How to change Broker/Agent?

The broker acts as a bridge between the insurance company and you. He is the one who can give you an insight as to out of about 50 companies, which one best suits you after an exhaustive research and expertise, and experience in the field. But in case you are not happy with your broker then follow these steps below:

• You can change your Agent or the Broker at the time of the renewal. To know the date of the renewal, check your policy document.
• Write a letter naming the new agent/ broker and authorizing him/her to carry all transactions regarding your health insurance.
• For Private Companies: This letter along with the renewal notice and the cheque are all you need when you have bought a health insurance policy from a Private company (Apollo DKV, Bajaj, Star health etc).
• In case you don’t have the renewal notice, then you can provide a copy of last year’s policy to the Insurance Company.
• For Public Sector Companies: For Public Sector health insurance companies (Oriental, United India, National and New India) you must have the renewal notice along with the mandate to change your broker.
• In case you don’t have the renewal notice, then you will have to apply to get a no claim confirmation from the TPA or Third Party Administrator and you may even need to refill the proposal form and submit your photographs along with the last year’s policy if the branch of the company is also to be changed.

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What are the ways to insure kids?

Children who have insurance have a better chance of being healthy. Having health insurance will allow your kids to get the medical and dental care, without having to worry about how you are going to pay for it. Here are some ways to cover your kids:

If you are covered in a Group Insurance Policy: If your company has covered you in the health insurance policy, then contact your human resource department to know whether they provide coverage to children under maternity benefit. If they do, you should check whether the child is covered from day one or after 90 days.

• For day one coverage: Notify the insurance company within 7 days of the birth to get coverage from day one of his birth. After 7 days, the child will get coverage from the day of the notification.
• For 90 day coverage: You will have to contact them within 7 days of completion of the 90 days of birth, otherwise you will be covered from the day notified.

If you have a Floater Policy: You can add the name of your child as a dependent in the floater policy you already have, in some companies children of more than 3 months can be added and others have a minimum entry age as 5 years. You have to add their name at the time of the renewal i.e. the day you renew your policy by notifying the company.

To buy an Individual Policy: You can buy an individual policy for your kid after he turns five. Here is alone gets a sum assured to himself.

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How to cover children if you have Group Insurance Policy?

Here is how to cover your kid if you have Group Insurance Policy:

If your company has covered you in the health insurance policy, then contact your human resource department to know whether they provide coverage to children under maternity benefit. If they do, you should check whether the child is covered from day one or after 90 days.

• For day one coverage: Notify the insurance company within 7 days of the birth to get coverage from day one of his birth. After 7 days, the child will get coverage from the day of the notification.
• For 90 day coverage: You will have to contact them within 7 days of completion of the 90 days of birth, otherwise you will be covered from the day notified.

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What are the Reasons to buy health insurance for kids?

No matter how we try, we can’t always be there to protect and shield our children. There are times when they will get hurt or when they will be unwell. But there is one thing that we can be sure of, that is, providing our children quality health care when they need it. So here are some reasons to buy health insurance for kids:

• In the time of emergency you will not have to think of how you can afford the care your child needs as it most likely covered. Also in case of emergencies when arranging finance at admission is an issue, you can directly be admitted in a network hospital by showing the health insurance card.
• When your child is covered at the younger age, there are almost no restrictions, generally he will not have pre-existing diseases hence he will get full coverage from the start.
• When there is no claim from policyholders for a year, may insurance policies award them with discounts and bonuses, which means reduction in the premium or more cover.

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Why children’s should be covered in Health Insurance policy?

As Parents, we always think of our children before anything else. We are forever busy worrying about their health or safety and they are forever busy giving us reasons to worry! Put an end to this worry by insuring your kids for the following reasons:

• If there is an emergency and your kid needs to be hospitalized.
• When you are older, there might be pre-existing diseases, a waiting period or in some cases a need to undergo medical test.
• When your kid is young, there will be many years when there is no claim, thus you will be awarded bonuses and discounts that will be beneficial for your child when he grows up.

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Can I get tax benefit if I buy healthy policy?

Yes. Section 80D of the income tax act 1961, ensures that there is a tax benefit available to everyone who has bought a health insurance policy. Every tax payer can avail an annual deduction of Rs. 15,000 from taxable income for payment towards premium of his/her health insurance policy for self and dependants. For senior citizens, this deduction is Rs. 20,000.

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Can I get my money back if I cancel my health insurance policy?

To cancel the policy is your decision, and you may do so at any time after buying the policy. However, when you decide to cancel your health insurance policy, the company may incur cancellation charges – which differ from company to company. For instance, if you cancel the policy within 3 months of buying it, the company may deduct 25% of your premium amount and pay you the remaining 75%. If you cancel the policy within 6 months, the company may deduct 50% of the premium amount and pay you the remaining 50% and so on. You will find these in the policy terms and conditions in the policy document of the various health insurance companies.

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When my health related expenses may not be covered?

From the date on which the health insurance policy is issued to you until 30 days, there is a waiting period during hospitalization charges in cases of diseases, will not be payable. However, if you undergo emergency hospitalization as a result of an accident, then the 30 day waiting period is waived off and your expenses will be reimbursed. All the more, this 30 day waiting period is applicable on at the start of the policy, and not at times of policy renewal.

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Does health insurance cover diagnostic charges?

Health insurance covers the expenses you might incur as a matter of hospitalization, in case you are affected by a disease. Health Insurance covers the charges for all tests, medical expenses and treatments, if they are incurred as a result of the patient’s stay in the hospital for at least one night. Health insurance in India mainly connotes, hospitalization, hence, diagnostic tests like X- ray, MRI, blood tests etc are paid only if they have been done in the hospital during the patient’s stay there.

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