Simplest Guide for Health Insurance in India

Cosmetic surgery does not affect the life of an individual. It’s main role and benefit lies only in external looks and beauty, which are not life threatening. Hence, cosmetic surgeries of any kind, including botox, liposuction, et al are not payable by the health insurance company. And it is of note, that circumcision is now considered cosmetic surgery under most health care plans and is not covered. Circumcision, plastic surgery will be payable only if it forms a part of the treatment of an illness. 2012 income tax calculator

To know more see Your Mediclaim policy excludes these expenses

In India, renewing one’s health insurance policy on time is as important as paying the premiums, filling up the claim forms and all the other details required to keep the health insurance policy going. To make sure you don’t suffer, here are a few things you will need to know before the renewal of your policy.

• If you want to change your agent / broker etc
• If you want to change your company
• Add or subtract a family member
• If you want top up plans and benefits

To read them all see Things to know before Renewal of policy

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.

To read more see Change Broker/Agent

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.

To know more see Don’t forget to cover your Kids!

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.

To read more see Health Insurance made Simple

• Online applications: Moreover, while in India, we still regard personal touch to everything, abroad mostly all formalities are done through the web. From selecting a health insurance plan, to checking out the different plans, to comparing the rates to knowing about the policy exclusions, almost all the information is available online and is given in a systematic way that makes it easy to understand.
• Regulatory matters: There are regulations pertaining to health services in the USA, and the delivery mechanism is standardized there, resulting in low claims ratio. However, there is an absence of a governing body and regulatory mechanism in the health insurance sector in India.
• State-wise differentiations: Each state in the USA, has customized health insurance products for people belonging to that particular state. For instance, a particular health insurance policy may be different in Illinois, from that in Texas. But in India, health insurance products are the same across states, throughout the country.
• Disability benefit: Health policies in the USA most of the time carry a disability benefit. Whereas in India, only accident policies carry the disability benefit.

To read more points see Health Insurance in India and Abroad

The ICICI Lombard Health Advantage Plan- the fixed premium of Rs. 15,000 and Rs. 20,000 looks at covering your entire tax exemption limit. This point makes it the selling point but comparing the price of other policies within the same age group shows that even with Outpatient benefit, you are not getting your money’s worth.

For example Premium for an individual policy for a 45 year old in Apollo DKV’s Easy health for Rs. 2 lakh cover is Rs. 6000; compare that to the 15,000 premium you pay for Health Advantage plan. Even taking the Outpatient expenditure i.e. Rs. 6000 for a 45 year old, you pay Rs. 3000 extra to the insurance company!

ICICI’s Health Advantage is a good investment for someone who wants to invest in health insurance mainly for tax benefit purpose. It isn’t such a good option for a buyer who really wants it mainly for health insurance.

To read more details about this policy see Health Advantage- Consider it for Tax Benefits

Health care has become an expensive affair today. Instant catering to huge hospital bills may not be probable for all. With big diseases like cancer, cardiac problems, severe joint problems, etc. becoming common, it has become difficult for the common masses to bear the expenses at ease.

As per a survey, less than 10% of the population of India has the ability to pay Rs. 5 lakh or less in case of a surgical emergency. Health insurance is the best answer in such a situation. With a health insurance, an individual or a family can lead a stress-free and worry-free life and any inconveniences related to health will be taken care of by the insurer.

To know more points why health insurance in must for Indians check: If you are an Indian, you need Health Insurance

Your relationship with insurance company will be very satisfying if you don’t veil it with wrong information. Your proposal form is as important as your policy. Your small mistake can make big difference.

There are few things which you should keep in mind before filling a proposal form:

• Fill it yourself: It is always advisable to fill your proposal form by own self before submitting it to the agent, which then goes to the insurance company.
• Be Honest: You have to be careful and fill correct details especially in case of medical history. Also if you have another health insurance policy, it advised to mention it in the proposal form.
• Don’t Hide: Remember not to hide anything, especially any kind of illness while filling the form. E.g. if you have diabetes and you have not mentioned that in the form then there are chances for your claim to get rejected because you didn’t mention it in the form.

To read more see Know Why Proposal Form is Important….

Health Insurance Policy Wordings can be difficult to understand for people who are not comfortable with insurance terms and jargons. So many terms and conditions that are written in ‘not- so- user friendly’ manner, can lead to confusion and frustration. No wonder most of those who own a Health Insurance Policy have not read the wordings and depend on their agent or broker to explain their doubts. But for an issue like health Insurance, you cannot depend on others to safeguard your health. You should know:

• Pre- existing Diseases
• Exclusions
• Hospitalization
• Pre and Post hospitalization Expenses
• Cashless Service

To know more see Must Knows about Health Insurance