We should accept the fact that health insurance is a complex product and you should able to understand the nuances of every element to make the right decision. Health insurance is necessarily related to savings for long term but it is an expense that you make today to avoid unwanted expenses of tomorrow. Over the year’s health insurance plans have also changed, the mediclaim which your father might have bought has no relevance today. Things have changed in today’s context and thanks to competition from private insurers which have made health policies more effective and useful but for that you to enjoy the full benefits need to know the facts very clear.
We have tried listing few points which you should put in your checklist and should not anyway miss to judge your policy or your requirement based upon them. The points listed below intend to make your decision easy so that you don’t miss any point while a buying health insurance plan.
Looking at the critically of the need of having a health insurance plan one should consider everything in details. Though through online comparison you can make fair amount of savings but the checklist shown above is something which one should democratically follow before you proceed with decision of buying health insurance.
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In recent times Single disease health insurance plans are the new flare for the industry. As the penetration of health insurance is increasing in the country insurers are trying out with new innovate products to serve their customers better. Say for example two years ago when there was huge outburst of Dengue, rising to the level of an epidemic in states like Delhi many health insurance companies started offering specific health cover for dengue.
But the important question is that do you actually need a special cover for specific ailments as that would mean shedding out extra money from your pocket other than the premium that you pay for your regular comprehensive plan. Right now the most common of single disease cover plans are all dealing with few of the common critical illnesses like diabetes, cancer, heart diseases and other life style diseases.
Technically speaking while planning for you and your family the first thing which you should consider is the state of health every member who would fall under the plan and secondly do any of the members needs some special care. You may come across a case when a particular member of the family might require some special care because of some pre-existing ailment which is generally not covered in the starting years of the comprehensive plan or he /she is already suffering from some disease which falls under a critical illness category and while making claims for him /her the total sum assured under your comprehensive plans gets eroded and nothing left for other members. In a situation like this you need health insurance plans for these specific diseases. Health insurance plans for specific diseases are structured as comprehensive insurance for special needs of specific ailments and things are covered from day one. Since the risk associated with covering a person like this is very high for an insurance company so the cost of premium is always very high. This is an ultra critical decision whether you need the policy or not. The benefits of the existing comprehensive plan should always be considered and what is the left out time in the waiting period of your policy. Do the person for whom the specific disease insurance is considered do actually need the amount of an extra cover the policy has to offer. Do keep in mind that all these specific plans are not meant for regular treatment purposes and should be used to claims when the cost of treatment becomes considerably high.
So it is always advised to take the right decision after only calculating the right health cover that you need. Do always check whether your regular comprehensive plan is enough or not and in some cases an additional rider like critical illness rider can be enough rather than buy specific disease related insurance because the price differentials are very high. Do make a proper comparison online before taking a decision and understanding the various fine elements of the plans that you plan to Buy Best Health insurance Plans .It always advised to read through the plans documents also so that the plan should come to your help when you actually need it.
A gradual shift been seen among Indians and people all around the world towards medical treatments through different method of alternative medicine and one of the reason being all these methods are referred as natural and have less side effects. Another reason towards this shift is mainly guided by some recent success stories of Alternative medicine being able to help people get rid of chronic diseases like cancer and asthma. There are various forms of alternate treatments methods that are being followed today ranging from ayurveda to, yoga, unani, siddha and even homeopathy.
Today one of the main challenges for people opting for all these forms of medical treatments is that most of these forms of medication are not covered under your regular health insurance policy. There are a few insurers which provide this as an additional cover which is technically called the Ayush cover and for which the person has to pay some extra amount. Though Insurers are seeing a rising demand for Ayush cover but still nothing been proactive done in this direction. Even though the Insurance regulator, IRDA has asked to include the same as part of the regular cover and but till date it has not been made mandatory.
The traditional health insurance industry plans are solely made on standardization of treatment method but which is not possible in case of alternate medicine. There is technically no specific treatment protocol in this case though today some of big hospitals brands have started offering alternate medicine as a part of their holistic service. The modern allopathic mode of medication is based on standard system of symptomatic treatment of medicine so it is easy for health insurance companies to offer plans for them but non standardization makes it a challenge for health insurance plans to include Ayush cover as a part of the regular cover and the customer is forced to buy it as an add-on.
What Ayush health plan covers?
Under an Ayush cover medicine, dosage and course duration vary widely from practitioner to practitioner though they are either part of pre or post hospitalization but chances of this covered is negligible but they do cover impatient hospitalization expenses as these form of treatment is becoming very popular for diseases like cancer and knee-jerk replacement
What the customer has to pay?
Since there are no specific plans in this case, the cover of Ayush treatment generally come here as an add-on .Under all these plans the customer is entitled for all the usual benefits for treatment if they go through the regular mechanism but in case the plan holder opts for alternate medicine or what you call an Ayush Add-on he /she titled for some amount of claim for expenses incurred under it. In majority of plans which are available today the policyholder generally pays at least 10% extra over and above the regular premium for this specific add-on.
The insurance industry is trying to make efforts in these directions and soon there might be different plans available for this form of treatment or they would be included under a regular plan and the policyholder doesn’t need to pay an extra. Though the plans available in the market are less but if you require one do an effective comparison online buying a health insurance Plans.
There is a whole array health insurance offering available in the market today making it tough for a layman to understand which one to choose. Other than that difference in premium for the same amount of sum assured for plans from different insurers make it even tougher. People generally get lured by cheaper option and end up buying a wrong plan.
In order to ensure that you buy best health insurance plan out of the endless options available you should always prioritize your need and necessities well ahead. You should also be clear with the fact that how each element of the plan that you would select should benefit you. Listed below four things which you should always keep into mind so that the decision making process becomes easy for you:
a)Evaluate your requirement first: As per the general psychology of people they always prefer plans which are offered at a low price but do you think that going this way will suffice your requirement. This lower price may look attractive at first hand but it may not cover certain tests and hospitals then ultimately it becomes costly.
So before you consider making a search you should consider few things like what type of doctor do possibly prefer or which type of medical procedure you may consider in case of medical emergency etc because due to your preferred choices you may end by spending more and which your plan might not cover. Evaluating your requirement one first hand help you to define your limits on the cost and which ultimately help you to calculate the right amount of sum assured and the plan that fits well to your requirement.
b)Have a clear understanding of what is covered: Health insurance plans vary largely based upon what is covered and what is not. Few plans have limit on certain expenses and some have not limit. Even the waiting period after which certain ailments get covered is also different for different plans. Plans vary depending on doctors and hospitals included. Certain plans include virtually any provider from you can avail medical services and get the cost covered whereas some have restrictions on the same.
Because of the above reasons a clear understanding of what is been covered can help you to evaluate any plan better.
c)Stay aware of the alternatives: if you are working with an employer you might the employer health cover but it is always advisable have your own. It is not always true that your employer plan covers everything, it can have similar anomalies as you regular plan so make sure that you have your own independent plan to cover you.
The cover under your employer plan would vanish once you leave the job and the total cover is generally not sufficient enough to cover everything. To get away from the hassles like this you should always have a clear idea of the alternatives accordingly and build you plan in accordance with that.
d)Analyze the total expense: While evaluating various plans don’t get carried away by low cost only as there are other factors that define the price that you pay. Few factors to look into :
So finding a health insurance is not always an easy task to look into but before doing that you should understand the long term nuances underlying. Any bad decision can lead to long term of repurcutions.
Over the year the medical cost has risen so much that today the medical cost inflation stands at 15% per year in India which means every fifth year the cost of health care actually doubles. In today’s world when cost of basic living has gone up so much nobody can’t actually build a savings corpus which can handle all medical emergency every time or otherwise your long term plans of retirement and other crucial goals might go into jeopardy. The only solution in this case is a health insurance.
Health insurance in laymen terms can be explained as an insurance plan which pays for medical and surgical expenses in case you fall ill. You can either get a cashless arrangement or pay later way when you fall sick. In a cashless arrangement the insurance company directly pays the cost to the hospital or the doctor whereas in case of pay later way you initially need to pay it out of your pocket and then claim the same later from the insurer. Looking at the overall scenario finding a health insurance plan for yourself or family which fits suits with your requirement is a critical question to answer. If you think of buying individual health insurance plans online for every member of the family then it might become a costly affair so the best possible solution for this problem is family floater health plan. The best of a family floater plan is that you buy a single cover and the benefits of the same can be used by any member of the family. Under this plan more than one member can enjoy the benefits of the plan simultaneously depending on the amount of cover which you have opted.
The critical question at this stage is how the find the best health insurance plans for family. There are array of offerings from different insurers with specific feature catering to different requirement and as all financial products are always complex to understand this is true for health insurance. So the best part is understood this is judge any health insurance plan based upon certain basic parameters which are critical while making an insurance buying decision.
Other than above two factors based upon which a health insurance plan for a family has to be judged another critical thing that is very important is the Room rent limit. If you see how hospitals charge you on medical services rendered to you, the cost regarding the same is defined by the type of room you opt for. Say if you opt for sharing room the same doctorial service may cost you less if otherwise you have opted for an AC room. Based on this factor every health insurance plans have limits on the room you can opt for .Limits define the amount of cost the plan would cover . The room rent limit can be lead to make or break situation, say your insurance provider cover only 40% of your room rent then the cost for other services of the hospital which you might have used would also be covered in the similar proportion. Because of this reason do opt for family floater plans which don’t have any limits on room rent.
Other than all these factors you should always look at the claim settlement ratio of the insurers which means every month how many claims they have rejected or served. Looking at the overall objective why you need a health insurance for family you should look clearly at every health plan that fits into your requirement and budget criteria based upon the factors discussed.
Cancer insurance is specific type of health insurance covering only one specific critical illness .i.e., cancer. First of this kind of policy was launched by New India Assurance in collaboration with cancer society of India.
If you look at your regular health plan the same can also be effective for handling your cancer related expense and if the policy is supported by an add-on cover for critical illness the same can be made more effective but looking at the specific needs relating to treatment of cancer a separate policy serves the purpose better. In case the regular health plan is a family floater you cancer treatment cost can eat larger part of the sum insured making other members of the family in the uninsured zone.
Another drawback of your health insurance policy in case of treatment of critical illness like cancer is that they only cover things are a very advance level. This means that till the time cancer has not become malignant your regular policy will not cover you. If you compare things with a regular critical illness plan they only come with lump sum benefits and do not waive future premiums.
( Related Article – Are Single Disease Health Insurance Plans Effective For You? )
But if you are really looking at buying a cancer Insurance cover you should always look at below points to make an effective decision:
Looking at the growing number of cancer patient in the country today plans like can be helpful. Moreover over the years as probability of getting a cancer has increased similarly the related health care cost has also increased. The cost of cancer treatment has increased at a much faster rate compared to regular medical cost inflation.
But before you buy cancer insurance Policy online you should be very specific about what you require and does the plan which you have selected fit exactly as per your requirement As till date very insurance providers are with cancer care products so it become critical to understand the fine print of the policy before you buy one .