The market is becoming expensive day by day and there is no denying the fact that medical costs are always rising. More often than before, people now often have to visit a doctor once in a while as diseases are rising due to undisciplined lifestyle. Therefore, it is imperative to have a health insurance to protect your life. Just like car insurance, a health insurance should be made mandatory by the government.
Let’s have a look at the reasons why a health insurance should be made indispensable. It is because of the many benefits of a health insurance. Benefits of health insurance
Now the question is can every household in India avail the facility of a health insurance? For a long time, there has been the constant need to solve such a paramount issue, so much so, that the Indian government has been pleading the insurance industry to offer a proper health insurance solution. What are the different types of health insurance companies in India?
The different types of HDFC health insurance plans are HDFC Ergo Health Suraksha Gold Regain Policy, HDFC Ergo Health Suraksha Regain Policy, HDFC Ergo Health Suraksha Policy, HDFC Ergo Critical Illness Platinum policy, HDFC Ergo Critical Illness Policy, HDFC Ergo Health Suraksha Gold Policy, HDFC Ergo Health Suraksha Top Up Policy, etc. With the passage of time, healthcare expenditures have risen highly. This is why HDFC health insurance plans are aimed towards meeting the healthcare needs of the commoners. Be it HDFC or Bajaj Allianz, IFFCo Tokio, Future Generali, etc., every company has its own schemes included in their health insurance plans. Be aware of the details of the plans and only then purchase it.
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Health care is clearly emerging as a big market for private investors, the reason being, very recently some huge name associated with health care sector. No doubt they have earned more than expected value, let’s take few examples below: The value of exists on this sector goes up from 3 in 2012 to 9 in 2013. Almost ecvery exist have been through secondary sales to different PE funds. All private equity funds investors have found that health care is the primary target to make their investment portfolio. The health care sector has witnesses 16 PE investments between January and March in 2016. Along with some big deals the bullish trends has survived in between April to June in 2016. Related-:Why Innovation in the Health Care Industry Is Difficult Olympus Capital and India Value Fund invested Rs 400 crore in Aster DM Healthcare and Clutch of PE investors in looking to buy stakes in Vasan Healthcare which provides eye care and dental care. According to the study conducted by Global Management consulting firm Bain & Company, consumer and retail goods were the most preferred sector by PE funds in India in 2012. This is how health care became the most favoured sector in Indian market in 2013. Undoubtedly, in the last few years there have been some huge investments made by PE funds in the market, some multinational investors are KKR and Carlyle. According to Neeraj Bharadwaj, Managing Director, Carlyle Asia Partners, on a per capita basis, India have low hospital bed density and low health-care expenses. But increasing per capita income, rising awareness of lifestyle diseases and increasing insurance demands have led to a strong demand for health-care facility in India. “In India the best medical care is offered by private hospitals which insure to offer superior quality health care services and planning to increase its share in the market.” says Mr. Bharadwaj. Multinational investors are not the only ones who are curiously chasing the Indian health-care assets but local investors are also actively participation in healthcare market. The Income Tax Act considers health insurance as a major investment for any individual and hence tax deductions are available under Section 80 D of the act. While insuring yourself, you can save up to Rs 30,000 as tax deductions. But if you think about it should insurance be purchased only to save tax?
Medical expenses are increasing every day and having to pay a huge amount suddenly can be a huge burden on anybody. Individuals insured by health insurance are at ease when such a situation arises as the insurer will support and provide protection. Don’t buy insurance only to save tax but receive benefits of good cover from your policy. Star Health insurance policy offers protection for you, your spouse, dependent children under a single floater policy. The Family Health Optima Insurance plan provides auto-recharge and auto-cover for every newborn in the family. The Star Health insurance renewal process is easy, and a hassle-free process and the Optima policy offer lifetime renewability. Star Health Insurance Review: Key Features Specifications Sum Insured 3 lakhs to 15 lakhs Co-payment 20% of all claims Benefits Hospitalization and Domiciliary treatments Hospital network 6000+ Why to buy the Star Family Health Optima Insurance Plan? Providing up to 405 day care treatments under the policy and automatic restoration of the entire sum insured, the plan provides tax benefits on premium paid. The newborn baby will be covered from the 16th day onwards under the same floater plan, and donor expenses for organ transplantation are covered. Pre-existing diseases are covered after 4 years with any Indian Insurance company pre-hospitalization expenses up to 60 days from the date of hospitalization are covered. Features and Benefits ● Emergency Ambulance Cover up to Rs 750 ● Post-hospitalization expenses up to 90 days from the date of hospitalization ● Recharge Benefit. ● Domiciliary hospitalization expenses exceeding three days. ● In-patient treatment cover included. ● Health check-up expenses cover up to Rs 5000. ● Rooms Boarding, nursing expenses, blood, oxygen, surgeon charges, the cost of medicines and drugs are covered as well. Eligibility Minimum entry age is 5 months while maximum entry age is 65 years. All individuals above 50 years of age who are to be included under the floater policy need to undergo pre-acceptance medical screening, and the cost of while will be borne by the insurer. Newborn babies will be accepted under the policy from the 16th days after birth, and the intimation of the same has to be given to the insurance company. Inclusions The policy covers maximum 5 members, 2 adults and 3 children under a single floater policy. In case the sum insured amount is exhausted by one member of the family, the sum is 100% restored by the insurer. The recharge benefit can be used when the entire sum is not exhausted, and the claim is raised for the same illness by the insured. Without losing your accumulated benefits, you can transfer the policy and also apply to increase the sum during renewal. The Family Health Optima Plan also offers a free look up period of 15 days within which you can demand a refund and stop the policy. Specific diseases such as cataract, hernia, etc. have a waiting period of 2 years. Exclusions ● Mental illness and intentional injury ● Pregnancy, in vitro fertilization, etc. ● Expenses due to war or nuclear accidents. ● Any diseases contracted within 30 days of policy commencement unless accident. ● Change of sex surgery or cosmetic and aesthetic surgery. ● Experimental therapies, naturopathy treatments. Claim Process On hospitalization, contact must be established with the insured to inform about the medical procedure, policy number and other such details. Star health insurance hospital list is available online where cashless facilities can be availed. The documents to be submitted along with the filled claim form are original bills, discharge receipts, investigation reports, doctor’s note and FIR in the case of an accident. The ID card needs to be shown at the desk to avail cashless facilities at network hospitals. Payments by any mode other than cash are eligible for deductions under 80 D and can help you save, but don’t forget insurance is not for tax saving but to protect you in the event of an unforeseen circumstance. While health insurance is an investment, Star Family Health Optima Insurance Plan gives you deductions and protects your family for the future. Nothing is certain in this world. With today’s fast paced life, health often takes a back seat. Sedentary lifestyle, unhealthy food habits, adulteration in edible products, and the general uncertainty of today’s world make a healthy lifestyle a tough ask. Thus, health insurance is a must in today’s day and age. You never know when you might need one. It doesn’t matter what your age is, or whether you are a young I.T professional fresh out of college or a successful businessman making hay while the sun shines, health insurance is a must for all. Online health insurance helps protect one from unexpected medical costs caused due to injuries or other health hazards.
Apollo Munich Medical Insurance Apollo Munich Health Insurance is a joint venture between Munich Health and Apollo Hospitals Group. It is not a standalone health insurance company. Munich Health is a reputed name in the sphere of healthcare all over the world. Apollo Munich offers health insurance and other related products. Apollo Munich offers many different health plans, as specified below. Easy Health Standard Insurance Overview Minimum Entry Age 5 years Maximum Entry 65 years Policy Term 1 or 2 years Minimum Sum Assured Up to 5 lacs Dependent Child Coverage 91st day (when either parent is covered) Why should you buy Easy Health Standard Insurance? The policy offers a reliable health cover. Features
Minimum Entry Age 5 years Maximum Entry 65 years Policy Term 1 or 2 years Minimum Sum Assured Up to 50 lacs Dependent Child Coverage 91st day (when either parent is covered) Why should you buy Easy Health Exclusive Insurance? The policy offers a reliable and extensive health cover. Features
Benefits
Minimum Entry Age 5 years Maximum Entry 65 years Policy Term 1 or 2 years Minimum Sum Assured Up to 50 lacs Dependent Child Coverage 91st day (when coverage is available for either parent) Why should you buy Easy Health Premium Insurance? The policy offers a reliable and widely extensive health cover. Features
No documents needed for policy purchase. Certificate defining your medical fitness is needed after a certain age, as per company policy. Claim Filing Cashless Claim
Reimbursement: Send the claims form, doctor’s certificate and bills to Apollo Munich’s mailing address Claim handling
The health insurance review by Apollo would help you easily decide which health plan to go for. The medical insurance industry has evolved a lot in the last 5 years. In fact, it has seen an incredible amount of growth since its inception in 1986. Even then, till date, only about 25% of the Indian population is covered under a suitable healthcare plan.
To cover the incidental costs of unexpected medical expenditures, having a health plan for yourself and your family is a must! That is why we bring you a checklist of all things you need to consider when you go out to shop for a personal health cover. 1. The Necessary Cover When deciding on your cover amount, think about the future cost of healthcare. You might be spending not more than a lakh at present on your medical needs, but the amount will only grow as your age progresses! Therefore, instead of buying top-offs in the latter years, it is better to choose a high cover amount now! For a young working professional, managing the premiums for the same would not be an issue. For example, Star Health Insurance offers you a comprehensive choice of insurance covers depending on individual means and needs: Health Plans Minimum (INR) Maximum (INR) Family Health Optima 200,000 1,500,000 Senior Citizens Red Carpet 200,000 1,000,000 Star Comprehensive 500,000 2,500,000 Medi-Classic (Individual) 150,000 1,500,000 Star Health Gain 100,000 500,000 2. Don’t Compare Premiums Don’t compare different health policies based on the premium that needs to be paid. In fact, judge them by what benefits it offers you and your family! For Example, the Family Health Optima plan by Star Health Insurance is an affordable health policy that provides a widespread coverage for that includes your whole family. Some of its highlighting features are:
3. Limitation On Hospitalization Expenses Sometimes, health policies offer a set amount as daily expenses on hospitalization! They do not consider if the procedure is big or small. The difference in the cost would then have to be borne by you! For example, the Family Health Optima policy protects the policyholder against expenses incurred because of a minimum 24-hour in-patient admission. These expenses include the cost of room rent, boarding, and nursing. A cost of doctors, specialists, anaesthetist, surgeons, OT, oxygen, blood, pacemaker, medicines, etc. The cost of room rent covered is equivalent to 2% of the insured sum capped at INR 4,000 each day. Ambulance charge per hospitalization is INR 750, and for every single policy period, it is INR 1,500. Cost accumulated 60 days before getting admitted to the hospital and 90 days after getting discharged are covered under this policy. 4. Cap On Entry Age Illnesses are no longer only age related. Diseases borne because of our lifestyle are cropping up as well. Therefore, choose a health insurance that offers a longer entry age limit. For example, Star Health Insurance maximum entry age for its various policies are: Health Plans Maximum Entry Age (in years) Family Health Optima 65 Senior Citizens Red Carpet 70 Star Comprehensive 65; for dependent children: 25 years Medi-Classic (Individual) 65 Star Health Gain 65 5. Limitations On Treatment If you have a pre-existing condition, check whether that is included in the health plan you are considering. For example, pre-existing illnesses are covered only after 4 years of continuous existence of the Star Health Insurance plan. 6. Health Policy For Parents Ensure that the plan you are considering includes a cover for your parents. For example, insurance plan from Star Health offers a cover for your parents where:
7. Company’s Reputation Check for the claim ratio, online reviews from star health, and customer experiences, of the organization you are thinking of buying your health insurance from. 8. Premium Amount After Age 45 Most health insurers raise the premiums after the policyholder reaches the age of 45. Check to make sure that is not the case with your chosen policy. 9. Extent Of The Health Policy Instead of buying a plan that covers everything, select the one that insures you against major medical expenses. It is up to you to decide whether you want all simple procedures included in your umbrella or not! 10. Exclusions And Waiting Period All insurance policies, health and otherwise, have certain conditions and situations that are excluded from their cover. For some, there is a waiting period before it can be included in the policy cover. You need to be aware of them both so as to know where you stand regarding a particular illness or claim! When you buy an insurance policy, you should be aware of what you are buying and also the terms and conditions related to the plan. There are various reasons why your insurance claim may get rejected. Once you know them you can avoid them.
Reasons why your claim may get rejected
Now, the question is what you can do if your claim gets rejected. There are ways to avert such a sticky situation by the following procedures. Steps taken to ensure that your insurance policy does not get rejected
Thus, follow the above steps to ensure that your insurance claim does not get rejected and you get the claims definitely. Buying a health insurance policy for yourself and your family goes a long way. Not only does it bails you out of a financial crisis during a difficult time, but also contributes to your peace of mind.
What’s more? Any health insurance plan purchased for you and your family will help you in saving money when you pay income tax. Are You a Tax Paying Citizen? Paying income tax is an important duty that everyone must abide by. However, when it comes to parting with hard-earned money, nobody could be blamed for wanting respite. The budget for the year 2015-16 brought numerous alterations, but when it came to income tax, some expectations were not met. The exemption limit was held at INR 2.5 lacs. However, section 80D underwent a major change. You may read an article about health insurance tax benefit 2015 here. Additional Saving of Money Maximum tax deduction under section 80D for FY 2015-16 was increased from INR 15,000 to 25,000. So, considering you fall in the 30% income tax bracket, you are eligible to save a further Rs.3000 if you have a health insurance plan. The increased limit will be applicable for deduction under section 80D for FY 2016-17. The Section for Tax Deductions On Medical Insurance Premium The need to encourage the buying of medical insurance was recognised by the government after the initial years of independence. After that, the section 80D of the Income Tax Act of 1961
For individuals or families where no one is above 60 years of age, the deduction is maximum INR 25,000. For senior citizens, the exemption is more than INR 30,000. The point to note here is that the tax exemption provided is dependent on how much health insurance plan premium you pay. So, if you pay a medical premium of INR 18,000 for self and family, your deduction will be INR 18,000 and not 25,000. Parents’ health insurance premium tax benefit can also be claimed. Consequently, your taxable income can be reduced by further 25 or 30 thousand rupees. This link gives considerable information regarding 80D deduction for AY 2015-16. Features of The Section 80D There is no restriction on which company you buy your health insurance from. Therefore, even the private general insurance companies list the 80D income tax exemption in their benefits. Another aspect to note is that it does not matter what kind of health insurance plan you have. Critical illness policy, accident care plan and all the rest are included. There is a provision for adding a maximum amount of INR 5000 to the tax deduction claim for health check-ups. Although, this is not apart from the maximum 25 or 30 thousand deductions. If you pay a premium of INR 21,000, you can add another INR 4,000 to it if you have undergone a health check-up. Be Aware of These Details You are eligible for the tax benefit if you have taken care not to pay the health insurance plan premium with cash. The section 80DD tax benefit can be availed for specific cases only. Refer here for more information about this section. Employed children cannot be quoted in the deduction claim. Also, the allowed amount under medical check-up is the gross total for the whole family and not per person. Secure The Health of the Family These days, due to the rising medical costs, having a health insurance plan is vital. So taking the multiple covers of a mediclaim policy and the tax benefits into account, getting insured is enormously advantageous. You have to be careful while shopping for the right health insurance plans. There are basically two types of health insurance plans- high deductible and low deductible insurance plans. Your choice is largely determined by your medical situation. Before selecting the right one, you have to know how deductible actually works out.
So, how does deductible work out? Wondering what is a deductible? It is the limit that one has to meet for the insurer to give out benefits. Once after paying the deductible, you may owe some portion of your insurance bill which is known as co-insurance. Under high-deductible plans, co-insurance and co-payments will cost more. An example- Suppose you meet with an accident while running and you fall down and break your leg. Immediately, you are taken to a hospital which comes under the insurance list that you have. In your initial visit, suppose you pay $100. However, after a few months, you are billed with a whopping $2500 that was covered by your plan under 80 percent. So, the question is how does a single short trip result into $2500 bill? Let’s understand this that your deductible is $2000 which is quite high. Now, suppose the hospital charged you a total $4500 for treating your leg. After the deductible, $2500 is the balance that was covered by your plan’s 80 percent. Therefore, co-insurance will allow to reimburse the remaining 20 percent. Therefore, it means you paid $2500, while your insurance carried paid $2000. When to choose low-deductible option and high-deductible option? If you are looking for less financial commitment, the low-deductible option is the best. These types of health plans tend to charge more up front. If you have chronic illness or ongoing medical problems, then the low deductible options are the best. People who often have to visit the doctor for reasons like diabetes, then the low-deductible option is the right one. In this case, premiums are higher but the insurer tends to pay higher percentage for your medical condition. Therefore, opting the low-deductible pay will help you pay less than $1000 for your broken leg. Therefore, to put it in few words, low-deductible is the right option for those having limited savings option. On the other hand, a high deductible plan is suitable for those who seldom have to visit the doctor for poor health. The best part is that you will have to pay lower premiums with these types of high-deductible plans. Since high-deductible plans are aimed for “consumer-directed health plans”, you can think about the right types of healthcare that you want. This type of deductible plan allows you to participate in health savings account. This option allows you to keep pre-tax money aside to meet out-of-pocket expenses. The best part is these accounts earn interests without having to paying tax. In addition to this, your employer may contribute to your consumer-directed health plans. Thus, assessing all your options and the pros and cons of both, you will have to decide which deductible option is for you. The Oriental Health Insurance reviews to be one of the most well reputed insurance companies based out of India. This organization provides special health insurance products to people of and above the age of 60 years. It provides cashless facilities at most hospitals; however, there are standard guidelines that need to be followed. Overview Founded in 1947, the Oriental Health Insurance Co. Ltd has constantly attracted customers hailing from a large demographic audience, enabling the current premium to stand at over Rest 7.282 crores. The Oriental Health Insurance Co Ltd, with its head office in New Delhi, functions independently with a board consisting of prominent personalities like T.A Pai and KR Puri, both accomplishment and respected in their individual fields of interest. Operational internationally, the Oriental Health Insurance reviews to be reputed in its work in the health insurance sector. Why to Buy Oriental Health Insurance? The Oriental Health Insurance provides cashless services at selected specialty hospitals. It insures customers who are 60 years and older. It is a well-reputed company with experts I the field that will be able to advise the customer effectively. Features, Benefits, and Inclusions of Oriental Health Insurance The Oriental Health Insurance aims to bear the following features, benefits, and inclusions.
People wanting to buy this policy will have to undergo a few medical tests, like a series of blood test and USGs. This is particularly for those above the age of 45. Documents Required The following are required for age proof:
Following are some of the points that will not be included as part of the policy:
To claim the Insurance in the case of hospitalization, the original bills, doctor’s certificate, discharge certificate, test reports and relevant documents from the doctors are needed. All documents must be self-attested and submitted to the company within 7-60 days of the incident. All documents that will assist in the company passing the claim. With increasing awareness regarding purchasing health insurances, reliability on group covers provided by employers is decreasing. Group covers have a lot of exclusions and the policies provided by the employer might not cover the required benefits. Overview of HDFC Insurance Reviews Why buy Individual Personal Accident Plan 3? Accidents are disastrous, unforeseen events that affect the monetary security of a family. In order to provide the best protection to one’s family, Individual Personal Accident Plan 3 has received the best HDFC insurance reviews. Not only does it provide financial stability in case of death, but also for permanent disabilities, burns, and physical injuries. Features and Benefits Let's have a look at the HDFC Insurance Reviews. The cover provided is applicable 24 hours a day, seven days a week, 365 days a year. The individual is insured by this Personal Accident cover in India as well as any other location worldwide. No prior health check-up is required. Lifetime renewability applies to this policy. Eligibility
Coverages from 10 to 25 Lacs Sum insured
All the above-mentioned benefits are covered in this advanced scheme. In addition to that, HDFC insurance reviews have shown that the following benefits are also covered:
Bodily Injury / Sickness caused:
A claim can be easily placed by calling HDFC Toll free numbers:
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