HEALTH INSURANCE
Why do you need a health insurance plan?
Changing lifestyles of Indians
Age has nothing to do with serious ailments, particularly due to sedentary lifestyles and lack of physical exercise. The younger you are when you buy a health insurance plan, the better are the deals and higher the discounts on the premiums.
Skyrocketing Medical Care Costs
Good quality medical treatment comes with a high price tag.
Medical problems eat into a huge amount of savings accumulated towards important long-term financial objectives.
Preventive Care
The latest research shows that people with health insurance are found to be mentally and physically healthier.
Your Reach
Expensive healthcare procedures and medicines may be beyond your reach without the security of health insurance
What are the different types of health insurance policies
You
Your Family
Your Parents
Corporate
Different Health Insurance Plans
Medicare
Medicare is like a medical shield protecting us from financial Hardships.
Medicare Premier
Medicare premier will not leave even a single critical illness untreated. This plan covers all the medical problems.
Super Top up
Do you know that in case your health insurance runs out, the super top-up will give you extra support
Simplifying Health Insurance
Health Insurance is medical coverage that helps you meet your medical expenses by offering financial assistance.
Due to the high cost of hospitalization expenses, it is important to have a health insurance plan in place. In the current pandemic situation, health insurance plays a vital role in safeguarding the finances.
You can buy a health insurance plan for yourself and your family to avail the benefits & coverage. It helps you boost tax savings. Under section 80D of the Income Tax Act, 1961, you can claim tax benefits against your health insurance premium.
Want to know about Health Insurance
We can help you choose the best Insurance for you and your family so you can live a safe and happy life. Compare the different Insurance companies with us and pick the right one for you.
Why Choose ALPS Insurance
Terminologies to Know in a Health Insurance Policy:
Sum Insured
The amount you can expect to receive from the insurer for hospitalization expenses. If bills are more than the sum assured, then you need to bear the amount above the sum confirmed on your own.
Co-payment
Co-Payment is a certain percentage of the insured's claim agrees to pay along with the insurance company. The insurer then pays the remaining claim amount.
Sub-Limits
Within the policy, you will find some sub-limits, i.e., the maximum you can get even if you aren't exhausting your overall coverage. Room rent is one component that carries its sub-limit, beyond which the insurer won't reimburse you.
Things to Consider
Before Buying Health Insurance
THINGS TO CONSIDER BEFORE BUYING A HEALTH INSURANCE POLICY
Keeping a note of some of the important things like waiting period, claim settlement process, list of network hospitals and more can help you choose the best health insurance plans for yourself and your family. To make your life simple, we’ve made a short list of factors that make a health insurance plan, the best health insurance plan for you: Here they are:
Always opt for adequate cover and ensure that it is sufficient for you and your entire family.
Nowadays, most employees are covered by their company’s medical insurance. However, it is always an added benefit to select and purchase your own medical insurance plan after knowing all the terms and conditions.
Always inform your insurer about any pre-existing diseases.
Always keep a note of covers, maximum limits and waiting periods.
Make sure that you know the terms associated with health insurance such as deductible, cumulative bonus, waiting period, pre-existing illness, free lock period and more.
A higher sum insured is always better as there is a constant rise in the cost of medical expenses.
It is advisable to check the insurance provider’s claim settlement record. You should always opt for a company with a good settlement record. This ensures that your claims are not wrongly withheld and prevents any unnecessary claim issues in the future.
Renew your policy on a continual basis. If there is a break between the expiry and renewal, you may lose the benefits of the insurance.
Choose an insurance provider that has an internal team to assist with claim and settlement process as they offer a better turnaround time and a seamless process.
Opt for a health insurance company that allows insurance portability. This way you have the benefit to change your insurance company and opt for a medical insurance policy better than your current one.
You should invest early in a health insurance policy, so that you start your health insurance cover with a lower premium amount and also get wider coverage as compared to when you buy health insurance plans when you are about to retire.
You should choose to buy a health insurance policy from a company that has maximum tie-ups with hospitals, so that you get the benefit of cashless claims.
Select a health insurance company that has a customer-friendly online setup to make the process of buying/renewing your health insurance policy as well as claim settlement easy, quick and convenient.
FAQs
These are the health insurance plans available in India-
Individual health insurance plan, Family floater health insurance plan, Group health insurance cover, Critical health insurance, Top-up policy, Super top-up policy
The amount paid as room rent during hospitalisation is called as room rent capping. It depends on the sum insured in your health insurance plan. One can opt for room rent capping as an add-on with the health insurance policy. It is totally up to the buyer if he/she wants to take it or not.
For any treatment, if the insured is hospitalised for a minimum of 24hours is called as day care. Technological advancement has reduced the extended period of hospitalisation due to a medical emergency. Hence any treatment which is given to the patient during 24 hours hospitalisation is called as day-care health insurance.
Super Top-up insurance add-ons help to increase the sum insured in case there is an increase in hospitalisation. If the spent on medical bills exceeds, due to extended hospitalisation, then the top-up plan comes handy. Additional coverage given by a health insurance company above the threshold limit covered under the top-up health insurance plan.
On average daily cash, the benefit is given to the hospitalised person during his hospitalisation. In most of the cases, a lump sum amount that the insured person gets during hospitalisation is called a daily cash benefit. The benefit and amount vary from company to company. It starts from 1000 and goes upto 10,000 in a day.
One can always opt for a standalone critical insurance plan to cover diseases like cancer. The buyer is advised to read the coverages of plan before purchasing one.
Note: Some health insurance plan also covers partial treatment of the critical illness within the policy.
Third-party administrator (TPA) is an outsourcing company that acts as a mediator between insured and the insurance company. The dedicated person sitting on the TPA desk passes the claim-related information to the insurance company and insurance company’s information to protected if required.
Depending on the seriousness of health ailment, pre-existing diseases are covered in a health insurance plan with a waiting period*. The waiting period in a health insurance plan, varies from company to company and depends on the age of the policy buyer. Some PEDs or Pre-existing disease comes with certain restrictions with some insurers.
In case of a medical emergency, the time is imperative to decide if we have go to the empanel hospital for treatment or save the life. We go and get admitted to the nearby hospital without worrying for the reimbursement. The medical treatment on a non-network hospital, will only be reimbursed when you back it with the medical bills.
It is a subjective question that can’t be answered. Medical insurance purchased in India has its geographical boundaries. Some medical insurance companies do not compensate for anything that is happening beyond the set geographical limits. Whereas, some insurance companies offer international covers too.