5 Mistakes To Avoid When Buying Health Insurance

Group health insurance is normally offered by companies to their employees as one of the perks of the job. Being covered under this policy is really beneficial as it is often the first type of health insurance held by most. Though the coverage is basic, it is still better than having no form of health insurance at all. Added to that, a lot of companies offering group health insurance also allow the insured members to buy coverage for their families too under the same policy, albeit at an additional cost. Now, even if you are covered under a group health insurance policy, it is important to understand that the coverage is not all-inclusive. Just like with an individual health insurance policy, group Mediclaim also has certain limitations. In this article, we take you through some of the main exclusions of group health insurance. ·          Obesity treatment Group health insurance will generally not cover you for obesity-related illnesses and...

In recent years, we have seen a steady rise in awareness regarding mental health. This change in the air has positively affected the healthcare sector and consequentially, the health insurance domain. Following the Mental Healthcare Act, 2017, which called for the treatment of mental illness on par with physical illnesses, the Insurance and Regulatory Development Authority of India (IRDAI) also declared that health insurance companies will now be expected to cover several mental illnesses in their medical coverage. This announcement was widely welcomed as it will help in creating a robust healthcare system for people with mental illnesses.  As the inclusion of mental health in health insurance is a relatively new topic, many may have queries and doubts regarding them. To help clear the air, we are addressing a few FAQs on mental health insurance in this article.   #1 - What mental illnesses will be covered by health insurance companies? According to the Mental Health...

A critical illness insurance plan is a type of insurance that offers the policyholder a payout if they are diagnosed with any of the critical illnesses that are covered by the insurer. Critical illnesses generally include serious health conditions such as cancer, cardiovascular diseases, kidney failure, Alzheimer’s disease, Parkinson’s disease, loss of limbs, and coma, among others. As one can imagine, being affected by a critical illness can truly be emotionally and financially devastating. Quite often, the patient is left unable to work anymore. If they have been the breadwinner for their family, the onset of a critical illness can lead to a financial crisis at home. Having a critical illness insurance plan can truly help you tide over the difficulty of the situation. The lump sum payout that you receive can be used to cover any existing gaps in your health insurance as you receive life-saving treatment. The payout may further be used to help your family pay their bills to keep food...

COVID 19 brought the world to a standstill in 2020. Even though lockdowns were enforced in an effort to curb the spread of infection, healthcare systems still were overburdened with cases. Attention was also drawn to the fact that most people lacked health insurance coverage. This gap in insurance saw many exhaust their hard-earned savings while receiving treatment for COVID 19. In an effort to ensure that everyone can get insured against COVID 19, the IRDAI asked all insurance companies to launch standard, short-term health insurance products for coverage against COVID 19. All insurance providers will have the same names and features for these products as set by the IRDAI. This uniformity will ensure that people can buy coverage with minimal confusion in these difficult times. The two policies thus launched are the Corona Kavach Policy and Corona Rakshak Policy. Let’s take a quick look at the main differences between these health insurance products from the IRDAI: 1.  ...

  Good health is the most important asset that an individual can have. An increase in pollution, unhealthy lifestyle habits, as well as many other factors, has a huge impact on your health. This ultimately leads to numerous health problems and medical diseases. There are many medical expenses that are associated with the treatment of diseases. These expenses can go very high, causing a serious blow to your savings. This is why it is so important to safeguard your finances with a secure health insurance plan that will take care of medical costs such as your hospitalisation expenses and pre and post hospitalisation expenses too. Today, one cannot do without such the coverage of a health insurance plan. Let us take a look at 5 great benefits that such a plan would offer you: 1.     Coverage for critical illnesses Nowadays, most reputed health insurance providers offer critical illness insurance. Please note that critical illness insurance can come as a separa...

Medical emergencies can take place anytime out of the blue. And most of the time when you are caught off-guard due to such emergencies, you tend to be unprepared financially as well, especially when you don’t have any health insurance to cover the medical expenses. But if you do have health insurance, then the policy acts as the first line of defense against critical illnesses. However, even health insurance plans have their limitations, and this is why you should consider getting critical illness insurance for yourself. And to help you understand its benefits, here are 4 reasons to get critical illness insurance: 1.     It acts as a backup for your health insurance Most critical illness insurance plans come in two types, either as an add-on to your health insurance or as standalone insurance. Now if you already have health insurance, then getting it as an add-on to your existing insurance is much more beneficial, because when the sum insured from your health insur...