More and more investors today have acknowledged the significance of Medical Insurance Plans. The awareness that these plans are effective shields to deal with rising cost of medical aid, to safeguard precious savings from unforeseen health emergencies and most importantly to secure dependant family members against minor or major health-related financial risks is widespread.
What is Health Insurance?
An agreement between you and the Insurance Company wherein the company agrees to bear your healthcare and hospitalization expenses in lieu of a yearly charge known as premium.
However market statistics show that the decision to opt for an insurance cover does not immediately culminate into a purchase. This is generally due to the availability of multiple types and options of insurance schemes that leave the buyer undecided on the best course of action.
Are you too in a similar stage of dilemma? If so, spend the next few minutes with us, as we acquaint you with the various aspects of a Complete Healthcare Insurance Plan.
For starters, health insurance plans offer the following benefits:
• Peace of Mind: Needless to say an insurance plan that provides financial relief in medical exigencies gives immense peace of mind.
• Reduced Financial Liabilities: Financial liabilities towards healthcare can be addressed by opting for a reliable Individual Healthcare insurance plan.
• Quality Healthcare Services: Insurance companies have a tie up with a vast network of hospitals. By opting for a health insurance plan you can get immediate medical attention at such hospitals.
• Healthcare Expenses: A health plan safeguards your finances and protects you against losses due to rising medical costs.
How is it different from a Life Insurance Plan?
Things to Consider Before Deciding the Coverage Amount:
• Number and Age of Policyholders
• Pre-existing Ailments
A life insurance plan offers a lump sum amount (sum assured) to your dependants (nominees) once you pass away. On the other hand, Mediclaim insurance plans cover the cost of medical expenses.
What are the types of Health Plans?
There are primarily two types of Health Plans: Benefit and Indemnity Plans. While Benefit Plans provide a lump sum amount on being diagnosed with select critical illnesses, Indemnity Policies offer to reimburse your medical expenditure either through a cashless channel or ‘pay-and-claim’ method.
Complete Health Insurance - iHealth Plan
is a comprehensive plan designed to cover your healthcare expenses during emergencies thereby minimizing your financial burden.
What does Complete Health Insurance - iHealth Plan Cover?
Unsure About The Coverage Amount?
Well, opt for the health plan along with a top up plan, in that case. Available at nominal rates, these plans (like Health Care Plus) offer to cover expenses in case your existing health care policy coverage proves to be inadequate.
• Cashless Hospitalisation: The plan offers to provide a cashless facility for covering expenses incurred during hospitalisation such as room and boarding, fees of surgeon, anaesthetist, nurses, specialists, the cost of diagnostic tests, medicines, blood, oxygen, appliances like pacemaker, artificial limbs and organs, etc, among other in-patient hospitalization expenses.
• Day Care Treatment and Surgeries: Expenses for day care treatment or small surgeries that do not warrant hospitalization are also reimbursed under the plan.
• Pre Hospitalisation Expenses: As the name suggests, it covers all the expenses that have been incurred 30 days prior to being hospitalised. The expenses include medical and diagnostic tests, visit to the doctor, cost of prescribed medicines etc.
A Family Healthcare Insurance Plan offered by your employer is an added advantage. However, relying solely on a group health plan is not advisable as the plan may not cover expenses while you change jobs or retire.
• Post Hospitalisation Expenses: The plan also provides for expenses incurred within 60 days after being discharged from the hospital. These include follow up visits to the doctor, further medical checkups, cost of medication etc.
• Ambulance Cover: The plan provides you with the benefit of reimbursing emergency ambulance services up to Rs. 1,500 per hospitalization.
• Value Added Services: Free health coupons, discount coupons, online chat with doctors/ dieticians, and e-consultations are few of the value added services provided by the iHealth Plan.
Add-on Options of iHealth Plan
By opting for these add-ons you can design a plan to suit your specific needs. The basic cover of iHealth plan can be enhanced by choosing either or both of these options:
Hospital Daily Cash: Subject to the extent of the sum insured and deductibles, you can opt for daily hospital allowance to meet
Convalescence Benefit: You may incur a host of other expenses besides medical expenses while recovering from your illness in the post hospitalization period. Complete Health Insurance – iHealth Plan provides a convalescence benefit of Rs. 10, 000, once during the insurance policy period.
Critical Illness Cover: Critical illness plan covers certain life threatening diseases and offers you 100% sum assured as lump sum payment on the first diagnosis or treatment.
Donor Expenses: Complete Health Insurance – iHealth Plan aims to provide financial relief in organ transplant surgeries to your donor. A maximum sum of Rs. 50,000 can be reimbursed to the donor towards medical expenses incurred for donating an organ to you.
Beneficial Features of iHealth Plan
• Lifetime Renewability: The Policy provides for lifelong renewability and offers financial security to you at the age when it is most required.
Note: Any applicant above 18 years of age can apply for iHealth Plan as there is NO Maximum Entry Age Limit. However, it is advisable to opt for this health plan before you turn 46 to avoid the hassle of getting medical tests done.
• Pre Existing Condition Waiting Period: Pre existing diseases are covered after two years for policies with a sum insured of 3 Lakhs and above and after four years for policies with a sum insured of 2 Lakhs. This clause is valid only if you renew the policy every consecutive year.
• Tax Exemption: The premium paid for this plan is deductible under Section 80D of the Income Tax Act.
• No Claim Incentives: Policy periods without any claims make you eligible for incentives like discount in premium amount or enhanced sum assured during renewal.
• Floater Benefit: All the dependent members of your family can be covered under a single iHealth – Floater Plan. Children above three months of age are eligible for a floater cover along with one adult.
Other Essentials to Lookout For
Peruse through the policy document to lookout for the treatments and diseases not covered under the iHealth Plan to avoid unpleasant surprises at the time of a claim. Some of the major exclusions include:
• Any illness contracted within 30 days from the commencement of the policy
• Cosmetic surgery
• Non allopathic treatments
• Treatment taken outside the country
• Therapies like acupressure or acupuncture
Complete Medicare Insurance - iHealth Plan covers various healthcare expenditures to ensure your well-being. Opt for it to enjoy a secured life!