New India Assurance Health Insurance
It is tough to suggest a specific health insurance plans which will work best for you and family without knowing your needs and budget. But we can help you with the tips to know before buying best health insurance policies. As buying a health insurance plan is not a 2 minutes task. You need to understand the limitations of health policies and look for ways to make the most of the benefits on offer. It is always to take time to compare all available plans on the basis of features and benefits.
The first and foremost factor you have to consider while buying health insurance policies is the longevity of coverage. You should look to avail a health plan that offers protection throughout your life as you would want your health policy to work during your advanced years. So, you should opt for a health plan that you can renew lifelong.
Waiting Period applicable for pre-existing diseases
Pre-existing ailments are defined as conditions or illnesses that a person suffers from prior to buying health insurance policy. Typically, health plans don’t cover these pre-existing diseases from day one of the policy periods. You can compare health policies in terms of a waiting period which usually ranges between 2-4 years. When you select a health policy you need to check the waiting period and pick the plan that takes less time to cover pre-existing diseases.
Co-pay is another important clause that you have to manage well. Essentially it is a fixed amount that you choose at the time of buying health insurance and you have to pay as a part of the total hospital bill in a time of a claim. Your health insurer will pay the rest of the hospital bill. For an example, if you go for 10% co-pay, it means for a Rs 1,000 claim, you have to pay Rs 10 for every Rs. 100 claim while your insurer will pay the rest Rs. 90. If you don’t want to spend money on a claim you can refrain from choosing co-pay option.
Rent of the hospital room
You need to choose a room for hospitalization. In order to get the best treatment, you would invariably want a private room with advanced facilities. But the room rent limit of your health policy might restrict you from availing the best room in the hospital. So, your chosen health cover should come with a higher limit on room rent per day. You can compare all available plans to find a policy with no limit on rent of the room.
Go for HEALTH WALLET. It covers everything. Unique product with superb features.
Its a first of a kind Health plan with a unique reserve Benefit (no other health insurance company provides this) which can be used for OPD expenses, any non-payable items under health insurance claim or to pay up to 50% of your renewal premium.
Your Reserve Benefit will keep on increasing every year and any un-utilized balance under this benefit will be carried forward to next year with 6% bonus. (so in case you don’t have any claims, the money will be accumulated for future expenses.)
The option to convert the plan to a full-fledged Indemnity Health Insurance plan without re-evaluation of health status or any pre-policy check if Insured Person has been insured with Us for the first time under this Policy before the age of 50 years and has policy has been renewed with us for continuous 5 years.
This plan also comes with an additional benefits likeRestore benefit, that automatically reinstates the basic sum insured in case you exhaust it in a policy year and multiplier benefit which rewards you for every claim free year.
Details of Plan benefits –
- In-Patient Hospitalisation –The medical expenses for coverage for hospitalization of more than 24 hrs.
- Pre-Hospitalisation – The medical expenses that you incur due to illness during the 60 days immediately before you are hospitalized.
- Post-Hospitalisation – The medical expenses you incur in the 90 days immediately after you are discharged from a hospital.
- Day-Care Procedures – The medical expenses for all day-care procedures, which do not require 24 hours hospitalization due to technological advancement, are covered.
- Domiciliary Treatment – The treatment expenses involved in getting a treatment done at home which otherwise would need hospitalization.
- Organ Donor – Treatment expenses for the organ donor at the time of organ transplant.
- Emergency Ambulance – Expenses incurred if ambulance service is used on the way to a hospital for hospitalization (up to Rs. 2000).
- Ayush Benefit – The Medical expenses for in-patient treatment taken under Ayurveda, Unani, Siddha, and Homeopathy.
- Recovery Benefit – Lump sum benefit of Rs. 10000, if hospitalized for more than 10 days
- Worldwide Emergency Care– Covers emergency hospitalization expenses outside India up to the specified limit.
- Restore Benefit – Automatic reinstatement of the basic sum insured, if the basic sum insured and multiplier benefit has been exhausted during the policy year. Basic sum insured will be reinstated only once in a policy year.
- Reserve Benefit – Provides a separate sum insured which can be used for expenses, any non-payable items under health insurance claim or to pay up to 50% of your renewal premium. Reserve Benefit will keep on increasing every year and any unutilized balance under this benefit will be carried forward to next year with 6% bonus.
- Health Check-up – Reimbursement of expenses incurred on preventive health check-up.
- Additional Cover for Critical Advantage Rider (optional) – You can opt to cover yourself worldwide at our network centers against treatment expenses for 8 major illnesses that include Cancer, Coronary Artery by-pass surgery, Heart Valve replacement/repair, Neurosurgery, Live Donor Organ Transplant, Bone Marrow Transplant, Pulmonary artery graft surgery and Aorta Graft Surgery. The rider offers you the freedom to not only avail best health-care services world over but also covers all travel costs for the insured and accompanying relative, accommodation expenses, second opinion & post hospitalization expenses. This rider will be offered where base policy Sum Insured is Rs.10 lacs & above. This rider can be issued to an individual and/or family only on the individual Sum Insured basis.
- Multiplier Benefit– You get a bonus of 50% of the basic sum insured for every claim free year accumulating up to 100%. (In the event of a claim, the bonus shall be reduced by 50% of the Basic Sum Insured at the time of renewal).
- Continuation of Cover– Option to pay up to 50% of renewal premium from Reserve Benefit. A benefit is available after 5 continuous renewals.
- Waiver of Deductible benefit – The option to convert the plan to a full-fledged Indemnity Health Insurance plan with no underwriting or medicals is available only at renewal between 55-60 years provided you have enrolled with Us under this policy before the age of 50 years and have renewed with us continuously without a break.
- Cashless Service – You need to obtain a pre-authorization for all planned admissions least 48 hours prior to actual admission or regularize any ‘emergency’ admission within 24 hours post the admission. The details of the process and the documentation requirements are given in the guide-book sent along with the policy.
- Sum Insured Enhancement – Sum Insured can be enhanced only at the time of renewal subject to no claim have been lodged/ paid under the policy. If the insured increases the sum insured one grid up, no fresh medicals shall be required. In cases where the sum insured increase is more than one grid up, the case shall be subject to medicals. In case of the increase in the sum insured waiting period will apply afresh in relation to the amount by which the Sum Insured has been enhanced. However, the quantum of the increase shall be at the discretion of the company.
- Portability – If you are insured with some other company’s health insurance and you want to shift to us on renewal, you can. Our portability policy is customer friendly and aims to achieve the transfer of most of the accrued benefits and makes due allowances for waiting periods etc.
- Tax Benefits – With the Health Wallet Insurance Plan you can avail tax benefits for the premium amount under Section 80D of the Income Tax Act. (Tax benefits are subject to changes in Tax Laws)
Medicine has made rapid advances but it comes with increasing cost of treatment. Medical inflation is much higher than consumer price inflation. As reported by Financial Express in one of its articles Healthcare spends pushing households below poverty line, nearly 99% of households in India are vulnerable in case the medical bill touches Rs 500,000. 90% of the population in India does not have a private health insurance and sadly have to shell out all their savings and even borrow money.
Health Insurance should be taken when a person is young and does not suffer from any ailment. Today most policies offer lifelong renewal which means that one can get covered till one dies. On the other hand, if one does not buy health insurance when one is below 45 or 50, it might get increasingly difficult to get health insurance even if you are willing to pay high premiums. The reason is that in older ages the chances of an ailment or health issue are high and in some cases too chronic to be covered.
Today Health Insurance in India is not very expensive and a cover of Rs500,000 for a 35-year-old would be approx Rs 6000 per annum. This translates to Rs 500 per month which every household can afford. I see hordes of instances where people do not want to spend this measly amount with the wrong belief that “if nothing happens they will not get anything”. Nothing can be more deluding than this. One has to think “what if something happens.”