How to find an affordable Health Insurance plan?

India is country with mass population belonging to the middle class section of the society, who try to curtail their costs in order to sustain in today’s world, where cost of living index is too high. The ever increasing medical costs, complex treatment procedures, inflating economy and rising health hazards has made it necessary for all individuals to protect themselves and their families with a wide and affordable health insurance plan.

Every individual wants to be covered against every possible eventuality known, at the minimum premium amount and in this situation choosing a good health insurance product becomes their need. Although, many employers provide a medical insurance to their employees but it’s not sufficient to rely upon as it covers specific types of health concerns and secondly it’s a limited group plan. Therefore, it is better to have an individual or a family insurance plan for the long- term benefits, as group plan offers coverage only till he/she is on rolls of the company. At affordable cost, health policies provide comprehensive coverage with easy understanding. Once insured in a suitable health cover, the person or the covered members can enjoy wide ranging insurance benefits.

Various insurance companies are nowadays giving the facility of buying an affordable health insurance policy online. ‘Buy online’ feature has been designed for the customer’s ease, where he or she can make purchase a policy just with a few clicks of a mouse. It keeps an individual away from long and complex proceedings and keeps him or she acquainted with authentic information about the products and the Company updates. It also helps in saving time and energy.

There are various health websites that will inform an individual about the health insurance for pre-existing and existing diseases, short term insurances and best medicare products. It helps understand all policy related details to yield better results. The kind of benefits offered will differ from company to company, policy to policy and also in case of pre- existing illness etc. To ensure right decision, policy terms and conditions must be studied carefully. A close reading of the associated terms will help know the plan better and thus avail all the benefits offered.

It is advisable to quote the insurance amount that you need the health cover for through a suitable insurance premium calculator. These calculators give a clear idea about the amount to be invested in the form of policy premium. When you provide the required information like policy tenure, number of members insured and sum insured, accordingly, these calculators will provide you with the premium amount to be paid. Thereby, you can choose an affordable health insurance plan while keeping a check at one’s own pocket size as well.

Look for insurance companies that keep the policies transparent and live up to their promise of serving people with best- in class services. Claim procedure is yet another aspect which needs to be taken into consideration while taking a comprehensive health plan. Today, with various benefits and lucrative offers at affordable costs, people of all income levels can find an answer to their healthcare worries through Health insurance plan. Find a suitable health cover for self and enjoy quality health treatment that will ensure good health in future.

Not Men, Women on Top in Buying Health Insurance Plans

Now, insurance companies in India must understand women buyers and their needs related to health insurance coverage. It has been observed that females are only decision makers when it comes to the purchase of 55% of healthcare plans and are partly involved in case of the leftover 45%.

Generally, majority of women initiated the buying procedure and it shows their independent nature. It means that buying process of all med claim policies involve women. In fact, this trend is rapidly increasing since last three years.

As per reliable reports, women are searching for higher sum insured. Growing stress level and changing standard of living among other factors have exposed women to developing various health problems.

Health insurance claims related to maternity have seen a high percentage of claims across urban areas for women in the age group of 18-40 years. Today, people are very aware about the importance of med claim policies.

There has been an increase in the overall trend of preferring a higher sum insured. In this situation, gender may not have an important role to play. People who live in metro cities opt for higher sum insured and family floater policies are being selected over individual healthcare plans.

But, many women do not have a clear vision about health insurance plans because too many financial products in the market results to confusion. Usually, buyers believe that new born babies or in-laws are not insured under med claim policies. Insurers need to know that females have certain expectation about health coverage, including personalized services.

Source: http://blog.policyboss.com/health-insurance/men-women-top-buying-health-insurance/

5 Reasons to Buy Health Insurance Before you Turn 30

In today’s world, when treatment cost are rising every year and there have been advancements in new medical technologies in diagnostics and operatives, the cost of treatment has increased manifold over the years. In many cases, people admitted in hospital for a chronic disease such as cancer, liver cirrhosis (liver failure) or chronic kidney disease, end up losing not only their own saving but also the savings of the entire family.

For example, when Delhi was under the grip of swine flu, one of our insured, unfortunately, contracted the disease. Her bill went up to approximately 20 lakh. Without the backup of insurance policies, she would have need to sell his house to pay the hospital bills. In this article, we list some of the key reasons for buying health insurance early.

Avail the Best Treatment

Numerous corporate hospitals have sprung up, even in the smaller cities in India. These hospitals offer the best in class treatment, even in tier 3 cities. They offer facilities such as deluxe, VIP or president suite rooms, helicopter ambulance facility, latest operative techniques like robotic arms, stitch-less surgery, Pin Hole surgeries, etc. These facilities, in turn, have increased the cost of treatment exorbitantly.

To avail the world-class treatment with the best of facilities and all the luxuries, people belonging to the middle and upper class should take health insurance.

So when the person, who is getting admitted in hospital, has health insurance with higher sum insured, possibly more than 10 lakh, he can enjoy the best of the room facilities.

There are many health insurance that offer OPD facilities, such as Health Care Supreme from Bajaj Allianz. With these high OPD plans, you can avail up to Rs.25000 of OPD treatment in a year without any issues.

Avail Benefit of Alternate Therapies

With health insurance, you can enjoy the benefits of alternate treatment such as Ayurveda and Homeopathy. Many people prefer Ayurveda and Homeopathy treatment at OPD level. However, to avail alternate treatments, they need spend money out of their pocket. With newer insurance plans, such as Bajaj Allianz Health Care Supreme, these expenses are also taken care off. You can enjoy alternate treatment anywhere in the country.

Get Tax Saving Benefits

Tax saving today has become necessary to avoid paying heavy taxes if you are in higher income slabs. Since the premium paid in health insurance is 100% rebatable under section 80D of the Income Tax Act, you can save taxes also while buying health insurance.

Get Loyalty Benefits

When you buy a policy with an insurance company early on, you become a loyal customer with that insurance company as time passes. Companies start considering you as their priority customer, especially if you haven’t claimed for a long period of time. This allows you to enjoy a number of benefits. For example, when you file for claims, they are settled on priority.

Get Wellness Benefits

Wellness benefits are a game changer these days for many insurance companies. The focus is on wellness activities for the clients such as holding health checkup camps by teaming up with big brands, offering free Yoga classes and a bouquet of facilities at highly discounted price such as gym membership, Panchakarma treatments, dental treatments, doctor on call, etc.

There are different types of health insurance policies to suit individual needs. To find the best cover for yourself, check out our health insurance plans.

Health insurance segment yet to be tapped upon

We live in the world filled with uncertainties. Sometimes a seemingly small ailment can turn into a major dent in our life. Within fraction of seconds your life can come to a standstill if you’re involved in a major road traffic accident. Situation can turn bad to worse if the earning member of your family is hospitalized! Well the problems are many but the path is one to overcome them. Buying a suitable health policy for you and your family will help you overcome these problems and offer some security!

India with a population of around 1.2 billion offers a huge potential in health insurance market. To get rid of health worries health or medical insurance is the answer. Many old citizens of which one of them must be your parents have worked hard all their lives and contributed to the development of the nation and the community. Mostly ignored and sometimes shunned by the younger community but there is much to learn from them. Some continue to be productive and work in various capacities. Most organizations and universities entertain this skilled manpower up to the age of 65 to 70 years.

There are over 35 insurance companies comprising both life and non-life insurers (general insurance) sectors. Health care costs have risen considerably during the past few years. It has gone beyond the reach of common man thus making more sense to buy health insurance policies. Poor quality of service is rendered to the citizen by government hospitals while private medicare has become highly expensive. Therefore, it is mandatory for a middle class person to seriously consider the option of health insurance. Today, a major surgical operation of the heart may cost anywhere between two to three lakhs. Not many individuals can afford to spend out this amount in a short and sudden situation. Even if they have insurance that is reimbursable under their Mediclaim plans the strain on the family can be immense. The option of cashless hospitalization becomes attractive under these circumstances.

Health insurance is an agreement between two parties i.e. insured and insurer under which insurer agrees to pay for medical treatment in case of any health issue for a fixed sum which is paid by insured to the insurer. Health insurance policies are provided by almost every insurance company and it can be bought through various methods. It can be bought through traditional channels through agents else it can be bought online via internet.

The entry of private players has stirred fierce competition amongst the companies, ultimately benefiting the consumers who are offered with better coverage and facilities. The arrival of foreign and private players into the life and general insurance sector has directly resulted in the huge development of insurance market including significant increase in medi-claim insurances. With massive Indian middle-class section, India looks promising and attractive for business opportunities to international players in this field.

The insurance business professionals strongly say that the limitless Indian medical insurance market has not been fully tapped so far due to lack of awareness among the public about the importance of health policy. Also there is lack of rightly targeted policies from the companies. An appropriate policy and cohesive approach will rope in more than few million customers into the health Insurance segment.

India’s insurance reform will benefit insurers and society

One major change was implementing the Indian Insurance Act, first proposed by the previous government.

The Act enables global reinsurers to enter as 100 per cent owned branches and increases overall foreign direct investment (FDI) in the insurance industry from the current limit of 26 per cent to 49 per cent. While there are many aspects of insurance, the most significant opportunity not only for insurers but also for Indian society, is the health insurance sector.

India is one of the fastest growing health insurance markets in the world. It has grown rapidly since the industry opened to private and foreign players in 1999 with the establishment of the Insurance Regulatory Developments Authority. In 2014, the health insurance market grew to $2.7bn from just $150m in 2004. It is on track to hit $8bn by 2020.

There are a number of factors driving this growth.

From a workforce perspective, just 10 per cent of India’s 300m working population work within formal sectors such as government, the public sector or in large private companies, which often offer health insurance perks. The rest work in the informal sectors, meaning they are self-employed or working in family businesses and, therefore, without corporate health insurance cover.

It is this end of the market that is most dependent on financial security during ill health. Yet, in the absence of health insurance plans, many are liable for medical bills and loss of potential income during treatment.

Demographically, the population boom, rising life expectancy and increased incidences of lifestyle-related diseases means that total healthcare expenditure is growing rapidly. It is expected to rise from $70bn to $280bn by 2020.

Despite this, there is a low spend per capita compared with countries where healthcare is largely funded by the government, meaning that some 62 per cent of total expenditure on health is paid for out of pocket.

India has one of the lowest penetration rates of pre-paid health coverage and medical insurance in the world. This is due to its geographical size, the capital required to invest in developing the distribution network and the current lack of focus from insurers in the individual health insurance sector.

The limitation on foreign investment rules in insurance did not give much incentive for a lot of foreign experienced players to participate in this market. There are just five standalone health insurance companies and 17 private sector insurance companies offering health insurance. So there is low consumer choice, coverage and competition. Compare this with the UK, which has 911 general insurers. India itself had over 100 players in general insurance before the market was nationalised in 1972.

Active foreign participation is critical for the sector, bringing better standards and driving competition, with better quality products, customer coverage and choice. The increase in the FDI limit will create significant opportunities for foreign players to enter the market through joint ventures, mergers or acquisitions.

Yet there are some significant challenges that remain, such as finding the right acquisition target or a partner with the right balance of local knowledge and cultural compatibility in the boardroom between the two organisations. Successful firms will be those that are comfortable with local regulatory requirements and have working knowledge of India’s business environment.

Modi’s government has promised to revamp India’s healthcare sector and make services more affordable and accessible for all walks of society. With the doors opening to India’s insurance industry, the health insurance sector will play an increasingly important role in delivering this commitment to its citizens from all walks of life.

Source:  http://insurancegeneralindia.tumblr.com/post/122318481099/indias-insurance-reform-will-benefit-insurers-and

Are you true towards your health policy?

Due to increasing medical costs, complex treatment procedures and growing risk for healthy life due to rising pollution, extreme weather conditions etc. it has become imperative to buy a suitable health insurance plan to secure your present and future health issues. Although it has become a necessity most of the time adequate care is not taken while purchasing a health policy in India. At times, insurance claims get disapproved because the insured person fails to offer all necessary details, many a times due to ignorance or at times purposely because of the fear that it might be rejected by the company for them.

Let’s understand that insurance business is based on the principles of utmost faith between the purchasing party and the insurance company. It means if person is applying for a health insurance policy, then he or she is required to mention all his or her occupation and lifestyle related information as well as any health issues you and your family members may have suffered. Many times people hide various addictions or hereditary disease due to embarrassment but it’s totally wrong. The more transparent you stay in this sector the better coverage you’ll be given on your health.

While purchasing an insurance coverage just understanding the clauses mentioned in a plan are not enough, you also have to know its span of coverage. Always fill the application form by yourself instead of telling your insurance agent, this will help you understand the minute details, clauses, coverages, policy structure, fees and charges associated to it.

Insurance is after all a commitment between the purchasing party and the company, so just signing and sitting back won’t be sufficient. Understand that once you sign the form means you declaring that you’ll abide the rules and agreed with all the clauses. So, it becomes very important that you read the documents calmly and carefully.

Your information and declaration are basis on which the health insurance companies will customize your health plan, evaluate risks and estimate the premium to insure that risk. At the time of claims, insurance companies in India checks the authenticity of these declarations.

The article takes you through some important information that must be mentioned in the application to avoid claim rejection:

Personal Health

Addictive substances like alcohol and tobacco affect health adversely. If you ever have such kinds of addiction share it immediately with the company. The premium amount, plan and extension call will be based on frequency, consumption type, the duration for which person has been addicted and the quantity consumed.

Medical History

If you have gone through any kind of operation or treatment give proper information in your application form.

Family History

Customers should know that medical history of you and your family is taken into consideration by the insurer while giving coverage to them. Some serious illness of any immediate family member could make insurer wary the policy plan which might be a hereditary disorder. And if come to known later then there are chances that they might not be taken care off.

Occupation

One of the most important factors to determine the Health Insurance policy is occupational risk. Where you work, what kind of shift pattern, what kind of work everything helps insurers to evaluate risk of accident and wellness. People who are doing sedentary jobs very much open to cardiovascular diseases. Work nature therefore becomes important for assessment of risk in health insurance sector.

Health insurance scheme to be rolled out by this year’s end

Health insurance scheme for all, is likely to be rolled out in different phases by the end of this year. Health minister Harsh Vardhan said on Monday that the details on health facilities to be covered in the scheme have been discussed at the ministry level and also the Prime Minister’s Office (PMO).

“The health insurance scheme, which will be a part of the Universal Health Assurance Scheme, will be the world’s largest public health insurance programme,” the minister said. He was briefing the media to list the achievement of his ministry in the first 100 days.
He said that the new insurance scheme would be free for those below the poverty line and the premium for others would also be low. “At present, Health Insurance touches about 25 percent of population. We will spread the population of the insured rapidly, resulting in sharp fall in premium rates and many consumer benefits,” the health minster added.

He said that an autonomous UHAM agency will be formed to ensure above-board operations and genuine protection of the insured.

The health ministry had set up an expert group to prepare the roadmap for the universal health mission, Harsh Vardhan said adding that the expert group submitted its report within eight weeks of its formation, which is right now under the consideration of the health ministry.

Asserting that his ministry was focussed on improving the health infrastructure in the country, the minister said that he was in favour of the decisions taken by the previous UPA government to introduce rural cadre of doctors who would serve at primary health centres.

“This scheme has not been shelved. If any state government wants to run this, they are free to do so,” he said. The health minister said that he was trying to prevail upon the state governments to persuade their doctors towards rational use of antibiotics. He said: “If good quality generic drugs are available, then they should be used.”

Harsh Vardhan also said that he was in favour of a single National Eligibility Test (NET) for medical entrance exams in the country. “Unfortunately this was rejected by the Supreme Court. We have filed a review petition and are monitoring it,” he added.

Three new bills to regulate health research and facilitate clinical practices in areas like surrogacy and new systems of medicine have been finalised, Vardhan said.

He said radical transformation is required in the functioning of regulatory bodies like the medical and the dental councils of India. He said: “We are studying and discussing their structure. There will be radical change and transformation in their structure.”

Source: http://timesofindia.indiatimes.com/india/Health-insurance-scheme-to-be-rolled-out-by-this-years-end/articleshow/43863969.cms

Universal Health Insurance in India: A way to go forward

Rudolf Virchow a German pathologist, public health activist and politician stated in 1849 that Medicine is a social science and politics is nothing else but medicine on a large scale. As we know now, health is not just about diagnosing ailments, hospitals and social services; it is an issue of social justice.

Getting good health care is not a privilege; it is considered a fundamental right. A humane society must be able to provide basic health access to its citizens irrespective of their paying capacity.

All across the world, public seeks health care either through a government facility or private sector or a combination. Socialized medicine (state medicine) is a term used for a health care delivery system wherein government takes up the responsibility of providing health care to its citizens at tax payers’ cost. This is also called Public –funded health care. The latter can be largely delivered in 2 ways: One, where the government takes up the charge of providing health care by directly administering clinics, hospitals and other facilities. Cuba is a classic example in modern times. The communist country has government-run facilities. There is no private medical sector in Cuba.

The second method is provision of health care through health insurance. Canada is a classic example where government ensures health insurance for everyone and patients can go to a government or a private facility. In last 6 decades, India has struggled to make progress in improving health access for its people. Healthcare financing in India has been poor, it spends just 4 percent of its national budget on health. Notwithstanding its burgeoning population, vast geographical area, illiteracy rate and poverty, Indian government has been able to take health care to rural populace through sub-centers, primary health centers, and community health centers. At the same time, private medical sector has also developed significantly. However, unique challenges still remain. Thus, it is obvious that government of India remains committed to universal health access for its citizens.

India is signatory to W.H.O.’s Alma Ata (1978) convention of “Health for All by 2000 A.D.” and subsequent Millennium Development Goals (MDGs) as envisioned by W.H.O. in the year 2000. Indian central and state governments have so far chiefly focused on owning and administering their own health care delivery system. However, government-run dispensaries and hospitals and health programs have delivered sub-optimal results. The public perception about governmental hospitals is also poor. One alternative which has remained largely unexploited is providing health coverage via health insurance.

The government rather than necessarily running its own health facilities may consider providing health insurance to its citizens. Time has come that India catches up with this alternative model of allocating resources and funding to its public health programs. When Mr. Narendra Modi took over as Prime Minister last year, he envisioned health insurance for everyone. His ambitious National Health Assurance Mission (NHAM) is likely to be launched in coming days. This will bring much needed promise to the evolution of health insurance model in India.

To be rolled out in phases, it may take a decade before the scheme can be actually offered to everyone. National Health Assurance Mission (NHAM) is one example of Government-sponsored Health Insurance schemes (GSHISs). The Congress regimen in 2008 had launched an ambitious Rastriya Swasthya Bima Yojna (RSBY). It focuses on providing inpatient coverage to families living Below Poverty Line (BPL). With a mere registration fee of Rs. 30, RSBY provides cash-less health insurance to BPL families up to Rs. 30,000. The entire premium is paid by the state (25%) and central (75%) governments. With the introduction of NHAM, RSBY will be gradually merged into NHAM.

Government-sponsored Health Insurance schemes (GSHISs) are not new to India, but surely the evolution has been slow. Employees’ State Insurance Scheme (ESIS), Central Government Health Scheme (CGHS) schemes are in vogue since decades. ‘Mediclaim’ was a private voluntary health scheme launched in 1986 by government insurance companies. In the last decade, a few states have successfully launched health insurance schemes: AarogyaSri (Andhra Pradesh), Vajpayee Arogyashri (Karnatka), the Chief Minister Comprehensive Health Insurance (Tamil Nadu) and RSBY Plus (Himachal Pradesh).

The most crucial advantage of government sponsored health schemes is that they are primarily targeted at poorer people, thus enabling a bottom up approach for health for all. Compared to USA where 75 % of people have health insurance, the most common mode of payment for medical services in India is still ‘out of pocket’. Thus, there is ample scope for health insurance in India. With government’s push for universal health coverage, this market is likely to grow in coming years.

Government sponsored Health insurance is likely to be the dominant theme, but private insurance companies can also play a crucial role. Not only they will bring in the much needed investment, their entry will bring better practices, competition and a global insight. Health insurance is currently limited to indoor treatment. There is a need of coverage being extended to outpatient treatment and procedures too. Health insurance is not without challenges in India.

In our country, there is already a high level of medical malpractice. The unfettered continuation of such unethical practices may bleed health insurance schemes. Then there is lack of standardization of medical treatment regimens and practices in India, creating challenges for the insurance companies when it comes to reimbursements. Medicine cannot just continue as a private matter, it must evolve into a social institution wherein it can serve the basic needs of the society. Universal health assurance hopefully will accelerate the process for India in the direction.

 

Source: http://indianexpress.com/article/blogs/universal-health-insurance-in-india-a-way-to-go-forward/2/