5 Reasons an Individual Health Insurance Cover is Beneficial
When a person has so much to contend with—workload, peer pressure, family duties, etc.- youth is often ignored. Health is frequently disregarded in the process. Most of India’s young population is prone to different lifestyle-related health disorders due to a stressful lifestyle. Nowadays, purchasing personal health insurance is an essential investment. A person’s funds won’t be as exhausted by medical emergency costs because of insurance coverage. If a person is unmarried and has no immediate plans to begin a family, someone health insurance cover plan is the greatest choice.
It is really a health insurance policy that only covers the insured person individually, and see your face also bears the premium cost. Additionally, it’s possible to get individual health insurance cover due to their spouse, kids, and dependent parents should they think it is convenient.
5 Reasons an Individual Health Insurance Cover is Beneficial
Importance of Having an Individual Health Insurance Cover
Let’s find the causes for choosing individual health insurance:
Ideal Health Cover for Young Professionals
There is too little understanding about medical insurance. Many working professionals rely primarily on their savings or employer-provided mediclaim to cover their medical bills. Unfortunately, when unexpected medical bills arrive, it’s possible to encounter financial scarcity.
As opposed to mediclaim plans, individual health plans provide several policy benefits such as for example lifelong renewability and permit the insured to customise it. They cover in-patient treatment, modern-day care procedures, robotic surgeries, daily allowances, pre and post-hospitalization medical expenses etc. It now also contains covid-19 coverage to guard you from the expense of hospitalisation because of covid-19.
Healthcare is Getting Costlier
Although there has been constant advancements in medical research, the buying price of procedures and treatments is soaring. Accidents, illnesses, or injuries can occur when we least expect them. The ever-rising medical inflation could cause huge financial hardship, where a single hospitalisation can drain all of the savings. When medical expenses occur suddenly, an individual can manage the finances with assistance from someone health insurance plan.
Moreover, an individual can use the cashless treatment facility at a network hospital that comes under their insurance provider’s list of networks. The process of finding money to cover hospital costs saves time and effort. As a result, receiving either scheduled or emergency medical care is less stressful.
Secures a Person After Retirement
Your post-retirement years will undoubtedly be less stressful if you purchase someone health insurance plan, especially while working with age-related ailments and expensive medical procedures. Obtaining health insurance gets more difficult as you age, which raises the premium. It is safer to obtain health insurance online with no pre-policy medical exam younger the applicant. An individual will continue to get coverage underneath the same health insurance policy due to the lifelong renewability feature. Additionally, the cumulative bonus from the no-claim bonus is useful.
Provides Tax Saving Opportunity
One of many objectives everyone strives to perform is saving tax. Medical health insurance provides the added benefit of protecting one’s health and reducing taxes, which attracts those searching for methods to truly save money. Under Section 80D of the Income Tax Act, an individual may manage to deduct the expense of their health insurance. For someone, the most deduction is Rs 25,000 per year. Older persons are eligible for a bigger deduction as high as Rs 50,000. If the proposer and the insured individual included in a plan are older persons, the total maximum tax benefits it’s possible to avail of is up to Rs 1 lakh.
To Sum Up
Purchase individual health insurance to safeguard your quality of life during unforeseen medical emergencies. Additionally, you are able to customise your policy because of the abundance of advantages and add-on covers accessible. Verify the exclusions, co-payments, and deductibles in the policy’s terms. Additionally, find out about the claims processes to stop future difficulties.
Being among the leading health insurers, Care Health Insurance has been serving the industry for a lengthy with its comprehensive plans. One of many appealing products by the insurer is ‘Care’– a thorough health plan that serves the needs of someone with unique features such as for example lifetime renewability, daycare treatment etc. Select ‘Care’today and keep your future secured with safe hands.
Day Care Treatment Covered Under A Health Insurance Plan
Insurance companies have provided for day care treatments to keep up with the fast-paced evolving medical science technology. Medical procedures that used to require prolonged hospitalisation can now be done in a single day. Day care procedures now include a wide range of medical procedures such as eye, nose, and ear surgeries and orthopaedic and oncological procedures.
What is a Day care Treatment?
A day care treatment is a medical procedure in which patients are discharged within one day. Many medical treatments that previously required prolonged hospitalisation can now be completed in a matter of hours, thanks to advances in medical science. These medical procedures fall under the purview of day care treatment.
What is a Day care Procedure?
A day care procedure is a medical treatment and procedure that require hospitalisation but not for more than 24 hours. Due to medical breakthroughs and new tech, treatment methods are now much shorter.
Day care treatments include cataract surgery, nasal sinus aspiration, cancer chemotherapy, cancer radiotherapy, and other procedures.
Also Read: Health Insurance Plans For Senior Citizens: How To Claim, Best Plans And Benefits
What Qualifies as a Day care Treatment?
People frequently mix up day care treatment and OPD consultations. It is important to note, however, that not all brief medical treatments are considered day care procedures. Day care treatment refers to treatments, surgeries, and operations that require you to be hospitalised for less than one day.
When hospitalisation and treatment procedures last longer than 24 hours, the costs are covered by your health insurance plan as hospitalisation costs. Smaller medical consultations, such as sprains, fractures, and other doctor advice, on the other hand, are covered under OPD benefits.
How to Select a Day Care Health Insurance Plan?
Most health insurance companies emphasise the “number” of day care procedures covered under their policy to entice customers. As a result, inexperienced health insurance buyers select a health insurance plan with the most day care procedures.
However, the number of day care procedures listed in medical insurance plans is not the only factor to consider before investing. The cashless facility, co-pay, sub-limit, age limit, and so on are all important considerations when choosing a health insurance policy.
Quantity vs Quality
It is best to think of the treatments covered by day care procedures in a broader ‘conceptual’ context. Rather than looking at 200+ names of separate isolated surgeries, looking at 20-30 wider categories like oncology, urology, and so on is a more realistic, effective, and complete approach, as these broad umbrellas cover dozens and dozens of therapies.
Furthermore, it is preferable to use broad categories that even a layperson can understand for all intents and purposes. Besides, an insurance company that provides a detailed list of specific procedures may refuse to cover future treatments that emerge as a result of medical science progresses.
When comparing plans with similar features and benefits, choose the one with broader categorisation or, even better, with all-inclusive day care procedures.
Coverage by Category
The broad categories of day care procedures are usually listed by public sector insurers. The benefit is that if a specific category of day care procedure is not listed at the time of policy purchase, one can request its inclusion from third-party executives before treatment begins.
Filing Day Care Claims for Health Insurance
Because day care procedure coverage is an in-built policy feature, the process for filing day care claims is similar to that of a regular health insurance policy. Cashless procedures can be used for planned procedures; however, some companies require advance notice.
In other instances, insurers reimburse after the required documents are submitted. For example, the provisions for pre-hospitalisation and post-hospitalisation benefits remain unchanged – the insurance company reimburses the policyholder for hospitalisation expenses incurred.
Coverage for Outpatient Department (OPD), Dental, and Maternity
Some insurance companies provide policies with the unique selling point of covering maternity, outpatient departments (OPD), and dental expenses. These insurance cover treatments that do not necessitate 24-hour hospitalisation and do not fall under the category of day care operations.
Why are Day care treatments Important in Health Insurance?
There are many reasons why day care treatments are important. Some of the day care treatments in health insurance are listed below:
- Non-hospitalisation expenses nearly double hospitalisation costs (IRDAI).
- Diseases such as cancer and kidney failure frequently require day care procedures as part of overall treatment, such as chemotherapy and dialysis, which account for a significant portion of healthcare expenditure.
- Many treatments can now be completed in less than 24 hours, thanks to advances in medical technology.
Inclusions in a Day Care Treatment in Health Insurance Benefits
If one is looking for the best health insurance policy, remember to get one that includes daycare treatment. It may provide them with the following advantages:
- Excellent medical care: Users no longer have to be concerned about the quality of medical treatment when they have a health insurance policy that includes a day care treatment facility. Cashless, cutting-edge medical treatment is available at a large network of network hospitals. These hospitals have highly trained medical practitioners and staff to provide cutting-edge hospital facilities.
- Claims without cash: A health insurance policy’s day care procedure provides financial assistance at the critical time of receiving medical treatment via cashless service. To take advantage of this important benefit, you must notify the insurance company in advance of your upcoming day care procedure. You can receive medical treatment without paying cash with a pre-approved request. Instead, the insurer will pay the medical bills directly.
- Tax advantages: Did you know that having a health insurance policy with a day care procedure facility can also provide you with additional tax benefits? You can get tax breaks if you pay your health insurance premiums as a deduction under Section 80D of the Income Tax Act.
- CDC Health Advantage: This is a key highlight of Finserv MARKETS’ Health Insurance, also known as Click by Direct Claim (CDC). This one-of-a-kind app-based feature allows you to easily and quickly file and settle claims up to Rs 20,000. To file a claim, you must use the Insurance Wallet app. The claim amount will be transferred to your account shortly after you provide the necessary details, such as discharge date, estimated expenses, and details about diagnosis and treatment.
- Complete peacefulness: The last thing you need during a critical period of medical treatment is stress and worry. The guaranteed quality of treatment at an arraigned network hospital, combined with financial assistance, ensures that you receive any day care procedure with complete peace of mind.
Things to Remember Before Availing Day Care Treatment
The treatments covered by OPD benefits differ from those covered by day care benefits. So, while OPD covers dental cleaning, dental surgery is covered by day care procedures. Knowing the distinction between the two will assist you in submitting the appropriate claim request to your insurer.
Avoid purchasing a health insurance policy based solely on the policy’s day care procedures. Examine the fine print of your health insurance policy and get any questions answered before signing the contract.
Always remember to submit original prescriptions, medical reports, and other documents to the insurance company. If users fail to submit the required documents when filing a claim, their claim may be rejected.
The day care treatment claim process is similar to the health insurance claim process. As a matter of fact, one must always proceed in a time-bound manner. Along with timely claim submission, don’t forget to notify the insurance company a few days before any planned day care procedure.
A common misconception among people is that health insurance companies only cover medical treatment that requires a long duration of medical attention. This is, however, incorrect. Health insurance policies now cover day care treatments too. Users can narrow down the various Health Insurance policies available on Navi to find the best plans that provide quality medical alternatives.
Guide to mandatory health insurance law in Dubai
What is Health Insurance Law Dubai?
The Dubai health insurance law no 11 of 2013 which came into passing on the 1st of January 2014, decreed medical insurance mandatory in Dubai. According to this law, all Emiratis and Dubai expats, along with their dependents, are required to have health insurance. The decision to implement this was influenced by the ISAHD (Insurance System for Advancing Healthcare in Dubai) initiative by the Dubai Health Authority (DHA). With this health insurance law, Dubai has since been able to reduce healthcare costs associated with routine check-ups, treatment of chronic illnesses, emergency care and for several other medical services.
What happens if I am not covered by health insurance in Dubai?
Whether you are an Emirati or a Dubai expat, you along with your dependents, need to have health insurance in Dubai as it is a legal requirement. Abu Dhabi and Dubai are the only two emirates of the UAE that have mandatory health insurance laws. The mandatory health insurance law in Dubai ensures that every resident and national in Dubai can get access to healthcare services. The health insurance law in Dubai requires the employer to offer a minimum level of healthcare coverage to their employees without deducting the premium amount from them or reducing their salary to compensate for the premiums. Some employers may extend the health insurance cover to their employee’s dependents, including a spouse and up to three children (up to the age of 18 years). If employees have more than three children, then it is the responsibility of the employees to cover the health insurance cost for their family members from their pocket. Also, if the dependents aren’t covered by the employer, then the individuals/employees must sponsor the health insurance cover for their dependents. The mandatory medical insurance Dubai law can impose penalties on individuals, employers, sponsors, or healthcare providers if the law is violated. Also, a monthly penalty of AED 500 to AED 150,000 can be imposed on an employer or sponsor in Dubai if they fail to provide the minimum health insurance coverage as laid out by the Dubai Health Authority (DHA) to their employees or those under their sponsorship.
What does Medical Insurance Law Dubai mean for Employees?
Dubai medical insurance law requires that employers ensure health cover for their workforce. A basic health plan that employees can benefit from ought to have an annual premium ranging between Dh 500 – Dh 700 with a maximum insurance cover of Dh 150,00 per person per annum. The cost of insurance must be covered by the employer, and this amount is not deductible from employee salaries. This medical insurance Dubai law is applicable in every region of the emirate, including the free-trade areas.
What does the Mandatory Health Insurance Law state for dependents of employees?
While organizations in Dubai are accountable for the health insurance of their employees, this responsibility does not extend towards their employee’s dependents. In cases where family members are not insured by a company, the employee may avail a separate policy for their benefit. The cost of a dependent’s health insurance generally ranges between Dh 600 to Dh 6000.
Obligations on Employers post Health Insurance Law Dubai
As per the mandatory health insurance law in Dubai, all employers are required to provide minimum level of health benefits as part of the health insurance plans offered to their employees. These plans must cover healthcare benefits such as inpatient and outpatient treatment, emergencies, surgeries, medical tests, medication, and maternity care. In the case of Dubai nationals, additional preventive and therapeutic health services may be covered too. All employees are eligible for a basic health coverage plan that has an annual premium between Dh 500 to Dh 700 and a maximum insurance cover of Dh 150,000 per annum. It is imperative that this cost is not withdrawn from staff salaries. Furthermore, the renewal of employee visas depends on the fulfilment of health insurance coverage by the employer organization. This is to ensure that all employers adhere to the health insurance law, regardless of where in Dubai they may be based out of.
What The Plans Must Include?
All employees, regardless of whether they are nationals or residents, can benefit from a minimum cover of general practitioner visits, emergency treatments, referral to specialists as well as surgical, investigative and maternity procedures. Enhanced products would include health insurance plans which offer additional benefits such as dental treatment, optical care, wider network coverage and higher annual maximums.
Choose The Right Benefits For Your Employees With Cigna Group Health Insurance Plans
At Cigna, we focus on designing the perfect plan to improve affordability, predictability and simplicity for you and your employees. Our GlobalCare plans are customizable with comprehensive core coverage befitting your company’s unique needs. The standard cover includes inpatient and outpatient treatment, mental health, pre-existing or chronic conditions including cancer and maternity care. We also have optional add-on modules for dental treatment, optical care and routine wellness. To learn more about our features, please visit our Group Health Insurance page for employers and business owners.
Cigna Also Offers Health Insurance Plans For Expats And Their Families
At Cigna, we believe in providing the best care for you and your families. Our health insurance plans offer tiered network cover at flexible prices with increased benefits. You can easily build your own plan by deciding the areas of cover, the network and which benefits you prefer. For an in-depth understanding of how our plans work,
What Is Lifetime Renewability In Health Insurance?
You realize what’s worse than hitting your pinkie on the edge of the bed? A missed premium payment! Just taking into consideration the “grace period” process sounds just like a hassle you are able to avoid. Luckily, things are changing for the better.
Gone are the days once you had to renew your quality of life insurance plan regularly. With the lifetime renewals facility, now you can apply for lifetime renewal once and sit back to savor all the benefits of a regular life insurance policy. Most insurance companies today allow renewals with a quick, online process. So, you are able to put the hassles of regular renewals and the expense associated with them behind you. Besides, upgrading to lifetime renewal is simple, and you can claim a lot of additional lifetime renewability benefits!
What is lifetime renewability?
First things first, lifetime renewability in health insurance is really a clause in your quality of life insurance policy. It can help you renew your insurance coverage without re-qualifying for a brand new policy. This cuts the time to utilize for a brand new policy and saves the expense related to re-applying. But that’s not all.
Policyholders is now able to go for lifetime renewalswhenever they please, as per the directive from the Insurance Regulatory and Department Authority of India (IRDAI). Nevertheless, if you don’t go for lifetime renewal before claiming insurance, you’ll lose the benefits of the prior policy. What’re they? Here’s a thorough list to help you out.
What’re the lifetime renewability benefits?
In accordance with IRDAI, lifetime renewability benefits haven’t any age bar. This implies anyone who opts for the policy can avail of its benefits for life.
Typically, as you age, the premium amount you pay while obtaining a new health insurance policy increases and the coverage reduces. This is because the older the in-patient, the higher the perceived risks. But once you go for lifetime renewability, there are no such premium costs involved. Hence, you cut costs and still get full coverage if you apply early on.
As compared to health insurance re-applications, you don’t have to wait for a stipulated period if you have pre-existing conditions.
As you don’t purchase insurance premiums once you apply for lifetime renewability, you save on insurance costs as well.
Sub-limits on health insurance lifetime renewals
All health insurance policies today, including those offering lifetime renewals, come with sub-limits. These are used to restrict reimbursements over different insurance co-heads if the expenses exceed a specific limit.
As an example, routine hospitalisation includes co-heads like room rent, consultation fees, medicine purchase costs, operation fees, All Postsetc. So if the consultation fees sub-limit is set at 1% in cases like this, the policyholder will need to pay 1% of the consultation fees, irrespective of the total sum insured.
However, insurers often provide this facility and decrease the premium amount payable at the time of policy purchase.
Medical check-up requirements for lifetime health insurance renewals
Typically, insurers require policyholders to undergo a medical check-up to make certain they meet the disclosures in the application form form. However, this doesn’t affect policyholders under 45 years unless they have a significant medical condition. Nevertheless, if policyholders want to produce their claim settlements easier, they are able to undergo a medical test and submit the reports to the insurer.
Now that people know exactly what a lifetime renewal of health insurance is and its benefits, well-known question is –
- how can one apply for renewal?
- How to utilize for lifetime renewal for health insurance?
You are able to apply for lifetime renewals for health insurance the same way you’d apply for annual renewal.
The best way to do this is to go to the insurer’s site and check lifetime renewal options. Most insurers allow you to do this over call, fill out an on the web form, or even via an app. Visit your insurer’s site to understand the important points of the process.
What to remember while applying for lifetime renewal of health insurance
Since health insurance is now more customer-friendly, you might be tempted to find the first health insurance policy with a very long time facility that comes your way. However, before you do, consider the following points.
Be sure to research different health insurance plans and compare the features and lifetime renewability benefits they offer. Choose a plan that offers the most benefits for the price. But don’t make an option after only taking into consideration the price.
Check the exclusions and inclusions specified by the insurer. This will allow you to avoid claim rejections.
Choose an insurer that not only has a good brand reputation in the industry but also one that offers excellent customer service, discounts, and more.
Try to find an insurer offering digital insurance services. The reason why? In this manner it is simpler to get or claim insurance online, and the method is instant.
Choose an insurer offering a health insurance sub-limit on lifetime renewals to help expand lower your spending.
Over to you
There! That’s everything required to understand about health insurance and the renewability clause. So, if you’ve been considering getting insurance for yourself or your family, don’t waste one minute more. Given the signs of the time, a healthcare insurance plan is absolutely essential you should have.
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