Health Insurance

Considering a health plan to get ahead of a possible Third Wave of the pandemic?

abhishek — Tue, 07 Sep 2021 06:30:00 GMT

Considering a health plan to get ahead of a possible Third Wave of the pandemic?

07-Sep-2021 07-Sep-2021'

As our readers already know, health insurance plans have emerged as one of the fundamental pillars of the urban Indian’s financial portfolio in the 21st century. Most of our readers may also be aware of the major benefits of a health plan. Let’s revise them quickly:

Health plans cover hospitalization costs in case of planned treatments, surgeries, and even emergencies in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless.
A health plan protects you and your family from the financial burden of expensive treatments.
Family-floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
High-quality treatments with no compromises.
Tax benefits under Section 80(D).
Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.

When it comes to health plans, the points mentioned above are relatively well known. What aren’t that widely known are the factors that affect health insurance premiums. This article will delve into those briefly:

Age

Age is one of the most important factors that influence premiums. When you buy health insurance, the premium is lower if you are younger. Young individuals have fewer identified or non-identified diseases, and health insurance companies see them as a lower risk of illnesses/procedures and hospitalization. It is advisable to buy health insurance at an early age. However, we would recommend every individual to buy a health insurance to overcome the huge cost of hospitalization which may incur in the event they are diagnosed with an illness/diseases/injury.

Medical History

Yes, your family’s medical history affects your health insurance premiums. Individuals whose families have certain medical history are themselves predisposed to have similar health issues. For example, applicants with a history of cancer, diabetes, and so on in the family may have to shell out additional premium as compared to other applicants who have nil medical conditions in the family.

City of Residence

If you live in a city where the cost of living is high and life is hectic, your health insurance premiums are going to be higher.

Smokers / Tobacco Chewers Beware!

Most health insurance companies charge a higher premium or decline your application altogether if you have the habit of smoking or chewing tobacco. Such applicants tend to be prone to life-threatening diseases like cancer, heart ailments, and a host of others.

Planning to buy a health insurance policy to get ahead of a possible Third Wave of the pandemic? Speak to a OneInsure expert today:

M – 86559-86559 | E – support@oneinsure.com

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Do NOT rely solely on corporate health plan – Opt for Health Insurance today!

abhishek — Wed, 25 Aug 2021 06:30:00 GMT

Do NOT rely solely on corporate health plan – Opt for Health Insurance today!

25-Aug-2021 25-Aug-2021'

abhishek

A good portion of corporate companies operating in India offer Corporate or Group Health Insurance as a benefit along with salary. There is nothing wrong with going for these plans. What IS wrong, though, is relying solely on these plans for your Health Insurance needs.

This short article delves into the reasons why a separate Health Insurance for yourself as well as your family is crucial, owned and paid for by you and no one else. Let’s quickly see why:

The total cover offered is often insufficient

With the constant rise in hospitalization costs, not to mention the heavy financial burden if a family member contracts COVID-19, it has become a necessity to have health coverage of minimum Rs 5 to 6 lakhs for an average male of 30 years earning 10 lakhs per annum who wants to insure his family. In most cases, though, the total coverage offered in corporate health insurance is not more than Rs 2 to 3 lakhs, and you may end up with a health cover that is insufficient to fulfill your needs.

Your employment status is a factor for coverage

One of the major drawbacks of corporate health insurance plans is that it will cover only if you are an employee of the company. The moment you leave the job, your health insurance plan will also leave you. If you do not have an independent cover during the period of unemployment, you and your family is at risk of being uninsured. Moreover, you will not be sure whether the new company will provide you with health cover or not. Also note that buying a health plan later in life is much costlier.

Problems in getting post-retirement coverage at low cost

Individuals who are covered under a corporate health insurance plan will cease to be covered after retirement. In this case, the absence of an independent health plan will force you to get insured at very high costs. Not only that, you will be subjected to a series of medical tests to check your eligibility to be insured in the first place. Also, don’t forget that most senior citizen policies don’t offer coverage for pre-existing diseases after a certain age.

Tax benefits cannot be availed on corporate health insurance

On buying an independent health plan, you can avail tax benefits up to Rs 20,280 under Section 80(D). Moreover, the maximum investment declaration of Rs 65,000 can be made under this Section, because the Section allows taxpayers to claim deductions for health insurance premiums paid for insuring self, spouse, dependent children, and parents. These tax benefits cannot be availed on corporate health insurance.

Corporate health insurance offers restricted customization options

Generally, when you buy an independent health plan, you have the flexibility to customize your plan as per your needs. As per your needs, you can choose Critical Illness clauses, insertions, features, and riders. But this is not the case with corporate health plans. The features you might be looking for will not be there because, in most cases, the employer negotiates the plan with the insurer and chooses the most cost-effective plan.

Who is ultimately benefitting??

Employers and companies generally look out for cost minimization by providing minimum coverage health insurance policies to their employees. Additionally, these plans come with co-payment and room rent limit clauses to keep your employer under low accountability. This is one of the major reasons why corporate health plans are not the solution to your real-world needs. We don’t have to mention separately how medical costs have almost touched the sky in India, with no signs of slowing down.

Looking at the limitations of corporate health insurance plans, it is important for you to have an independent health plan that financially supports you and your family at the time of health emergencies.

E – support@oneinsure.com | M – 86559-86559

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Healthy Finances Contribute to Your Mental and Physical Health

abhishek — Sun, 16 May 2021 06:30:00 GMT

Healthy Finances Contribute to Your Mental and Physical Health

16-May-2021 16-May-2021'

abhishek

Wealth may not be able to BUY health, but the role healthy finances play in one’s mental and physical health cannot be denied.

When you know you have an Emergency Fund stored away to be used ONLY under dire circumstances like a hospitalization, you tend to be worry-free and can think about progressing in your personal and professional life normally, unlike a majority of the population that is worried how the hospital bills will be paid and how their homes will run if they are affected by COVID-19 in the rampaging Second Wave of the virus that has gripped many parts of the country.

How large should your Emergency Medical Fund be?

Experts at OneInsure have this to say regarding emergency funds:

Should be at least 6 times your home’s monthly income
It’s okay if your emergency fund earns 0% interest; just stick with it
DO NOT spend unless in an emergency
Your spouse should have access to it in case you are incapacitated

Cannot create an Emergency Medical Fund? There is an alternate!

Six times a home’s monthly income could be anywhere from 4-5 lakhs to several lakhs! A fund of this size is impossible to accumulate overnight and has to be diligently gathered over several months/years.

Luckily, there is a solution that gives you the same protection as an Emergency Medical Fund for a fraction of the cost – a Health Insurance Plan!

Why a Health Plan should be the front and centre of your Financial Planning

As we’ve mentioned already, healthy finances contribute to your mental and physical health. And one cannot have healthy finances without having a solid health insurance plan that acts as a safety net in case of huge unforeseen medical bills. A health plan costs a few thousand Rupees and can save you several lakh Rupees in healthcare costs!

Let’s run through the most important benefits provided by a health insurance policy:

Health plans cover hospitalization costs in case of planned treatments, surgeries, and even emergencies in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless.
A health plan protects you and your family from the financial burden of expensive treatments.
Family-floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
High-quality treatments with no compromises.
Tax benefits under Section 80(D).
Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.

Do not let a health emergency derail your life. Health insurance prices are low when compared with the financial backup it provides.

In case of queries, write to us at support@oneinsure.com or call 86559-86559.

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Have You Given Your Health Insurance the Top-Up Backup?

abhishek — Fri, 26 Feb 2021 06:30:00 GMT

Have You Given Your Health Insurance the Top-Up Backup?

26-Feb-2021 26-Feb-2021'

abhishek

We live in a challenging time, health- and wellness-wise. The year 2020 has shown us that health is the most important facet of our lives. Without it, everything comes to a standstill and success in other aspects of life tend to not matter so much. But, of course, we do not have to elaborate too much the important benefits of a health plan in the mature Indian’s financial planning:

Benefits of Health Insurance Plans

Health plans cover large hospitalization costs in case of planned treatments, accidents, and even emergencies (road accidents, for example) in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless. This protects you and your family from the financial burden of expensive treatments.
Family floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
High-quality treatments with no compromises.
Tax benefits of up to Rs 60,000 under Section 80(D).
Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.

However, what if you already own a health plan and want to increase your sum insured (health cover) without buying a separate policy and without having to pay high premiums? There is a solution tailor-made for you – a top-up cover!

What Is a Top-up Cover?

It is an additional health cover that provides coverage when your base (original/primary) health insurance coverage is exhausted. Let’s understand with the help of an example.

Mr. Sharma is hospitalised and he has a health insurance cover of Rs 5 lakhs. Due to the seriousness of the ailment, the medical expenses go above Rs 5 lakhs and end up at Rs 8.5 lakhs. The additional expense of Rs 3.5 lakhs would drain out Mr. Sharma’s other savings.

However, if Mr. Sharma would have a top-up cover, the additional expenses could be easily paid for without draining his other savings.

What Are the Advantages of a Top-up Cover?

Here are the advantages of having a top-up cover:

Top-ups are available along with individual as well as family-floater health plans.
Top-ups offer tax deduction under Section 80(D) on the premiums paid.
Top-ups offer coverage even if your base (primary) health policy is brought from some other insurer.
The combination of a health policy + top-up policy is much cheaper compared to the cost of buying a health policy with the same coverage.

Hurry up and get your health insured at a lesser cost! Call 86559-86559 for details.

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What Every Indian Should Know about COVID-19 and Health Insurance

Mohit Mishra — Tue, 13 Oct 2020 13:33:33 GMT

What Every Indian Should Know about COVID-19 and Health Insurance

13-Oct-2020 13-Oct-2020'

Mohit Mishra

As time has gone by, we in India have grown numb to COVID-19 numbers. There was a time in mid-September 2020 that India had close to 1,00,000 positive COVID-19 cases IN A SINGLE DAY! And yet, the panic we felt then was not as great as when the Ministry of Health announced early in February 2020 that COVID-19 had entered the country and a few cases had come out positive in Kerala.

However, you only need to pick up a paper or read a well-researched article online to see that no permanent cure for COVID-19 is available (according to medical experts, viruses cannot be cured, only prevented) and even the highly-awaited COVID-19 vaccine is several months away from being field-ready and many years away from reaching us.

So, what can we do, as common citizens, against this virus? Shall we simply carry on with our lives as usual and leave everything to chance? If you contract COVID-19, will your current finances be enough for the treatment?

Reality Check: In Aug 2020, Mr. Ghose, a resident of New Delhi who had been complaining about chest pains and swollen legs, was diagnosed with critically low haemoglobin levels and rushed for urgent blood transfusion (he did not have health insurance). After successful transfusion, he was discharged in less than 48 hours; however, his family was shocked at the bill they received from the hospital. In a bill for Rs 40,000, the COVID-19-related costs (PPE kits, care and hygiene, waste management) was close to Rs 15,000!

More Than Ever, Health Insurance Has Become Crucial for Indians

As you can see from this real-life incident above, even non-COVID-related hospitalization has been impacted by the pandemic and there is no escaping these expenses in case of medical issues. We don’t even need to mention the huge medical and day-to-day expenses if one contracts COVID-19 and has to undergo the 30+ days of constant medical supervision and recuperation.

There is a silver lining, though. Health insurance providers throughout the country are reporting a slow shift in citizens’ mindsets. Major health insurance players are reporting higher sales with lower marketing expenses; in short, many householders in India are now opting for health insurance without being pushed into it. This is due to the pandemic raising awareness around the significance of protective investments, especially when it comes to the preservation of life and health.

Acting fast in light of the pandemic spreading in India, the Insurance Regulatory body IRDAI has mandated health insurance companies to provide cover for COVID-related medical expenses. Some features of these plans include:

Hospitalisation expenses associated with PPE kits, oxygen, ventilators and consultation fees will be covered
Coverage for Home Care Expenses incurred when an insured takes treatment for being COVID-19 positive at home (typically up to 14 days)
Reimbursement for pre- and post-hospitalisation expenses (typically, 15 days before hospitalization and until 30 days after discharge)
Road Ambulance Cover, which is the reimbursement for expenses related to transferring the patient from home to hospital or hospital to home in an ambulance

The Role of OneInsure

OneInsure, being a diligent aggregator for health insurance plans, has quickly adopted to the need for a 100% digital process and we allow you to buy health insurance with a completely contact-less process, giving you the benefit of a robust digital process, convenient access, and hassle-free claim experience.

Don’t let complicated health insurance jargon confuse you. Simply call a OneInsure health insurance executive at 86559 86559 and they will take you through the process step by step in a simple manner.

We look forward to assisting you and your family in these challenging times.

Be Sure with OneInsure

M – 86559 86559 | E – support@oneinsure.com
Tap to learn about health insurance in-depth

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Strengthened Your New Year Health Resolutions Yet?

Aditya Nair — Mon, 03 Feb 2020 06:15:00 GMT

Strengthened Your New Year Health Resolutions Yet?

03-Feb-2020 03-Feb-2020'

Aditya Nair

Remember the New Year that just went by? Just like everyone else, you too must have made a few resolutions. According to a global survey by Pew, close to 85% of resolutions that people make on New Year’s Day revolve around health and money.

Sadly, another survey reveals that 95% of people that make health resolutions fail in their goals and give up within a few weeks. Does this sound familiar? We sure hope not!

While the ideal-case scenario is that you do stick to your health plan and exercise regimen, OneInsure does realize that the stresses of day-to-day life and the running of a home can be detrimental to both your health resolutions as well as your overall health.

This is why, having the safety net of a health insurance plan is crucial in every urban Indian’s portfolio. What are the benefits of a health plan, you ask?

Benefits of a Health Insurance Plan

Health plans cover large hospitalization costs in case of planned treatments, surgeries, and even emergencies (road accidents, for example) in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless!
A health plan protects you and your family from the financial burden of expensive treatments.
Family-floater health plans allow you to cover the entire family under a single health plan for marginally higher premiums.
High-quality treatments with no compromises.
Tax benefits up to ₹ 20,280 under Section 80(D).
Under Section 80(D), tax-deductions can be claimed up to ₹ 65,000.
Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.

(Suggested Reading: Whats and Hows of Health Insurance)

Now that you know why a health plan is a financial portfolio mainstay for the urban Indian, let’s see how to maintain health and stick to your resolutions. Some super-easy tips:

Sleep at least 7 hours a day
Exercise 30 minutes daily 4 days a week
Perform an activity that you love to do at least once a week (one of the top ways to stay healthy!)
Don’t eat after 9 PM; if you have to, go for some greens or fruits
Cut down on wheat as gluten is extremely unhealthy
Change your job if you don’t like it (#ProTip on how to be healthy!)
Quit smoking by 40

Be Sure with OneInsure
M – 86559 86559 | E – support@oneinsure.com

(Source and credits: Pew Research and ToI)

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Support Your Heart Right to the Finish Line

Aditya Nair — Mon, 30 Sep 2019 06:32:00 GMT

Support Your Heart Right to the Finish Line

30-Sep-2019 30-Sep-2019'

Aditya Nair

The World Heart Federation has chosen the following theme for this year’s World Heart Day, celebrated on Sept 29:

For my heart, for your heart, for all our hearts

Stats from all over the world indicate that cardiovascular disease is the number one killer in the world today. However, this is a 100% man-made phenomenon and it doesn’t have to be this way at all.

With just a few small changes to our lifestyle and habits, we can make sure we reduce the chances of heart disease and heart attacks down to zero for not only ourselves but those around us as well.

The improvement of our quality of life and the stress-free nature of our days would just be a pleasant side-effect of making these tweaks to our lifestyles!

Schedule a Yearly Check-up – Your heart and your overall health and well-being are in your hands, no one else’s. Each year on your birthday, schedule a check-up to have your blood pressure, cholesterol, and glucose levels checked, and ask your doctor to help you reach or maintain a healthy weight.
Regular Exercise – It isn’t rocket science. If you keep your heart strong and well-lubricated, it will stand you in good stead. WHO recommends 150 minutes of intense exercise every week for a healthy heart.
Drink That H₂O – Keeping the body well hydrated is a vital part of cardiovascular health. Eight glasses of water a day is the norm for an equatorial country like India.
Eat Healthily – Follow the Out-of-Sight-Out-of-Mind rule. According to this rule, if junk food is visible or in close proximity, the mind is drawn towards it. So, keep junk food or oily food away from your physical self and the craving for it will gradually fade away from the mind as well. It helps if you put raw veggies and fruits in the refrigerator too.
Control Cholesterol – To help keep your cholesterol levels down, eat foods low in saturated fat and trans fat, such as fruits and veggies, low-fat or fat-free dairy products, and whole grains.
Cut Down on Salts – For those who live a sedentary lifestyle, salts are anathema. You have to watch your salt intake to have a healthy heart. Eat simple foods. As experts say, eat what your grandmother used to eat. Drop those pizzas and burgers, which are high in salts and junk carbs.
Get Enough Sleep – Arguably, the most important point of all. Sleep is an essential part of keeping your heart healthy. If you don’t sleep enough, you are at a higher risk for cardiovascular disease, no matter your age or other healthy habits. Make sleep a priority. WHO recommends 46 – 48 hours of sleep a week with a minimum of 6 hours daily.
Get Health Insurance – In the last 50 years, humanity’s lifestyle has changed drastically, something that our bodies are not used to or made to cope up with. On the other hand, we can’t just leave our lives in the busy city behind and go live in the jungles. This is why a safety net is required for your health. A health plan provides the following benefits:
- Health plans cover large hospitalization costs in case of planned treatments, surgeries, and even emergencies in return for affordable premiums. If you visit a network hospital, the treatment can even be cashless.
- A health plan protects you and your family from the financial burden of expensive treatments.
- Family-floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
- High-quality treatments with no compromises.
- Tax benefits up to ₹ 20,280 under Section 80(D).
- Under Section 80(D), tax-deductions can be claimed up to ₹ 65,000.

(Source and Credits: Clever and Clinic, UWHealth, World Heart Federation, World Health Organization)

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Health Plans or SIPs, Which Will Pay for Your Hospital Expenses?

Aditya Nair — Mon, 26 Aug 2019 08:01:00 GMT

Health Plans or SIPs, Which Will Pay for Your Hospital Expenses?

26-Aug-2019 26-Aug-2019'

Aditya Nair

Different financial planners will give you very different concepts of the best way to handle your financial portfolio. However, regardless of what type of clients they serve and where in the world they operate from, one concept is very clear among all money managers:

Once you start investing, you should not pause till the end of your earning years

Investments are meant to continue for a sustained period of time; only then can they give you the returns you want.

In order to avoid any pauses in investments, it is important to insure yourself against risks and sudden expenses that might derail your long-term investment plans and badly affect your corpus generation.

Quick Real-world Example

Say you are 35 years old and have invested in an SIP in which you invest all your monthly savings, which is Rs 10,000. You have decided that you will continue this fund until you are 60, which is for 25 years. You have no other investments or insurance policies, but you are very happy with the following calculation:

Investment = Rs 10,000/month
RoI = 10.5%
Term = 25 years
Returns = Rs 1.5 crores

You want your investment to give you Rs 1.5 crores at maturity. However, just like every other Indian living in an urban city, you fall victim to sudden circumstances that are beyond your control:

At age 39: road accident
Full recovery: Rs 3 lakhs
At age 49: surgery to remove heart blockages
Full recovery: Rs 5 lakhs
At age 55: hip fractured in a bathroom accident
Full recovery: Rs 4 lakhs

In all three instances, you are forced to pause investments because you are hospitalized and there is a pause in your salary too. Here is the effect on your investments. Note that the investment is Rs 10,000 and RoI is 10.5% throughout.

Period 1 (at age 39):

Term = 4 years
Returns = Rs 6 lakhs

Period 2 (at age 49):

Term = 10 years
Returns = Rs 21.3 lakhs

Period 3 (at age 55)

Term = 6 years
Returns = Rs 10.1 lakhs

Period 4 (at age 60)

Term = 5 years
Returns = Rs 7.9 lakhs

Actual Earnings

While your target was Rs 1.5 crores, the actual earnings are merely Rs 45.3 lakhs. Moreover, you have to pay close to Rs 5 lakhs as LTCG tax too, bringing the net to Rs 40 lakhs.

You have lost Rs 1.1 crores
This is gross mismanagement of money

Also note that medical reasons are just one of the many varieties of challenges/expenses that could derail your investments over a course of 25 years.

How to Protect My Investments?

With a simple health plan that you can opt for yourself as well as your family, none of the medical expenses would be a financial problem. Here are some figures for a health plan that protects you for Rs 5 lakhs:

Premium for 1 year – Around Rs 7,500/year
Premiums for 25 years – Around Rs 2 lakhs

Therefore, in our example, a small amount of Rs 2 lakhs has protected you in such a way that you don't have to lose Rs 1.1 crores. In short:

Health plan worth Rs 2 lakhs protects investments worth crores!

Read this piece to know how to save even more on health plans for yourself as well as your family.

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Pro Tips to Manage Parents' Healthcare Expenses after Age 65

Shraddha Gala — Thu, 25 Jul 2019 07:16:00 GMT

Pro Tips to Manage Parents' Healthcare Expenses after Age 65

25-Jul-2019 25-Jul-2019'

Shraddha Gala

One of the biggest satisfactions in life is to be able to give something back to your parents when they have given so much to you.

— Dwight Gooden

We understand your care and concern for your parents when it’s time to manage their healthcare expenses once they become senior citizens. With depleting energy and income, it is hard to look for investment avenues that can maximize the returns of your parents’ retirement corpus while combating inflation.

The best way to ease this worry and show your affection is to offer financial gifts or deploy strategies that can reduce their fiscal burden, optimize returns, and offer safety of capital.

In this article, we have suggested a few Pro Tips to manage your parents’ healthcare expenses after they cross 65 years of age. Let’s begin!

Buy a Proper Health Insurance Plan

With medical inflation growing at 12-14% per annum in India, the cost of healthcare is increasing year on year. Buying a health plan can solve half your problems. With a health insurance plan that will take care of the expenses incurred during medical contingencies, you can be rest assured that your parents would get the best medical treatment without any sort of delays or hassles at the reception of hospitals.

However, before you set out to buy a health plan, make sure you consider the following factors:

Parents’ age
Coverage
Waiting periods
Premiums
OPD benefits
Sub-limits
Co-payment (important)

To understand these terms in detail, read up here: Things to consider before buying health insurance for senior citizens.

Our Formula – Basic Health Cover + Top-up Cover

When it comes to health plans, OneInsure has found a smart way out for you. Using the health plan + top-up formula, you can get higher health coverage for more affordable rates. Here is a quick quote to help you understand better.

For instance, instead of buying a normal family-floater health plan with coverage of Rs 10 lakhs, which costs close to Rs 25,000 per year, choose the OneInsure way and opt for the following:

Buy a family-floater health plan with coverage of Rs 5 lakhs at close to Rs 14,200 per year along with a family-floater top-up plan with a coverage of Rs 10 lakhs with deductible of Rs 5 lakhs at close to Rs 5,800 per year.
By doing this, you and your family get higher coverage of Rs 15 lakhs at close to Rs 20,000 (14,200 +5,800) per year instead of paying Rs 25,000 for lower coverage of Rs 10 lakhs.
You save close to Rs 5,000 every year!

Note that dependent parents can be made a part of your family-floater health plan.

Build a Buffer – Maintain an Emergency Cash Account

Another to-do to manage your parents’ healthcare expenses is to maintain an emergency financial buffer. A dedicated bank account must be assigned as your emergency cash account. This money should not be touched unless in a medical emergency.

Ensure the bank interest rate is on the higher side and also that you transact at least once a month through this account to keep it active. Your emergency cash must be at least 6 – 8 times your monthly salary.

This account should be with a well-distributed bank so that in case of emergencies you can easily find an ATM to withdraw cash from.

If you wish to have a joint account with your spouse/parents, it should be the emergency cash account because it will allow all holders quick access to this cash in case of an emergency.

Manage Your Parent’s Portfolio at an 80:20 Ratio

With growing age, financial responsibilities are bound to increase and one can no longer invest only in equity SIPs because of their risky nature. Investments need to be diversified at this stage and higher priority needs to be given to debt instruments like Guaranteed Income plans, FDs, and so on.

Therefore, we suggest you diversify your parents’ portfolio in the ratio 80:20, where:

80% of their funds are in debt funds (government funds), which are a source of regular income that meets their liquidity needs.
20% in equity funds (risk-based funds) to build a corpus and help beat inflation.

Don’t wait until it’s too late!

M – 86559-86559 | E – support@oneinsure.com
Be Sure with OneInsure

(Source credits: Economic Times)

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All You Need to Know about Top-up Cover in Health Insurance

Shraddha Gala — Thu, 11 Jul 2019 07:17:00 GMT

All You Need to Know about Top-up Cover in Health Insurance

11-Jul-2019 11-Jul-2019'

Shraddha Gala

To protect your phone from bumps and damages, you use a screen-guard. But when it rains, the screen-guard alone cannot help you protect your phone. You need a plastic baggie to keep the phone dry and safe from water. In the same way, a health insurance plan is the screen-guard and the additional plastic baggie used when it rains is the health insurance top-up plan.

What Is a Top-up Cover?

It is an additional health cover that provides coverage when your base (original/primary) health insurance coverage is exhausted. Let’s understand with the help of an example.

Mr. Sharma is hospitalised and he has a health insurance cover of Rs 5 lakhs. Due to the seriousness of the ailment, the medical expenses go above Rs 5 lakhs and end up at Rs 8.5 lakhs. The additional expenses of Rs 3.5 lakhs would drain out Mr. Sharma’s other savings.

However, if Mr. Sharma would have a top-up cover, the additional expenses could be easily paid for without draining his other savings.

When we say that a top-up cover of Rs 10 lakhs has a deductible of Rs 5 lakhs, it means that any bill amount that goes up to Rs 5 lakhs would be met by the health plan and any amount beyond that limit would be settled by the top-up cover. In the above case, the additional expenses of Rs 3.5 lakhs would be met with a top-up health plan.

What Is a Deductible?

A top-cover offers coverage only when a specific cut-off amount or deductible is crossed. In the above example, if the top-up deductible was Rs 5 lakhs, then Mr. Sharma had to manage the expenses up to Rs 5 lakhs either by using his original (base) health insurance policy or from his own pocket, but the expenses which went above Rs 5 lakh will be covered by the top-up plan.

It is important to choose a top-up plan that perfectly balances with your base health plan, where the adequate cover and adequate deductible are maintained.

What Are the Advantages of a Top-up Cover?

Here are the advantages of having a top-up cover:

Top-ups are available along with individual as well as family-floater health plans.
Top-ups offer tax deduction under Section 80(D) on the premiums paid.
Top-ups offer coverage even if your base (primary) health policy is brought from some other insurer. The basic health insurance policy and the top-up plan can be of two different companies.
The combination of a health policy + top-up policy is much cheaper compared to the cost of buying a health policy with the same coverage.

Quick Quote – The Proof Is in the Numbers!

For instance, instead of buying a normal family-floater health plan with coverage of Rs 10 lakhs, which costs close to Rs 25,000 per year, choose the OneInsure way and opt for the following:

Buy a family-floater health plan with coverage of Rs 5 lakhs at close to Rs 14,200 per year along with a family-floater top-up plan with a coverage of Rs 10 lakhs with deductible of Rs 5 lakhs at close to Rs 5,800 per year.
By doing this, you and your family get higher coverage of Rs 15 lakhs at close to Rs 20,000 (14,200 +5,800) per year instead of paying Rs 25,000 for lower coverage of Rs 10 lakhs.
You save close to Rs 5,000 every year!

Hurry up and get your health insured at a lesser cost! Buy health insurance top-up plans NOW.

M – 86559-86559 | E – support@oneinsure.com
Be Sure with OneInsure

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How Modern India Can Care for Her Doctors

Arnold Monis — Thu, 27 Jun 2019 07:37:00 GMT

How Modern India Can Care for Her Doctors

27-Jun-2019 27-Jun-2019'

Arnold Monis

National Doctors Day is around the corner, to be celebrated on July 1. Wishing to acknowledge doctors’ efforts in India’s journey towards becoming a superpower, we have listed, as healthcare recipients, the least that we can do for our doctors as responsible citizens.

A red carnation flower is the symbol for this day, as it represents adoration, charity, sacrifice, bravery, and audacity. From our doctors’ achievements, we know the symbol stands true to its representation. Today, we keep hearing about violent acts being carried out against doctors in our country.

The strike carried out by doctors in West Bengal, recognized by the Indian Medical Association (IMA), was essential for some crucial amendments to be made to rules for their own protection. It might just be time for a huge nescient population to come to terms with the fact that doctors are human too and are already providing unquestionable services to our community.

On probing more into doctors’ issues, we have statistics that spell out a tough life for them. A rising concern about “physician wellness” is currently an internationally ardent topic. Physician burnout and depression are being linked to medical errors and less effective care for patients, along with a rise in suicides of doctors.

The least we can do for doctors as both considerate human beings and good patients is ease their lives in the following ways:

Visit a Limited Number of Doctors Unless Referred

Ailments are best treated by doctors who know your medical history. Take your time, figure out your necessities and needs and go ahead and build a relationship with the doctor/s you’re most comfortable with. Familiarity will be a key factor when it comes to getting instant, relevant assistance.

Keep Your Policy Updated

If your body needs healthcare, its only money that can bail you out. We all know the issue of escalating healthcare costs in our country. Having an updated health policy can help you preserve savings, even in cases of major illnesses.

Visit Your Doctor Frequently

Building a strong relationship with your doctor is important. Make sure your doctor knows the reasons for bad as well as good health. This goes for general as well as mental health. Running to a doctor only when you begin to suffer is unhealthy for both you and your doctor. Moreover, tell your doctor about your health insurance pre-existing conditions.

Follow Advice to the T

A doctor’s advice is carefully planned to get you to health fastest, or slowly but strongest. Ignoring advice after you feel a little better is worst practice, as techniques prescribed are needed to fight illnesses as well as rejuvenate lost health.

Know Your Health Policy in Detail

Knowing your health policy conditions and extent of coverage keeps you ready for any illness that affects you or your family. Doctors will be helpless if you cannot pay for medical services, and it cannot be held against them. An easy solution is to be prepared for the costs, for which it could be useful to have a health insurance policy that clears bills with no need for cash payments or any payment in any case (completely cashless).

For assistance with health plans, reach us at 86559-86559 or support@oneinsure.com.

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This Small Mistake Will Bankrupt Your Family

Shraddha Gala — Sat, 22 Jun 2019 13:03:00 GMT

This Small Mistake Will Bankrupt Your Family

22-Jun-2019 22-Jun-2019'

Shraddha Gala

Mahesh’s body gave many clues over the years. At first, there was a lack of washroom visits even though he was drinking more than enough water. This was followed by swelling in the legs and unexplained fatigue over the next 2 – 3 years. Then came high BP and weight loss. This was when his wife forced him to visit the doctor.

Chronic kidney failure was the diagnosis. The 39-year-old Mahesh was the only breadwinner of his family and he was taken completely by surprise that small symptoms like the ones he had been experiencing were hiding such a major illness.

The doctor informed him that his case was serious and he would have to stay at the hospital for treatment and then keep visiting regularly for tests and procedures. In a month, Mahesh’s medical expenses crossed Rs 3 lakhs. Within three months, they had spent Rs 8 lakhs. All their savings were gone. Their relatives told them sadly that they could not lend any more financial help.

Mahesh’s wife, daughter, and old parents were dependent on him. Overnight, their lifestyles went from comfortable to tense. In three months, with Mahesh constantly in the hospital and unable to earn a living, they were packing to move from their Mumbai homes to go live in Chennai with Mahesh’s parents.

All this because Mahesh did not buy a health plan, which would have cost him close to Rs 8,000 a year.

Medical expenses are one of the biggest causes of bankruptcy in India. Most Indians do not have health insurance and are forced to borrow money from their friends, relatives, and money-lenders in such medical emergencies, thereby facing the pressure of returning the money.

How Will Health Insurance Help?

A health plan works as financial support at the time of medical emergencies. This is a type of insurance that covers medical and surgical expenses of an insured individual. In Mahesh’s case, if he had health insurance, most of his medical costs would have been covered without him having to spend a single Rupee.

What Benefits Will a Health Insurance Policy Provide?

Let’s run through the most important benefits provided by a health insurance policy:

Health plans cover large hospitalization costs in case of planned treatments, surgeries, and even emergencies (road accidents, for example) in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless.
A health plan protects you and your family from the financial burden of expensive treatments.
Family-floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
High-quality treatments with no compromises.
Tax benefits up to ₹ 20,280 under Section 80(D).
Under Section 80(D), tax-deductions can be claimed up to ₹ 65,000.
Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.

(Suggested Reading: What’s and How’s of Health Insurance)

Do not let your family go bankrupt and be forced to beg from relatives because of a health emergency. Health insurance prices may be a little high, but they play a crucial role and help you save tax too.

With the help of this health insurance premium calculator, you can calculate your policy premiums.

In case of queries, write to us at support@oneinsure.com or call at 86-559-86-559.

Be Sure with OneInsure

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“Claim Denied” to End Soon, New Inclusions to Health Policies

Arnold Monis — Thu, 30 May 2019 06:47:00 GMT

“Claim Denied” to End Soon, New Inclusions to Health Policies

30-May-2019 30-May-2019'

Arnold Monis

The Insurance Regulatory and Development Authority of India (IRDAI) has transformed the Indian Insurance industry by making it consumer-centric. Decisions that have led to life insurance policy-buyers getting great tax benefits for unit-linked insurance plans (ULIPs), vehicle insurance for new purchases made compulsory for 3 and 5 years (for 4-wheelers and 2-wheelers respectively) almost eliminating the possibility of vehicles running on roads without insurance policies, and many more strong, consumer-centric decisions have made the regulator a respected body.

For health insurance, policies will soon have fewer exclusions along with other major changes. IRDAI is constantly in the effort to further standardize and simplify exclusions for all insurers and clearly defining what cannot be declined to the insured, that is, you. Their bold declaration that any disease contracted after the purchase of a policy will have to be mandatorily covered is one of many.

A health insurance policy is an important purchase and should be treated as one. Having a decent health cover can save you from a lot of financial pressures that could arise because of health complications, and the smart, new Indian knows this. As of now, health policy deals are set to get better, with the IRDAI having released a draft of suggested changes as follows.

New Inclusions to Covered Illnesses

Health insurers cannot deny insurance cover for genetic disorders, menopause-related issues, and mental illnesses. Almost 94 million Indians (which is 7.5% of our population) suffer from major or minor mental disorders that need expert intervention. Also, genetic diseases are not in an individual’s control. Therefore, the decision to cover these will come as great relief to a large number of families of those afflicted. Furthermore, treatments that require advanced technology and procedures such as artificial life support, oral chemotherapy, and robotic surgeries will also be covered.

Reasons for Claim Denial Are Simplified

To eliminate the possibility of claims being denied because of pre-existing diseases, the regulatory body has suggested the definition of pre-existing medical illness to be:

Any condition, ailment, injury, or disease that is diagnosed before buying the first policy, for which medical advice or treatment was recommended by, or received from, a physician

Furthermore, failure to seek or follow medical advice cannot be used as a clause to deny treatment or pay-outs.

Standardized Waiting Period of 30 Days

The waiting period for any treatment, except existing illnesses, has been capped at 30 days for all insurance companies and policies. Keeping track of time to redeem policy benefits will soon be a thing of the past.

No Claim Will be Denied After 8 Years of Policy Purchase

After 8 years of premium payment for a policy, the insured cannot be denied a claim on the grounds of non-disclosure, except in the case of fraud. A long-term policyholder will no longer have to worry about being denied a claim.

Only 17 Named Illness Exclusions

All health conditions acquired after policy issuance, other than those that are not covered under the policy contract (like infertility and maternity), should be covered under the policy and cannot be permanently excluded, the report suggests. The report lists a specific number of 17 illnesses that can be excluded for coverage. These conditions include congenital and valvular heart disease, chronic liver and kidney diseases, HIV/AIDS, epilepsy, among others.

The deadline for health insurance companies to comply with the suggested changes is April 1, 2020, before which companies will have to discontinue policies that do not comply.

On the flipside, the changes are expected to boost policy sales as consumers will readily purchase wholesome health products with undeniable coverage for previously uncovered treatments. Simultaneously, companies that had foreseen the demand for changes had already tweaked their health insurance policies to include many benefits, which will prove to be a smart, pre-emptive move for them.

The IRDAI has set a deadline for comments from stakeholders, which ends on May 31, 2019. The changes should be rolled out soon after.

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6 Corporate Health Plan Drawbacks You Should Know About

Shraddha Gala — Tue, 30 Apr 2019 06:14:00 GMT

6 Corporate Health Plan Drawbacks You Should Know About

30-Apr-2019 30-Apr-2019'

Shraddha Gala

Have you been offered Corporate or Group Health Insurance as a benefit along with your salary increment or while joining a new company? This may sound like a good deal to you, for your health is covered and in some cases the health of any two members of the family is also covered. However, the question you need to ask yourself is:

Is opting for a Corporate Health Insurance actually a good deal?

To present a clear picture as to why and how corporate health insurance plans are inadequate and why you must reconsider opting for them, we have listed 6 major drawbacks and limitations of these plans. Let’s run through them in this piece.

The Total Cover Offered Is Insufficient to Fulfil Your Needs

With the constant rise in hospitalization costs, it becomes a necessity to have health coverage of minimum Rs 5 lakhs for an average male of 30 years earning 10 lakhs per annum who wants to insure his family. In most cases, though, the total coverage offered in corporate health insurance is not more than Rs 2 lakhs, and you may end up with a health cover that is insufficient to fulfill your needs.

Your Employment Status Reflects the Guarantee of Your Plan

Problems in Getting Post-retirement Coverage at a Low Cost

Tax Benefits Cannot Be Availed on Corporate Health Insurance

On buying an independent health plan, you can avail tax benefits up to Rs 20,280 under Section 80(D). Moreover, the maximum investment declaration of Rs 65,000 can be made under this Section, because the Section allows taxpayers to claim deductions for health insurance premiums paid for insuring self, spouse, dependent children, and parents. These tax benefits cannot be availed on corporate health insurance.

Corporate Health Insurance Offers Restricted Customization Options

Generally, when you buy an independent health plan, you have the flexibility to customize your plan as per your needs. As per your needs, you can choose critical illness clauses, insertions, features, and riders. But, this is not the case with corporate health plans. The features you might be looking for will not be there because, in most cases, the employer negotiates the plan with the insurer and chooses the most cost-effective plan.

Wondering where to get an individual health plan? To make this process easier, let us assist you. Here is the get quote page or the best health insurance plans available online. For any further assistance or queries regarding health insurance, feel free to reach out to us at support@oneinsure.com or 86559–86559.

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Achieving Your New Year Health Resolutions Just Got Easier!

Shraddha Gala — Sat, 29 Dec 2018 13:31:00 GMT

Achieving Your New Year Health Resolutions Just Got Easier!

29-Dec-2018 29-Dec-2018'

Shraddha Gala

Globally, billions take up New Year resolutions. Most of these resolutions are health related, like losing 10 kg, going to the gym daily from now on, or having a healthy and low-calorie dinner every day. Yet, only 5% people who take up health-related resolutions for the New Year ever achieve their goals. Do you want to be in this elite 5% group?

A new initiative by Health Insurers may just make your dreams easier to achieve.

In urban India, lifestyle disorders like stress-related heart disease, hypertension, high BP, and other comorbidities did not exist 30 years ago. In a short span of time, they have exploded on the scene and today lifestyle disorders have become the greatest cause of deaths in India, easily beating cancer and AIDS.

The only way to deal with such instances is to have enough money to pay for treatments, but the better option being newly suggested by insurers - stay fit and be rewarded for it with a cheaper-than-normal health policy.

The Urban Indian’s New-age Health Insurance Policy

In an innovative step, insurance companies have begun launching health plans that reduce premiums by a factor of up to 30% when you achieve certain fitness milestones in your daily life. These milestones could be one or a combination of the following:

Completing a number of steps daily
Burning a set number of calories daily
Going to the gym a specific number of times a month

These plans allow you to save on premium expenses as long as you remain committed to your fitness regimen. The activities can be tracked through a number of modes – fitness bands, pedometers, an app on your cell phone, among others.

What’s more, if you are able to incorporate healthy eating habits and certain lifestyle changes suggested by the insurer, this plan gives you additional attractive rewards.

New-age Health Insurance Product Benefits

A discount is offered at each monthly renewal if the insured member achieves the average step count target on the mobile application provided by the insurer. In an individual policy, the average step count would be calculated per adult member and in a floater policy, it would be an average of all adult members covered. Dependent children covered in individual or floater plans will not be considered for calculation of average steps.

Every Benefit of Health Insurance

Apart from plans that have amazing new benefits, having a simple health insurance plan has perks of its own. As a mature householder, you must already be aware of why a health plan is a must-have in every urban salaried Indian’s financial planning:

Health plans cover large hospitalization costs in case of planned treatments, accidents, and even emergencies (road accidents, for example) in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless. This protects you and your family from the financial burden of expensive treatments.
Family floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
High-quality treatments with no compromises.
Tax benefits under Section 80(D).
Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.

Are you ready to get-set-go? Your New Year 2019 health-centered resolutions just got so much more fun, interesting, and full of rewards! Know about the best benefits of health insurance policies, so you leave no stone unturned in taking care of yourself.

If you require further assistance, feel free to contact us at 86559-86559 or send us an email at support@oneinsure.com.

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How to Guarantee You Won’t Be Fooled at a Hospital

Mohit Mishra — Wed, 21 Nov 2018 05:31:00 GMT

How to Guarantee You Won’t Be Fooled at a Hospital

21-Nov-2018 21-Nov-2018'

Mohit Mishra

The “don’t-worry-about-expenses-just-make-me-healthy-again” attitude that people typically have when visiting hospitals results into them getting into unnecessary procedures. As the reader may already be aware, several large hospitals are accused and found guilty of carrying out unnecessary procedures and surgeries. With fearful patients and their families leaving no stone unturned to produce the money required to carry out these unnecessary surgeries, such incidents are only going to increase.

Luckily, a simple solution exists that not only ensures you are never fooled at hospitals or prescribed unnecessary procedures, but which also gives you many other advantages. The solution we are talking about is a health insurance plan.

Although common belief is that if a patient has insurance then the hospital charges more, this is not at all true. In fact, the opposite is true. Let’s see how a health plan solves the problems mentioned earlier:

If you are insured with a health plan and you visit a network hospital for treatment, the hospital is aware that the treatments and medicines they are prescribing are going to be scrutinized well by the insurance company before releasing payment. Thus, hospitals would not risk overcharging the patient or risk eventual legal action by the insurance company, of which there have been many.
Also Read: What Prompts Insurance Companies to Blacklist Hospitals?
While non-insured patients may be charged for medical procedures at the hospital’s discretion, those who are insured cannot be charged arbitrarily. This is because the maximum rates for every medical procedure that is covered by the health plan have been fixed between the insurance company and the hospital. And because the insurance company is going to pay for your bills, you can rest assured it is the lowest possible rate for that procedure at that hospital.

Besides ensuring you are not fooled by hospitals, health plans also give you the following advantages:

Cashless medical treatments
High-quality medical treatments with no delays
Regular medical attention
Better lifestyle
Tax benefits

Naturally, an important document like your health insurance needs to be easily and quickly accessible to your near and dear ones in case of an emergency. This is something the OneInsure app, which is available on Play Store and App Store, does for you in-app with the Nominee Support feature. Check this short tutorial video to know more.

The bottom line here is that a health insurance plan does more than we think. It not only ensures that you get timely and effective medical attention but guarantees that you won’t be fooled into unnecessary procedures or charged more at hospitals. So, if you own a health insurance plan, rest assured that you won’t be fooled at a hospital. But if you don’t, then it’s time you get one for yourself and your family. Click here to explore health plans with OneInsure.

Need further assistance? Reach us by writing to us at support@oneinsure.com or calling 86559-86559.

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Filing a Health Claim? These Tips May Save Your Life One Day

Mohit Mishra — Thu, 16 Aug 2018 09:01:07 GMT

Filing a Health Claim? These Tips May Save Your Life One Day

16-Aug-2018 16-Aug-2018'

Mohit Mishra

Follow these health insurance best practices from the OneInsure Research Desk if you or a loved one owns a health plan. Don’t forget to send this link/message to a friend – it may save their life one day.

Keep a list of the closest network hospitals (cashless treatments) at a central and easily accessible location at your home. Make sure your family members are aware of this list and the location.
Similarly, keep health cards and the policy handy too. This drastically reduces hassles at hospital receptions.
Please understand that not everything is covered at all given times in a health plan. There are exceptions, waiting periods, and permanently excluded illnesses that come along in a health policy. To know what is covered in a health insurance policy, click here.

Visit here if you would like claim assistance for your health, life, or motor policy right now.

Loved this article? Want to read more? All you need to do is send “Start” through WhatsApp on 98202-25238 to get useful articles right on your WhatsApp for free. Here are some additional services we offer:

Ask all your insurance queries to our experts right on WhatsApp
Get tax certificate
Surrender your policy
Change policy details
And many other services

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Parents’ Day – Give Your Parents the Gift of Health Insurance

Mariya Panwala — Thu, 19 Jul 2018 07:21:00 GMT

Parents’ Day – Give Your Parents the Gift of Health Insurance

19-Jul-2018 19-Jul-2018'

Mariya Panwala

No gift can reciprocate the love and affection that parents bestow on their children. But we—as children—try hard to find that perfect gift for them. But what can that be? With a myriad of options to choose from, you may be confused. And that’s why, on the occasion of Parents’ Day, here’s OneInsure to help you pick the best gift for your parents. And, as you may have already guessed from the title, the best gift that you can give your parents is Health Insurance.

Why Health Insurance?

If you’re considering gifting your parents something that can be very useful to them, health insurance is the answer. With a health insurance plan, which will take care of the expenses incurred during medical contingencies, you can be rest assured that they would get the best medical treatment, without any sort of delays or hassles at the reception of hospitals. Such a token of love can come in handy any time and will provide a great relief when the time comes.

But before you set out to buy a health plan, make sure you have taken the following aspects into consideration:

Compare Health Insurance Plans Online

With a plethora of choices out there, ranging in features, benefits, and add-ons, how do we navigate the best of the best? Technology has made it simple. Click here and once you get on the landing page, fill in the details, such as Your Gender, Members to be insured, and City. Then click on GET QUOTE and you will see a list of health insurance plans. Compare them keeping in mind the features and benefits you’re looking for.

Wondering what features and benefits to look for? Read Your Last-minute Guide to Shopping for Health Insurance.

Individual Cover or Family Floater?

In case of a family floater, the coverage amount floats among insured members. To illustrate, a couple opts for a family floater that offers INR 5,00,000 as the coverage amount. Now, in a particular year, one of them gets hospitalised and that results in the exhaustion of the entire cover amount. Consequently, the other insured member is no longer able to avail benefit in the same year.

You must note that parents will be more prone to illnesses and the chances of both of them getting hospitalised are high. So, we suggest that you get individual health insurance policies for your parents that will provide them adequate coverage amount.

Waiting Period

Certain illnesses, such as cataract, hernia, and piles, are covered after a waiting period. This period generally ranges between 2 – 4 years. So, if your parents are suffering from an illness/es that are likely to come under the Pre-Existing Illnesses clause, opt for a plan with a shorter waiting period.

Co-payment Feature

Under the co-payment feature in a health insurance plan, the insured member/s is first supposed to pay a pre-defined percentage of the total claim amount, with the rest being paid by the insurer. To give you an idea, let’s assume that the co-payment ratio under a health plan is 80:20. Here, the insured member, when hospitalised, is liable to pay 20% of the total claim amount while the other 80% will be taken care of by the insurer. So, while comparing your options, check the co-payment clause as well. Go with a plan where your share of payment is lower.

As a parting note, we suggest that you don’t make any delays in getting your parents under the protective umbrella of a health plan – especially if you’re reading this around Parents’ Day! Give them the gift of the best healthcare possible.

Need suggestions? Contact us and we will guide you in choosing the most suitable health insurance policies for your parents. Write to us at support@oneinsure.com or call 86559-86559.

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Your Last-minute Guide to Shopping for Health Insurance

Mariya Panwala — Fri, 13 Jul 2018 10:02:00 GMT

Your Last-minute Guide to Shopping for Health Insurance

13-Jul-2018 13-Jul-2018'

Mariya Panwala

We all love shopping, don’t we? And not just that, browsing through online products when shopping for apparel or gadgets has become a gratifying activity these days. But, when it comes to shopping for insurance, it suddenly transforms into a monotonous activity. Of course, it’s totally understandable – who would want to read up and research on a subject like insurance?

Added to that is the sheer number of options available in the insurance industry. There are tens of companies, each of them offering dozens of insurance policies under various categories. Let’s take health insurance, for example. Health insurance is one of the in-demand insurance policies today. And there are so many health insurance plans available in the market right now that you may find it extremely confusing to decide which one you must go with. And let’s not forget that doing a bit of research before buying the final product is essential.

In such a scenario, just so our readers don’t give in to sponsored suggestions, here is OneInsure to help with factors that you must remember when you compare health insurance quotes online.

Your Requirements

You may buy the best health insurance plan in the market, but if it does not meet your requirements, then it is not worth investing in. For example, a married individual (who is looking to cover his entire family) buying the most sought-after individual health insurance plan does not make any sense. Let your priorities decide which plan is the best for you. Other things that you need to consider to evaluate your requirements are:

How much coverage do you require?
How much premium would you be able to pay?
If you’re looking for a family floater, how many members are you planning to cover?

Riders

Riders provide you extra coverage. Let’s say you’ve bought a family floater health plan. Now, you can add a maternity cover to your basic health insurance policy if you and your spouse are planning to conceive in the next 2-3 years.

Likewise, if you do not want any capping on your room rent limit, then you can opt for the room rent waiver rider. Critical Illness and Personal Accident riders are other available options to choose from.

Waiting Periods

Health insurance plans come with waiting periods. Broadly, there are three types of waiting periods:

Initial waiting period – After the purchase of the policy, you have to first serve the initial waiting period, which is usually 30 days. It is after this initial waiting period that your health insurance policy actually becomes effective to file claims on.
Disease-specific waiting periods - Your health insurer will give you a list of specific diseases/illnesses which, if contracted, will not be covered under your health insurance plan until the waiting period (generally 2 years) has passed. Some of these illnesses include diabetes, high BP, hypertension, cataract, hernia, piles, and so on.
Pre-existing diseases waiting period – If you suffer from a pre-existing ailment while signing up for a health insurance policy, then you will have to serve a waiting period. This is usually 1 to 4 years but depends on the pre-existing disease, the insurance product, and the insurer.

Before you purchase your policy, do check the waiting period clause under your policy. Note that the treatment of injuries that have occured as a result of accidents are exempt from all waiting periods and can be claimed right from Day 1.

Full Disclosure of Facts

An insurance policy is an agreement that you and your insurance company lawfully enter into. And legally, both parties are expected to make full disclosure of material facts. Under the health insurance policy, the insurer makes full disclosure in terms of what is covered under the policy and what its exclusions are. Similarly, the individual seeking a health insurance policy must also abide by the Doctrine of Utmost Faith. For instance, if the individual has a medical history or a pre-existing illness, the insurer must be notified about it. Such disclosure will prevent a potential claim rejection in the future.

Read Policy Documents

Before subscribing to a health insurance plan, you must carefully read the policy documents. Check all the exclusions, disclaimers, clauses, and so on. Also, don’t hesitate to ask as many queries as you may have.

Also Read: Ask Your Insurance Agents These Questions before You Buy Your Insurance Policy

Given the rising costs of healthcare, securing your health with a suitable health insurance policy is crucial to prevent a potential financial crunch during a hospital emergency. Besides, selecting the right policy is important.

If you need further assistance with selecting your health insurance plan, reach us at support@oneinsure.com or call 86559-86559. Our insurance experts team will be glad to assist you. Remember: we do not charge any consultation fee.

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Buying Health Insurance for the First Time? Here’s What You Need to Know

Mariya Panwala — Wed, 04 Jul 2018 06:55:00 GMT

Buying Health Insurance for the First Time? Here’s What You Need to Know

04-Jul-2018 04-Jul-2018'

Mariya Panwala

As an insurance broking company, we come across mainly two types of buyers:

Those who buy insurance for tax saving
Those who buy insurance for security

Whatever your reason to buy health insurance, it is an important financial decision that needs to be taken meticulously after thorough research, especially when you’re a first-time buyer. And let us warn you, researching on health insurance can be a tedious task.

However, you’re doing the right thing by reading this article, because we are going to discuss the most important points that a first-time health insurance buyer needs to keep in mind.

First Things First – Benefits of Health Insurance Plans

Health plans cover large hospitalization costs in case of planned treatments, accidents, and even emergencies (road accidents, for example) in return for relatively affordable premiums. If you visit a network hospital, the treatment can even be cashless. This protects you and your family from the financial burden of expensive treatments.
Family floater plans allow you to cover the entire family under a single health plan for marginally higher premiums.
High-quality treatments with no compromises.
Tax benefits of up to Rs 60,000 under Section 80(D).
Having a health plan ensures you are not fooled at hospitals with extra charges and unnecessary procedures.

Be an Early Buyer

As you grow older, you become more prone to sicknesses. Diseases seep in and premiums shoot up. Contrarily, the younger you are, the lower are your premiums. And given the rising costs of healthcare, it is best you get yourself covered under a suitable health insurance plan at the earliest. Some of the benefits of buying health insurance early on are:

Lower premiums
You will already be covered by your health insurance by the time you hit the age when lifestyle-related disorders like Diabetes, high BP, cholesterol, and others usually strike (around 35)
No co-payment

Standalone Policy vs Riders

Since you’re a first-time buyer, you must know that you can get health cover in two variants:

A standalone health insurance policy
A health insurance rider attached with your life insurance policy

Now, depending on your requirements, you can choose either of these two. To evaluate your requirements, consider the following aspects:

Coverage amount
Premium
Waiting period
Co-payment
OPD benefits
Sub-limits

Wondering what these terms mean? Read the article 6 Things to Consider before Buying Health Insurance to get a concise understanding on each of them.

Your Requirements

This is very important. Any policy is the best policy if it meets your requirements. Now, under a health insurance plan, how do you know what your requirements are? Consider the following aspects:

Firstly, do you need an individual health insurance policy or a family floater plan? If you’re married or are going to be married soon, then you may consider buying the latter. Under a family floater plan, the sum assured floats among the covered members, which includes yourself, your spouse, two children, your parents and sometimes parents-in-law as well.

How much health cover do you require? Of course, the more the better.

Affordable premiums must be chosen so that your day-to-day expenses are not affected.

What riders do you require alongside your basic health insurance policy? You may opt for Critical Illness rider, Personal Accident rider, Maternity Cover (especially if you’re newly married; note that maternity cover comes with a waiting period, though) and Room Rent Waiver rider.

(Also Read: Do You Really Need Health Insurance Riders?)

Restore and Recharge Benefit

The restore benefit automatically refills the coverage amount up to the 100% basic sum assured when the basic sum assured gets completely exhausted.

On the other hand, the recharge benefit automatically refills the amount up to the 100% basic sum assured when the basic sum assured gets reduced.

Read more on Restore and Recharge benefits here.

So, when you compare health insurance plans online, check which benefit your shortlisted plans are offering – restore or recharge.

Network Hospitals

Every insurer has a list of network hospitals where you can avail cashless treatments. While comparing policies, you need to consider whether the insurer you’re opting for covers a good number of hospitals under its network hospital list. A plan with higher number of network hospitals is desirable.

And that’s it! We have covered the most important things that you need to look out for when buying a health insurance plan. Got further queries for us? Let us know in the Comments section below or reach us by calling 86-559-86-559 or write to us at support@oneinsure.com and we will be glad to assist you.

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