Navigation Links
Health Insurance- Play It Safe And Reap The Benefits

According to experts, the relaxing of tariff controls on fire and engineering insurance is set to have a far-reaching effect on the entire general insurance sector, particularly health insurance .

This would be so as new competition is expected to drive down the premiums in marine, fire and engineering sectors which were hugely profitable and used to make up for loss-making sectors like health and motor insurance. Chief executives of general insurance companies strongly opine that Health insurance (Mediclaim) premiums for particularly group health insurance, could be expected to shoot up.

In any case, it is more reason not to forget to renew an existing Mediclaim policy. Mediclaim provides cover for expenses in case of hospitalization. It takes care of costs incurred during hospitalization and protects the policyholder from pre as well as post-hospitalization expenses.

An added benefit is that if a policyholder has kept the policy for long, it may serve him even better. For instance, a fresh policy does not cover any pre-existing illness. Says Mukesh Gupta, director of Wealthcare Securities, a financial advisory firm: Not only that, the insured will lose the no-claim bonus as well. Further, his policy will be treated as fresh policy and the first year exclusions will apply again.

This aspect is not to be ignored as if a person has a Mediclaim policy and has made no claims on it for four consecutive years, he will start getting covered for those pre-existing illnesses. In addition, for every claim-free year, the sum assured will be increased by 5-10% - that too without an increase in premiums.

Yet says senior official from New India Assurance: Most people are unaware of such benefits and thats why they dont attach much importance to renewal, little realizing that all their hard work may go waste. In other words, if the insured has a health condition existing prior to taking the policy and requiring medical t reatment, the same gets automatically excluded in the policy. To ensure that in subsequent renewals medical conditions incepting since the policy was taken dont get excluded, it becomes a must to renew the policy without any break, he adds.

Renewal of a Mediclaim policy becomes important also since the policy terms have become more stringent. Before April this year, policies covered pre-existing diseases after four claim-free years even if the policy was held with another insurance company. Under the current terms, policyholders need to be covered by the same insurer for at least four years.

There are more reasons why a policyholder should keep continuing his existing policy. For starters, the premium rates have gone up considerably. Most insurance companies have hiked their premiums by 30 to 50 percent. It simply means that not only will you lose out on benefits but also will have to pay a much higher price for being insured, says Shreeraj Deshpande, head, Health Insurance, Bajaj Allianz General Insurance. The list of diseases that are excluded from the purview of the policy has also been extended. Under the current policy, benign ENT disorders and surgeries such as tonsillectomy, adenoidectomy, mastoidectomy and tympanoplasty come under first-year exclusions. In case an insured has missed his renewal, it will require him to re-do the medical tests. This leaves no option other than renewing your policy. Otherwise, youll start comparing the premium charged by various companies and decide accordingly, adds Gupta.

Apart from this, most medical insurance policies have a moratorium of about six months. This means that any claims made during the first six months of taking a fresh policy will not be reimbursed. So, if an insured loses out on renewing the old policy, he will have to start afresh.

An official from National Insurance believes that around 30 percent of health insurance policies lapse because people forget to renew their policies. You cant blame the policy holders only. The insurance companies are partly responsible for that. Were supposed to send reminders a month in advance but sometimes because of negligence or system flaws it doesnt happen, he adds.

Most insurance companies, however, give a grace period of seven days, which can be extended to 15 days in case of extreme circumstances, under which a policy can be renewed for keeping it eligible for a no-claim bonus. We dont want our customers to suffer, so we make sure that if the fault is on our side, then it should be rectified immediately. If the fault lies with the policy holder, then it can be reviewed on a case-to-case basis, says the official.


Related medicine news :

1. Startling Expose – Physicians Often Have No Regular Source Of Health Car
2. Want a Healthy brew? Have some Tea!
3. Healthcare sector is now a multi billion-dollar industry in India
4. Exclusive breast-feeding advised for six months in infants recommends World Health Organization
5. Health at heights
6. Health Officials Recommend Flu Vaccine
7. Slightly High BP Poses Health Risk
8. Unsatisfactory Grade On Womens Health Issues
9. Iodex goes to SmithKline Beecham consumer Healthcare
10. Healthy Medicine Or Harmful Intoxicant?
11. Healthy snacks improve nutrition of kids
Post Your Comments:

(Date:6/24/2016)... ... 2016 , ... Those who have experienced traumatic events may suffer from a ... such as drug or alcohol abuse, as a coping mechanism. To avoid this pain ... following a traumatic event. , Trauma sufferers tend to feel a range of emotions, ...
(Date:6/24/2016)... ... June 24, 2016 , ... Marcy was in a crisis. Her son James, eight, was out ... family verbally and physically. , “When something upset him, he couldn’t control his emotions,” remembers ... would throw rocks at my other children and say he was going to kill them. ...
(Date:6/24/2016)... ... 24, 2016 , ... Global law firm Greenberg Traurig, P.A. announced that 20 ... by their peers for this recognition are considered among the top 2 percent of ... honors as members of this year’s Legal Elite Hall of Fame: Miami Shareholders ...
(Date:6/24/2016)... ... June 24, 2016 , ... Comfort Keepers® of San Diego, CA ... the Road To Recovery® program to drive cancer patients to and from their cancer ... ensure the highest quality of life and ongoing independence. Getting to and from ...
(Date:6/24/2016)... ... June 24, 2016 , ... People across the U.S. ... magazine’s Code Talker Award, an essay contest in which patients and their families pay ... be presented at the 2016 National Society of Genetic Counselors (NSGC) Annual Education Conference ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Research ... MEMS Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data ... analysis. Assessment of major trends with potential impact on the ... analysis of market segmentation which comprises of sub markets, regional ...
(Date:6/23/2016)... INDIANAPOLIS , June 23, 2016 /PRNewswire/ ... Diabetes Tomorrow,s Leaders Scholarship is any indication, the future ... today online at by the Diabetes ... stand in the way of academic and community service ... scholarship program since 2012, and continues to advocate for ...
(Date:6/23/2016)... 23, 2016 Research and Markets ... Volumes: Global Analysis (United States, China, Japan, Brazil, United ... to their offering. ... healthcare business planners, provides surgical procedure volume data in ... with an in-depth analysis of growth drivers and inhibitors, ...
Breaking Medicine Technology: