Points to consider while purchasing a family health insurance policy

Health insurance is an essential investment for a comfortable future, more so in today’s time than ever before. The widespread pandemic and rising medical costs, along with an increase in lifestyle diseases, have established the long-term importance of health insurance. A good health insurance scheme with sufficient medical cover gives protection from unexpected and enormous financial strains of bearing hospital bills. It also offers additional perks such as wellness benefits, bonuses in the form of increased cover, and customized add-on covers for specific illnesses. Health Insurance in India is mostly an annual policy, meaning the premium is payable each year and the policy has to be renewed every year to keep it active. You can also get long-term policies of up to three years. Why is it important to renew a health insurance plan? Out of pocket expenses: Should you choose not to renew your health policy it would result in the policy getting lapsed. As a result, the medical cover wo...

Health insurance is an essential investment for a comfortable future, more so in today’s time than ever before. The widespread pandemic and rising medical costs, along with an increase in lifestyle diseases, have established the long-term importance of health insurance. A good health insurance scheme with sufficient medical cover gives protection from unexpected and enormous financial strains of bearing hospital bills. It also offers additional perks such as wellness benefits, bonuses in the form of increased cover, and customized add-on covers for specific illnesses. Health Insurance in India is mostly an annual policy, meaning the premium is payable each year and the policy has to be renewed every year to keep it active. You can also get long-term policies of up to three years. Why is it important to renew a health insurance plan? Out of pocket expenses: Should you choose not to renew your health policy it would result in the policy getting lapsed. As a result, the medical cover wo...

40-year old Ananya Chatterji* is a Chartered Accountant living in Kolkata with her two high school kids, 15-year old Debashish and 13-year old Naina. Ananya as of late lost her significant other to confusions emerging from Covid-19 , is as yet attempting to grapple with this unrealistic misfortune. However, she is a reasonable lady, and realizes very well indeed that she can't permit herself to be devoured by the unendurable torment, as she has her young teenagers to take care of. She has inundated herself in the childhood and instruction of her youngsters, and her work.  Reshma Nair* is in a comparable circumstance, however for an alternate explanation. After a wild marriage of 7 years, she took a choice to isolate from her better half and got guardianship of their 5-year-old girl. Being a practical and commonsense woman, she has acknowledged her circumstance and is centered around bringing up her girl to be free, savvy and strong, similar as her mom. Reshma has picked a substitut...

 Congrats, glad guardians, and all the best for every one of the brilliant occasions ahead!  It is surely a particularly lovely and exciting inclination; inviting your beloved newborn into the world. As youthful guardians you would be occupied with making the house infant agreeable, and setting yourselves up intellectually for those debilitating days and restless evenings ahead! This is as great a period as any to get your monetary house all together alongside your home, beginning with sufficient medical coverage cover to secure the little one in the midst of hardship.  Why Health Insurance for Newborn:  The essential justification scratching this thing off your family's future arranging list is to have the option to appreciate each snapshot of existence with your small child, without worrying over monetary sufficiency. Furthermore, we know how clinical and emergency clinic costs are flooding continuously. Add to that the eccentric idea of life and wellbeing - babies...

  What are the primary and critical questions people ask when purchasing a health insurance plan ? What is the coverage amount, how much premium do I have to pay, which illnesses are covered, etc., right? One crucial point to be considered, which may be overlooked, is the list of hospitals that the insurance companies have tie-ups with, for the treatment of medical conditions covered by the health insurance policy. Commonly known as network hospitals, this is a complete index of various medical centers, clinics, hospitals, and diagnostic centers that are associated with the insurance company, and can be visited for treatment as per your health requirement. Cashless Facility: At face value, knowing the list of network hospitals affiliated with the insurer might not seem all that important. After all, every hospital that addresses a medical condition will admit you for treatment. The main reason for identifying the network hospitals list is to avail cashless hospitalization benefits...

  If there has been any time when the need for health insurance is being realized more than ever, it is during the time of this ongoing COVID-19 crisis. With reports of private hospitals charging a few lakhs for offering a bed to patients for therapy of the disease, people who contract the disease and who do not have medical insurance are often left in the lurch. However, with a plethora of options available, what plan do you choose? Here are a few pointers to help you in making your decision. Deciding the sum insured In general, you should have a per capita sum insured of 3-5 lakhs. This means, if you have a total of 4 family members, it is wise to go for health insurance which has at least Rs. 20 lakhs as the sum insured. However, there are other criteria that would also impact this decision, which we look at later. Various conditions that your family members suffer from You need to look at whether it covers the treatment of all pre-existing health ailments that the members of y...