What's The Return On Investment From Health Insurance Plans?

Are you worried about your health? Don't you buy them a comprehensive health insurance plan instead worrying that yields no results. The most important thing about choosing a health insurance plan is safety and financial cover during the hours of need. Here's what return a health insurance plan comes up with.

1. Complete Peace of Mind:
Money can't buy you everything in the world, but it certainly helps ensure peace of mind by investing in plans that offers security.  A health is exactly what you need to make sure that you and your parents are secured and can afford treatments as and when required.

2. Cashless Facility: No Hassle, No Delay:
ROI couldn't always be a monetary value. Many times it's a non-monetary benefit. However, when it comes to investing in a health insurance plan- both of the two benefits are available. Cashless health or Medi-claim facility is one of them. You can choose any hospital in the network and simply get treatments and pay nothing for the bill.

3. Renewal Of Policy And NCB:
Every plan, if not bought for the entire life span, expires and it needs to be renewed. There are two ways of renewing health insurance plans now. One, renewing online with the same insurance provider or two, put your plan to a new insurer. This helps save on money, which is for sure a ROI.

4. Tax-saving:
If you are paying insurance premiums for your parents who are financially dependent on you, you get tax benefits, you could ensure better health facilities for your entire family while saving your purse. This is why investing in a health insurance plan is always a strategic way to invest and earn ROI.

5. Saving Purse From Huge Medical Bills:
A brand in insurance industry always tie up with hospitals and nursing homes where treatments never burn a hole in your pocket. They make a network of hospitals and nursing homes that offer affordable medical treatments. Choose an insurer that helps stay covered all the times.

The Bottom Line:
Choose a health insurance plan and earn high ROI in terms of various benefits and perks. The most important thing here is that you have to make a decision that you can stick to. A comprehensive health insurance plan would help you save more and ensure peace of mind which matters most.

HDFC ERGO Health Insurance – Better Than Most

HDFC Ergo health insurance is a comprehensive solution for individual and families’ health care that covers the hospitalization charges, pre hospitalization and post hospitalization costs, day care treatments, expenses incurred by organ donors, ambulance charges, and more. HDFC Ergo health insurance product is branded as Health Suraksha.

Coverage’s under HDFC ERGO Health Insurance:

• The health policy includes following covers for the medical expenses for illness/disease/sickness and injuries- Hospitalization Cover – It covers for charges on hospital room rents, boarding costs, doctor’s/surgeon’s fees, charges for operation theatre, ICU expenses, medicine costs, diagnostic tests, etc.
• Pre and Post Hospitalization – The expenses incurred 60 days prior to hospitalization and 90 days post hospitalization.
• Pre-existing Illnesses – If an individual suffers from specific pre-existing illnesses, then they are covered after 4 continuous years of policy purchase.
• Day Care Treatments – HDFC ERGO Health Insurance covers technologically advanced treatments/surgeries that do not require hospitalization for more than 24 hours.

Under the Health Suraksha policy, the insured may also avail the Ayush benefit. Ayush benefit refers to the reimbursement of expenses incurred during inpatient treatment under Ayurveda, Homeopathy, Siddha and Unani .

Tax Benefit-
HDFC ERGO health insurance plan also allows tax benefits under section 80D, of up to Rs.15,000/- and for the senior citizens, tax benefit up to Rs.20,000/- under section 80D of the Income Tax Act,1961.

Eligibility-
Health insurance policy from HDFC ERGO is available on individual basis and on family floater basis. One may opt health insurance from different plans with sum insured amount ranging from 2Lakh to 4Lakh. Individuals falling in the age range of 3 months to 65 years can opt HDFC ERGO Health Insurance.

There are basically four policy plans to select from –

• Adult (Individual Plans),
• Adults (Family Floater Plans),
• Adults & 1Child (Family Floater Plans) and
• Adults & 2 Children (Family Floater Plans)

Features-

• More than 4500 network hospitals across India enabling cashless treatments and hospitalization.
• Entire family can be covered under one single policy.
• Medical check-ups not necessary up to the age 45 years.
• Cumulative bonus of 5% guaranteed after every claim free year.

HDFC ERGO’s Health Suraksha Plan – Understand Your Health Policies

When undertaking the task of selecting a health insurance policy, you need to know your policy completely. A basic inquiry stands while buying health insurance – What you buy and for what amount. Most insurance organizations specify the characteristics of the health insurance policy on their sites. On account of the complexity of the fine-print, a large number of people turn to an insurance counselor. Hence, to make your job a little easier, following are a few points to be considered before finalizing the policy plan:

Who all are included in your health policy plan?
A health insurance policy is intended to cover you as a single person or incorporate your family also. Rather, select an policyment that covers you as well as your family as this has a number of added advantages.

• Firstly, every family member will be secured under one plan. Thus, various policies – one for every member of your family, are inessential.
• As per any health insurance policy, the insurance organization is at risk to pay an amount as decided by both parties. This predefined limit might be utilized by any of the insured family member, as many time required.
• Also, you will be obliged to pay just a solitary premium measure on a solitary specified date. Recalling distinctive dates to pay premium for diverse restorative approaches is not needed.

What does your health insurance policy covers?
Most companies offer a health insurance policy which covers for the expenditures caused before, during and after hospitalization period. The duration of pre- and post-hospitalization periods varies with organizations and subsequently it is recommended to select an ideal policy for you and your family. In addition to this, a health policy will additionally cover day-care treatments which do not require hospitalization, expenses incurred on domiciliary medication, expenses incurred by organ donors, and ambulance costs.

What are the special characteristics on your health policy?
Special characteristics refer to benefits, features, rebates offered by an insurance organization which is not offered by all others. The insurance organization may have something unique for you to add to your health insurance policy. Comprehend the offering, if any; don't get bulldozed by it. Investigate the benefits of the feature – if it is truly important, does it succumb to your plan, so on.

How is the insurance organization's hospital network?
If your health insurance organization has a tie-up with a hospital, then you are entitled to avail a cashless service at that hospital. Frequently the expense of hospitalization and medicine is high and hence you want your health insurance organization to settle the bills. Ensure that a good number of hospitals around you have a tie-up with your insurance organization to enjoy the benefits of cashless claims service.

What is the right premium amount?
Want more? Spend more! Clearly, the premium you pay is set as per the policy you select. For more coverage amount, you will have to pay a bigger premium. More policyholders under a policy; more will be the charges. Compare plans with similar characteristics from distinct insurance organizations to comprehend what suits you the best.

An important aspect in considering an insurance policy is the claim settling ability of the company. You purchase an insurance plan with the purpose of invoking it in future. Many insurance companies follow untidy procedures and have longer wait periods. It is therefore, your responsibility to identify and judge a company before purchasing a health insurance from it.

A large portion of the HDFC ERGO health insurance organizations have comparative offers to give. What matters is an insurance organization's policy purchasing and claim settlement process, additional characteristics, if any, network of hospitals and the premiums charged for the sum insured amount opted for.

Why is a Family Health Insurance Policy Essential?

A joint family system has always been encouraged in India. The culture in India has always inspired families to preserve the bond of care and love. It also has many advantages in terms of the number of helping hands in almost everything. While some takes care of the household, some takes charge of work outside the house.

Need of Family Health Insurance:
Being in a joint family, the security and health of every member is important as keeping a tab on everyone’s life style and eating habits is difficult. Hence, it is challenging yet essential to ensure that every family member remains healthy. Exercising is one of the precautionary measures that can be taken to ensure the health of each member. A regular exercising procedure keeps you away from a bunch of illness that may attack your body as age advances. Moreover, when the same procedure is followed by all members of the family then it becomes a group activity and increases the bonding between members. Exercising not only keeps your heart and nervous system healthy but also eliminates the possibilities of critical illnesses. However, keeping a watch on other habits of the members would still be a concern.

A HDFC ERGO Family Health Insurance policy is essential in order to avert the medication and treatment costs of any family member as much as possible. The policy ensures financial protection when you need it the most letting you and your family focus on recovering health.

Benefits of a Family Health insurance plan:
With changing time there should also be a change in approach and arrangements. A family health insurance helps you secure your family’s health by being able to provide the necessary finances for their treatment. Be it a check-up or hospital expenses or a critical illness treatment expenditure, family health insurance policy takes care of it. With a family health insurance plan in hand, safeguard your savings from medical expenses during treatments.

Maintaining a health plan for each member can be costly and cumbersome. Every member is covered under a single policy and hence you have to pay a single premium against the policy plan. The benefits i.e. medical reimbursements can be enjoyed by any member of the insured family any number of times within the specified limit.

Types of Family health insurance plans in India:
The family health insurance plans are designed differently by different insurance companies to cover all members of the family. Irrespective of the age the plan ensures equal protection for every member of the insured family. There are wide options of family health plans in India to choose from. With a little extra premium you may opt to add more members of your family, if your family is a large one. Most of these policies also give a free health checkup for senior citizens adding to the benefits.

Premium calculation:
Depending upon the type of policy you choose, the premium charged against your family health policy varies. The number of members included in the family health insurance policy, the city of residence, the amount of coverage opted, are some of the crucial factors in calculating premiums on your policy. Most insurance companies have a health insurance premium calculator online aiding you in taking a smart decision.

The economic scenarios have changed and the cost of living is not the same as it used to be, a few decades ago. The trendy lifestyles and inflation has raised the cost of living to soaring heights. With daily living expenses on a rise, the health maintenance and treatment costs have gone up. Unhealthy lifestyles are prone to deteriorating health and hence it is advisable that all the family members are covered medically under a family health insurance plan. A family health insurance plan comes with a number of benefits and gives the best possible protection to your family.

Select The Best Health Insurance Policy For Yourself

Studies show that present-day lifestyle of an individual is more vulnerable to ill health than it was decades ago. Faster life, unhealthy and improper diets, physical stress, mental strains, deteriorating environment are among the common factors contributing to the degrading health of individuals. With hospitalization costs on rise, a health insurance policy becomes your favorite buddy at the hour of need. From per-hospitalization to post hospitalization, your medical expenses are taken care of by the insurance company until the limit specified is reached.

Types of Health Insurance:
Insurance companies in India offer different types of health insurance products for the prospects to choose from. These health insurance policies are designed well enough to suit your specific requirements.

• Individual v/s Family health insurance
• Travel health insurance
• Group health insurance
• Critical Illness insurance

Individual v/s Family Health Insurance:
Individual health insurance covers each member of a family separately. Thus, each member may use the cover limit separately. Put together, the premium for individual policies will be more than that of a family policy. I’ll prefer a family health insurance over an individual health insurance; in that the entire family is covered under a single policy. The insurance limit may be used by any member of the insured family any number of times. But in that case the concern would be – what if more than one member of the insured family needs to utilize the policy and the total cost passes over the cover limit?

Travel health insurance:
Travel health insurance plays a significant role when you plan a vacation abroad. In countries like UK, medical treatments and hospitalization costs are high enough to drain your travel funds. Holidays in countries where falling ill turns out to be exorbitantly pricey, you might need a travel health insurance.

Group health insurances:
Small groups to large organizations avail the benefits of a group health insurance policy wherein every member of the group/organization is medically insured. The purpose can be insuring the health of the members/employees, thereby benefiting them. Group insurances have an advantage of lower premiums and customized policies for members.

Critical Illness Insurance:
Very important. Critical illness insurance covers 8-9 illnesses that may be fatal in nature and are diagnosed unexpectedly. Personally, I prefer everyone to get insured under this policy as it provides a lump sum amount to cover for the huge expenses that come along.

Procedure:
Application process is simple once you have finalized on the insurance company you want to go with. Visit the company’s website, select the type of health insurance policy you seek, calculate the premium online, fill in the required details in application form and purchase the policy by making online payment. You may also call on the company’s helpline number and put a request to send their executives to your address.

Finally, an important thing to understand is that every individual’s requirement is different. Your needs are different than those of your neighbor’s. It is advisable to not imitate their decisions and select a health policy that suits you the best.

Source: http://www.hdfcergo.com/health-insurance/health-suraksha.html .