Insurance plans are after sought the best-insured schemes that can protect your entire family and you from the clutches of uncertain incidents.
But have we ever thought about how our insurance plans can be enough to cover the expenses arising out from medical treatment?
Maybe not, because most of us are hardly left with any spare time to analyze how much premiums are guaranteed.
Owing to this thing in mind, it has stirred many unsounded questions in many of our minds that do our lives remain uninsured? The main motive to enroll in the corporate insurance plan is to safeguard the life of our loved ones.
The number of premiums about the type of health-cover a policyholder needs to rely upon various parameters like an insurer’s health condition as well as his family’s medical history.
Even the environment where he or she lives is also considered as the account for different health hazards. The overall cost of medical treatment differs from one city to another.
It is said that the assurance of healthcare is dependent more on the costs of hospitalization. Thus it is consistently necessary for an individual to review his health cover for at least three years or more about the change in his family’s situations.
It also allows one to upgrade his family’s health insurance in tandem with age, medical inflation, changing needs, and affordability too.
The major reason why people buy corporate insurance plans because they believe that their corporate policy is sufficient but this seems to be an illogical reason. Here are some quick facts that will help you to resolve this mind’s conflict.
The corporate insurance scheme does not remain available to the person if he leaves the job. In many cases, it has been seen that even the employer’s health cover does not remain available to employees post their retirement.
From the survey conducted by the leading insurer over the years, it has been concluded that many companies are planning to cut perks offered to employees.
Many companies also prefer to cut corporate health insurance benefits, because it poses serious risks to you and your family too. Although corporate health policies cover dependents and it is the reason that they are not considered sufficient to cover-up the expenses arising out from hospitalization.
Most of the companies have come up with clauses like deductible and copayment implying that a policyholder needs to pay a certain amount in case of the claim.
Even the sum insured available under the corporate health insurance policy lies between Rs 2 lakhs and Rs 5 lakhs. This compensatory fund is however estimated to be not sufficient to dominate the medical inflation which arises at an uncertain rate.
However, healthcare inflation is said to be near to 20% as compared to the inflation rate that hovers between 8% and 9%.
Although medical inflation is the reality that can’t be ignored because costs about healthcare do not remain free.
Thus, a policyholder is advised to consider several factors before choosing the right individual and family health plan like pre and post hospitalization expenses along with waiting period for pre-existing ailments which include expenses and loads too.
Moreover, most of the insurance policies do come with sub-limits that could have a limit of Rs 4 lakhs on different types of surgery or even on medicines that cost Rs50,000. This sub-limit is also undertaken while purchasing a health insurance policy.
Apart from it, a policyholder needs to consider the network of different hospitals because it reflects betterment in healthcare facilities too.
One is always advised to check on terms and conditions that might include policies like doctor’s fees along with the amount about the recovery period along with different hospital expenses. It might cover some traditional treatments such as Ayurveda and homeopathic.
Almost all the health-insurance companies have come up with the concept of deductible and co-payment which means one has to bear a fraction of the medical expenses before the settlement of the insurer’s claims.
For example, a policyholder is required to pay Rs 10,000 before the insurer pays the remaining amount which is estimated to be Rs1,90,000 if the deductible is amounted to be 5% and the medical expenditure is accounted to be Rs 2 lakh.
Thus, a policyholder should always prefer for those set of plans which cover 100% if the expenses or usually come-up with a minimum sub-limit even if it implies that one needs to pay the higher premiums.
The corporate health insurance plan does come up with a pre-existing condition clause that says when there is any sort of ailment or illness that exists in the policyholder then his expenses might not be covered.
Thus, the renewal age is another factor that one should consider. Therefore one needs to choose a policy that comes with the lifetime renewability option.
Although, opting for a family health plan implies that the insurer’s whole family gets the protection cover. Since health plans are advisable for senior citizens therefore a policyholder relies more upon individual health plans because they are conceived as a good family floater health plan due to its high-coverage.
Hospitalization plays a major role in the well being of the family members related to newborns as well as elderly people.
Therefore, it becomes necessary for them to review your health insurance portfolio for at least once every three years and it is also implied for the case of any change related to the family’s situation.
If a policyholder’s family consists of senior citizens then he should opt for a senior citizen health insurance plan that works like a comprehensive Family Health Plan to shield his entire family. Since one can never afford to take any risk with the family’s health.