Renewing your health plan? Keep these points in mind

Health insurance plans have become a way of life. The rising incidence of diseases and the high cost of treating them spell doom for a common man’s finances in the absence of a health insurance plan. As such, people are becoming increasingly aware of the necessity of having valid health insurance coverage. In fact, besides covering themselves, people are also including their family members under the scope of family floater health insurance plans.

Health insurance plans are, usually, one-year plans which need regular renewals. However, nowadays, many plans allow a continuous coverage for 2 or 3 years if you pay the aggregate premium at one go. Even in these long-term plans, renewals are necessary after the term expires if you want to enjoy continuous lifelong coverage. During renewals, there are some things which you should keep in mind if you want to enjoy the best insurance experience. Do you know what these things are? Let’s find out:

The Sum Insured

We always act like a miser when buying a health insurance plan. Since choosing a higher Sum Insured proves to be expensive, we go for lower coverage levels to save premium outgoes. However, having a considerable Sum Insured is necessary if you are to face the high treatment costs. So, if you have chosen a lower Sum Insured earlier, at the time of renewal you should try and enhance your Sum Insured limit. Enhancement of your Sum Insured might also be required if new members are added to the scope of coverage. So, at the time of renewal you should analyze the sufficiency of your plan’s Sum Insured level. If low, try and increase the level and if the Sum Insured is unnecessarily high (which is rarely the case) reduce it to its optimal level and save premiums.

Here’s why a higher Sum Insured is necessary

The sufficiency of coverage features

Every health insurance plan has some common coverage features and some unique coverage features. These unique features give the plan an edge over other plans. When you are renewing the cover, check if the existing coverage features are sufficient for your need or not. For instance, maternity coverage under your existing plan might no longer be needed if you already have utilized it. On the other hand, you might need maternity coverage if you are newly married and your existing health plan doesn’t have it.

The new members to be added

Addition of new members to an existing plan happens either after you get married or you have a child. In both these instances you are required to pay an additional premium for inclusion of additional members. So, when renewing, you should check if there are any new members who are to be added to your plan.

Premium amount

You should also consider the renewal premium amount which is being asked by your existing insurer. The premium should be compared with the coverage features to assess whether it is reasonable or not. You can also compare other health insurance plans to find lower premium quotes for similar coverage features.

Renewal of your health insurance plan should be done with careful consideration. You should take care to ensure that the Sum Insured level of your plan is sufficient for your requirements, all your family members are covered, the coverage features you need are present in the plan and the premium you are paying is reasonable. If you have any doubt there is always an option of portability. Do you know what portability is?

Health insurance portability

Portability of a health insurance policy means the facility of switching your existing health insurance plan to another plan while retaining the benefits of the existing plan. Porting can be done across different plans of the same company or another plan of another company. The No Claim Bonus you have earned in your existing policy and the waiting period which has elapsed is credited to the new policy to which you port.

Porting gives you the flexibility of switching between health plans if your requirements change or if you find a better deal. Porting is possible only at the time of policy renewal and so you should be careful. Check for the above-mentioned things on renewal and, if required, port to another plan which fulfills your requirements.

Here’s how porting and renewal work

Read more about Separate health insurance plans for parents of floater?

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Afraid of your car insurance claim being rejected? Follow these steps

Your car insurance policy is a mandatory attachment with your car. You might choose to avoid accessorizing your car but you cannot choose to avoid a car insurance plan. It is legally mandatory and you face legal consequences in the absence of a car insurance policy. Besides being mandatory, a car insurance policy is also useful in times of an accident. It pays for any third party liability you might incur or any damages faced by you and your bike. However, at the time of any accident, there are a few steps which you should follow to raise a claim. How many of you know about such steps?

Very few do. Most of you don’t know how to raise a proper and valid car insurance claim. This results in rejection of your car insurance claim. Are you afraid of your insurance claim being rejected?

Don’t be. Here are some common instances of claim rejection and how you can avoid being stuck in the same:

  • Rejection due to non-adherence to claim process

After an accident there is a claim initiation process which you are required to follow. If you do not follow the prescribed steps or if you miss any step your claim might get rejected.

How to avoid rejection – know and follow your car insurance plan’s claim settlement process. For starters, you should inform the insurance company as soon as you face an accident and are planning to raise a claim. This intimation is necessary so that the insurance company arranges for an inspection of your vehicle. If you get your vehicle repaired without an inspection, any claim you make has high chances of rejection.

Know the process to claim your car insurance with the help of below video

  • Rejection due to lapsation of policy

If your car insurance policy has lapsed and you have not renewed it you can bid adieu to any possible claim settlement. A lapsed policy means that your insurance cover is inactive. If you raise a claim in a lapsed policy it would get rejected.

How to avoid rejection –A car insurance policy is an annual contract and needs annual renewals. You should renew your policy diligently every year without fail. Only if your cover is active would you be able to get your claims settled.

Read more about Why is an on-time renewal of a car insurance policy important

  • Rejection due to excluded damages

There is a list of exclusions in your car insurance policy. These exclusions are not paid for. For instance, if you face any damages when driving outside the geographical boundaries of India, such damages are not paid. Similarly, if you face damages when driving under the influence of alcohol, the claim is rejected.

Read more about 7 exclusion in a car insurance policy that you need to keep in mind

How to avoid rejection – You should pay heed to the exclusion list given in your car insurance policy. Before making a claim know whether your claim is for a valid damage or for a damage which is excluded.

These were the possible causes of rejection. You have also been advised on how to avoid these causes. Besides these, you should also try and become a ‘good customer’ for your insurer. If you are a good customer you would have a good insurance history with your insurer which would build your rapport. To be a good customer you should:

  • Avoid making small claims. When you make any claim you lose out on the accumulated No Claim Bonus discount available on your renewal premiums. So, when claims are of a smaller amount, try and pay them from your own pockets. Do not raise a claim and save your NCB from getting lost.
  • Renew your policy on time. As stated earlier, on-time renewals are very necessary because a lapsed policy does not settle claims. On-time renewals also have other benefits. Your NCB discount is protected and you can also avoid the hassle of inspection of your vehicle which happens when the policy lapses.Read more about Car Insurance terminologies you should know .
  • Carry important claim-relevant documents at all times. Your Insurance Certificate, PUC certificate and driving license are important at the time of a claim. You should always carry them with you whenever you are driving.Read more about what documents to carry when you are driving your car
  • Install safety devices in your car. Devices like ABS, anti-theft mechanisms, etc. help you lower your claim. Moreover, you should follow traffic rules when driving and drive safe. Here are some safety features in your car which you might not know.

Car insurance claims do not get rejected if you understand the claim process and make a valid claim. Your policy should be in-force so that your cover is active. Also, being a good customer not only lowers your chances of claim (which lowers the chances of rejection), it also earns you great savings. So, be a good customer, know about your car insurance claims and avoid possible rejections.

Know more about how to choose hassle-free car insurance which is claim friendly

5 technologies that are transforming healthcare

Together, technology and healthcare share an interesting past. Technological breakthroughs have almost always resulted in simultaneous breakthroughs in the medical field. A good example is how the advent of information technology revolutionized the way patients’ records were stored and recalled. Some technologies, like social media and health apps, have even brought medicine to the masses.

Furthermore, the integration of technology into healthcare has birthed a variety of brilliant innovations. From adhesive bandages to robotic prosthetic limbs to minimally invasive surgeries: healthcare has technology to thank. Not only have technological innovations improved the quality of medical care, they have also added years to lives.

Let’s check out 5 new and exciting technologies that are transforming the face of the healthcare industry as we know it:

3D Printing

3D printing – the latest technological craze – has taken the manufacturing world by storm. With a 3D printer, it’s possible to produce an object from design in a matter of minutes. Healthcare researchers have adopted this technology to create exact multi-dimensional models of organs, using them to create precise and personalized treatment plans. Scientists are now exploring 3D printing to construct organs for transplant! From growing skin for burn victims to replacing cartilage, bone or kidney, this technology’s venture into healthcare promises an amazing makeover of medicine.

Brain-to-Computer Interface (BCI)

The Brain-to-Computer Interface enables a human-computer connection. The scope of this technology in healthcare is enormous as BCI can simplify complex tasks such as managing pain and controlling robotic limbs. Harvard University researchers have gone another step ahead and achieved mind-control. They have successfully developed a Brain-to-Brain Interface (BBI) that allows the subject to control a rat’s tail: Proving, thus, that science has finally caught up with science-fiction!

Digestible Sensors

Once the bio-monitoring sensor is swallowed like a pill, it wirelessly transmits the body’s internal information to another device. This technology lets healthcare professionals gather remote diagnosis and monitor treatments. Since the sensor can detect diseases early, its use in preventive medicine is also growing. A new revision in this technology has removed the need for a battery with a sensor that uses the body’s energy to stay powered.

Microchip Modeling

This technology has reformed the way clinical trials are done. The microchips are small, just like the name suggests, and resemble live tissue. They provide a replica of the complex structure between organs and capillaries, making them apt subjects for clinical tests. Microchip modeling has gained support from animal rights organizations across the world as the technology makes the exploitation of animals in the product-testing phase redundant.

Wearable health monitors

The wearable technology aims to pass the onus of health from professionals to the patient. With a health-monitoring device that can be worn, a person remains aware of their health status and, therefore, becomes more responsible towards it. Gadgets like Fitbit help in personal wellness and activity tracking by monitoring heart rate and calories burned. More advanced technologies involve diagnostic mobile apps that can analyze health remotely and even detect diseases like Ebola and Cancer. Researchers at Scripps Translational Science Institute, San Diego are developing wearable tech that can read biomarkers and alert the wearer to any alarming levels of stress or anxiety.

With technology on its arm, the future of healthcare looks bright. Most technological marvels aim to simplify medicine and allow the individual to become the custodian of their own health. Much of this technology is expensive and healthcare has become costly as a result. But, when it comes to your health you must take every precaution including protecting yourself against financial risks. Make sure that you can afford all the medical help (and the associated technology) you may need in the future by investing in a health insurance plan, today.

Technology has also made selecting and buying health insurance plans way more convenient and hassle-free. Go online to compare plans and invest wisely with the help of Team Turtlemint. Talk to our Chatbot, call our Health Expert at 1800-266-0101, or visit the Turtlemint website to ask your insurance related queries or to get quotes from different health insurance providers.

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