Month: September 2022

Celebrated on 29th September each year, World Heart Day aims to educate and spread awareness about Cardiovascular Diseases (CVD), a healthy heart, and a healthy lifestyle. Introduced by the World Heart Federation in 1997, the date came to be known by its name in the year 2000, and people across the globe have celebrated it ever since. 

The theme for World Heart Day 2022 is ‘Use Heart For Every Heart’. Over the world, more than 17 million people die of CVD yearly¹. Apart from this being a disheartening fact, it is also the lack of knowledge on CVD that is constantly leading to a hike in this figure. Fuelling the ideas of practical and proven ways of a healthy lifestyle and the basics of CVD management is essential in curbing it. Saying no to smoking, unhealthy food habits and embracing daily physical exercises are simple mantras that let you win over CVD. 

Along with healthy habits, a crucial aspect of fighting such diseases is having the cover of a health insurance plan. While gathering sufficient knowledge about a healthy heart and lifestyle is essential for everyone, planning for a safer future with the right insurance plan is equally important. Heart strokes and heart attacks often come as a silent killer. After the coming of Covid-19, the worldwide condition of CVD has further deteriorated. Here comes the role of cardiac insurance that ensures financial security in any heart-related medical emergency.

What is a cardiac insurance policy?

Heart attack insurance is health insurance that covers acute heart diseases like myocardial infarction, heart attack, etc. and the medical expenses incurred for the treatment of the same.

Importance of Cardiac Insurance Policy today:

Considering the high rate of deaths due to cardiovascular diseases, it would be a wise decision for all those individuals planning to purchase insurance for heart patients.

Here are some of the common benefits of heart insurance-

1. Financial Stability During Hospitalisation:

   Critical illnesses like heart disease can push you to dig deep into your savings if any medical emergency arises. However, having heart attack insurance ensures you do not have to worry about medical expenses.

2. Pre and Post-Hospitalisation Cover:

   Cardiac insurance covers hospitalisation expenses and a few days/ weeks before and after hospitalisation.

3. Tax Benefits:

   Like various other insurance policies, the insurance for heart patients also provides the insured with tax benefits. Under Section 80D of the Income Tax Act, the insured can avail of tax deductions.

4. Coverage Beyond CVD:

   Most health insurance plans that include heart attack insurance also include various other coverages. It may include a comprehensive cover for critical illnesses like cancer. So, under one plan, you would get a wide range of benefits

5. High Sum Insured:

   Because critical illnesses like a heart stroke or CVD require hefty medical expenses, the sum insured by cardiac insurance is also high. It ensures your family does not have to run to your savings account while receiving the treatment

6. Need of the Hour:

   The changing lifestyle and eating habits of people across the globe have led to a further hike in need for cardiac insurance. So, to be on the safer side, you must have one

Best Cardiac Insurance Policies:

The market is full of several options when it comes to insurance for heart patients. In the table below, you can check out and compare some of the leading companies offering heart insurance-

Conclusion

This World Heart Day, educate yourself, your loved ones, and also your community about the inevitable need of a healthy lifestyle. 80% of heart problems can be kicked out with a balanced life where you eat healthily, think positive, drink plenty of water, and exercise daily. Also, do not delay purchasing the right heart insurance for yourself and your family.

The very last Wednesday in September is commemorated as National Women’s Health and Fitness Day. This particular day is set aside to emphasise the value of health and well-being consciousness for all females. Although maintaining a healthy lifestyle is vital for both males and females, this day recognises that every gender has different needs in terms of health.

Women are advancing in all spheres of life, including politics, sports, the armed forces, films, business, and space; the list can go on and on. In every industry, they are shattering gender inequalities while successfully managing their households and families. However, they are so involved in caring for others that they frequently neglect their well-being.

National Women’s Health & Fitness Day 2022: 6 Ways To Celebrate

Here are some things that can help to celebrate National Women’s Health & Fitness Day and pledge always to keep your wellness a priority.

1. Find an event to participate in:

   With the world coming closer due to internet connectivity and the working-out-from-home concept being prevalent, you can choose an online event wherein you can participate as the National Women’s Health & Fitness Day 2022. This could be a stepping stone for your fitness journey, and you would get to know more about diet, fitness, sports, mental health, or other health-related issues.

2. Go for a health check-up:

   National women’s health & fitness day is your day. Take charge and keep the day for your mind and body. Schedule an appointment and get a complete body check-up done. It will help you to know your health and take necessary preventive measures.

   Women always tend to put others in the family at a higher priority and hence neglect to take care of their health. Regular preventive health check-ups are the first steps towards a healthier lifestyle!

3. Start a healthy lifestyle:

   On this national women’s health & fitness day 2022, give yourself a healthier and longer life. For that, you need to cut down on junk and eat healthily. Small lifestyle changes like getting enough sleep, keeping yourself away from excessive social media, and keeping calm can go a long way.

4. Take your friends for a workout:

   Working out becomes more enjoyable when you do it with your friends. Studies have proved that exercising with friends can help maintain consistency and motivate you to work out daily. You are likely to lose more weight as compared to exercising alone.

5. Pamper yourself with healthy beauty care:

   Cut down the chemical-based products, and go for healthy skin and hair care regimen. Consult a dermatologist and enjoy your day. 

6. Get yourself the best women health insurance:

   The best way to celebrate health and fitness day is to choose health insurance for women. Women today are more susceptible to specific diseases after a certain age which a generic health insurance policy may not address.

   A survey by IRDAI (Insurance Regulatory and Development Authority of India) has confirmed that a much lower %³ of the insured population in India are women, which is lopsided. Hence providing adequate women health insurance coverage would encourage higher penetration of insurance in India.

Importance of women health insurance in India:

Several diseases only affect women, including breast cancer, reproductive organ cancer, post-pregnancy/ delivery complications, etc. The cost of treating these conditions is rather high. A family may experience financial difficulties if the ladies of the house have not opted for a suitable health insurance plan..

Here are some of the key advantages of purchasing quality women’s health insurance plans

1. High cost of treatment:

   With high medical inflation¹ in India, even the cost of treatment for female ailments has been rising over the years. The most prevalent types of cancers in women are breast, cervix and gall bladder², which could be an expensive affair without insurance coverage. Costs starting with mammography or pap smear test to biopsy and blood tests could amount to Rs 1-6 lakhs, including radiotherapy or chemotherapy treatments depending on the stage of cancer, where it is affected, etc. Even other treatment costs could increase your out-of-pocket expenses if there is no insurance coverage.

2. Women-related ailments:

   Ensure that women-related illnesses mentioned before get addressed in a specific women’s health insurance. Issues such as PCOS (polycystic ovarian syndrome), uterine fibroids, pelvic inflammatory disease or endometriosis need specific treatment. In order to get proper treatment for these illnesses, a specific women health insurance plan is necessary.

3. Maternity coverage (with newborn treatment):

   The cost of maternity expenses and newborn treatment is rising, and adequate health insurance coverage is necessary. This is where a cashless hospitalisation comes in handy, as this is a planned expense.

4. Mental health well-being:

   After the IRDAI⁴ has mandated coverage of all mental ailments in health insurance plans, it is important to opt for a proper comprehensive health insurance plan to cover possible mental health concerns such as postpartum depression, etc.

5. Heart conditions:

   The incidence of cardiac issues⁵ has increased significantly in women and proper treatment of the same is necessary. This is where women’s health insurance plans are effective by properly disclosing all information before the inception of the plan.

6. High chance of gestational diabetes:

   There is a high chance of gestational diabetes of almost 20%⁶ for women in India during pregnancy. Availing appropriate insurance for women becomes necessary beforehand and is a prudent idea.

Other than these specific benefits, women would continue to receive regular health insurance benefits such as:

1. In-patient cashless hospitalisation along with pre and hospitalisation claims
2. Easy claim settlement with digitalisation
3. Tax benefits for the premium paid towards the medical insurance for women upto Rs 25,000 for self, spouse and dependent children and an additional amount for premium payment for dependent parents.

Best women’s health insurance plans

Here is a list of some of the women-specific health insurance plans that you can avail of

Conclusion

It is crucial to enrol in the best women’s health insurance plans to meet gender-specific medical problems for everyone. No wonder our women are the strongest, but this national women’s health & fitness day lets spread awareness about women’s health, wellbeing, and the importance of medical insurance for women, giving them a longer, healthier and cheerful life. Select women’s health insurance plans that meet your unique needs and offer you the finest advantages.

An insurance policy consists of a number of clauses that you must be aware of. However, if you are new to insurance, you need not panic if you do not understand some of them. You can, and you must ask your policy provider and clarify all your concerns in order to make the right decision. 

One popular term used in health insurance policies is the ‘sum insured’. Now, what exactly is a sum insured, and what importance does it hold in a health insurance policy? Before delving into further details of a health insurance plan, you need to understand and analyse the sum insured. So, let’s understand the sum insured meaning in detail-

What is Sum Insured in health insurance?

A sum insured in health insurance is also referred to as the maximum amount that your policy can provide you in case of any damage suffered. The clause of the sum insured is mostly used in general health insurance policies. Let’s check out an example-

Example of Sum Insured in health insurance

Mr Arjun Sharma purchased a health insurance plan that offers him a sum insured of INR 6 lakhs. Now, due to some health issues, if Arjun gets hospitalised and the bill amount is INR 4 lakh, the complete amount (except the uncovered charges) will be paid by the insurance company. However, if Arjun gets hospitalised a second time, and the hospital releases a bill of INR 3 lakhs, then as per the sum insured amount, he will only be liable for receiving INR 2 lakhs. The remaining INR 1 lakh will have to be borne by Arjun. 

Here, the total sum insured by Arjun was INR 6 lakh. So, he can only get a maximum of INR 6 lakhs irrespective of the bill generated. Hence, if the bill exceeds the maximum sum insured amount, the excess will be paid by the policyholder, i.e., Arjun. So, in the case above, Arjun will have to pay the balance amount from his pocket. 

What is the impact of the sum insured on the premium amount?

The sum insured directly affects your health insurance premiums. Generally, the higher the sum insured for a health insurance policy, the higher the health insurance premium.

Sum insured in terms of health insurance refers to the upper bound on the expenditures that can be covered annually for any bad incident. The amount the insurance company will pay you while making a claim increases with the amount insured. A substantial sum insured results in a correspondingly higher premium because it places a tremendous strain on your health insurance provider if you submit a claim. 

Benefits of choosing the right sum insured

Check out the various benefits you make if you choose the right sum insured-

• Save your pocket

  Whenever a medical emergency occurs, and you have a health insurance plan, the very basic benefit is you save the exhaustion of your hard-earned money. With a wisely chosen sum insured, you won’t have to debit any amount from your hard-earned savings. 

• Stress-free treatment

  During the times of medical treatment, getting stressed about the payment of bills can be really problematic. But when you know you have a sufficient amount left in your sum insured, you can relax and get the best treatment without any anxiety. 

• Family floater plan

  A family floater plan is a health insurance plan where the whole family can get covered under a single health insurance plan. The sum insured is shared and can be used by any family member. So, the larger your family, the higher your sum insured should be. Choosing the right sum insured will keep all of your family members protected. 

• Better treatment

  When you have a health plan that satisfies your medical requirement, you need not compromise when it comes to seeking treatment. Suppose you have enough sum insured left, you can visit the best hospital without worrying about the bills. However, with a relatively lower amount of sum insured, you may tend to compromise on the quality of treatment. 

Thus, selecting the correct sum insured in your health insurance policy is crucial. Your health insurance policy could not be sufficient if you don’t have a sufficient amount insured in case of a bad medical situation. So, when you have an appropriate sum insured in your health insurance policy, you can sit back and relax, as you are financially prepared for most emergencies.

Difference between the sum insured and the sum assured:

Are you confused between the sum insured and the sum assured? Well, as they even sound similar, one might get confused. But, they are quite different. Let us have a quick insight into the table below to clear this confusion-

So, the term “sum assured” cannot be used in a health insurance plan. It can be used only in life insurance plans. Similarly, “sum insured” can be used only in general insurance plans, including health insurance, but never in life insurance plans.

How to choose the right sum insured?

Selecting a suitable insured amount for your health insurance coverage is crucial. The inability to receive essential financial support in a medical emergency could render the acquisition of a health insurance policy ineffective. Hence, while choosing a sum insured, the following factors need to be considered,

• Age

  Purchasing health insurance in your early 20s or 30s is more beneficial because young people have a lower risk of contracting a wide range of diseases.

• Your health conditions

  You must choose a high sum insured if you have any pre-existing conditions, such as diabetes, hypertension, cardiovascular disease, etc.

• Your Lifestyle

  Today the lifestyle decides a lot about your health, and it raises the risk of multiple diseases

• Life stage and dependents

  Because of the increasing financial duties of dependents, you should think about boosting your insurance coverage.

  Check out quick tips on how you can enhance your sum insured and expand it for even better medical treatment when needed-

• Go for a Comprehensive Policy:

  When you have your entire family to look after, it is recommended that you opt for an all-inclusive plan. This will allow you to get greater coverage that too for all your family’s healthcare needs. By paying a single premium, you cover all your loved ones.

• Go for a top-up/ super top-up plan:

  A top-up or super top-up plan will offer you additional protection in case your hospital expenses exceed your basic sum insured. Super-top-ups cover all kinds of hospital expenses, including your pre and post-hospitalisation expenses.

• No Claim Bonus:

  Most health plans offer an NCB or No Claim Bonus. It is the bonus that a policyholder receives when they make no claim in a policy year. It helps in increasing the sum insured for the next policy tenure. Not only this, but the renewal charges may also be decreased due to NCB. 

• Restoration Benefit:

  Restoration benefit is a cover you purchase along with the health insurance plan. If the policyholder is most likely to seek medical treatment or, in the case of a family floater, it is always better to purchase restoration benefits. Why? With this benefit, even if your sum insured gets exhausted, it gets restored without any additional charge or premium. 

  For instance, Ms Simran Sahni has a sum insured of INR 3 lakh. After gallbladder surgery, the amount gets exhausted. A few weeks later, she is again hospitalised and needs to access an extra INR 2 lakh for the next hospitalisation.

  Under the Restoration Benefit, the insurance company will provide this extra benefit again up to INR 3 lakh without any charge. It is only possible if you have a restoration benefit. 

Conclusion

You need to take different things into consideration before you decide on the right sum insured amount. For instance, if it is a family floater plan, you need to analyse how much amount you would require on average for medical treatment of each of your family members. Depending on the city you live in, the medical cost may differ. So, make sure the sum insured complies with the cost of medical expenses in your area. Last but not least, the older the policyholder is, the larger should be the sum insured. 

FAQs

1. What should be my health insurance sum insured?

   It is always advisable to have insurance coverage for at least up to 50% of your annual income. Suppose your annual income is INR 20 lakhs per annum, then choosing a health insurance policy that covers at least INR 10 lakh might be the best option. However, 5 lakhs is the minimum coverage you should have

2. Will all my expenses be covered up to the health insurance sum insured?

   Sum insured is the maximum amount for a year that the insurance provider will pay you if you need to be hospitalised. The insurance provider will not cover amounts above the sum insured. You will have to pay.

3. What is the meaning of restoration benefits in health insurance?

   Restoration benefit refers to a benefit whereby the insurance provider restores/ reissues the initial sum insured once all funds have been used in treatment.

DISCLAIMER

This article is issued in the general public interest and is for educational purposes only. The blogs should not be used as a substitute for competent expert advice from a licensed professional to best suit your needs. Insurance is a subject matter of solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure before concluding sale.

Introduction : Deductibles in health insurance policies

The long literature of “terms and conditions” that accompanies your health insurance policy papers, is often the most neglected aspect of the purchase. However, it can be rather consequential, and thus it is imperative that you know every component of a health insurance policy before you purchase one. Ignoring these aspects of health insurance could cause several complications while filing the claims. 

Deductible health insurance is one of these terms that you can encounter when buying health insurance coverage. It’s essential to know about the deductibles in health insurance. Read on to know more about the deductible amount in health insurance, medical billing, and much more!

What deductible means in health insurance? 

It is the amount that is paid to your health insurance provider before it proceeds with your claim. This shows that once the claim amount surpasses the deductible level, the insurer is required to pay the claim amount. The primary benefit of a deductible is that it lowers premiums, as the larger the deductible amount, the lesser your premium would be. 

Lets us see this example, Ravi Kumar has a health insurance plan with a sum insured of INR 4 lakhs, where the deductible is INR 50,000. After a motor accident Ravi was hospitalised for 4 days. The total bill was INR 3 lakhs. Now, Ravi will make a payment of INR 50,000 and the remaining INR 2.5 lakhs will be covered by his insurance company. Let’s take a different situation, suppose Ravi Kumar is admitted to a hospital and his hospital bill is INR 35,000. In this case, because the claim is less than the deductible (INR 50,000), the entire bill is to be paid by Ravi and the insurance company will not pay anything. 

Factors impacting the deductible amount in the health insurance policy 

The following considerations can ‌determine the insurance deductible:

• Any pre-existing medical issues, such as diabetes, asthma, etc., (before you get a health plan)
• Your age, and your present health status
• Any previous illnesses or concerns
• Your current way of life and practices, such as smoking and drinking

Types of health insurance deductibles

• Voluntary deductible

  Here, the insurance deductible is optional. You, as the policyholder, can choose whether you want to pay the deductible or not. You also have the freedom to choose an amount that suits your budget. A higher deductible reduces the premium. This is more useful if you do not have a serious sickness running in the family that could require financial help.

• Compulsory deductible

  The insurance provider is in charge of this required deductible. It is a set sum that the policyholder is required to pay mandatorily while filing a claim. Even after the deductible, the premium amount will remain the same.

• Comparative deductible

  Comparative deductibles are only available for family health insurance plans. All family members, including the spouse, kids, parents, and mother and father, are covered under family floater policies.

Why should you opt for a health insurance deductible?

The benefits of a health insurance deductible are given below:

• When you choose deductibles, it decreases the premium applied to your health insurance policy.
• It discourages you from making small/ insignificant claims, which helps you earn a claim bonus (NCB). This can further be used to increase the coverage provided by your primary health plan.
• It reduces the frequency of filing claims unnecessary, which keeps the insurance money intact which you can use later when in actual need.

Benefits of deductibles in health insurance

Disadvantages of deductibles in health insurance

Deductibles in medical billings can surely help lower the cost of health insurance premiums. However, they also have some drawbacks. Keep these in mind when you opt for a deductible: 

• If your filed claim is less than your deductible amount, then you will have to bear the medical billing and more charges. 
• While filing the claim, if it is larger than the deductible amount then you will have to bear the cost and pay out of your pocket.

Deductible and copay in health insurance

Every time you use medical care services and file a claim with the insurance provider, you pay a fixed amount in the form of a co-payment. The insured/policyholder agrees to pay a part of the claim amount, which can either be a fixed amount or a set percentage. Co-payment is a scheme applied by insurance providers to reduce the financial burden and also avoid the unnecessary filing of frequent claims.

How to choose a health insurance deductible?

Even though you might think that picking a higher deductible results in a reduced premium, doing so might not be a good idea, especially when purchasing health insurance. In the event of a medical emergency, health insurance provides financial protection. As a result, before selecting the ‌coverage, you must make an informed decision. You might choose a higher deductible if you can pay more out of pocket while increasing the claim. However, even if you must pay a higher premium, choose a lower deductible if you want your insurance to pay for most of your medical costs.

Conclusion

A health insurance deductible is frequently viewed as a drawback of your health insurance policy, but it has several advantages. Thus, this clause should not be a concern. You must, however, pay attention to the deductible type and determine whether it serves your needs. After carefully assessing your insurance requirements, anticipated medical costs, and affordability, decide on the deductible’s size and kind.

FAQs

1. What happens if I don’t reach the deductible amount?

   The insurance provider will withhold payment of the claim amount until you have reached the deductible sum specified in the health insurance policy. Following the payment of the deductible, the insurer will cover the remaining costs if the medical bill is greater than the deductible.

2. Is having a low deductible for health insurance a good thing?

   Customers who expect frequent medical treatment owing to a protracted sickness or who believe they may not ‌ cover the whole cost of the treatment may benefit from a health insurance policy with a low deductible.

3. Can deductible amounts vary for different health plans?

   Yes, the deductible amount can vary from insurer to insurer. It also depends on some other factors such as age and medical condition of the insured. 

DISCLAIMER

This article is issued in the general public interest and is for educational purposes only. The blogs should not be used as a substitute for competent expert advice from a licensed professional to best suit your needs. Insurance is a subject matter of solicitation. For more details on policy terms, conditions, exclusions, limitations, please refer/read policy brochure before concluding sale.