Purchase health insurance early while you are disease-free. 'It might become very difficult to get a comprehensive health cover for someone who has already had cancer.'
Bear in mind that the amount you get paid depends on the stage at which cancer is detected, reveals Sanjay Kumar Singh.
Given the high cost of treating cancer and the reasonable premium rates at which these plans are available, one should opt for a cover at the earliest.
A cancer dedicated policy will provide a sum assured of Rs 20-25 lakh for a 30 year old for mere sum of Rs 4,500-6,000 per year (on an average) for a term of 35-40 years, which is even lesser than the cost of a weekend road trip with your loved ones
A person who has cancer and doesn't have any health insurance will find it difficult to buy a regular hospitalisation cover. An indemnity-based cancer plan may cover them.
When illness strikes, this cover cushions the fall -- guarding health, finances, and the family's fragile future
'Buy early and review the sum insured regularly.'
'Combining individual or family policies with corporate cover, along with top-ups and wellness programmes, can help maintain strong health protection throughout life.'
'Go for a base cover of Rs 10 lakh and then buy a super top-up of Rs 90 lakh.'
'Having a separate healthcare corpus is extremely important even for those already covered by health insurance.'
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'In diabetes remission, you go below a 6.5 HbA1c without medication.' 'And this happens only when you lose 10 to 15 per cent of your body weight with a good amount of lifestyle and dietary changes, exercise and sometimes medication.' 'You have to be able to sustain your HBA1C below 6.5 for at least a year without medication to say that the patient is in remission.'
'Try to buy a policy with a lower sum assured or one with a deductible.' 'Those whose spouses work for companies must get themselves enrolled into the employer's group health cover.' 'Some public sector banks also offer group health covers to those who open a savings account with them.'
The Insurance Regulatory and Development Authority of India (IRDAI) has removed the age cap on buying health insurance policies, effective from April 1, 2024. Earlier, individuals were restricted to purchasing new insurance policies only until the age of 65. However, after the recent changes that have come into effect from April 01, 2024, anyone, regardless of age, is eligible to purchase a new health insurance.
The move by the insurance regulatory body aims to create a more inclusive healthcare ecosystem in India and to encourage insurance provider companies to diversify their product offerings.
'A 25 year old buying a high-value policy now will be well covered even in his 40s.'
The insurance regulator's move to prod insurance companies to sell health products to all age groups, including those above 65, is aimed at increasing penetration though there would be challenges on pricing due to higher risk perception, experts said. While there was no regulatory cap on age for health insurance policies, most companies had an internal policy which did not allow them to sell health insurance products to persons over 65.
Takes care of expensive medical treatment at affordable cost even as you get quality treatment and tax benefit out of it, says Naval Goel
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To avoid a claim rejection for chronic diseases, ensure proper medical records, experts tell Tinesh Bhasin
'A policy that covers a wider range of diseases will offer greater peace of mind.'
Health insurance expert Anil Rego in an online chat with readers answers health insurance queries.
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Many insurers either do not cover consumables like PPE kits, gloves, etc at all or cover up to a certain limit, warns Amit Chhhabra.
Cardiac patients whose proposals for a regular health insurance plan get turned down should apply for a cardiac-specific plan.
A sum insured of Rs 3 lakh to Rs 5 lakh may have been sufficient seven-eight years ago but would be inadequate today, especially for people living in metros, points out Sanjay Kumar Singh.
Contrary to popular perception, health insurance is rarely expensive and claims are usually paid by the insurers.
Add-ons such as critical illness or disability due to accident are available on payment of a little extra money, and they can take care of any unforeseen, unfortunate developments, says Santosh Agarwal
Naval Goel explains the importance of day-care health insurance
According to a senior government official, the plan is to do "collective bargaining" for certain medical devices and implants by assuring a bulk requirement to the manufacturers. "The requirement for these devices runs into millions. We assure them that the requirement is going to be in bulk. In return, they should offer us better rates," he said.
Rakesh Kaul, CDO, Edelweiss General Insurance, answers your health insurance queries.
The costs of being under-covered are so high, that they're just not worth it.
If you are diagnosed with a critical disease, then its treatment would be very expensive and may require intensive care and hospitalisation which your comprehensive insurance plan may not cover. In such type of cases you have to pay the cost of the whole treatment.
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'Children should include their parents in the group health insurance cover provided by the employer at the earliest.' 'However, the elderly should not depend on it alone and should also buy a personal health cover,' suggests Sanjay Kumar Singh.
Join us for an online chat with health insurance expert Anil Rego between 2 pm and 3 pm on Thursday, February 15.
Three key instruments that can help you meet your financial goals, while also allowing you to enjoy tax deductions are ELSS, term cover and health cover.
Most Millennials do not realise the importance of having a critical illness insurance policy till they find themselves or their near ones in circumstances where they need it. A little extra caution -- by way of critical illness insurance -- can save the young professionals from a large hole in the pocket in the time of accumulation of wealth.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
'As a donor, you may think you are saving one life. But you touch the lives of the entire family and community associated with the person. And it only cost you a few hours of your life.'
'Imagine the message it sends to people. They will think tobacco cannot be a killer because LIC is investing in it.' 'The so-called rakshak (protector) has become a bhakshak (destroyer).'
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