Manoj Gehi View On General Insurance &amp Personal Finance.

  Standardization of Health Insurance . Applicable From 1st Oct 20 , all the health insurance / mediclaim policies across the country were to have standardized policy wordings , exclusions & waiting periods. What does it mean for the policy holder & what were the changes being made? Let’s see….. What standardization means? It means to have uniformity in the health insurance policy contract across all providers. All the new conditions will be applicable to new policy holders & for existing policy holders were to come into effect on their immediate renewal. The Changes being bought into …. Key Inclusions Modern Treatment Method covered with certain sub-limits, Some of the indicative modern treatment methods are: 1) i. Uterine Artery Embolization and HIFU 2) ii. Balloon Sinuplasty 3) iii. Deep Brain stimulation 4) iv. Robotic surgeries 5) v. Oral Chemotherapy An indicative list of some listed Conditions which will now be covered in Health Policies- i. Mental Illness...

BAJAJ ALLIANZ GENERAL INSURANCE REVISES THEIR HEALTH POLICY A s stated earlier in my earlier post there are changes happening in the health insurance sector…. Keeping in tune with the same Bajaj Allianz has revised their Health insurance plan known as Health Guard. Kya Naya Hai you may ask ???? Major details given below are of the Gold Plan. Sum insured Options upto Rs. 50,00,000 Lakhs. Two Plans Silver & Gold Zone wise premiums A zone & B zone. Mumbai falls in A Zone. Silver Plan with sum insured below Rs. 150000  & Rs.200000 with sub limits,restrictions refer policy document. Gold Plan with Sum Insured from Rs.300000 to Rs. 50,00,000 Sum Insured  Sum insured Reinstatement Benefit for the same Illness. One of exclusive type in health insurance.(payable once for cancer* & kidney failure*) for details refer policy document. Pre Existing Diseases waiting period Reduced to 36 months instead of 48 months earlier Cataract Cover incr...

People with diabetes, who are considered a 'high-risk category' by health insurance providers and therefore often find it difficult to get a proper medical insurance cover, would now have options to choose from . Until recently, Diabetes Safe from Star Health Insurance was the only specialized comprehensive health plan available for people suffering from this ailment. Now, another stand alone health insurer, Apollo Munich Health Insurance (AMHI) is all set to the offer 65 million diabetic patients in India with another option called Energy--a specialized plan for individuals living with diabetes mellitus 2 and/or hypertension . The product  will initially be available in eight cities from December 16, before being rolled out nationally next year. "Energy is a comprehensive wellness plan that not only covers you in case of hospitalization but also provides a health eco-system to help manage your health better and also rewards them with special offers from health p...

Health Insurance provides risk coverage against expenditure caused by any unforeseen medical emergencies. In today’s high medical inflation rates, failing to hold adequate amount of health insurance cover can often prove to be a major personal financial slip-up. It can either result in poor health care because of non-affordability or spiral an individual into financial distress due to high medical bills. Currently, majority of the salaried professionals are provided a health insurance cover by their respective organizations. However, they often fail to assess their health insurance requirements and realize the benefits of holding adequate health insurance. They also assume that the health insurance cover provided by their organization will be available even during the post retirement phase. There are two common mistake areas when it comes to buying life insurance and health insurance. One, people don’t act at the right time. Two, when they realize that they have done a mis...

  STAR HEALTH INTRODUCES CARDIAC CARE A SPECIAL POLICY FOR HEART PATIENTS. A special plan for Heart Related Ailments, Only for those who already have undergone heart ailments like angioplasty Or bypass surgery Only ONCE . This plan will be given subject to Pre medical screening. The application is after 6 months from date of surgery or not later than 36 months from date of surgery. ( for example if you have completed more than 40 months you cant apply under this plan) Maximum Entry Age is 65 years. Mininum is 10yrs. Waiting Period for Heart Realted Ailments is 91 days from date of inception of the cover . Renewal is life time. It is not a floater policy. It is Individual Plan. 30 days pre hosptialization & 60 days post hosptialization expenses are covered @ 7% of the hospitalzation expenses. there would be an element of co-payon each & every claim to the extent of 10%, for the persons aged 60 years and above. For More Details Kindly Write in at email...

OPTIMA SENIOR Most of our parents & senior citizen’s are either not insured under mediclaim or health plan, also most of the insurance companies do not entertain mediclaim after age 55. As such in case of medical emergencies our senior citizen’s have no option but to eat into their lifetime saving’s. Apollo Munich Health Insurance Co Ltd offers a Health Plan Focussed Only for Our Senior’s. PLAN REVIEW ELIGLIBITY AGE: 61 years onwards no maximum age at entry. RENEWAL: Life Long Renewal irrespective of claim. CASHLESS: Offers Cashless facilities at network hospitals. COVERAGE: Rs. 500000(Rupees. Five Lakhs) NO LOADING: No loading in event of claim. SUM INSURED OPTIONS: 200000,300000,500000. PRE HOSPTIALIZATION EXPENSES: covered upto 30 days POST HOSPTIALIZATION EXPENSES: covered upto 60 days. POINTS TO BE NOTED. The Person will have to undergo pre medical screening for this policy. 15% co pay will apply in case of accommodation in twin sharing ...

HOW TO CLAIM UNDER MEDICLAIM Intimate your Insurance Company/ T.P.A (Service Provider) at the earliest possible, preferably in writing or email about the policy holder getting hospitalized in advance. Go to the hospital where the policy holder is to be admitted, fill in the pre authorisation form your part and the rest by the Doctor concerned. Take your identity proof along any of the following so as to prove your identity, i.e Card provided by the insurance co, pan card, election card or passport. Please note CARD ISSUED BY THE INSURANCE CO or T.P.A IS MERELY AN PROOF OF IDENTITY & INSURANCE. IT DOESN’T ALLOW CASHFREE TREATMENT. Ask the hospital to communicate in advance the PRE AUTHORISATION FORM to the relevant T.P.A, wait for the authorisation. For REMIBURSEMENT CLAIMS Inform and intimate the Insurance co & the T.P. A about the admission in the hospital at the earliest without any  delay  preferably in writing or email. Once discharged fill in ...

HOSPITAL CASH PLAN In event of hospitalization this plan helps you cover up additional hospitalization expenses like attendant food & accommodation which are not covered under the standard Mediclaim /health plan. Under this plan you are paid Daily Cash Component for each continuous and completed period of 24 hours of hospitalization due to Sickness or Accident. Maximum up to 90/180 days per policy year, depending on the plan taken . The Benefit is DOUBLED in case of I C U admission for each continuous and completed period of 24 hours of hospitalization due to Sickness or Accident. Maximum up to 15 days per policy year. NO MEDICAL TEST NEEDED BENEFITS: - One can take this policy along with or over and above the existing mediclaim/health policy. The CONITION OF SUB LIMIT ON ROOM RENT DOESN’T APPLY. It is paid irrespective of the ROOM RENT PAID. Premium paid under this plan is eligible for 80 D benefit . ILLUSTRATION TYPE OF ADMISSION PER DAY ...

Which one to chose Individual or Floater Mediclaim? Many of us wish to have a Mediclaim / Health Plan but are not sure which one to take. As such let me elaborate on the two types of plans Individual Mediclaim as the name suggests is a plan where in each member of the family is covered up to the individual specified sum insured limit. Illustration if a family of four take a policy of 3 Lakhs each then every person under the policy will be covered for Rs. 3 Lakhs. In case of a claim, the hospitalization expenses will be settled to the maximum of 3 lakhs. In case an amount of Rs. 3, 50,000 lakhs the policy holder will have to pay Rs.50,000 from his own pocket, as his sum insured liability is restricted to Rs. 3,00,000. Advantages of Individual Mediclaim :- ¨       No claim bonus is given under most of the individual plans ranging from 5% to 10 % varying from Company to Company. ¨       Family Discount is given for m...

WHY HEALTH & MEDICLAIM INSURANCE ??????? It is truly said that………. We all work so Hard to earn money that we Ignore our Health, Later We Spend Lots of Money to Regain Our Health. Now a days it’s noted that Most of us due to High Level of Stress & Work Commitments suffer from ailments which leading to Hospitalisation. It is also noted that Most of us are not Adequately Covered under Health / Mediclaim Insurance. We ignore the fact that it is the Utmost Necessary Provision needed under our financial plan. What are the ill effects of Not Being Covered or Being Covered Inadequately? Not Being Covered or Covered Inadequately puts Our Family under Tremendous Stress & Strain where in one has to liquidate Entire Life Savings Leading to a Financial Crunch for One & All in the family. So it is of UTMOST IMPORTANCE that one Review the Health & Medical Insurance at Every Stage of Life & Increase it so as to be Covered Adequately. What is...