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What Is Preventive Care? Does my Health Insurance Policy cover it?
published on May 6, 2022

A common question that we ask when we think about Preventive care, is why should I go to the doctor when I am healthy? Also, does my Health Insurance Policy cover Preventive Care costs?

A simple answer is that preventive care keeps you healthy and therefore lowers your health care costs. A stitch in time saves nine! Regular medical tests anyone?Preventive care helps detect or prevent serious diseases, illnesses, and medical conditions, rather than treating them after it has become acute or catastrophic. This may be called routine care for your body.Generally, preventive plans include tests for cholesterol levels, blood tests, diabetes tests, pressure monitoring, genetic testing, cancer screening, HIV tests, etc.

Preventive care aims to help you stay safe and healthy. Regular tests and scheduled visits allow your doctor to identify medical problems before they become major health challenges for you.

Benefits of preventive care include:

  • Early detection of illness, diseases, and other medical problems helps your doctor to provide timely treatment and proactive care.
  • Helps reduce the pain/ suffering from age/ hereditary medical issues.
  • Gives Doctors more time to diagnose and effectively treat any illness in its infancy
  • Reduces financial burden, that you might incur due to illnesses if detected in early stages

Examples of preventive health services:

  • Annual Check-Up (1 per year) – Your Doctor checks your physical and emotional health. Early detection of major medical problems is possible.
  • Immunization- Most health insurance plans cover this and protect you from certain strains of the flu/
  • Vaccinations (typically administered during childhood) – Vaccinations against Polio, Measles, etc are covered.
  • Colonoscopies and other internal checkups
  • Screenings, such as high cholesterol, high blood pressure, and cancer tests.

Considering things like age, family history, and current health status your Doctor can confirm what tests are right for you.  In order, for you to be fully covered your doctor or the testing facility must be registered with your insurance provider. Most Health Insurance policies cover preventive care costs, but they can differ from policy to policy.

Preventive care is often covered by a health insurance policy and offers great benefits, both in health and cost to the consumer. To know more about which policies support preventive care costs and other health benefits, get insured with a health insurance policy from Elephant.in

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Factors to consider while buying Term Life Insurance.
published on April 18, 2022

The outbreak of the COVID-19 pandemic turned everybody’s life upside down. As we faced infinite hurdles, we understood just how unpredictable life can be. The reality of the increasing death rate encouraged us to buy term life insurance. Better to be safe than sorry!

Term life insurance offers life coverage up to a certain period of time, i.e. the ‘term’. In case, the policyholder dies during the active years of the policy, then the family of the deceased receives a pre-decided monetary benefit from the insurance provider. In case the policyholder does not pass away, the policyholder gets an agreed sum of money on the maturity of the policy

  1. Coverage: The most common mistake we make is, calculating the required amount of coverage. You must consider the aspects such as age, average monthly expenses, current loans, and lifestyle. Experts recommend buying a policy with a death benefit of at least 7-10 times your annual gross income.
  2. Policy Period: The next important point to consider is the policy period. When you purchase a policy, choose the maximum available policy period. Opt for a term insurance plan at an early age if you want higher insurance coverage at a low premium.
  3. Right Insurer: It is important to consider the following parameters before choosing an insurance provider:
  • Claim-settlement Ratio: It is the ratio of the number of claims settled by an insurance company and the number of claims filed by the policyholders. It is advisable to go for the insurance company with the highest claim-settlement ratio(CSR)
  • Solvency Ratio: It highlights the insurer’s ability to pay out policyholder claims.
  1. Provide accurate information: Many companies reject claims on account of discrepancies filled in the form. Fill correct details, especially:
  • Date of Birth
  • Medical History(If you are a regular drinker, smoker, or may be suffering from an acute disease, do not hide these details from your insurer)
  • Family Medical History
  • Profession
  • Any other insurance policy you hold.
  1. Choosing Ad-on: Choosing suitable riders is an added benefit that provides additional coverage in the term insurance plan.
  • Critical Illness cover: On being diagnosed with critical diseases mentioned in the policy by the insurer, a lump sum amount is paid to the policyholder.
  • Waiver of Premium on critical illness: Future premiums are waived off if the policyholder is diagnosed with a critical illness mentioned in the policy during the policy tenure.
  • Waiver of Premium on disability: If a policyholder becomes permanently disabled during the tenure policy, your future premiums would be waived off.

Before buying a term insurance plan, there are a lot of points that you should consider. Be sure to compare various plans on Elephant before finalizing the one you want to buy.

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A Millennial’s Guide to Buying Health Insurance
published on April 15, 2022

Just imagine, what could you do with a lump sum of money? If you are between the age of 18-and 30, you might plan an adventurous trip or buy the latest gadget on the market. But would you think of investing in a health insurance policy?

Millennials do not have a concept of saving and are often criticized for their lifestyle, where spending is prioritized over saving for the future. No one thinks of buying a health insurance plan until something bad happens. But health is above all, and with the COVID- 19 pandemic, Millennials have realized the importance of health insurance plans to cover the medical costs. Most of them find it challenging to choose the right health insurance. We can help you choose the right health insurance.

  • Plan selection:

There are various types of health insurance plans. You get a wide range of comprehensive options when you buy an insurance plan at a young age. Health Insurance is not just about getting medical cover for your hospital bills. Apart from basic plans, you may purchase critical illness plans which cover the treatment of life-threatening illnesses like cancer. You may need a plan to cover your family too.

Knowing about different types of health insurance plans can help you choose the right health insurance policy to suit your needs.

  • Check for Sub-Limits and deductibles before investing:

This is an important factor to keep in mind before you get a health cover. Sub-limit is an extra limit placed on your medical insurance claim by the insurance provider. There may be limits on things like ambulance costs, room rent, ICU charges, or even doctor consultation charges.

Read the policy terms thoroughly to identify such limits and avoid buying such insurance plans as you might have to pay expenses from your pocket.

  • Separate insurance for your Parents/ Family

When buying health insurance for your family, make sure you do not include them in the same cover. The two benefits of doing so are as follows.

  1. Your parents are the eldest members of the family. The insurance company will calculate the premium based on their age. So the overall insurance cost increases significantly.
  2. If your parents have any illness and make frequent claims, you may not be able to accumulate a No-claim bonus. Your premium will be extremely high and in some cases, you may not get the insurance cover you need.

Ignoring health insurance is not advisable as a serious accident or illness could hook you to staggering medical bills that will haunt you for years to come. To prepare yourself for challenging situations, get insured with a health insurance policy from Elephant Insurance.

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10 Easy Steps To Find The Best Health Insurance Policy In India .
published on March 28, 2022

There is nothing surprising to know that health insurance is one of the essential insurance policies to have considering the spike in the occurrence of health problems at an early age, in the current era as astronomical medical treatment costs place apparent stress on the necessity of having a health insurance policy.

You can buy a health insurance policy from the insurance company in India, but unfortunately, health insurance in India is the most neglected type of insurance as it doesn’t provide any benefits unless one falls sick. While no one wants to fall ill but one needs to understand that health problems are an undeniable part of our lives.

But it is essential to stay prepared for the financial consequences of a health problem as one cannot plan and get sick, but one can certainly stay financially prepared for the worst.

Steps to buying a General insurance policy:

Look for the right coverage- 

One needs to choose a health plan that secures them against a wide range of medical problems and provides benefits, including pre and post-hospitalization, daycare expenses, transportation, and illnesses that they may be at risk of due to their family’s medical history, etc. 

If one is buying health insurance for your family, check whether the policy meets the needs of each member of their family and consider their requirements, compare plans on benefits and costs, and apply a little due diligence to choose a plan that caters to their needs.

Keep it affordable:

While it is essential to buy a health plan that meets one’s needs, it is equally vital that it suits one pocket, and budget is a hugely important aspect when purchasing health insurance. But one needs to consider the plan benefits before them and consider the price of the plan.

It is a wise decision to buy a reasonably priced health cover at the start to ensure one is adequately covered and the premiums are also affordable review the plan and increase cover appropriately with an increase in income, family size, and requirements.

Prefer family over individual health plans:

Individual plans are suitable for individuals who do not have a family to support, if one is buying health insurance keeping their family in mind, purchase a family health plan to enjoy almost all the benefits at a more affordable price.

Choose a plan with lifetime renewability:

When one buys health insurance, they need to check for how many years the plan will cover them, or it offers limited renewability or not. It is mainly because one will need a health plan the most during the later years of age, so choose health plans which offer lifetime renewability.

Hence before choosing any insurance policy, one needs to compare health insurance policies online to ensure that they align with their needs. Consider requesting a quote online, which means one can enter details on the website and get an estimated premium for the policy.

Thus, these tips can help you find the best insurance policy. 

 

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Why Should You Buy Health Insurance for Your Parents Now?
published on March 14, 2022

To best the growing rates of medical care, possessing a medical insurance policy becomes quite significant. It’s been frequently observed that medical crises do not wipe out your entire life savings and make the stress of organizing for extra funds if needed. 

Not having health insurance not only simply contributes to a financial drain but also impacts the whole family emotionally.

But if you’re insured under a group health insurance plan, regardless of how sudden the medical crisis is, financially, you wouldn’t need to fret about the hefty medical bills. At precisely the same time, you can focus on restoration.

That is because you know that the insurance company will take Care of their financial burden. By paying a small amount for health care, you make sure access to the best medical centre at the hour of need.

Characteristics of Health Insurance for Parents

  • Claims for specific illnesses and pre-existing ailments are coated post conclusion of the expected waiting period.
  • Health insurance for parents provides health cover to senior citizens; in other words, people over 60 decades old are also qualified.
  • Health insurance plans for the family usually cover medical facilities such as ambulance services for parents.
  • Several medical insurance coverages for parents include attributes like lifetime renewals. Nonetheless, this is important only when the insured hasn’t taken a break involving policy years.
  • Modern attributes like cashless therapy and maintaining compensation through settlement are being supplied by virtually all health insurance companies to health insurance plans for families.
  • Health insurance for parents typically permits policyholders the flexibility to pick the amount insured according to their taste, which they believe is sufficient coverage for their health conditions.
  • The health care facility is appropriate for particular health insurance for parents. It makes policyholders entitled to reduced premium payments also, in some instances, also offers attractive discounts.
  • Health insurance for parents provides the policyholder with the accession of their spouse to the identical policy.

How Can Buying Health Insurance for Parents Gain You

Insuring your parents is probably among the very best things to present to your parents. Their old age, they might need medical care, and the expenses may liquefy your (or their) relatively little vegetable cart. Listed below are the advantages of purchasing group health insurance plans:

Financial Independence: When there’s ever an unfortunate demand to hospitalize your parents, they do not need to rely on anyone or you for expenditures. You will be helping them lead a dignified life to get a relatively small annual cost by minding them.

Cover against Pre-Existing Conditions: nobody likes to believe about their parents’ sickness. You may be one of these individuals. It is also possible to be among those men and women who understand the need of the hour and assure your parents against the slight decrease in their health from diabetes, hypertension, heart problems, etc.

Tax Benefits: If your parents are older citizens, you receive a Tax advantage of Rs. 30,000, aside from the tax advantage of Rs. 25,000. Should you insure them, you can avail a tax advantage of overall Rs. 55,000 annually. So the Policy nearly pays for itself.

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Why Buying Health Insurance Online is more Transparent.
published on February 28, 2022

Health insurance is a type of insurance in which the medical and surgical expenses of the insured person are covered. These expenses can either be hospitalization expenses, the cost of medicines, or consultation charges of doctors. Sometimes dental expenses are also covered. Either the person insured pays the expenses from his pocket and later gets reimbursed by the insurer or the insurance company directly settles the bills.  Private Health Insurance is also available. Insurance brokers and insurance companies come under this category.

With the constantly expanding costs of medical care in our country, and with the consistently rising instances of diseases, health insurance today is a need. Health insurance provides individuals with much-needed financial support in times of medical emergencies. Health-related risks are a part of life. One can’t plan and become ill yet one can absolutely be ready for the financial aspect. One of the approaches to be financially prepared is by purchasing medical insurance. It is a fact that medical care is an expensive affair. There are many reasons why one should purchase medical insurance like Change in Lifestyle, Rise in Medical costs and Benefit in Income Tax.

Another benefit of having health insurance is that you get cashless treatment. Many insurance companies work in collaboration with various hospital networks. Some policies also cover the amount paid to the ambulance for the transportation of the insured. If the insured does not file any claim for any treatment, he gets a No Claim Bonus (NCB). Free health check-up is provided by some companies on the basis of previous NCBs. The insurance policy also covers room rent depending on the premium paid by the insured.

Many types of health insurance plans are offered by different companies.

  1. Individual Health Insurance plan: This plan covers the medical expenses of the insured individuals.
  2. Family Health Insurance plan: This plan covers the entire family i.e. spouse, children, and parents. Any family member who is covered under this policy can claim for medical or surgical expenses.
  3. Group Health Insurance: This type of insurance plan is bought by an employer for his employees and is standardized in nature.
  4. Health Insurance for Senior Citizens: These plans are designed to meet high medical expenses at old age. Premium is higher in these types of insurance plans.
  5. 5. Critical illness policy: Under this policy, a lump sum amount is paid to the insured person on the diagnosis of some serious disease.

Buying insurance policies online is the most transparent, convenient, easy, and secure method. It also saves time and money. You can compare different plans, features, and costs. You get complete information online and also get adequate time to read all terms and conditions. You can get Health Insurance quotes online on the health insurance premium calculator. It is more or less like getting a car insurance estimate. You need to provide your age, the number of family members to be covered, any pre-existing illness, etc. to calculate your health insurance premium. You get the results calculated immediately by the health insurance premium calculator.

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Things to know about cashless health insurance
published on February 25, 2022

At times of medical emergency, it is hard to take the financial stress. Medical expenses are costly and not everyone has immediate access to cash. The charges fall high on us and may shatter our financial stability. Going through lots of emotional suffering can create a dig in lifetime savings. But, in this time of need, Health insurance companies are always there to uphold and it’s good to always invest a part of our income in a good health insurance company

Affording good treatment in a private hospital is quite expensive and to even arranging money for the need is difficult. In present days, cashless health insurance plays a crucial role. Most of the companies like Bajaj Allianz, Bharat Axa, HDFC Ergo, ICICI Lombard, and almost 90% of the insurance companies are now cashless. Therefore, you need not run to arrange money, no run to borrow, and no need to sell properties for hard cash to settle the amount.

How does cashless health insurance work?

Mostly the Health insurance claim settlement is done by reimbursement or cashless Health insurance. In reimbursement mode, the cost of treatment needs to be settled. And later all hospital bills lab reports discharge summary and open prescription, and a form by the company to be filled and submitted along with policy copy and bank details, and identity card. This is indeed stressful and havoc.

In a cashless health insurance system, the cost of treatment is in the company’s hands, and no money needs to be spent from the pocket of the insurance member. Insurance companies are in tie-up with many health organizations and they come under the insurance company’s network. Also, a Mediclaim Department in the hospital takes care of this documentation.

How to get a Cashless health insurance claim approved?

  • Hospitalization is either planned or could be out of emergency
  • In a planned treatment, like maternity, knee replacement, eye surgeries, etc all the formalities and necessary paperwork should be done well in advance by the insurer or the third party agent(TPA) before admittance to the hospital.
  • In emergency treatment for accidents, claim intimation needs to be sent to the insurance company by the policyholder giving a few basic details about the policy and the treatment at the hospital.
  • Then the company verifies with the hospital and the insurance company settles all the money.

Key features of this Cashless health insurance

The cashless system varies from previous reimbursement policies and comes up with lots of benefits to the policyholder 

  • There is no need to pay any treatment expenses at the network hospital
  • The insurance covers all Pre and post-hospitalization charges.
  • The cover-ups also include domiciliary hospitalization cost, ambulance fare, Room rent, and all. 
  • This includes expenses related to in-patient hospitalization for more than 24 hours also.

There are often challenges in this system. Hospitals can be removed or added to the Insurance company’s network anytime. Hence, you need to check for the status or it will have to go with reimbursement mode. Make sure to select the right insurance company for your financial well-being.

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Offering Health Insurance as an Employee Benefit
published on January 4, 2022

Having group health insurance typically comes from an employer. If you are looking to understand corporate medical insurance advantages, either as an employer or an employee, here are some things to carefully consider.

A popular employee benefit for both employers and employees is corporate medical insurance. Offering it is entirely optional, but worth considering if you and your employees can benefit from the possible lower rates of insuring a group.

Advantages of group insurance for company employees:

It’s simple

There are so many employee benefits providers that offer a range of group insurance for company employees solutions for companies of any size, in any industry.

It can help boost productivity

Healthy people can accomplish much more in their time at work and are less prone to burnout in the workplace.

Getting treatment and care can become more comfortable

For many significant insurers, payment options such as direct billing are the standard. Staff members needing treatment can find the whole process much more comfortable to navigate when a healthcare provider and an insurance company have a good working relationship.

Benefits of group insurance for employers:

Small business health insurance can save money

There are a lot of advantages of group health insurance, and one of the biggest ones is the cost savings. This helps the employee who finds that they can afford insurance for themselves and their family, but it also helps the employer who wants to give their employees the right insurance that they can afford to help with.

Lower cost due to a larger risk pool

When more people are included, there are more options for more people, generally at a lower price than what would otherwise be available. In simple terms, you can get a Better group Medicaid insurance policy for employees plans offered, A lower price for insurance plans, and More coverage for pre-existing conditions. It is easy to see that there are a lot of reasons to consider it from the employee standpoint when you look carefully at the advantages of group health insurance. Employees who qualify for this kind of insurance through their employer are generally wise to get it.

Tax incentives for offering health insurance to employees

The advantages of group health insurance are not just for the employee. They are also available to the employer in the form of a small business health care tax credit. With group medical insurance policy for employees, it is offered to businesses that give their employees insurance and pay part of their premiums. These businesses may qualify to get a credit back on their taxes.

Insurance is an integral part of feeling safe and having peace of mind, and when employers provide that for employees, it most often does not go unnoticed by those employees. Hence, you must know about these benefits.

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How to reduce your Term Insurance Plan Premium?
published on December 15, 2021

A Term Insurance Plan should be an ideal addition to your financial portfolio. Unmatched financial security is provided by the plan, which is not provided by any other financial tool. You can select a high sum assured to cover the financial loss your family would suffer in case of your premature and untimely death At low premium costs.

Some of the tips to reduce premium rates on term life insurance policies:

Buy a plan when you are Young and Healthy:

Your Term Insurance plan premium depends upon your age when you buy the plan. The mortality risk increases as you grow older and determines the premium on your plans. When you delay buying a term insurance plan, the underlying premium rate increases; hence it is recommended that you should buy a plan when you are young.

Maintain Good Health and Lifestyle:

Additionally, Health and Lifestyle habits also determine the premiums under term life insurance policy. The premium will be high if you have any medical ailments or physical complications. The would-be increased too if you consume Tobacco the tip. This premium increase is with the underwriting assessment that medical ailments and lifestyle vices increase your mortality risk. Hence, the insurance company charges a higher premium to compensate for the higher inherent risk.

Choose a Longer Tenure:

The tenure under insurance features includes long coverage durations, which go as high as 40-50 years. If death occurs during the coverage tenure, the plan pays the benefit. The highest possible coverage duration should be selected as per experts’ advice when buying a term plan. You get for a more extended period, which increases the probability of claim payments for your nominees even after your retirement age and the premium amount outflow is lower. You don’t have to pay a higher premium afterwards for the same Sum Assured, these are the two benefits of choosing a long tenure.

Pay premiums Regularly and in an Annual mode

Premium life insurance plans allow Limited and Regular premiums. When you pay premiums for a limited duration, they are little premiums. On the other hand, regular tips mean paying premiums throughout the tenure of the plan. Your premium rates would be lower compared to limited payments if you choose a recurring premium payment option.

Choose the correct Sum assured:

Your premium will be high if you buy a plan which has an unnecessarily high sum assured. Hence, you must be careful when selecting the Sum guarantee and ensure that the chosen coverage amount is neither very high nor too low.

Cut down on Frills and go for Basic Vanilla Cover:

Modern term insurance plans feature a lot of value-added features, which enhances the scope of the project. It would be best if you did not go overboard in selecting these value-added benefits. Inbuilt riders are useful additions, but other paid features are to be weighed in terms of the additional premium costs associated with it.

When choosing a premium life insurance, look out for the maximum possible discount to avail of and reduce your premiums by using these benefits.

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Employee Benefits: Compensation Ideas for a Diverse Workforce
published on October 25, 2021

Employees are a company’s most valuable asset. They love benefits. They want appreciation and recognition for their hard work. Not to forget that many employees apply for organizations depending on the perks and services offered by that company. These are non-monetary benefits provided to attract and retain employees and are also called fringe benefits. Employee Benefits like unlimited vacation and work from home privileges are things of the past now. The employees of today appreciate health insurance plans.

Preferred compensation types:

Health Insurance:

Health insurance plans are great ways to show your employees that you care about them. The organization pays specific amounts of money to cover an employee’s medical care. These include insurance for losses from accidents, disability, sudden death, and dismemberment.

Disability Insurance:

The employer pays for the worker’s salary if the worker becomes disabled or is unable to work. An employer can provide either short-term or long-term disability or health insurance for employees, depending on the employee’s needs.

Tuition Reimbursement:

Organizations offering employees to pay back for their education expenses is an excellent employee benefits idea. Employees have to pay on their own before taking up a course.

Retirement Benefits:

You can add in your compensation package is providing your full-time employees with financial security.

Paid Sick Leaves:

It will directly affect their productivity and efficiency when employees will be weak but still have to work. Hence, you need to have some policy where they can avail themselves of paid sick leaves is a great way to show that you care for your employees’ well-being.

Performance Bonus:

Employees continue to perform well when you appreciate employees for their hard work and achievements, as everyone wants to and loves being appreciated. Hence, you need to reward them for their performance to motivate and encourage them to achieve goals more effectively. A corporate travel insurance policy is also a great idea.

Stock Options:

The company offers the employee the right to buy some shares in the company at an agreed-upon price by a particular date. It helps employees have ownership over something that they are working to build, too.

Paid Parental Leaves:

Besides buying a corporate travel insurance policy, you also need to provide paid time off to employees to take care of their child or a family member. Parental leaves can be in the form of paternity leaves, maternity leaves, or even adoption.

Wellness Programs:

These are programs initiated by the company to encourage employees to maintain a healthy lifestyle. These include programs such as gym memberships, weight-loss competition, smoking cessation, and health screenings.

You can make your company more diverse and inclusive when you provide your employees with the right kind of benefits, and perks are essential. It is necessary to attract and hold on to your top talent. But, it is of utmost importance that you have a comprehensive and dynamic employee benefits plan.

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