Health Insurance Blogs

Helping you to make informed decisions about insurance

Buying Health Insurance in Delhi Made Easy: Here’s How

published on September 25, 2024

The bustling metropolis of Delhi also has serious health issues. Due to rising medical care costs and pollution, many view health care coverage as imperative. We will help you in understanding the steps and things to look out for while purchasing health insurance in Delhi through our blog post.

Are You Buying Health Insurance? Consider These Factors:

Sum Insured:

This shows the maximum amount your insurance company will pay for medical bills over a full year. A bigger insured sum is associated with more comprehensive coverage.
Coverage:

Analyze the insurance details thoroughly. While many plans cover hospital stays, surgeries, and prescription meds, others may also cover dental care, maternity care, and coverage for severe illnesses.
Network Hospitals:

Your insurance company is connected to these medical facilities. Selecting a provider from the network helps streamline the claims process and perhaps save expenses.
Waiting Period:

Some claims, such as those involving pre-existing conditions, can be filed within this time frame.
Premium:

This is the sum you pay the insurance supplier to keep up with the contract’s status. Comparing the premiums offered by various suppliers is essential.

Also Read: A Step-By-Step Guide To Navigating Health Insurance Claims

Choosing the Right Plan

Health insurance plans come in various forms. Common types include:

Individual Health Insurance: Tailored for single individuals.
Family Floater Plan: Covers you, your partner, and your dependent children under a single insurance.
Senior Citizen Health Insurance: Health insurance specifically created for older individuals.

Numerous factors, including age, the number of family members, existing medical conditions, and financial status, influence which plan is ideal.

Things to Look Out for When Purchasing Health Insurance

Comprehensive Comparison:

Evaluate the premiums, hospital network, and claim settlement rates of various insurance companies along with their coverage.
Meticulous Policy Review:

Thoroughly understand the policy terms and conditions before purchase.
Reputable Insurer Selection:

Prioritize insurers with a proven track record of claim settlements.
Exploring Add-on Covers:

Consider supplementary covers like critical illness, personal accident, or maternity for enhanced protection.
Regular Policy Assessment:

As life evolves, so do insurance needs. Periodically review your policy to ensure it aligns with your changing requirements.

The Claim Process

Quickly informing your insurance provider is essential if there is a medical emergency. A few guarantors give the choice of hospitalization without cash at clinics inside their organization. In cases without a credit only office, you might need to pay for costs forthright and afterward look for repayment from the insurance agency.

Also Read: 10 Sneaky Reasons Your Health Insurance Claim May Not Get Approved

Conclusion

Despite the fact that purchasing health insurance can be overwhelming, it is necessary for financial readiness. By completely surveying your needs, assessing various choices, and picking a dependable insurance agency, you can establish a strong health insurance foundation for yourself as well as your friends and family.

Please feel free to call us at 1800 266 9693 or email support@elephant.in with any questions. For excellent choices for vehicle insurance, visit Elephant.in!

*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. You are recommended to obtain specific professional advice from before you take any/refrain from any action. Tax benefits are subject to changes in tax laws. Please contact your tax consultant for an exact calculation of your tax liabilities.| EL/BLOGS/24-25/16

Factors Influencing Health Insurance Premiums: What You Need to Know

published on August 30, 2024

Health care expenses are spiraling day by day. In modern India, a health insurance plan has indeed become more of a need than a luxury. Not to forget that it actually is a financial shield, saving you from the burden of medical bills due to any mishap, for example, hospitalization or falling ill. But as new and established insurance companies alike pitch all manner of health insurance plans, at least one question seems to keep arising: Which is best, and how much is it going to cost me?

It doesn’t matter; we are there to help you. Various factors have a bearing on health insurance premiums in India, thus providing you with three sources to make an empowered decision while choosing a health insurance plan. You will be able to compare plans with purpose and choose the best health insurance policy that works well for you and your pocket.

Health Insurance Premiums

A health insurance premium may simply be put in the same league with the price a person is to pay in regards to a linsurance company on a monthly or annual basis in order to receive coverage. Such coverage assures one of compensation up to a pre-determined limit whenever the individual falls ill or needs admission into a hospital for due reasons. Your premium is likely, in most cases, to dictate just how comprehensive your cover turns out to be.

Factors Affecting Your Health Insurance Premium

The health insurance premium depends upon a various factors. Let us discuss some of the most important ones:

Age:

In general, premium rates for health insurance are charged on a lower rate for the younger age group in comparison to older people. This is because, with an increase in age, the risk for hospitalization and the associated medical cost increases.
Your Health Status:

If you enjoy the best premiums; then your pre-existing conditions, if any, may lead you into hefty premiums, as the company estimates probability.
Your Lifestyle:

Such habits as smoking or using tobacco will raise your premiums in a huge way. This is because such activities are dangerous to your health status.
Sum Insured:

This is the maximum amount that an insurance company is inclined to pay toward any treatment expenses. Quite normally, the higher the sum insured, the higher the premium, which in turn should ensure adequate coverage.
Your Policy Coverage:

The premium will be less for a basic policy with restricted coverage as compared to comprehensive policies covering a wide scope of benefits, including pre- and post-hospitalization expenses or critical illness cover.
Your Location:

Geographical location may have an impact on your medical costs; it differs by city or region. So in case you reside in a metro city with higher healthcare costs, your premium may turn out a bit on the higher side.
Claim History:

A history of regular claims often makes insurance companies take it as an indicator to place you at an above-average risk, for which they might go ahead and increase the premium upon renewal.

Cost vs. Coverage: The Trade-Off

The more competitive premium may be inviting, but here is a trade-off between cost and cover: one with a low enough premium in a basic plan will not give any significant coverage against serious medical conditions that might demand high-cost treatment.

Tips for Managing Your Health Insurance Premium

Here are some extra pointers to keep your health insurance premium in check:

Assess your medical requirements and select a plan that provides sufficient coverage without superfluous features
Maintaining excellent habits and living a healthy lifestyle will help you save money on premiums over time
Never accept the first plan you come upon. To compare costs and coverage choices, get quotations from many insurance providers
A family floater plan might be an affordable choice if you have a family because it covers several individuals under a same policy
If you didn’t file any claims the year before, many insurance companies may give you a No Claim Bonus on your Health Insurance renewal premiums

Conclusion

Once you understand what creates variations in your health insurance premiums, you will be better equipped to make informed decisions while choosing a plan. Keep in mind that the best health insurance plan is not about the affordability but the proper balance between cost and comprehensive coverage based on the needs of the buyer. There are so many ways to be smart about your health; one of these is to choose a health insurance plan that’s got your back—and your family’s—in case any medically unexpected situation arises.

What is the Grace Period in Health Insurance Plans?

published on August 8, 2024

Certain terms and conditions in health insurance may make it more complicated to understand the process. The grace period is one such term that you will come across. In essence, it is very important to understand what the grace period really means for your health insurance plan, as this could impact your coverage and financial stability.

What is the Grace Period?

The grace period in health insurance stands for an extension time allowed to policyholders after the due date to pay their premiums. During this time, the insurance coverage is still active, and one cannot be penalized for being unable to pay at the deadline. Consider this a safety net that keeps your health insurance from becoming terminated with prejudice over an innocent mistake of lateness.

What is the Grace Period Duration?

The grace period accorded on the insurance policy differs with each insurance company and the type of policy taken. The grace periods normally vary between 30 to 90 days (about 3 months). To find out how long the grace period for your policy is one needs to read through the policies in possession or contact the company that underwrites the policy.

Also Read: What is Restoration Benefit in Health Insurance?

Why is the Grace Period Important?

The grace period is meant to cushion the policyholder. Life is normally full of ups and downs, and at times, one may be in a difficult financial situation or forgetful, hence making him or her miss the payment. It goes without saying that a grace period means you’ll still enjoy health coverage during those days, and there are no existing gaps putting you at great risk in the event of a medical emergency.

What Happens in the Grace Period?

You have the grace period frame for medical insurance inclusion; subsequently, you can go on with your clinical care, and your claims will keep getting processed as usual. Here one must make a note that for whatever reason if you falter in paying your premium by the end of the grace period, it is most definite that your insurance policy will be rendered null and void.

Impact on Claims and Coverage

Though your policy may be valid during the grace period, in some instances, insurers may delay processing your claims until and unless the past dues are paid. Simply put, you can avail of medical services, but the payment to the health provider can be stalled till the payment of the premium.

Also Read: Things to consider while buying health insurance plans

What if You Miss the Grace Period?

Not paying within the grace period could be a big deal. It probably means that your health insurance policy will be terminated, and you hence will have no more coverage. This, of course, can be very tricky if you have ongoing medical needs or should any unexpected health issue arise. Furthermore, should your policy be terminated, in most cases you will be left waiting for the next enrollment period to sign up for a new one, meaning that you will be without coverage for an extended period.

Reinstatement of Coverage

Some insurers give policyholders the opportunity to reinstate a policy if coverage has been cancelled for non-payment. In most cases, this would mean paying not only the back premium due but quite often a reinstatement fee. Reinstatement is not automatic and may not be guaranteed, and the terms can vary from one insurance company to another. It is best not to rely on this option and instead ensure that premiums are paid on time.

How to Avoid Missing a Payment

Set Up Automatic Payments:

Most insurance companies provide a provision for making automatic payments directly through your account, paying a set amount each month or on the due date of your premium.

Use Payment Reminders:

If you are one who does not like automated payments, set your phone or calendar to remind you a few days before payment.

Premium Budget:

Create a budget each month that includes your insurance premium. That way the actual premiums won’t shock you because they won’t be a surprise when they are due for payment.

Talk to Your Insurer:

If you find that you’re not going to be able to make a payment, go ahead and call your insurer. They might have payment plans or another resolution to keep you covered.

Also Read: Premium Reduction Tactics for Your Health Insurance Plan

Special Considerations

Please be aware that grace periods differ depending on the different classes of health insurance plans. For example, the ones sold through the Health Insurance Marketplace come with a 90-day grace period if one is granted advance payment of the premium tax credit; but again, this does not mean that one needs to apply for any other type of plan.

Other state laws may have some impacts on grace periods. Some states by law specify the shortest duration that a health insurance cover can provide, thereby enhancing more protection for policyholders.

Conclusion

The grace period refers to a time frame within which health insurance plans pardon policyholders if they pay their premiums late. You must exactly know how it works and be proactive in paying your premiums to avoid any further distractions. This way you can assure yourself of continuous health coverage, leaving worries of lapsed policies behind. Always review your specific policy details and talk to your insurance company for further information and protection.

Call 1800 266 9693 or email us at support@elephant.in if you have any questions. Visit Elephant.in for the best car insurance plans!

How to Secure Best Health Insurance Plan in Mumbai: A Detailed Guide

published on July 18, 2024

In a bustling city like Mumbai, where a significant population leads busy lives, a health issue could emerge unexpectedly. Due to the increased cost of healthcare in the metropolis, an individual will have to pay a large amount of money to treat these health concerns. You must get health insurance if you want to ensure that this health risk does not deplete all of your funds and if you want to keep your financial security.

This blog post’s goal is to educate you about health insurance and provide some advice and considerations for when you get health insurance in Mumbai.

Understanding the Coverage Options

Having health insurance helps shield you from the financial strain of unexpected medical costs should you need to be admitted to the hospital to treat your illness. You will encounter two primary categories of health insurance plans:

Indemnity Plans:

Up to the maximum insured sum, the insurer consents to pay the insured person’s medical bills. The payment will be handled as soon as the insurance receives the invoices for the medical costs.

Benefit-Based Plans:

These schemes provide a predetermined payout when a claim is made, typically given all at once. These plans become effective and provide a set benefit based on the room and amenities chosen during hospitalisation.

Also Read: Understanding Coverage Options & Benefits of Family Health Insurance

Why You Should Get Health Insurance

Acquiring health insurance has various benefits. They are as follows:

Financial Protection:

Clinical expenditures associated with specific therapies or hospital stays in Mumbai may be high. By paying for these costly clinical expenses, health care coverage takes the monetary weight off the safeguarded party’s shoulders.

Stress-free Recovery:

Having health insurance will take care of any financial issues that come up in a medical crisis, allowing you to concentrate on getting better instead of thinking about costs.

Access to Quality Care:

Health insurance simplifies the process of receiving top-notch medical care, including hospital visits, treatments, prescriptions, etc., as the insurance provider covers the costs.

Tax Reductions:

You also receive specific tax benefits for health insurance for yourself. According to section 80D of the Income Tax Act, the government of India allows tax deductions for health insurance premiums paid for both yourself and your dependents.

Selecting a Health Insurance Plan in Mumbai: Key Considerations

Take into account the following factors before buying and obtaining health insurance in Mumbai:

Age and Overall Health:

While choosing health care coverage, it is fundamental to consider an individual’s age and health conditions. A young, healthy individual only needs basic health insurance coverage. It is recommended to acquire a comprehensive plan if an individual has a family background of illnesses or has concerns about potential future risks.

Insured Sum:

The insured amount is the money that the insurer will compensate for during a health emergency. Keep in mind the various hospitalisation costs in Mumbai and any existing health conditions when selecting the proper amount of insurance.

Coverage Options:

Numerous coverage choices are available with health insurance policies. Select a health insurance policy that takes into account your unique requirements as well as potential health risks.

Network Hospitals:

Pick a health policy that offers a broad network of medical clinics in Mumbai, consisting of both private and public choices. This ensures that you can use credit-only hospitalisation benefits by getting quality medical services suppliers in the network.

Also Read: Premium Reduction Tactics for Your Health Insurance Plan

Claim Settlement Ratio (CSR):

Examine the Claim Settlement Ratio (CSR) of different insurance firms. A high CSR demonstrates that the insurer settles guarantees quickly and efficiently.

Premium Cost:

Costs for health insurance vary according to the factors mentioned before. Even though cost is important, it is essential to priorities adequate coverage over a lower premium for long-term financial stability.

Conclusion

Health insurance is very important, especially in a city like Mumbai where the population is rising, posing a major risk of accidents happening and where life is so fast-paced. Keep in mind that getting comprehensive health insurance is one way to give your overall health priority.

Please feel free to contact our experts at support@elephant.in or by contacting our hotline at 1800 266 9693 if you have any further queries! Elephant.in is the best place to get health insurance rates!

What is Restoration Benefit in Health Insurance?

published on July 4, 2024

As healthcare expenses continue to increase in India, individuals must have sufficient healthcare coverage to ensure that they are financially protected at times of a medical crisis. Normally, basic health insurance covers hospital stays but may not fully cover expensive treatments for severe medical illnesses. This is the moment when restoration benefits come in handy – they can significantly boost your coverage and provide crucial financial protection in case of a major medical emergency.

This article explores the specifics of the advantages of restoration in Indian health insurance schemes, assisting you in making informed decisions while choosing your best health insurance plan.

The Challenge of Exhausted Sum Insured

In certain situations, you can face exhaustion of the sum insured. The situations are as follows:

Severe Health Problems:

Certain extreme health conditions demand extended stays at the hospital which in turn is costly (diseases like cancer, heart problems, etc.). The original sum assured might not cover all the costs associated with the therapy.

Rising Medical Costs:

The issue of medical inflation is always a worry. Nowadays, the prices of health procedures and visits to the hospital are getting costlier. The sum insured under the insurance coverage you have opted for may not be enough to cover the pricey cost of treatments that you might need in the future.

Multiple Hospitalisations:

If you are in a situation where you have multiple health problems at once or are frequently paying a visit to the hospital, the actual sum insured amount will be inadequate and can drain quickly.

What is Restoration Benefit in Health Insurance?

The restoration benefit provides a fresh sum insured in specific circumstances, overcoming the drawbacks of conventional health insurance plans. Here is an explanation of its functioning:

An Add-on Feature:

Typically, restoration benefit is provided as an additional rider that can be bought in conjunction with your primary health insurance coverage. It is not a common inclusion in every policy.

Renewal of Sum Insured:

When you use up the original coverage amount because of a hospital stay, the restoration benefit serves as a safety cushion. It basically refreshes your coverage amount, providing you with extra financial protection for additional treatment in the current policy period.

Types of Health Insurance Restoration Benefits

Health insurance companies in India provide two primary categories of restoration benefits:

Partial Restoration:

This form of restoration coverage provides a partial refill of the original coverage amount, usually between 25% and 50%. For instance, if you use up the entire ₹10 lakh initial sum insured, a 50% restoration benefit will give you an extra ₹5 lakh for more medical expenses in the same policy year.

Full Restoration:

As implied by its name, a complete restoration benefit replenishes your total sum insured when it is depleted from hospitalisation. This offers a major financial cushion, particularly for severe illnesses needing extensive care.

Advantages of Restoration Benefits in Health Insurance

Now that you have knowledge of the concept and various types of restoration benefits, let’s delve into the primary benefits that this additional feature provides:

Enhanced Financial Protection:

The main advantage of restoration benefit is the extra financial protection it offers. If you run out of your original insurance coverage because of unexpected medical costs, the restoration benefit serves as a safety net, guaranteeing you have enough money for ongoing care in the current policy period.

Eliminates financial stress:

Having up-to-date protection against serious diseases or successive emergency hospital runs can extraordinarily reduce the mental pressure caused due to stress while confronting such challenges.

Flexibility in Treatment Options:

Lacking coverage for restoration, utilising all of your initial sum insured could restrict your choices for treatment. The increased amount of insurance coverage guarantees that you can receive optimal medical treatment without worrying about money, even if the expenses surpass the original limit.

Protection Against Rising Medical Costs:

Medical cost escalation is an undeniable fact. The restoration benefit aids in lessening the effects of increasing healthcare expenses. Although the current sum insured may appear sufficient, opting for a higher sum insured in the future can assist in covering rising treatment costs.

Security for Family Floater Plans:

Restoration benefits are especially valuable for family health insurance plans, such as family floater plans, as they provide coverage for several members through a single policy. If a family member depletes the coverage amount because of a serious illness, the restoration benefit guarantees ongoing financial protection for the rest of the family.

Conclusion

In the current healthcare environment, with the continual increase of medical expenses and the rising worry of serious illnesses, having restoration benefits in your health insurance policy can be a beneficial inclusion. It gives a financial safety buffer, providing more coverage if you use up the original insured amount because of hospitalisation. You can decide whether to add restoration benefits to your health insurance policy by knowing both its advantages and restrictions. Keep in mind that placing importance on thorough health insurance that considers future needs safeguards you and your family’s financial well-being during unforeseen medical crises.

Please feel free to reach out to our specialists for any further questions either by emailing us at support@elephant.in or giving us a call at our hotline, 1800 266 9693! For the most competitive health insurance rates, check out Elephant.in!

Things to consider while buying health insurance plans

published on June 26, 2024

When we say India is on a growth trajectory, it also includes the growing cost of health. The days of manageable medical bills are left in the past- with premium healthcare facilities raising the prices. Even a minor hospitalisation procedure can cause a substantial expense, leaving families financially vulnerable. Hence, healthcare insurance has shifted from the position of being a luxury into a necessity for all. Yet, with the sheer number of health insurance available, it is common to get lost in the complexities. We are here to demystify the technicalities and help you select the insurance that fits your requirements best.

Understanding Your Needs

Before embarking on your plan selection journey, understand the importance of health insurance:

Health insurance acts as a buffer, saving you from reaching debt in a medical emergency.
The shift from worrying about treatment finances to getting the right treatment keeps you at peace.
Cashless hospitalisation that does not require cash is becoming increasingly common, eliminating the need to pay medical bills upfront.
A wide range of medical expenses, such as hospitalisation, surgery, doctor visits, diagnostic tests, and medications, are covered by health insurance plans.
When someone is diagnosed with a serious illness, health insurance helps them manage the costs of treatment and other expenses.
Family floater plans allow you to cover your entire family under a single plan, protecting them against medical emergencies.
Through lifetime renewability, many health insurance policies guarantee long-term coverage as you keep ageing.

Now that we have decoded the importance, let’s proceed to the need. It is imperative to understand your unique healthcare needs. Consider these:

Age plays a role in premium costs and pre-existing conditions may have waiting periods before coverage applies.
Take into consideration whether you need the health insurance plan just for yourself or for the entire family under a family floater plan.
Consider your activity level. Does your plan need to take into consideration potential health risks associated with your lifestyle, such as adventure sports or a physically demanding job?
Do you have a preferred hospital network, or are you flexible in your choices? Knowing this will help you choose a plan with a wide network in your preferred location.

Also Read: 10 Easy Steps To Find The Best Health Insurance Policy In India

Identifying Right Health Insurance Options

In the current day, you have different options with regards to picking your medical services plans. There are numerous health insurance plans available to meet your specific requirements:

Individual Medical Insurance Policies:

These plans only cover medical expenses for the insured individual for whom the insurance policy is acquired.

Floater Family Policies:

These plans cover your spouse, dependent parents and children under one sum insured amount and are hence cost-effective.

Health Insurance for Senior Citizens:

Senior citizen health insurance schemes aim at the specific healthcare requirements of old people and may sometimes cover pre-existing conditions after the waiting period is over.

Critical Illness Policy:

This policy provides a lump sum that can be used for treatment costs in the event of a diagnosis of an illness like cancer or heart disease.

Top-up Policies:

These policies are intended to be added to an existing health insurance policy to expand coverage beyond the initial sum assured.

Choosing a Health Insurance Plan: Things to Consider

Since by now you have a background on the various options of plans, let us dive into the essential aspects that will shape your judgment:

Sum Insured:

This assesses the amount of money the insurance company will pay for medical expenses. Assess your possible health needs carefully and select an insured sum that offers adequate coverage. Keep in mind that higher sums insured result in higher premiums.

Network Hospitals:

Go for a plan with reputable hospitals, especially within your town or where you stay mostly. With this arrangement, you are guaranteed admittance to quality healthcare facilities, as well as cashless hospitalisation where the insurer directly deals with the hospitals within the network, saving you from making upfront payments at confirmation time.

Waiting Periods:

Health insurance policies usually have specific illnesses or pre-existing conditions that may have a waiting period before they can be covered. For previous illnesses, it is better to choose plans that have shorter waiting periods.

Claim Settlement Ratio (CSR):

This displays the percentage of claims settled. A higher CSR (preferably above 80%) means higher chances of claim approvals. Choose an insurer whose claim settlement process is transparent and efficient.

Policy Renewals:

Make sure the policy has lifetime renewability, offering coverage renewability and guaranteeing coverage even as you age, provided premiums are paid on time.

Co-made Non-refundable Benefits:

Some plans include copays (the policyholder pays a fraction of the claim) or deductibles (a fixed amount subtracted from the total claim before the insurance covers it). Ensure you are conversant with these clauses to avoid any surprises when finally settling claims.

Also Read: Understanding Tax Benefits: How Health Insurance Impacts Your Taxes

Additional Tips for Choosing a Health Insurance Plan in 2024

Here are a couple of things that you could keep in mind to aid you further-

Harness the Power of Technology: The plans provided by the various insurance providers can be compared online using the insurance aggregators to establish the most appropriate insurance plan to go for.
Read the Fine Print: Before going for a final call, make sure to scan through the policy document mentioning its inclusion, exclusion, and the mode of its claim.
Seek Professional Guidance: Unless otherwise, speaking with a registered insurance agent or a financial advisor may help in making appropriate decisions.

Conclusion

It is for this reason that choosing the correct type and plan of health insurance is one of the best decisions that one can secure in the event of unforeseen circumstances. Therefore, to choose the right plan from the given options, find out your needs, know how the plans are different, and be aware of the factors mentioned above to make an informed choice.

Kindly contact our specialists with additional inquiries by sending us a message at support@elephant.in or calling us at our number, 1800 266 9693! To find the best medical coverage rates, visit Elephant.in!

10 Sneaky Reasons Your Health Insurance Claim May Not Get Approved

published on May 29, 2024

In situations of unforeseen health-related crises, a health insurance policy comes in to save the day, promising financial help and facilitating the burden of healthcare costs. Notwithstanding, the claim settlement process isn’t direct all the time. Now and then, minor oversights or false impressions can prompt claim dismissal, leaving you feeling disheartened and financially unstable. In this blog, we will uncover 10 reasons why your medical coverage guarantee may get denied.

Are you surfing the internet and searching for a health insurance policy customised to your necessities? Worry not! Visit Elephant.in and follow the 3 easy steps to get your policy instantly!

Understanding Policy Exclusions

Each health insurance policy has exclusions and conditions under which claims are not covered. These can go from prior conditions not disclosed during the beginning of the policy to specific treatments expressly excluded in the policy. Cautiously review your policy, comprehend the exclusions completely, and explain any questions to your insurer to avoid surprises during the claims procedure.

Incomplete Documentation

Organised documentation is key to having a seamless claims procedure. Ensure that you present all vital documents required under your policy. This normally incorporates clinical records, doctor prescriptions, diagnosis reports, and bills. Deficient or missing records can essentially defer or try and lead to claim dismissal, causing pointless pressure and financial strain.

Pre-authorisation Problems

Certain procedures require pre-approval from your insurer before availing them. The inability to acquire pre-approval, particularly for costly or specialised procedures, can lead to claim dismissal. Get to know your strategy’s pre-approval necessities and stick to them constantly to guarantee your claim sails through without a hitch.

Not Renewing the Policy on Time

The lapse of policy is one of the main reasons for the dismissal of a health insurance claim. Health insurance policies are generally valid for one year and should be restored yearly. If you neglected to renew the insurance on time and, in the meantime, fell sick during that period, your policy would be pointless, and your claims would be dismissed.

Not Adhering to Claim Filing Timelines

There isn’t a moment to spare while recording claims. Every health insurance plan specifies a particular period for submission of the claim, commonly ranging from 30 to 180 days from the date of discharge. Surpassing this period can prompt claim dismissal. Present your claim documents expeditiously to keep away from unnecessary delays and complexities.

Failing to Disclose Pre-existing Conditions

While acquiring a health insurance plan, complete transparency concerning prior conditions is important. Even unrelated illnesses can be grounds for rejecting claims if not disclosed earlier or if their severity is misrepresented. Tell the truth and be upfront about your clinical history to ensure your policy stays valid and claims are handled reasonably.

Exceeding Coverage Boundaries

A sum assured is the maximum amount a health insurance policy will pay for medical expenses. Ensure your treatment costs stay within the limit as far as possible. Surpassing the assured sum can bring about a partial claim settlement or even dismissal of the claim, leaving you responsible for the leftover expenses. So, be mindful of your coverage limits during your treatment and hospital stay.

Overlooking Waiting Periods

Numerous health insurance policies have waiting periods for specific treatment procedures or prior conditions. This implies you probably won’t be qualified for the inclusion of a particular condition until a period has passed after the start of the policy. Understanding and sticking to these waiting periods is critical to keep claim dismissal and ineligibility at bay.

Updated Policy Terms and Conditions

At times, insurers may adjust the insurance terms and conditions, for example, the coverage benefits and premiums. As a result, your claim may get denied if both your coverage and your policy have been altered.

Fraudulent Claims

Deliberately submitting bogus or fabricated data in your claim is fraud and can have serious outcomes. This includes fabricating medical records, exaggerating symptoms, and requesting reimbursement for non-covered expenses. Taking part in such unscrupulous practices puts your claim in danger and risks cancellation of the policy and possible legal repercussions.

Conclusion

Understanding these reasons for claim rejection enables you to approach the process with informed vigilance, despite the complexity of the health insurance landscape. By cautiously evaluating your insurance terms, carefully setting up your claim documents, and sticking to pre-authorisation necessities, timelines, and inclusion limits, you can fundamentally expand your possibilities of claim approval and ensure seamless procedures during health-related crises. Keep in mind that being honest and open with your insurer and seeking professional guidance when required are tools for securing your well-being.

To clear any further inquiries, contact our specialists by messaging us at support@elephant.in. Or call us on our help number: 1800 266 9693! Visit Elephant.in to get the best quotes!

Premium Reduction Tactics for Your Health Insurance Plan

published on May 28, 2024

Premiums for healthcare coverage keep on increasing, all thanks to the rising medical services costs, which can cause financial distress. There are strategic ways of bringing down the premiums of your healthcare coverage plan, ensuring you get sufficient coverage without burning the last rupee.

1. Get Insured at a Younger Age

Time is your companion concerning health insurance premiums. Beginning a health insurance plan at an earlier age, preferably in your 20s or 30s, offers huge cost benefits. Young people commonly represent a lower hazard to insurance providers, which means they are offered lower premiums when compared to people who get themself insured at an older age. This early investment reaps financial rewards throughout your policy years, providing long-term savings and peace of mind.

2. Assess Your Needs and Get Coverage Accordingly

Not all health insurance plans are made equivalent. Fight the urge to just renew your current policy without exploring options. Conduct planned research and compare the various options by different insurers you come across and then make the decision accordingly. Break down your necessities and clinical history to recognise a policy that lines up with your current and expected medical necessities. Clarify some issues by asking questions and taking expert guidance to make sure that you are not shelling out excess money for coverage that is not necessary.

3. Consider Preventive Healthcare

Remember that prevention is better than a cure. In addition to the fact that it is great for your well-being to focus on preventive healthcare, it could get you a good deal on your health insurance plan, helping you save costs. Numerous insurers offer discounts to people who effectively take part in preventive healthcare, boosting a proactive way to deal with prosperity.

4. Harness the Magic of No Claim Bonus: Rewarding Responsible Choices

The No Claim Bonus (NCB) is an important reward offered by insurers for having a claim-free year. Your health insurance plan’s premiums drop in recognition of your responsible health management with each claim-free year. This incentive empowers preventive care and mindful claim filing, bringing down your financial burden in the long run. Keep in mind that even minor claims can reset your NCB to zero, so ask your doctor for concerns and think about alternative cures for non-critical illnesses.

5. Explore Cost-Sharing Options

To bring down the expense of your health care coverage plan, consider cost-sharing options like deductibles and co-pays. A deductible anticipates that you should pay a sum before the insurer starts taking care of expenses. Similarly, a co-pay includes sharing a part of the claim amount with the insurer. While these choices raise personal costs at first, they fundamentally diminish your premium, making health insurance more affordable. Cautiously assess your financial situation before deciding on these choices.

6. Consider Family Floater Plans

If you have a family, explore family floater plans. These plans cover the entire family under a single sum assured, often at a lower premium compared to individual plans, especially for younger family members. This option promotes cost-effectiveness and simplifies the procedures of claims, guaranteeing all the members of the family receive complete coverage under one umbrella. Nonetheless, remember that the total sum assured is shared by the whole family so pick a policy with adequate coverage based on your family’s expected necessities.

7. Stay Informed

The universe of health insurance is continually advancing. Keep up with updates from your insurer, new plan offerings, and regulatory changes. Routinely survey your health insurance plan and its terms. To ensure you are aware of your coverage and can make informed decisions regarding plan modifications or renewals, don’t be afraid to seek clarification from your insurer or consult an insurance advisor.

8. Purchase Health Insurance for a Longer Tenure

By and large, the renewal time of most health insurance plans is done yearly, except there are some insurance plans accessible with policy terms of 2 or 3 years. Picking a health insurance plan with a longer tenure empowers the insured party with discounts and benefits on the premium of around 5% to 15%, which can be a significant saving. It is prudent to pick plans with extended policy terms to acquire higher yields in the long haul.

9. Choose a Higher Deductible Option in the Insurance Plan

The deductible is what one pays toward the start of the health insurance coverage. The insurance premium goes down when the deductible is raised. It is, however, important to select a higher deductible cautiously since it would mean raised well-being-related costs that one would have to bear without help.

Conclusion

A reduction in your health insurance premiums doesn’t need to be an overwhelming task. By utilising the above techniques and focusing on an informed independent direction, you can explore the intricate world of health insurance with certainty. Keep in mind that a very organised and cost-effective health coverage plan is an investment in your prosperity, giving important security and genuine serenity for yourself and your friends and family.

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To clear any further doubts with our specialists, message us at support@elephant.in or call us on our toll-free number: 1800 266 9693!

Renewing Your Health Insurance: Key Steps and Considerations

published on May 28, 2024

As the year turns another page, so does the validity of numerous health insurance policies. For many people in India, recharging health insurance coverage carries a blend of vulnerabilities. While exploring the renewal process may be monotonous, understanding the vital steps and considerations can make your decisions more impactful. In this blog, we explain the steps you should take to make sure your health insurance keeps protecting you and your family.

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Understanding Renewal Periods and Deadlines

Missing your strategy restoration cutoff time can have unanticipated outcomes, leaving you weak even with startling health-related crises. It is essential to be aware of your policy’s renewal period, which is typically communicated via renewal notices or the website or mobile app of your insurer. To avoid policy lapses and potential waiting periods for pre-existing conditions, you must promptly renew your health insurance within the allotted time frame.

Evaluating Your Needs

Life is constantly evolving, as are your healthcare necessities. Take a moment to evaluate your current circumstances before renewing. Has your family’s situation changed? Have you fostered any new well-being concerns? Does your ongoing arrangement address your developing necessities? Being aware of your needs permits you to renew health coverage with a plan that aligns with your present and expected future prerequisites.

Exploring Your Options

Loyalty is commendable, but so is exploration! While renewing with your existing provider is convenient, don’t shy away from comparing alternative options. Research plans offered by other insurers, focusing on coverage scope, sum assured, network hospitals, claim settlement ratios, and premium costs. Remember, the ideal plan isn’t a one-size-fits-all solution – tailor it to your unique needs and budget.

Decoding Terms and Conditions

Renewing isn’t just about clicking a button. It’s about understanding the updated terms and conditions of your renewed policy. Carefully review changes in coverage inclusions and exclusions, premium adjustments, network hospital modifications, and claim settlement procedures. Feel free to clarify any doubts with your insurer or an independent insurance advisor to renew your health insurance with complete transparency.

Check Your Claims History

Your claim history holds valuable insights. If you haven’t recorded any claims during the past policy year, you may be qualified for a No Claim Bonus (NCB), prompting decreased premiums upon renewal. This reward for responsible health management incentivises preventive care and can significantly ease your financial burden. Conversely, a high claim history may lead to premium hikes or stricter policy terms. Utilise this information to adapt your healthcare approach and renew health insurance with informed decisions.

Increase Assured Sum Under Policy

As healthcare costs consistently increase and inflation decreases the purchasing power, looking into your health insurance policy is crucial. Try not to just renew- now is the right time to proactively upgrade protection. Make sure your coverage keeps up with your changing needs and is sufficient to cover your anticipated expenses. Keep in mind that sufficient health care coverage is an interest in your prosperity, offering peace and financial security while confronting unexpected medical circumstances.

Consider Getting A Top Up Plan

Proactive planning is key when renewing your health insurance. Take into consideration the anticipated requirements you will have for healthcare in the upcoming years. Are intending to begin a family? A top-up rider with maternity benefits can cover everything you need for this exciting but expensive time. Does your family history suggest a predisposition to certain critical illnesses? Adding critical illness cover offers true serenity and monetary security in testing times. If you’re hoping to extend protection to your whole family, consider a family floater plan, which streamlines coverage for the entire family under one umbrella, possibly offering cost savings when compared to individual plans.

Conclusion

Renewing health insurance is a proactive step towards protecting your prosperity. By understanding the process of renewal, taking into account your increasing necessities, exploring choices, interpreting policy updates, and recognising your claim history, you can explore this vital stage with certainty. Keep in mind that a health insurance policy renewal implies renewed protection, giving you the power to confront the future with peace, knowing that your health is prioritised and safeguarded.

Visit Elephant.in to find the most reasonable health insurance quotes! Send us an email at support@elephant.in or call our toll-free support number at 1800 266 9693 to get in touch with our professionals!

Understanding Tax Benefits: How Health Insurance Impacts Your Taxes

published on April 2, 2024

In the complex world of personal finance, tax planning and health insurance are tightly linked. As we explore the evolving world of India’s healthcare and taxation framework, understanding how your health insurance plan impacts your taxes becomes vital. This broad guide plans to clear up the complexities, allowing you to make informed decisions for both your well-being and financial prosperity.

Understanding Tax Benefits – The Lay of the Land:

First, let us understand the landscape before we get into the particulars of tax deductions. The Indian Income Tax Act, 1961 offers different tax reductions connected to health care coverage plans, and these can be astoundingly valuable in decreasing your income tax payable.

1. Section 80D

Maximising Your Deduction: Note that the tax deduction limit varies based on age. This limit applies to the total premium paid for all covered individuals. So, a young working couple can claim up to Rs. 50,000 (Rs. 25,000 each) as a joint deduction if both have individual plans. The deduction amount, however, increases to Rs. 50,000 per fiscal year for senior citizens above the age of 60.

2. Critical Illness Cover

This additional deduction for critical illness cover acts as a double shield. Besides the fact that you get the advantage of inclusion for hazardous illnesses, you also additionally save taxes!

3. Preventive Check-ups

Proactive healthcare is promoted by this deduction, which encourages regular checkups that may help detect health issues early and prevent complications. Keep in mind, qualified expenses incorporate a wide range of tests, from glucose and cholesterol levels to mammograms and prostate tests. Additionally, you get Rs 5000 tax benefit.

4. Employer-Provided Plans

If your employer offers a medical coverage plan, view yourself as lucky! The sum paid by your employer as premiums is not added to your taxable pay, substantially decreasing your liabilities. Keep in mind that this advantage applies just to the sum paid by your employer, not on any extra premium you contribute separately.

5. Section 80C

Section 80C permits certain investments and expenses to be tax-exempted. By planning your investments in such a way that they are spread diversely across various options like NSC, unit-linked insurance policies (ULIPs), the public provident fund (PPF), etc., you can claim deductions up to Rs 1,50,000. By taking tax benefits for health insurance plans under 80C, you can avail of a reduction in your tax burden.

Some Things To Keep In Mind When Availing Tax Reliefs

LET US Take a look at the things you must remember while availing tax deductions under Section 80D:

Tax deductions are not applicable for health insurance premiums paid for in cash.
If health insurance premiums are paid in parts by an individual and the parent, it makes both of these parties eligible for tax deductions.
Premiums paid for siblings, grandparents, uncles and aunts are not qualified for tax deductions.
Section 80D states that health insurance premiums when paid on behalf of working children are not eligible for tax relief.
Group health insurance premiums the employer pays do not qualify for tax relief.
No deduction is provided on the service tax and cess amount added to health insurance premiums.

Conclusion

As we conclude this guide on tax benefits on health insurance plans in India, the meaning of informed direction becomes obvious. Along with safeguarding you from health-related crises, your health coverage plan is a fundamental instrument for tax reduction. Utilise your obtained information, talk with specialists, and build a strong foundation for strength for financial prosperity that can get through future vulnerabilities.

Visit Elephant.in to get the best health insurance quotes, tailored to your needs! Email us at support@elephant.in or call us on our toll-free support number- 1800 266 9693 to get in touch with our experts!

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