Health Insurance Blogs

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.

Age is a precursor to illnesses. As the age of the person grows, it brings illnesses, which are very expensive to treat. The reason is that as age grows, complications grow inside the body, and due to wear and tear, of the various body parts, diseases start emerging. Currently, there are many insurance firms that provide health insurance plans for their senior citizens. These health insurance plans cover lots of health expenses, which are incurred by the policyholders. In India, the majority of companies provide senior citizen health insurance policies, which give policies to people who are aged more than sixty years.

Nearly, all health insurance plans provide lots of benefits to their customers, such as Cashless Hospitalizations, Daycare Expenses, Pre-existing conditions cover, No requirement for medical tests and a Higher sum insured. Considering all these benefits, it is imperative that individuals opt for a health insurance policy for themselves and for their parents, who are senior citizens. Currently, the major plans providing health insurance for parents have lots of features such as Cashless Hospitalizations, Critical Illness Cover, Cover for Diseases like Cancer, Stroke, etc. Now, let us list the major features of senior citizen health insurance policy.

1. Features of Senior Citizen Health Policy

All the major health insurance companies in India provide senior citizen health insurance policies. The main features of all these plans are stated below.

• Only individuals above sixty years of age are entitled to health insurance coverage under the plans for senior citizen health policies.
• Currently, the majority of senior citizen health policies don’t require any pre-screening.
• Another major feature of senior citizen health policies is that there is a free locking period of around two weeks, for reviewing the terms of the policy.
• Customers will be able to utilize a free medical checkup every year.
• The majority of senior citizen health insurance policies cover pre-existing diseases.

If there are older individuals in the family, then one must be interested to know the major advantages of purchasing health insurance plans for the family. Now, let us list out the major advantages of purchasing a senior citizen health policy.

2. Benefits of Senior Citizen Health Insurance Policy

The major benefits of senior citizen health insurance policies are given below.

• The settlement process for all the policies is extremely smooth and convenient.
• If the individual is admitted for more than twenty-four hours, then he/she can avail of the policy of cashless hospitalization.
• The health insurance policy consists of Room Charges, Doctor’s Fees, In-Patient Hospitalisation costs, and expenses for the physician.
• The policy will cover emergency ambulance expenses. 
• Another big benefit of acquiring a senior citizen health insurance policy is that pre and post hospitalization expenses are included.
• The diseases which exist in the body before treatment, are mentioned in the policy document.