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7 signs to switch your health insurance coverage

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Published on 15th Aug 2020. EST READ TIME: 5 MIN Life is uncertain. One day you feel healthy and the next day you could be in terrible pain. While following a healthy way of living is always recommended, but we should also be prepared to face illnesses. There are many reasons like sedentary lifestyles, food adulteration, stress, anxiety, genetic disorder or an accident that can get us hospitalized. To make matters worse, the coronavirus pandemic has made all of us vulnerable.  Health Insurance was always important, but now it’s a necessity that you can no longer overlook. The cost of quality healthcare is constantly rising and only  health insurance coverage  can save you from major financial loss during medical emergencies.  Why Health Insurance is a Necessity? 

Some people rely on the health insurance provided by their employer but the coverage may not be adequate. So, not only should you get one separately but you should get it sooner to enjoy numerous benefits. But even after a lot of market research, people end up taking a health policy that doesn’t satisfactorily cover their needs. Well, for those who have been mulling to switch their insurer, they should know that the Insurance Regulatory and Development Authority of India (IRDAI) allow portability of policy.

Know more about what is covered in a family health insurance policy ?

Signs that it’s time to switch your health insurance coverage

• Premium vis-a-vis coverage: The first thing you check is the sum insured in the policy and premium charged for it. If you get a better deal with bigger coverage at a smaller premium, switch.  

• Inclusions and exclusions: Sometimes the you miss reading the details mentioned in policy wordings and brochure. While buying you may see the sum insured but they all come with lots of terms and conditions. Switch to an insurer that is more transparent in its conduct and have no limitations like room rent capping or forces you for co-payment. A better insurer even provides cover for day-care procedures i.e. the expense for treatment that needs less than 24 hours of hospitalization. Check if it covers expenses for organ donation, mental illness, AYUSH treatment, etc. Needless to say, switch to the one with more inclusions and minimum exclusions.

• Reputation and claim settlement ratio: There is no dearth of insurance companies. So, go for a reputed brand and see if it is registered by IRDAI. You can read reviews and even take feedback from its past and current customers. Ask them if they received cashless treatment. Switch to one with a better reputation and much higher claim settlement ratio. Go for a brand that has a huge customer base, like HDFC ERGO has catered to #1.3 crore plus customers across the nation.

• Network of hospitals: What’s the point of bigger sum coverage and lower premium if you can’t find a decent hospital in your insurer’s network? Pick a plan that offers you the option of going to some of the best hospitals in your vicinity. At, HDFC ERGO we have a huge network of 10,000+ cashless network hospitals to offer quality medical attention.

• Top-up plans: Such plans come to your aid when the sum insured is not enough or is exhausted. Pick an insurer that offers such additional coverage on your existing health insurance or employee health plan.

• Waiting period and renewability: There is a waiting period after you buy a health insurance policy in which you can’t make a claim or seek reimbursement. So, opt for a plan with a smaller waiting period. Similarly, check the renewability terms and conditions of the plan. An insurer that follows IRDAI’s rule of offering renewability for lifelong is valued more as the need for health insurance increases with age. Also, see if they offer discounts for making no claims in the previous year.

• Other benefits:  See if the policy includes complimentary health check-ups, daily hospital cash and more importantly income tax exemption certificate for the premium paid. You can save tax upto ₹75,000 under section 80D*.

Why HDFC ERGO should be your top choice ?

No two individuals may get the same offer from the same company because each application is evaluated differently on basis of income, age, profession, medical history and other parameters. Still, we at HDFC ERGO believe in providing customized health insurance plans that are not just pocket-friendly but also cover all your and your family’s needs. An iAAA rating from ICRA indicating claim paying ability", a network of over 10,000 hospitals and over #1.3 crore+ happy customers, the numbers speak for themselves. Here are some benefits:

• From providing features like Sum Insured Rebound that recharges your exhausted health cover subject to terms & conditions of policy

• We add no sub-limits on diseases or hospital room rent. We don’t imply any co-payment or deductibles under my:health Suraksha Insurance.

• While anyone above 18 years can buy a health insurance plan from us, we don’t apply medical tests for anyone up to the age of 45 years, if you do not have any pre existing illnesses while providing health plans and offer lifetime renewability.

• Not just cashless treatment during hospitalization, we also reimburse payments made during pre-hospitalization and post-discharge period.

• We cover daycare procedures, AYUSH benefits, organ donor expenses and mental illness treatment. 

• We make arrangements for recovery benefit i.e. taking care of your other expenses during prolonged hospitalization.

• If your Doctor recommends treatment at home we offer Cashless home health care facility is available in selected cities.

• Last but not the least, we offer you a free health check-up, after every four consecutive, continuous and claim free policy years with us and subject to terms & conditions of the policy.

Today, the customer is spoilt for choices and with choices comes the responsibility to make the best possible choice. Understanding the difference between the same health insurance plans offered by different insurers can make a huge difference.

This  blog is written by Dr. Kavita Ganesh  Asst. Vice President, Health & Accident Product Underwriting

About The Expert :  Dr. Kavita Ganesh holds over 15 years of work experience in health insurance industry. She highly recommends buying health insurance for securing finances in case of a medical emergency. Looking at the current pandemic situation, she enforces the idea of having a higher sum insured for covering the entire family.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.*Subject to change as per Tax Laws in India. ** Cashless home health care facility is available in selected cities. my:health Suraksha - HDFHLIP20049V041920. UID No. D2HI802