The Ultimate Health Insurance Guide that you need 📝
• Who should buy?
• When should you buy?
• How much cover do you need?
• What parameters should you check?
A 15-point checklist thread 👇
#WorldHealthDay #HealthTips
• Who should buy?
• When should you buy?
• How much cover do you need?
• What parameters should you check?
A 15-point checklist thread 👇
#WorldHealthDay #HealthTips
𝗪𝗵𝗼 𝘀𝗵𝗼𝘂𝗹𝗱 𝗯𝘂𝘆?
The simple answer is: EVERYONE
No matter your age, financial profile or health condition, you must have health insurance. 🛡️
#healthylife #insurance
The simple answer is: EVERYONE
No matter your age, financial profile or health condition, you must have health insurance. 🛡️
#healthylife #insurance
𝗪𝗵𝗲𝗻 𝘀𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗯𝘂𝘆?
Buy it ASAP.
This allows you to cover your pre-existing diseases & accumulate higher coverage through Cumulative Benefits / No-claims Bonus.
#healthy
Buy it ASAP.
This allows you to cover your pre-existing diseases & accumulate higher coverage through Cumulative Benefits / No-claims Bonus.
#healthy
𝗪𝗵𝗶𝗰𝗵 𝗽𝗮𝗿𝗮𝗺𝗲𝘁𝗲𝗿𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝘆𝗼𝘂 𝗰𝗵𝗲𝗰𝗸?
🛄 Claim Settlement Ratio (CSR)
= % of life insurance claims an insurer has settled during a year against the number of claims it received
Higher CSR means higher chances of claim acceptance.
Good ratio: 90%+
🛄 Claim Settlement Ratio (CSR)
= % of life insurance claims an insurer has settled during a year against the number of claims it received
Higher CSR means higher chances of claim acceptance.
Good ratio: 90%+
🏥 Network Hospitals
= Hospitals where u can get cashless treatment
In a network hospital, the insured patient doesn't need to pay the bill; while in non-network, the bill is paid by the insured (& later reimbursed by the insurer).
Good figure: 5k to 8k+
= Hospitals where u can get cashless treatment
In a network hospital, the insured patient doesn't need to pay the bill; while in non-network, the bill is paid by the insured (& later reimbursed by the insurer).
Good figure: 5k to 8k+
💸 Incurred Claim Ratio (ICR)
= how much claim the company has settled as compared to the premium earned in a year
While CSR tells you whether the company is settling reqd. claims, ICR tells u whether d company has d ability to actually do it.
Shouldn’t be very high or low.
= how much claim the company has settled as compared to the premium earned in a year
While CSR tells you whether the company is settling reqd. claims, ICR tells u whether d company has d ability to actually do it.
Shouldn’t be very high or low.
👬 Co-payment Clause
= a part of total medical exp. to be borne by you, thus premium is very low.
AVOID CO-PAYMENT CLAUSE coz u never know how much your medical bill is gonna be, could be even 10-50 L. Even a 10% co-payment would mean 1-5 L!
= a part of total medical exp. to be borne by you, thus premium is very low.
AVOID CO-PAYMENT CLAUSE coz u never know how much your medical bill is gonna be, could be even 10-50 L. Even a 10% co-payment would mean 1-5 L!
⏳ Waiting period
= if you fall ill due to ur pre-existing medical conditions, then your claim will be accepted only when a period of 2 to 4 years (generally) has passed.
Always prefer a policy that has a LOWER waiting period.
= if you fall ill due to ur pre-existing medical conditions, then your claim will be accepted only when a period of 2 to 4 years (generally) has passed.
Always prefer a policy that has a LOWER waiting period.
🩸 Disease-wise limit
For instance, the policy sum would be 10 Lakhs but you cannot claim the entire amount because there could be a disease-wise limit, say, disease A that has a cover of only 2 Lakh.
So, always choose a policy that does not have a disease-wise limit.
For instance, the policy sum would be 10 Lakhs but you cannot claim the entire amount because there could be a disease-wise limit, say, disease A that has a cover of only 2 Lakh.
So, always choose a policy that does not have a disease-wise limit.
🩺 Pre & Post Hospitalization Expense
Doctors ask you to take several medical tests before admitting you in a hospital. Not just the hospital expenses but these pre-hospitalization expenses also cost u dearer.
So, make sure that the policy covers both.
#healthylifestyle
Doctors ask you to take several medical tests before admitting you in a hospital. Not just the hospital expenses but these pre-hospitalization expenses also cost u dearer.
So, make sure that the policy covers both.
#healthylifestyle
🛖 Room Rent Limit
Often policies put a cap on room rent like 2% of sum insured.
So, if u have taken a policy of say 5L, u can choose an award with room rent of 10L only.
So, choose a policy with either no cap on rent or a cap high enough to get you a comfortable ward.
Often policies put a cap on room rent like 2% of sum insured.
So, if u have taken a policy of say 5L, u can choose an award with room rent of 10L only.
So, choose a policy with either no cap on rent or a cap high enough to get you a comfortable ward.
🔁 Restoration Benefit
In a family floater if limits get exhausted on 1 person, or an individual plan if it gets exhausted in 1 treatment.. what if another family member falls ill or u fall ill again?
In a restoration benefit, limits get restored if the cover exhausts.
In a family floater if limits get exhausted on 1 person, or an individual plan if it gets exhausted in 1 treatment.. what if another family member falls ill or u fall ill again?
In a restoration benefit, limits get restored if the cover exhausts.
Take policies with:
• Day-care treatment
• Domiciliary expenses (treatment at home)
• Alternate treatments (like Ayurveda, etc)
• OPD or outpatient consultation benefits
#healthcare
• Day-care treatment
• Domiciliary expenses (treatment at home)
• Alternate treatments (like Ayurveda, etc)
• OPD or outpatient consultation benefits
#healthcare
➕ Super Top-up Plan
If you feel the base plan may fall short to cover your treatment, take a super top-up.
Ensure that its policy period matches the base plan.
Prefer less Deductibles (amount you need to pay out of pocket or from base plan to activate super top-up)
If you feel the base plan may fall short to cover your treatment, take a super top-up.
Ensure that its policy period matches the base plan.
Prefer less Deductibles (amount you need to pay out of pocket or from base plan to activate super top-up)
𝗛𝗼𝘄 𝗺𝘂𝗰𝗵 𝗰𝗼𝘃𝗲𝗿 𝗱𝗼 𝘆𝗼𝘂 𝗻𝗲𝗲𝗱?
Adequate health insurance coverage should be at least 50% of your annual income, subject to a minimum of Rs 5 Lakhs.
The coverage entirely depends on your income & prevailing medical condition.
#HealthyLiving
Adequate health insurance coverage should be at least 50% of your annual income, subject to a minimum of Rs 5 Lakhs.
The coverage entirely depends on your income & prevailing medical condition.
#HealthyLiving
To check if it's adequate, visit ‘Insurance planner’ tool in Prosperity Ingredients section at Recipe.finology.in
Enter a few details👇👇
Enter a few details👇👇
Monthly income say Rs 40K
Has an existing Life insurance coverage of Rs 3 Lakh
Total outstanding amt. of all loans is Rs 3 Lakh
Existing savings & investments that I can use to repay the loan is Rs 75K
Total health ins coverage is Rs. 1 Lakh
Click on ‘Find Problem’
Has an existing Life insurance coverage of Rs 3 Lakh
Total outstanding amt. of all loans is Rs 3 Lakh
Existing savings & investments that I can use to repay the loan is Rs 75K
Total health ins coverage is Rs. 1 Lakh
Click on ‘Find Problem’
Based on the above example, the results come out as follows 👇👇
Both in Life and Health insurance, I am “Underinsured” - which means I don’t have adequate insurance coverage.
'You need additional': Additional coverage that I need.
Both in Life and Health insurance, I am “Underinsured” - which means I don’t have adequate insurance coverage.
'You need additional': Additional coverage that I need.
Insurance is probably the most complex, misunderstood & missold investment product.
But worry not, we're here to assist you 👇
But worry not, we're here to assist you 👇
Follow us, tweet to us with your health insurance queries using #AskYourChef and get real-life practical solutions for free!
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