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A steady rise in the cost of medical expenses accompanied by high rate of inflation has made hospitalisation and medical treatments associated with it an extremely expensive affair. Hence, many people today consider a mediclaim policy as an integral part of their financial planning.
Here are five health checks you must know with respect to your medical policy:
Most salaried employees rely on the Group Health Insurance provided by the employer to take care of Hospitalisation expenses. If you have dependent parents and/or spouse and children to take care of solely relying on group health insurance can be a big mistake which can cost you dear later. It is always advisable to clearly know the extent of coverage provided and if there are any sub-limits and caps on the cost of treatment. Ideally, you should ask your HR department to share the insurance details and depending on the kind and extent of coverage, you need to review your insurance portfolio for Self, Dependents and Parents. As most group plans accept pre-existing diseases, keep it for your parents and take additional coverage with a top up or super top up plan for yourself.
Buying a mediclaim policy solely on the basis of premium can affect you adversely at the time of discharge from hospital. There are various add-on covers which can be added to your base policy to enhance the level of protection. For example, a basic plan would have a sub-limit to your room rent which would be linked to all the other treatment expenses in proportion to your room rent limit. Any expense over and above the limit in case of hospitalisation will have to be borne by you. Adding room rent waiver to your insurance plan will cover the room and treatment cost entirely in case of hospitalization. Similarly, you can add critical illness rider which would cover a wide variety of critical illnesses and provide a lump sum in case of any critical illness. Auto restoration of health cover, co-payment clause are some other important things to watch out for in your mediclaim policy.
Healthcare needs of each individual are different and therefore various mediclaim plans are formulated keeping in mind the varied healthcare needs. You must choose the policy after taking into consideration your health conditions, specific healthcare needs, dependents health conditions and past medical history. Also, check for the waiting period in case of specific illnesses such as piles, fistula, fissures, ENT disorders, pre-existing diseases, etc. before which a claim cannot be made.
The number of members in the family and their age is critical in deciding whether to opt for a family floater plan or to buy an individual plan. A young healthy family can opt for a family floater plan as it can provide adequate coverage to all members and will be economical. However, in case of a big family with siblings and parents where majority of them are old, taking a family floater plan may not be ideal as the coverage provided would not be sufficient. In such cases, it is better to opt for individual health plans.
Porting in health insurance plans allow policyholders to relook their existing mediclaim policies and move to another policy without having to lose out on the benefits of continuity. Thus, if your existing plans do not offer adequate benefits and are over-priced, you can always port to another insurer to maximise your benefits. With new products introduction in last few years, one should introspect whether to continue with the decade old Policy or smartly move to a new generation Plans.
Purchasing an insurance policy for your Car is mandatory as per Motor Vehicles Act. Most vehicle owners are aware and renew their car insurance on time. But still many make few common mistakes while choosing the right product which results in dissonance at the time of claim.
Here are the 5 common mistakes which you need to watch out:
It is very important that you claim insurance for an accident as and when it happens. Many times people tend to report occurrence of two different accidents as one accident and raise a single claim for both the accidents. The insurance company Licensed Surveyor will inspect the vehicle thoroughly and investigate the claim before approving it. For example, if you claim to have damaged the right hand side door due to a collision and at the same time also claim for left side back door and bumper, then the Surveyor will try to visualise the occurrence of accident and may not find the description appropriate and if he finds anything amiss he would reject your claim. So, refrain from giving any false information or claim any pre-existing damages as it may lead to denial of the entire claim altogether. It will also result in spoiling your record for falsifying insurance information and affect your future policies as the basic premise of any insurance policy is that it is based on the principle of utmost faith.
The insurance company will take into account several details regarding the vehicle to calculate the premium for your policy. The model of the car, safety ratings, fuel types, engine capacity, etc. all is taken into consideration before deciding the premium. The Third Party premium rates are fixed by IRDA based on the cubic capacity of the car. The Third Party premium rate is revised by the regulator each year as below 1000cc, above 1000cc but not exceeding 1500 cc, above 1500 cc but not exceeding 2500 cc and above 2500 cc. Many car variants come in multiple cubic capacities like 1398, 1498, 1598 or in small cars at 998cc and 1098 etc. As the Third Party premium for cars changes with the cubic capacity slabs it is important to provide correct details.
Add-on covers like zero depreciation, engine Protect (hydrostatic loss, consequential loss), return to invoice, consumables, no claim bonus, etc. though increase the premium amount but can be extremely beneficial in case of a major claim as it can provide adequate coverage at the time when it is needed. Hence it is always good to add such covers to your policy with an increased premium.
IDV stands for Insured Declared Value of the car in the insurance policy and is the maximum amount that the insurance company is liable to pay in case of theft or total damage to the vehicle. The premium for your car insurance is primarily dependent on the IDV of your car. Higher the IDV, higher is the insurance premium. It is a common practice to declare a lower IDV of the car in order to lower the premium. But in case of a theft or total loss, this small saving on premium can cost you dearly. Thus, it is always go for the optimum IDV. Also, once you lower the IDV in one year then the IDV of the car in subsequent year is also affected as it is dependent on the current year IDV.
Many people buy pre-owned cars from other owners. As the car is sold from one person to another, it results in change of ownership and hence it is extremely important to transfer the insurance policy too at the time of sale of car and not at the time of renewal. The insurance company can reject the claim on account of absence of a valid contract between the new owner and Insurance company.