5 Things You Oughtta Know About Health Insurance

5 Things You Oughtta Know About Health Insurance

In recent times, health has become the forerunner of people’s concerns with the pandemic affecting our lives and changing it forever, as a slow vengeful apocalypse brought to us by our self-destructing capacity. No, it isn’t that grim. We will thrive and do just fine but what really is important at this time is to understand is the importance of health and medical treatment. We cannot take medicine for granted anymore and health insurance is no longer a want but a necessity. So, if you are planning to get health insurance, go for it but you must keep a few things in mind.

5 Things to Note Before You Choose Your Health Insurance 

Just as it is with any other insurance product, there are things one needs to keep in mind about health insurance in general:

1. Variety of health insurance: There are a plethora of types of health insurance available in the mediclaim market. While some cover just your hospital bills, there are comprehensive plans that cover you up to the age of 100. They are referred to as, senior-citizen health cover. Of course, the premium prices vary based on the plan you choose. There is health insurance that simply covers critical illness as well.

2. Exclusions in coverage: Generally, this is the last thing to talk about. However, considering that time is a precious commodity, it is wiser to start with the idea of what health insurance doesn’t cover to set your expectations from this product correctly.

  1. Pre-existing diseases are not treated as soon as you purchase of the policy
  2. A waiting period is applicable to pre-existing diseases.
  3. For a few conditions, the amount assured to pay may vary around 10%
  4. Treatment for the use of intoxicants (alcohol and drugs) are not included in most cases.
  5. A waiting period for maternity/newborn baby expenses is generally applicable, however, the waiting period time varies based on the providers.
  6. A waiting period for weight-loss medical procedures such as bariatric surgery may be applicable in some policies. 

3. Work and Individual Health Insurance:  It is essential to note that while people don’t need to pay for the group health insurance that the employers cover their employees under, it may not be enough if one loses their employment suddenly or has a higher cover amount requirement due to pre-existing diseases. Individual or personal health insurance is essential to be taken in these times to protect yourself financially against any medical issues. You can also buy family health insurance that covers all the members of your family and falls cheaper against individual coverage.

4. Premium costs: The better your lifestyle and the younger you are, the more pocket-friendly your premiums for a health policy will be. However, it is crucial to keep in mind that premium costs also rise with the features and benefits it covers you for. You can always negotiate your way to reduce the premium costs by choosing a plan with lesser features. For example, some health insurance covers you for air-transport to and from the hospital. If you find that unnecessary there are plans which cover you for road ambulance costs as a feature.

5.Read the policy wordings: You cannot be 100% informed about the product you choose unless you make the effort too. So, it is advisable to go through your policy wordings. You don’t want to be troubled at the time of the claim process.

In the end, it boils down to how detailed you want your policy to cover you. If you are looking for options in terms of the type of coverage in health, you can check our health insurance section on our app since we have everything from basic hospital insurance to comprehensive health covers to even critical illness insurance. All you need is to download our app or connect with us.

Hope with Hospicash

It is essential to note that mediclaims do not provide an allowance for every cost incurred at the time of hospitalization. Hospicash takes care of some of these expenses conveniently and hassle-free. It comes also with several enhanced benefits and does not require any medical check-ups for application, unlike other health insurance policies. But first let’s understand what Hospicash is and how can it aid you at the time of crisis.

Whats is Hospicash?

Hospicash provides cash benefits in the case of hospitalization. With this benefit, you get a certain fixed amount of cash for each day of hospitalization.

What Are The Major Benefits of Hospicash?

    • No Paperwork: Hospicash does not require any paperwork and can be applied online, instantly.
    • No Medical Examination Required: Unlike, other health insurance schemes, there isn’t any requirement of a medical check-up before application.
    • Enhanced Accident, ICU & Convalescence benefit: All the benefits against accident, ICU and convalescence are upgraded for this policy.
    • Instant & Hassle-Free Claim Settlement: It’s instant and it’s easy to settle Hospicash claims with the adequate documentation in hand.
    • Daily Hospicash benefits on Hospitalization: Hospicash gives its holders the convenience of a special allowance for daily expenses.


How to Make A Claim For Hospicash?

Here are the steps for claiming your Hospicash policy:


  1. The claims require documentation based on the requirements of the policyholder as proof. Submit the adequate documents with the filled claim form.
  2. If there are any issues in the documentation the insurance provider will send a deficiency letter to the claiming party, within 7 days of receiving the claim application.
  3. Once all documents have been received the insurance company will send an offer of settlement and an adjoining statement within 30 days of having received the application successfully.


FAQs on Hospi Cash



How long can I avail the Hospi Cash benefits for?



You can avail daily hospitalization benefits for up to 30 days.



How much do I have to invest in HospiCash per year for Rs. 45,000?



For sum assured of Rs. 45,000 and it can be availed with a premium of approximately Rs. 750 per year.



What is the minimum sum assured that I can avail in Hospi Cash?



You can apply for a minimum sum assured of Rs. 2,500.



What is the maximum sum assured amount that I can be insured for, in Hospi Cash?



You can apply for a maximum sum assured amount of Rs. 1,50,000



Do I need to get a medical check-up for this insurance?



No, you do not need any medical check-up to apply for this insurance.


Hosipcash is easy to apply for, hassle-free and covers a lot of hospitalization expenses on a daily basis to help you hope and relieve you of the financial stress involved in hospitalization costs.

Hospicash – landing page

Hospicash provides cash benefits in the case of hospitalization. With this benefit, you get a

certain fixed amount of cash for each day of hospitalization.

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Personal Accident

Choose from Exclusive Cover Options

Personal accident insurance covers the policy owner against injuries, disabilities or death which is a direct result of accidental events.

Here’s why you need a Personal Accident Insurance:

Learn more about Personal Accident Insurance

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Hospitalisation Cash Benefit Plan

Hospital daily cash plans act as a supplement to the standard health cover. Let’s understand this plan in detail.
The hospital daily cash plan is a health plan which provides a fixed amount for each day you are hospitalized. The amount paid is set at the time of policy and remains fixed. The program is a defined benefit which means that it pays a fixed amount irrespective of the actual amount of expenses.
So, if you are hospitalized with a plan which pays Rs.800 per day of hospitalization, whether you incur Rs.600 or Rs.1400 as actual charges would be irrelevant, and the insurer would pay a fixed benefit of Rs. 800 for each day of your hospitalization. (more…)

What are Unit Linked Insurance Plans?


Unit Linked Health Plans/ Unit Linked Insurance Plans (ULIPS) is a combination of market-linked investments and health insurance cover. Along with health protection, it also helps build a corpus that can be used to meet expenses that are not covered by health policies.
The cost of every health plan depends on age, gender, health, and other factors. It is a mixture of investment and insurance. A premium amount you pay is divided into two parts:

  • where a part of your premium is invested,
  • and remaining is used to buy a cover.

Thus, this plan offers both return and safety. Returns earned are utilized to pay for medical expenses, over and above the insurance limit. Remember, the investment and returns you receive are subjected to market risk. The returns earned will be paid back to you on the date of maturity/ on the completion of policy duration.



What is Maternity Insurance?

Bringing a new life into the world is a big responsibility, be it a normal delivery or cesarean. The Maternity Health Insurance covers all pregnancy-related expenses from post-delivery care to vaccinations.
Some insurance service providers prefer to provide maternity benefit as an additional service and lowers the burden on your pocket. Some corporates offer their women employees the benefit of maternity insurance along with a health insurance policy. Also, in a majority of corporate group policies, maternity is a rider (add-on benefit) with a sub-limit of not exceeding Rs 50,000.


Group health insurance

What is Group Health Insurance Plan?

The employer purchases a group or corporate insurance on behalf of employees. This is one of the key benefits received by employees from employers. At times, Group insurance health plans cover the family members of the employees.
Besides offering access to affordable health coverage services, it also benefits the employers for retaining the employees and gets tax benefits.

Key features of the plan:

  • Offers a cashless facility and direct settlement of the bills with the hospital.
  • Covers pre and post hospitalization expenses for a specific period.
  • Extends cover to critical ailments.
  • The policy also covers domiciliary expenses (Domiciliary Hospitalization – medical treatment for a period exceeding three days for illness/disease/injury which in the normal course would require care and treatment at a Hospital)
  • It provides cover for pre-existing diseases after payment of extra premium.
  • This plan may offer maternity benefits.
  • Daycare procedures covered.
  • Few insurance companies cover Non-Allopathic Treatments for a specified limit.


senior citizen coverage

What is Senior Citizen Coverage?

Getting old makes you see life from a different perspective. Health is the first companion that starts deserting along with it your hard-earned savings. A Senior Citizen Health Insurance assists such times. There are various health insurance plans, specially designed for senior citizens.
Health insurance for senior citizens is offered by different insurance companies to provide you financial security by covering all your medical expenses. Gifting health insurance to your aged parents is the best way to care for their needs.

Why buy health insurance for senior citizens?

  • They are more prone to illness
  • You buy a plan to ensure that medical emergencies are taken care of in a systematic and hassle-free way.
  • Unexpected health issues and money crisis makes aged people feel guilty, and they think they are like a burden to a family.


What is Family Floater Coverage?

Family floater

A family floater is a health insurance plan that stretches out the insurance for the whole family rather than just a person. A family floater plan brings everyone in the family under an umbrella. Being secured under a single cover, each member of the family gets benefits under a bigger pool.

Which cover to buy? Individual or Family cover

Every insurance company offers these two covers in its health insurance products, and there are pros and cons in both of these covers. Let us compare the benefits and drawbacks of these covers so that you can take a better and wise decision regarding your purchase of a health insurance policy.

There are two types of family floater policies:

  1. Medical Insurance: This plan reimburses the cost of hospitalization (cashless treatment); it also provides a list of specific illnesses which are covered.
  2. Critical Illness: In case of diagnosis of a critical illness, this type of family floater policy pays out a lump sum amount to the policyholder.