Question 1

What is health insurance?

Accepted Answer

Health insurance is an insurance product that provides cover for medical and surgical expenses of an insured person, in case of a medical emergency. However, you are required to pay a premium to avail health insurance policy.

Question 2

Why should I buy health insurance?

Accepted Answer

You should purchase health insurance so that you don’t lose your lifelong savings while paying for medical bills in a critical situation

Question 3

How will health insurance pay for my emergency medical expenses?

Accepted Answer

Your health insurance will either pay your hospital bills directly if opted for the cashless facility or it will reimburse any payment made by you towards medical expenses incurred due to an illness or injury.

Question 4

What is the eligible age to buy health insurance?

Accepted Answer

While the eligibility age for health insurance policies differs, the general eligibility age for adults ranges between 18 years up to 65 years. The eligibility age for children lies between 90 days up to 18 years

Question 5

Will I be allowed to cover my family under my health insurance? the eligible age to buy health insurance?

Accepted Answer

Yes! You can gain coverage for self, spouse, children, dependent parents, and multiple other relationships such as parents-in-law, siblings, and others if your plan allows.

Question 6

What are the types of health insurance plans I can buy?

Accepted Answer

You can buy Individual Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan, Personal Accident Insurance Plan.

Question 7

Can I pay my health insurance premium in installments?

Accepted Answer

In general, the health insurance premium is paid on a yearly basis. But, you can pay your premium in installments (monthly, quarterly or half-yearly basis) as well.

Question 8

What are the common coverage benefits under my health insurance?

Accepted Answer

Health insurance benefits differ from policy to policy. However, basic health insurance benefits include cover for an inpatient hospitalization, pre & post hospitalization, daycare procedures, emergency ambulance expenses, organ donor expenses, domiciliary hospitalization, OPD expenses, and more.

Question 9

What are the types of health insurance plans I can buy?

Accepted Answer

You can buy Individual Health Insurance Plan, Family Floater Health Insurance Plan, Senior Citizen Health Insurance Plan, Critical Illness Insurance Plan, Maternity Health Insurance Plan, Group Health Insurance Plan, Personal Accident Insurance Plan.

Question 10

Can I pay my health insurance premium in installments?

Accepted Answer

In general, the health insurance premium is paid on a yearly basis. But, you can pay your premium in installments (monthly, quarterly or half-yearly basis) as well.

Question 11

What are the common coverage benefits under my health insurance?

Accepted Answer

Health insurance benefits differ from policy to policy. However, basic health insurance benefits include cover for an inpatient hospitalization, pre & post hospitalization, daycare procedures, emergency ambulance expenses, organ donor expenses, domiciliary hospitalization, OPD expenses, and more.

Question 12

What are the benefits of buying a critical illness insurance policy?

Accepted Answer

Critical illness policies provide coverage for life-threatening illnesses such as Cancer, Stroke, Heart Attack, Kidney Failure, and others. If buying a critical illness plan, you can expect wide cover for critical illnesses (number of illnesses covered depends on plan), lump-sum amount payment on diagnosis, tax benefits, and more.

Question 13

Will I be eligible for tax benefits if I buy health insurance?

Accepted Answer

Yes! Buying health insurance will earn you the eligibility to claim tax benefits under Section 80D of the Income Tax Act, 1961.

Question 14

What if I already have a health insurance policy, but I just want to increase my sum insured?

Accepted Answer

If you already have an insurance policy but want to extend your cover, you can do so at the time of policy renewal.

Question 15

I have been recently diagnosed with a medical condition. Will I be allowed health insurance?

Accepted Answer

If you have already been diagnosed with a medical condition, it will be considered a pre-existing disease. In this case, you may have to wait for a specific period (waiting period) until allowed coverage. Based on your insurer, you may be required to pay a higher premium or face policy denial.

Question 16

What documents do I need if I want to buy health insurance

Accepted Answer

If you want to buy health insurance, you need to submit the documents like aadhaar card, voter ID, driving license, and pre-medical check-up report (in some cases). The documents are required for age proof, identity proof, address proof, and medical check-up

Question 17

If I want to cancel my health insurance policy after purchasing?

Accepted Answer

If willing to cancel your health insurance policy after its purchase, you can do so within 15 days of receiving the policy documents. You will receive a refund only if you did not make any claims in the policy during that year

Question 18

Will I gain more benefits by buying health insurance at an early age?

Accepted Answer

Yes, buying health insurance in the early years of life comes with many benefits. Upon doing so, you may gain a lower premium amount, no waiting period, better options, accumulate bonus, lower rejection rates, and others.

Question 19

What are the things I should consider before buying my health insurance policy?

Accepted Answer

Before making a health insurance policy purchase, it is advisable for you to consider your medical needs, the type of plan you want to invest in, features of the plan, sum insured options, network hospital list, exclusions, premium, and customer reviews.

Question 20

Is there a limit on the number of claims that I can avail in one year?

Accepted Answer

No, there is no limit to the number of claims in a year. However, it should be ensured from your end that your policy sum insured amount does not get exceeded.

Question 21

Will my health insurance cover begin from day one?

Accepted Answer

You will have to wait for a period of 30 days (waiting period) before your policy starts covering you. If you have a health insurance policy for accident cover, there will be no waiting period. Furthermore, in the case of a pre-existing disease or specific diseases, you will have to serve the waiting period (depending on the plan) before enjoying the coverage.

Question 22

What if I miss the premium renewal date?

Accepted Answer

In case of missed health insurance renewal due date, your insurance company will give you a grace period of 15-30 days. If you again miss making the premium payment during the grace period, you may be denied coverage, denied policy renewal, lose out on no claim bonus, or asked to serve with waiting periods from the start.

Question 23

What if I miss the premium renewal date?

Accepted Answer

In case of missed health insurance renewal due date, your insurance company will give you a grace period of 15-30 days. If you again miss making the premium payment during the grace period, you may be denied coverage, denied policy renewal, lose out on no claim bonus, or asked to serve with waiting periods from the start.

Question 24

Is maternity covered in standard health insurance policies?

Accepted Answer

Usually, health insurance companies do not cover maternity and related expenses. But a few including Apollo Munich (now HDFC Ergo Health), Max Bupa have some particular plans which offer maternity cover after specified waiting periods. The waiting periods generally vary from 2-4 years.

Question 25

Do I get a discount on the renewal of the policy with the same health insurance company?

Accepted Answer

Some health insurance companies offer a renewal discount of 5% of the renewal premium if there are no claims made during the policy year. It can be accumulated upto 50%. Under some health insurance plans like National Varistha, the insured can either avail cumulative bonus or renewal discount.

Question 26

What is a cumulative bonus?

Accepted Answer

Cumulative bonus is an increase in the sum insured by a specific percentage for every year a claim is not made, up to a certain limit. It is offered by insurers on indemnity based health insurance plans and only when the policy is renewed without a break.

Question 27

What is meant by donor expenses?

Accepted Answer

All the hospitalization expenses incurred by the donor in organ donation except the cost of the organ during an organ transplant are included under donor expenses.

Question 28

What is a pre-existing disease?

Accepted Answer

The pre-existing disease is an ailment, injury, or disease that the insured individual is already affected by when purchasing a health insurance policy. Conditions like depression, anxiety, sleep apnea, diabetes, etc. are considered as pre-existing diseases in health insurance.

Question 29

Whether there is Group Mediclaim Insurance policy: (GMC)?

Accepted Answer

Yes

Question 30

Who is eligible to buy GMC?

Accepted Answer

Companies ,organizations,banks, associations trusts can buy GMC for their employees, account holders,credit card holders etc. There should be employer-employee or an informal group.

Question 31

What is the minimum number of persons to be covered?

Accepted Answer

20 persons which can include family members

Question 32

What is group health insurance policy?

Accepted Answer

A group health plan is an employee welfare benefit plan established or maintained by an employer or by an employee organization (such as a union), or both, that provides medical care for participants or their dependents directly or through insurance, reimbursement, or otherwise.

Question 33

Who pays the premium in group health plan?

Accepted Answer

Usually, the premium is paid by the employer, as a welfare measure for its employees. Low-Cost Affair: To avail the benefits of a group health insurance policy, one just has to be an employee/member of the organization

Question 34

Who is not eligible for group health insurance policy?

Accepted Answer

The minimum number of employees or members of the group should be 20 to be eligible to buy a group insurance policy. However, you can include dependent family members of the employees to achieve the minimum number of persons of 20.

Question 35

What is the purpose of group health insurance?

Accepted Answer

The main purpose of issuing group health insurance plan is to retain their employees in the office and also it helps for company growth and development. Generally, most of the companies issued group health insurance plan to establish and provide protection to the employees sustained in the business organization.

Question 36

What is small group insurance?

Accepted Answer

In most states, small-group health insurance is medical insurance purchased by businesses with 50 or fewer full-time equivalent employees, to provide health coverage for the employees and their families.

Question 37

What is the difference between small group and large group insurance?

Accepted Answer

Small group premiums are set by the insurance company, and once set, premiums are non-negotiable and can't be discounted. By contrast, premiums for large group health plans are negotiated between the employer, the employer's broker or benefit consultant, and the insurance company.

Question 38

What is group mediclaim policy?

Accepted Answer

Group health insurance is a type of medical insurance that covers your employees as well as their families against unforeseen healthcare expenses. ... As compared to an individual health insurance plan, the premium of a Group Mediclaim Policy is much lower and more affordable.

Question 39

Who can take group mediclaim policy?

Accepted Answer

Group health insurance is a type of medical insurance that covers your employees as well as their families against unforeseen healthcare expenses. ... As compared to an individual health insurance plan, the premium of a Group Mediclaim Policy is much lower and more affordable.

Question 40

Who can take group mediclaim policy?

Accepted Answer

All the employees who are more than 18 years old and below 70 years and are employed with a company are eligible to get cover for Group Health Insurance policy.

Question 41

What is the benefit of group insurance scheme?

Accepted Answer

A group insurance scheme helps employees work harder, perform better, and be more productive. Policyholders can utilize provisions in the Income Tax Act of 1961 to avail of tax exemptions and deductions on the premiums paid for group life insurance plans and other group insurance plans.

Question 42

Who pays the premium in group health plan?

Accepted Answer

Usually, the premium is paid by the employer, as a welfare measure for its employees. Low-Cost Affair: To avail the benefits of a group health insurance policy, one just has to be an employee/member of the organization.

Faq's

What is health insurance?

Why should I buy health insurance?

How will health insurance pay for my emergency medical expenses?

What is the eligible age to buy health insurance?

Will I be allowed to cover my family under my health insurance? the eligible age to buy health insurance?

What are the types of health insurance plans I can buy?

Can I pay my health insurance premium in installments?

What are the common coverage benefits under my health insurance?

What are the types of health insurance plans I can buy?

Can I pay my health insurance premium in installments?

What are the common coverage benefits under my health insurance?

What are the benefits of buying a critical illness insurance policy?

Will I be eligible for tax benefits if I buy health insurance?

What if I already have a health insurance policy, but I just want to increase my sum insured?

I have been recently diagnosed with a medical condition. Will I be allowed health insurance?

What documents do I need if I want to buy health insurance

If I want to cancel my health insurance policy after purchasing?

Will I gain more benefits by buying health insurance at an early age?

What are the things I should consider before buying my health insurance policy?

Is there a limit on the number of claims that I can avail in one year?

Will my health insurance cover begin from day one?

What if I miss the premium renewal date?

What if I miss the premium renewal date?

Is maternity covered in standard health insurance policies?

Do I get a discount on the renewal of the policy with the same health insurance company?

What is a cumulative bonus?

What is meant by donor expenses?

What is a pre-existing disease?

Whether there is Group Mediclaim Insurance policy: (GMC)?

Who is eligible to buy GMC?

What is the minimum number of persons to be covered?

What is group health insurance policy?

Who pays the premium in group health plan?

Who is not eligible for group health insurance policy?

What is the purpose of group health insurance?

What is small group insurance?

What is the difference between small group and large group insurance?

What is group mediclaim policy?

Who can take group mediclaim policy?

Who can take group mediclaim policy?

What is the benefit of group insurance scheme?

Who pays the premium in group health plan?