Graded Financial Services

Health Insurance

We look at taking full-fledge insurance for the car which we drive. However, when it comes to health insurance, we either tend to ignore it or take very little coverage.
In a country like ours where we get hardly any social security or good medical assistance from the government, it becomes all the more pertinent to take sufficient health insurance that covers pre and post hospitalization expenses, treatment, laboratory test costs and also covers critical illness.
We chase all our goals and aspirations with our mind and body. If body goes sick, meets an accident and cannot be treated due to lack of funds then, all the missions in life we were pursuing would come to a grinding halt.
A medical crisis like accident, critical illness or sickness can result in extended hospital stay that can give us a serious financial setback. Ring fenced with adequate Health Insurance, we can get access to the best medical care and treatment without digging into our savings. In case of a medical emergency, a health insurance policy guarantees peace of mind and ensures that you and your family will receive the best treatment. 
Health insurance in India is available in the form of individual health insurance plans, family floater and group health insurance for corporates.
There are various features which we get depending upon the kind of plans we choose viz. extent of Sum Insured, kind of Pre-Hospitalization and Post-Hospitalization Cover, Lifelong renewal, facility of portability. We get tax benefits to certain extent of premium amount paid towards health insurance under Section 80D of the Income Tax Act.
Golden rules for buying a health insurance would be:

• Buy when young and healthy:

We should buy a health insurance as soon as we start earning; may be in our twenties, when we are still healthy, to smoothly overcome 2-3 years of wait period which are imposed by most of the insurance companies towards certain pre-existing diseases. Also, as the premium is dependent on one’s age and health status, hence, buying a cover at an early age will be cheaper.

• Choose right amount of sum insured:

We should know our personal priorities, which should be considered in finalizing the best health insurance plan to suit our needs. We should go for adequate health coverage by giving due consideration to factors like age of self and other family members, increased health care costs etc.

• Individual insurance policy Vs family floater policy:

In case of a young nuclear family, it is better to choose a family floater policy that extents coverage to two adults and two children.

• Hospital network:

We should choose an insurer which has an extensive network of hospitals empaneled with it all across India.

• Opt for additional coverage:

Add on covers like Maternity Cover, Critical Illness etc. Critical illness rider covers illnesses such as heart attack, cancer, diabetes, kidney failure, organ transplant or paralysis. We can benefit from these riders over and above your existing health insurance policy.

• Gradual increase in sum insured:

In Commensuration with an increase in inflation; the sum insured of our health insurance plan should also enhance from time to time.

• Understand the limits and exclusions:

Each health insurance plan has certain exclusions along with waiting periods. We should know what are they, to determine which health care services are covered and to what extent.

Some of the exclusions can be:
• All pre-existing diseases.
• During first year of cover – Cataract, Benign prostatic hypertrophy, Hysterectomy for Menorrhagia or Fibromyoma, Hernia, Hydrocele, Congenital Internal diseases, Fistula in anus, Piles, Sinusitis and related disorders.
• Dental treatment / surgery unless requiring hospitalization.
• Convalescence, general debility, congenital external defects, V.D., intentional self-injury, use of intoxicating drugs / alcohol, AIDS, expenses for diagnosis, X-ray or lab tests not consistent with the disease requiring hospitalization.
• Treatment relating to pregnancy or child birth including cesarean section.
• Naturopathy treatment.


• Claim limitation related to treatment:

We should know the treatment wise respective limits in the health insurance plan. limitation can be on : Room, boarding expenses, fees of surgeon, anesthetist, physician, consultants, specialists, blood, oxygen, operation theatre charges, medicines, diagnostic materials, dialysis, chemotherapy, radio therapy, cost of pace maker, artificial limbs, cost or organs etc.