Choice is always good. In a globalized world, the consumer has a
plethora of choices in everything, from airlines to automobiles. This is
why nowadays even airlines make an announcement after the passengers
land: "We know you have a choice. Thanks for flying with us!"
It's
rather simple. You have a choice - if you don't like the product or
service, switch! The same goes for health insurance policies as well. In
India, people have woken up to the promise of health insurance, which
has led to a proliferation of health insurance providers across the
board. Because of this wide variety available, the policyholder doesn't
need to stick to an insurance provider if they feel dissatisfied with
the services.
The Insurance Regulatory and Development Authority
of India (IRDA) has a novel scheme for disgruntled policyholders to
switch providers: health insurance portability. Now, what do we mean by
this? Let's elaborate.
What is health insurance portability?
Health
insurance portability is the manner through which a health insurance
policyholder can transfer his/her existing policies from the current
provider to a new one. Portability offers a way for customers to opt for
better service and product. That way, an insurance provider cannot take
them for granted.
Reasons for porting
When and why should you port a health insurance policy to a different provider? Here are some pointers to help you decide:
o Quality of Service
If
you feel that the standards of service offered by a policyholder is not
at par with what they promised while logging you in, may be it's time
to move on. Often, an insurance provider will promise the moon while
getting a customer on board in the eagerness of cracking a deal, but
gradually, reality strikes and the customer realizes that it was all
hogwash. There's no point continuing a bitter relationship, right?
o Increased Benefits
There
might be a point when you realize the cover offered to you by your
current health insurance provider is not sufficient, and after talking
to them it seems clear that that's the best they can do. Under the
circumstances, it may be wise to switch to a provider that can offer the
additional cover/ benefits.
vendredi 19 août 2016
mercredi 10 août 2016
Tips for Choosing the Right Insurance Policy
The old saying "Health is Wealth" denotes having good health is a
lot more important that having plenty of wealth. Good health can help
you earn efficiently and ensure you enjoy a quality life. A person with a
bad health on the other hand, spends most of his money on treatment and
doctor visits. The popular Arabic proverb says, "He, who has health,
has hope; and he, who has hope, has everything".
Thus, it is our responsibility to stay protected. Despite all the precautions, it is not always possible to avoid accidents and illness and thus one need to be eventually prepared for such tragic incidents. In extreme cases, we are also forced to borrow money from outside to continue our treatment.
Safeguarding your health with insurance policy will ensure you are prepared for all sorts of eventualities. With thorough research and comparison you can identify the best product that suits your requirements. Research can be time consuming and confusing with so many available options in the market. There are a few vital pointers that you must keep in mind while looking for the best insurance covers and they are as follows:
• Basic Hospitalization Cover: In case your pocket does not allow you to buy a comprehensive health insurance cover, you can look for basic health care plan that pays for the expenses incurred from any sorts of illness or accident.
• Coverage and Premium: Expensive insurance policies need not be good always. You must review the Coverage of Critical Illness, Hospitalization Cash Benefit, OPD and other such benefits, if the premiums are identical. You must identify and assess the business needs you require.
• Family Floater Policy: It is better to buy a family floater health insurance policy instead of the individual policy. Every member can utilize the sum assured in a family floater policy. This can help you save premiums.
• Sum Assured: The sum assured can be determined based on the city you live and the size of your family. Health insurance costs in big cities are more than that of the small cities. Thus, you need to determine the sum accordingly.
• Separate Policy for Parents: Premium amount in family floater policy is calculated based on the age of the eldest member. Thus, you must keep a separate policy for parents and save on the premium.
• Day Care Procedures: You must take a look at the list of diseases covered under Day Care Procedures, before buying the insurance policies.
• Exclusions: Policy buyers must go through the policy document very carefully before signing it. You must ask for the details of the terms and conditions of the policy. The exclusion part is highly important and you need to enquire about the scenarios and diseases that are not covered under the policy.
• Top-Ups: If your employer offers you a health insurance policy and you are looking for a policy of higher sum insured, you need not buy a separate policy. You can simply top up your existing policy with the required benefits and sum assured. This is a good way to save on the premium.
Thus, it is our responsibility to stay protected. Despite all the precautions, it is not always possible to avoid accidents and illness and thus one need to be eventually prepared for such tragic incidents. In extreme cases, we are also forced to borrow money from outside to continue our treatment.
Safeguarding your health with insurance policy will ensure you are prepared for all sorts of eventualities. With thorough research and comparison you can identify the best product that suits your requirements. Research can be time consuming and confusing with so many available options in the market. There are a few vital pointers that you must keep in mind while looking for the best insurance covers and they are as follows:
• Basic Hospitalization Cover: In case your pocket does not allow you to buy a comprehensive health insurance cover, you can look for basic health care plan that pays for the expenses incurred from any sorts of illness or accident.
• Coverage and Premium: Expensive insurance policies need not be good always. You must review the Coverage of Critical Illness, Hospitalization Cash Benefit, OPD and other such benefits, if the premiums are identical. You must identify and assess the business needs you require.
• Family Floater Policy: It is better to buy a family floater health insurance policy instead of the individual policy. Every member can utilize the sum assured in a family floater policy. This can help you save premiums.
• Sum Assured: The sum assured can be determined based on the city you live and the size of your family. Health insurance costs in big cities are more than that of the small cities. Thus, you need to determine the sum accordingly.
• Separate Policy for Parents: Premium amount in family floater policy is calculated based on the age of the eldest member. Thus, you must keep a separate policy for parents and save on the premium.
• Day Care Procedures: You must take a look at the list of diseases covered under Day Care Procedures, before buying the insurance policies.
• Exclusions: Policy buyers must go through the policy document very carefully before signing it. You must ask for the details of the terms and conditions of the policy. The exclusion part is highly important and you need to enquire about the scenarios and diseases that are not covered under the policy.
• Top-Ups: If your employer offers you a health insurance policy and you are looking for a policy of higher sum insured, you need not buy a separate policy. You can simply top up your existing policy with the required benefits and sum assured. This is a good way to save on the premium.
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