Things to Keep in Mind While Buying Health Insurance with High Sum Insured

 

Things to Keep in Mind While Buying Health Insurance with High Sum Insured

Before making a judicious choice for the preferred health insurance policy, it is important to consider certain factors as listed below:

• Expenses covered: At the time of selecting health insurance plans of 1 Crore to 6 Crore, one should select the amount wisely as it covers the medical expenses for a year. Make sure you choose a sum insured which won’t fall short in case of an emergency and the premium for which is not too exorbitant. For protection from huge medical expenses, you can depend on the health insurance 1 Crore coverage under Care Advantage while you also have two more sum insured options to choose from – health insurance with Rs 25L, Rs 50L, 1 Cr to 6 Cr cover. Make sure you read the policy features to know about the expenses which are covered.
• Waiting Period: When opting for a health insurance policy, you must check for the waiting period before making a claim. With Care Advantage, we offer coverage with an initial 30 days waiting period for any claim due to illnesses, except injury. There is a waiting period of 48 months for pre-existing diseases and 24 months for specific diseases.
• Network Hospitals: One should always check the Cashless Network Hospitals of the insurance company. At the time of a medical emergency or hospitalisation, the hospitals in the network offer cashless treatment options under this facility; the insurer settles the medical bills directly with the hospital, subject to policy terms and conditions. We, at Care Health Insurance, offer cashless treatment at more than 9400+ hospitals across India.
• Lifetime Renewal: Look for health policies that offer lifetime renewability. There is a higher chance of suffering from diseases and illnesses when you are old. It is advisable to buy a health policy offering lifetime renewability.
• No Claim Bonus: No claim bonus in 1 cr medical insurance refers to the additional coverage provided by the insurer to the insured if no claim has been made during the year. We, at Care Health Insurance, offer a 10% increase in sum insured per policy year if you had a claim-free year; the maximum limit to this increase is 50% of the sum insured.

Tax Benefits of Care Advantage

A Health insurance policy not only covers your medical expenses but also offers you tax benefits under Section 80D of the Income Tax Act. As per this provision, you are eligible to claim a tax deduction of Rs 25,000 in a financial year for the premium you pay towards the policy. In case you have senior citizen parents covered under the policy, you get an additional deduction of Rs 50,000 under Section 80D tax benefits.

Claim Settlement Process for 6 to 1 Crore Health Insurance Policy

In case of emergency hospitalisation, reach out to our customer support team and inform us within 24 hours of your admission to the hospital. In case of planned hospitalisation, inform us 48 hours prior to admission.

Cashless Hospitalisation Claim Process

• Submit the duly filled and signed pre-authorization form to the hospital insurance desk.
• An approval letter will be sent by our claim management team.
• If required, a query might be raised from the side of our claim management team.
• After the approval, your bills will be directly paid to the hospital.

Reimbursement Claim Process

• Submit the duly completed and signed Health Insurance claim reimbursement form along with all the required documents:
• You are required to submit the following documents:
  • Valid photo-id proof
  • Medical certificate issued by the hospital/doctor
  • Original bills, receipts, discharge form issued by the hospital/doctor
  • Other documents, as requested by the insurer
• Our claim management team may raise a query if required
• An approval letter will be sent by the claim management team
• We will communicate in case of any rejection.

Exclusions in Care Advantage

Exclusions are the diseases that are not covered under the policy. Some common exclusions for Health Insurance Policy are listed below:

• Self-Inflicted injuries and suicide attempts
• Injuries due to consumption of alcohol
• IVF or infertility treatment
• Hospitalisation due to war or nuclear threat
• Plastic surgery and cosmetic treatment
• Other permanent exclusions

Disclaimer : Information above is just for reference. Kindly read T & C of policy thoroughly, Do refer IRDAI guidelines for tax exemption conditions.