I (39) am covered under a group health policy provided by my employer. I want to increase my coverage. Should I buy a new health insurance cover or a top-up plan?
Group health insurance works as long as you are employed. It is advisable you buy a comprehensive health policy, so that your medical expenses are taken care of at the time of changing your job. In addition, an individual health insurance policy can be customised based on your specific needs.
You can avail of a top-up health insurance plan that covers hospitalisation expenses beyond a threshold limit or deductibles.
A top-up plan would be useful only when one already has a comprehensive health policy.
I am 26, working in a private firm. I earn Rs 50,000 a month. I don't have a health cover. Which type of insurance plan would you suggest I buy first, health or life?
This is the right time for you to buy a health insurance policy. It is advisable to buy a policy at an early age as with age, the premium as well as the risk of disease increases.
It is not only easier to get a health policy at a young age, but one also benefits from a lower premium. We would advise you to buy a policy offering comprehensive coverage that includes impatient treatment, pre-post hospitalisation, day care procedures, outpatient benefit, hospital daily cash and convalescence benefits. Apart from this, you can avail of other benefits and covers available in the form of riders that includes critical illness, personal accident, donor expenses, compassionate visit, nursing at home and so on.
Choosing the right insurance policy ensures that you are covered for medical expenses arising out of major/minor ailments. You should choose a policy that offers comprehensive features and has a seamless service proposition.
Having an in-house claim settlement unit adds to the policy features since the claims settlement process is transparent and more efficient.
I (36) have a health policy. I started smoking recently, two-three a day. I want to get rid of this habit soon. Will this impact my health insurance premium?
The insurance premium on your existing policy will not change though you have started smoking. In the case of most prevailing health policies in the market, the premium is dependent on and increases with age, higher sum insured (if opted for), and on making a claim which has to be in accordance with the policy terms and conditions.
At the same time, given the medical evidence connecting smoking to serious ailments, my personal suggestion would be that you stop smoking.
Bhargav Dasgupta MD & CEO, ICICI Lombard General Insurance Company, answers your questions
Views expressed are the expert’s own. Send your queries to yourmoney@bsmail.in
