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| Ques. |
Are naturopathy and homeopathy treatments covered under a health policy? |
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| Ans. |
In all policies naturopathy is not covered. However Homeopathy is now being covered by some insurance companies, provided treatment is taken in a Homeopathic Hospital, which is empanelled with the insurance company. Star Health permits use of Homeopathic medicines during post hospitalization period. |
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We foresee more and more Insurance companies will start covering naturopathy and homeopathy treatments in future. |
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| Ques. |
What happens when I cancel the health insurance policy? |
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| Ans. |
If you cancel the policy within 15 days of receipt of the policy, then you are returning it under look in period then you get 100% refund. In case you had paid fee for medical tests then it will not be returned. |
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| Ques. |
I am young and healthy. Do I really need health insurance? |
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| Ans. |
Health Insurance covers hospitalization due to illness and accidents. No one can say when a young & healthy person may need hospitalization due to illness, accident or swine flu or due to dehydration caused by food poisoning. It is always good to have health insurance policy, which takes care of you & your family members. Your parents and parents in law should also have suitable Health Insurance policy. |
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| Ques. |
Is it alright to take health policy online or is it advisable to take it through some insurance brokerage firm/ agent? |
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Buying of the policy is the beginning of your relationship with the Insurance Company. It is always better to buy it through insurance intermediary. If you buy it through an agent then you will get through him true information of one company. If you buy it through an insurance brokerage firm (IBF) then you will get better choice as IBF represents all the companies and gives a better choice - you get right product from right insurance company at right price. When claim is being lodged then the IBF will help you in getting the claim settled. |
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| Ques. |
How to choose the right policy? |
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| Ans. |
First rule is that you should choose the sum assured while looking at what your pocket can afford. Keep in mind that in most of the policies there is condition of room rent limit on per day basis. It is 1 % of the sum assured. In case you are assured for Rs 2 lakhs then room rent to be paid will be Rs 2,000 per day. In a good Delhi hospital this rate may be Rs 6,000 per day – it means that if you stay in hospital for 3 days then under the head of room rent Rs 18,000 will not be paid to you but only Rs 6,000 will be paid. |
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| Ques. |
How is the premium determined in Health Insurance ? |
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| Ans. |
It depends on the age, sum assured, whether person to be insured has any pre-existing disease or adverse health conditions. The rates are fixed and are available in the brochure published by the insurance company. |
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| Ques. |
My employer provides me with health insurance coverage. Is it advisable to take another policy on my own ? |
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If the sum assured is good and the company is doing fine then you should think positive and do not go in for additional sum. When you plan to leave the organization then you must verify from the new employer whether they have suitable sum assured available for you as part of compensation package. If no health insurance is available then you must buy Health Insurance immediately so that 30 days cooling off period of new policy (purchased by you) is matching with last 30 days with your employer. Try to have this health insurance from the same Insurance Company. |
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| Ques. |
What is the difference between health insurance and mediclaim ? |
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Both the terms are inter-changeable. Mediclaim was the term being used by PSU’s since 1986. With the entry of Private companies in 2001, the term Health Insurance got evolved and the same is being used. |
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| Ques. |
Can you transfer your existing family floater policy to some other insurer and still expect the bonus to continue ? |
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It totally depends on the Insurance company. Believe in what is given to you in writing as a part of policy language. Insurance company will only honor what is in writing. |
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| Ques. |
What is the basic difference between individual and group health insurance coverage? |
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Individual Health insurance is what you buy as a family of 1 to 6 persons. Oriental Insurance is the one which gives Oriental Happy Family Floater Policy, where a family of upto 10 persons can be covered. Group Health Insurance policy is what is issued to a corporate or a group or to an association and covers a group (generally more than 100 persons). The positive point in a group policy is that you can negotiate special terms like;
- Maternity coverage is available
- Pre existing disease is covered
- No medical examination, even if you are above 45 years
When a member leaves the organization you can add the new member as a substitute for the one whose name is deleted. Rates in the case of a group policy can be attractive. For very large group of say 1,00,000 the rates are very attractive. |
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| Ques. |
Why should I buy Overseas Travel Insurance ? |
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Indian health Insurance policy is valid within India. If you are traveling then you may need medical attention – this is only covered under Overseas Travel Insurance Policy. In addition to hospitalization medical consultation is also covered. Baggage Loss/ Passport Loss/Delayed Flights are also covered. |
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| Ques. |
What problems can you face when you change your health insurer and try claiming money for hospitalization charges for treating pre-existing ailments ? |
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The new Insurance Company will not pay for pre existing disease. You should continue with the existing insurance company as it is legally bound to pay for future hospitalizations with same disease. It is a safer bet for you. |
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