Saturday, February 20, 2010


Health care insurance cover is a must in today's society. When we were young civil Hospitals were taking care whenever common people were falling ill.The hospitalisation were in- expensive. I still remember the birth of my only son in 1967 at panbazar civil Hospital then turned Medical College. The total delivery charge in a paying cabin by legendary Doctor Rajkumar Das was Rs 165/- only. Today child delivery cost goes up to thousands.Sometime the cost nears onelakh rupees.The Health care cost has become prohibitive. A minor surgery now a days has become unaffordable. To protect the family and to keep tension away all persons ,who can afford ,should take health cover.It is not only essential,it is a must for self employed persons and their family members, beside retired persons.

Fortunately all the employees and their families are mostly covered by their employers.But many companies and government do not cover old parents of their employees. The medical expenses are gen rally higher during old age and as such special care should be taken by the children for their parents. unless insurance cover is taken by late fifties, very often insurance companies hesitate to issue cover to older persons who have crossed sixty years of age. But recently the central government have issued directives to insurance companies to issue the policy to senior citizens after due health check up.

HEALTH INSURANCE IS OBTAINABLE BOTH BY INDIVIDUAL POLICY OR BY GROUP POLICY. GEN RALLY GROUP POLICY IS ISSUED TO CORPORATE, SOCIETY AND ESTABLISHMENT. Generally individual policy is costlier and group policy is cheaper. In India both public sector insurance companies and private sector insurance companies issue health care policy. The premium of nationalised insurance companies are little less than private sector companies. Premium paid by people get income tax deduction up to Rs 15,000/- and additional amount of tax rebate is available for the policy of their parents. In lieu of the premium the insurance coma pies covers the insured in case of critical sickness and accident.

Beside group and individual insurance cover Special Plans are also available for elderly persons, veterans of armed forces etc. Medical insurance covers expenses of the hospitalisation, doctors fees and medicine etc only on hospitalisation of patient.No medical expenses are paid for treatment at home.But the expenses of domiciliary treatment are also available under certain condition. The cost of treatment are generally reimbursed and under certain condition cashless options can be also availed. This policy is popularly known as "Mediclaim Policy". In addition to general health care policy another policy known as "Critical illness cover" are also available under separate or as additional cover on payment of additional premium. whenever any claim is preferred under the critical illness cover a lump sum amount of insured amount is paid beside usual medical reimbursement to take care of prolonged medical requirements etc. The policy stands terminated after such payment is released. the critical illness cover is available for Heart illness, kidney treatment, cancer etc.

The health care policy is beneficial to member of the insured in many ways. According to a specialist of insurance the benefit under health cover are manifold.

"Benefit however depends on the policy you choose and the coverage it provides. Here is a list of basic coverage provided by most of the health policies.
It helps securing a better future by paying a fraction as an expenditure today called the premium.
It reduces saving huge amount of financial losses, risk of financial breakdown in case of expensive medical and post-illness care.
It certainly induces a sense of security to the insured.
It provides financial security to the family members.
It covers your hospitalisation and medical bills.
It also covers disability and custodial bills.
You can avail tax benefits on the premium paid under section 80D of the Income Tax Act.
The best factor, you can also opt for medical policy even after the age of 60, now a days."

Before taking a health care mediclaim cover it would be better to study the cost of premium of various companies. Every insurance company charges different premium. The nationalised companies charge similar premium but their service vary area wise. Before taking policy try to find out which company provide better service. All the insurance company now a days settle claim through a settlement agency known as TPA.(Third party Administrator). The settlement of claim is always problematic. You need to take help of your agent while filling up the claim forms. So while taking insurance cover it would be wise to buy through a well known and efficient insurance agent or adviser who would help his clients in actual time of need, when claim is preferred.

Fortunately most employers take care of their employees.But self employed persons like consultant , Doctors, Actors, lawyers, singers artist must take medical cover. The most self employed people remain busy and so forget to take care of their own health. Unfortunately not so many people get health care facilities after retirement. They need to
take Mediclaim policy when they are on the verge of retirement at 58 years. Health covers are not luxury.It is a necessity of life. Let us all be prepared for the health care for health is the actual wealth.


1 comment:

Anonymous said...

Respected sir,
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