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  • Category: Miscellaneous

    What are the pros and cons of buying a health insurance policy?

    In India the level of awareness of the people about importance of having a health insurance policy is not up to the mark. Many people buy health insurance for availing tax benefits without going into the details of its importance and significance.

    Health insurance in India pays for inpatient hospitalization and for treatment at hospitals only. Outpatient services were not payable under health policies at present. However, the insurance companies offer a number of innovative products like family floater plans, top-up plans, critical illness plans, hospital cash and top up policies etc.

    I, personally, have not taken any health insurance as I am covered under Central Government Health Scheme (CGHS).

    What are your observations in this regard? What are the pros and cons of buying a health insurance policy?
  • #629721
    These days health insurance is a necessity. Many companies will take this insurance to their employees and they will allow the addition of dependent members also in the list. My Organisation has taken the medical insurance policy for me in which I have added my wife and my parents as beneficiaries. The total value of the policy is fixed and the amount can be used by anyone of the policy holding members but the total amount of all can't exceed the insurance value of the policy.
    There are many companies these days who are providing this insurance and good competition is there. As a result of this, every company is trying to add some new features to their coverage. So it is better to study the various schemes offered and then choose the best one. The premium values will be more or less same in all the companies. But some companies give good service and response. It is better to have a policy for all members of the family with a reasonable coverage.

    always confident

  • #629732
    We buy health insurance just because we don't know what is in store regarding our health. Sometimes we feel that health insurance is a waste and we make some insurance companies have profit by spending our hard earned money.
    I am having a health insurance policy for the last about eight years. The situation now is that I had already spent an amount equal to the total policy amount till now. Every year the premium goes on increasing offsetting the no-claim discount also.
    The companies do not disclose everything transparently.Many things are in fine clauses and even subject to interpretation. Taking and exploiting the situations private hospitals increase their charges also.
    The combined effect of unscrupulous elements making false claims and tricking the insurance companies, the hospitals increasing their charges and various taxes and government and corporate greediness - all result in heavy premiums , but compel people to take medical insurance for the great fear of exorbitant hospital bills.
    But even then the insured may not get the full amount he is entitled o expected as companies try to reduce their outflow in some ways.

    From te experience of last few years I had even thought of keeping the premium amount as bank deposit every years instead of buying a medical insurance and losing it just like that.

  • #629734
    @#629721, for those in employment in large organisations or organised employment situations, the premium is paid by the employer. Some companies pay premium for their retired employees also.

    But for those who employed or retired but do not have the facility from employer , may find the insurance premium a burden, as it increases , and(generally) insurance is not available beyond a certain age. Sometimes i feel that medical insurance is like giving umbrella when it is shining and taking it away when it rains.

    That is the fact and irony.

  • #629827
    There are two more aspects of health insurance policies.
    1. It is said that the hospitals treat the patient till exhaustion of the insured amount only. After that they take no interest in the treatment. Is it so?
    2. The agents often mislead the applicants by advising to hide certain information about pre-existing diseases etc. which ultimately leads to rejection of claims in future. Is it so?

    Let us encourage each other in sharing knowledge.

  • #629861
    Good thread & at the same time really the needy one at this point of time.

    The life never got to such an unexpected cycle along with the uncertainty that anything can happen at any time. I never had a thought of this that only a few decade back, there would be the insurances companies that bets on our health & diseases & that soon would be one of the biggest market throughout.

    Adding, currently we can find out the best brands available in the market in the insurance sector listing the attractive benefits concluding with the "CONDITION APPLY". For any customer purchasing the insurance. should have a concern on this.

    One incidence of my life that once I was admitted to "MEDANTA" in Gurgaon, Haryana & although I was insured by the company I was in the payroll of. But while receiving the remuneration few amount were deducted. How this happened ?

    The deductions was for the bed charges. The insurance company was paying Rs. 2000/- for a day while the hospital charges was Rs. 3000/- per day. So I had to arrange the balance amount from my pocket.

  • #629913
    Indian health insurance market is poised for a big boom. People are more and more aware of medical insurance. The public sector is covered by government schemes, the private sector has corporate cover. It's the self-employed or people from small firms and the unregulated sector that needs private insurance.

    Having a good policy helps you to tide over the monetary costs of an illness. This biggest advantage is seriously offest by two important factors.a) expensive corporate or private health care and b) private insurance companies. Because a & b are nothing but business ventures in sight of raking profits, the poor consumer (patient) interested is ignored and is burdened with a raw deal.

    Further on, some vendors or agents, sell the moon to the unsuspecting people who are in for a rude jolt when they find that the insurance is denied for various clauses or pre-existing, exclusion, mandatory 2 years no claim period for many elective surgeries etc.

    As of now, in the absence of a robust quality Government healthcare, health insurance is still a good option for us.

  • #629929
    In India most of the people are either employed with state or central government departments or in big manufacturing or products companies where in health benefit cards are given to the employees. Like CGHS for the central government employees and ESI for the state government employees . Even private schools and companies are bound to cover the employees with ESI benefits. In such circumstances, other health insurance services are not required or thought off. CGHS schemes covers good number of diseases being treated at private hospitals and the beneficiaries to get the best medical attention. Likewise the ESI has their own multi speciality hospitals in big cities and the beneficiaries do get best medical services. But all the citizens must have the life insurance and the political parties seeking vote from us must come with life time policies so that we are taken care off.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

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