Boost Your Health Insurance with 5 Unique Add-On Covers
14 May, 2014 01:01 PM
Most of the salaried professionals rejoice thinking that the provided insurance covers from the employers are of great benefit and enough for lifetime. The employer’s medical cover seemed to be fine until you thought to change your job, extend your family or admitted to a hospital with blaring bills. In the current scenario, the health benefits provided by the employer are not sufficient to help you in long run. It’s important to have a personal medical insurance along with the insurance provided by your employer to be more secured and relaxed. Let us have a look at the various boosting covers for your medical insurance provided by the company.

Senior Citizen plans: 'Make hay when sun shines', this aptly goes with the benefits of the medical insurances as well. Opting for a medical cover in the old age will cost you more interest rates, higher premiums and with fewer benefits associated. Employers are cutting down on benefits given to the employees’ parents with partial or full withdrawal of covering them under health policies through companies. According to insurance broking firm, Marsh India, only 36 percent of employers fully funds the parents’ premium.

Buy independent covers: An independent cover policy has more visual benefits than the group covers provided by the employers. Independent health policy will help you when you are working on the plan to change the job. It will help you make up for any shortage in money coverage provided by your insurance, and will also be helpful in case your policy claim goes beyond the 3-5 lakh limit, which is the typical sum under the group insurance policies provided by employers. When you opt for independent covers, you can retain the continuity of benefits, including the pre-existing disease cover from the earlier policy.

Indemnity Covers: Indemnity covers provide you freedom to choose your preferred doctor, hospital and the services you want to avail, without much pressure from the insurer to stick to one. The insurance company pays a set portion of your total charges, and is also referred to as “fee-for-service” plans. This policy is often advisable for employees above the age of 45 and they can continue the policy even after their retirement. The sum insured in this cover is the upper limit. Currently, the claim process for policyholders has become easy and simple for indemnity cover.

Top-Up Plans: In the date of rising costs, the general health insurance policies provided by the employers are not enough to sustain the extra costs in certain situations. Top-Up Plans from health insurance companies do wonders exactly like a safety jacket. Top-Up Plans are the cheapest policy add-ons available, costing to approximately 2000 per year. This plan is made active only when you run out of the amount from your basic policy.

Defined Benefit Plans: The regular health policies do not cover your additional expenses like the travelling expenses of your attendant while you are in hospital, the food intake and others apart from the hospital bill. The change in lifestyle to supplement your health and the heavy cost of a long-term continued medication is again excluded from the health policies. The solution to this is the Defined Benefit Plans that can handle the expenses and can give you a set of pre-defined benefits irrespective of low or high costs, procured from the hospital. These plans can hand you a lump sum of money or can pay on a daily basis on account of your need.
Source : Silicon India Finance

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