Factors Affecting Your Health Insurance Premium

The fast-paced lifestyle that we live today, with so many stressors around us, some unhealthy habits that we adopt might become a roadblock in availing a good health insurance policy. The cost of health insurance plans and the premium amount paid varies significantly for insurers and the insured based on a number of factors:

1. Smoking Status

Your smoking status forms a huge factor for setting your premium amount as regular smokers are more prone to health diseases and conditions like lung cancer, heart diseases, respiratory disease and more. This vulnerability to a range of ailments affects your health insurance premium amount and you are required to pay a higher price.

2. Alcoholism

Individuals with regular and extreme drinking habits may have to pay higher premiums to get financial security. This is because excessive drinking has been linked to cases of renal and liver disease, high blood pressure, and other serious health issues.

3. Gender Impact

Gender is another factor that can impact premium rates for insurance policies. Typically, women have a longer lifespan than men which makes the premium rates comparatively lower for them.

4. Age

As an individual reaches a certain age, they become susceptible to age-related diseases and medical supervision that adds up to the cost of your health insurance plan.

5. Family Medical History

Some people have a medical history of certain diseases that are passed on to new generations. Such predisposition that puts some people at a greater risk for diseases is also a factor that affects your health insurance premiums.

6. Occupation

Individuals exposed to a stressful or dangerous working environment have higher chances of developing a disease or illness. In case your occupation makes you susceptible to accidents, it can affect your premium rates.

7. Pre-Existing Diseases

Before purchasing a health insurance policy, if you are diagnosed with an ailment, your premium amounts will be higher and requires a set waiting period to avail claims against treatment of such diseases.

Does your Health Insurance cover COVID-19 claims?

The coronavirus pandemic was a sort of eye-opener that emphasized the need of having a health insurance in place to fight against such unexpected medical emergencies. Insurance providers have assessed the need for a COVID-19 insurance that covers all medical expenses ranging from treatment costs to diagnostic tests.

The two kinds of COVID-19 insurance offered as per the authorization of IRDAI are:

Corona Kavach

A short indemnity-based plan that pays up to the sum assured for hospital expenses.

Corona Rakshak

A benefit-based policy that offers lump sum payment equal to the sum assured if you are diagnosed by a government approved testing centre and requires hospitalization for 72 hours.

These two corona health insurance plans are the need of the hour given the situation. Some insurers help you make claims against this policy in the form of an add-on rider while others provide a standalone insurance plan for COVID-19 related costs and treatments.

When purchasing the best health insurance in India for themselves and their loved ones, one must ask this question – whether your plan allows you to make claims against COVID-19 as life is full of uncertainties and it is crucial to stay prepared for any such health adversities.

Source: As per Press Release (irdai.gov.in)

Health Insurance Plan Eligibility Criteria

The need for buying a well-suited health insurance for you and your family is highlighted to ensure that you assess your requirements carefully and opt for a policy that offers maximum benefits at a reasonable cost. While it is essential for everyone to have the best health insurance policy in place to deal with expenditures linked to medical treatment, the criterion for eligibility is as follows:

1. Entry Age

Under a child health insurance plan, the minimum entry age is 16 days and goes up till 18 years. Whereas for an adult, the age of entry is 18 years and the individual enjoy all the benefits as per the policy terms and conditions.

2. Pre-Existing Conditions

If you are diagnosed with a disease before buying the health insurance plan, it is considered to be a pre-existing condition for which there is a specified waiting period. Only after the waiting period lapses, you are eligible to make claims against your health insurance plan for that particular illness.

Why Buy a Health Insurance Plan at an Early Age?

It is always a good idea to buy the best health insurance policy from the best health insurance company in India at a young age as you do not have to stress about paying medical bills and exhausting hard-earned income on such hefty treatments. At an age where you would like to save up for your future, draining finances can affect your economic well-being and also affect you emotionally.

The skyrocketing rate of inflation in the medical sector does not make it any easier, reason why buying a health insurance early in life comes handy in a number of ways.

Check out some of the major benefits why youngsters should be investing in a health insurance plan:

1. Offers a comprehensive coverage for any health-related emergencies that may arise and put a strain on your financial security.

2. If there are any pre-existing conditions, you can wait out the specified waiting period early on without compromising too much on your health and become eligible for claims against it when you need it the most.

3. Since young people are healthy and less prone to diseases, the premium amounts are affordable and makes your health insurance cost worth the investment.

4. The tax benefits under section 80D are applicable which helps you save on your income and direct your fund towards a sound future planning.

5. You have wider coverage options with riders and add ons offering a comprehensive health insurance plan.

When you are young, you are at your peak health. But today’s on-the-run lifestyle, increase in environmental pollution and rise in stressors have made young population the centre of a variety of health conditions that can hamper your quality of living. Thus, to reduce such negative impacts, it is advisable to buy a health plan early.

How to Choose Best Health Insurance Plan in 2021?

2021 has been a year of learning when it comes to health and the uncertainties of life. It has also made us value health insurance plans and it’s significance. With so many insurance providers and types of health insurance out there, it may become a herculean task to decide which one is your best pick.

To make matters simple, here’s a check list to keep in mind if you want to choose the best health insurance plan in 2021:

Assessing Your Health Requirements

Each individual has some specific health needs that they need to adhere to for availing the ideal plan for themselves

Coverage Options

Plans that offer comprehensive coverage with add on benefits with a coverage type suited for your needs are your best bet. As per your requirements, you might want to go for a family floater health insurance that offers higher sum assured at lower premiums that can be availed by all the members of the family a mentioned in the policy.

Higher Sum Assured

With the cost of treatment becoming unaffordable, you would want to compare plans online and opt for the one that offers a higher sum assured to ensure that all the expenses incurred are covered for.

Renewal Benefits

No-claim bonuses offered under a health insurance plan that are rewarded in the form of increased sum assured amount or a lower premium payment is the kind of flexibility that you should consider during policy renewals for choosing the best plan.

Claim Settlement Ratio (CSR)

CSR is the unit of measuring the total claims filed to the total successfully claims approved by an insurer to determine their success rate when it comes to settling health claims. It is essential to look for insurance providers who have a higher CSR rating as the higher the number the more chances you have at a smooth claim settlement process.

Why Should You Compare Health insurance Plans Online?

Purchasing a health insurance plan online has made our lives easier and what makes it even more convenient is the option to compare various plans online to help you get the best one. Here are some important benefits of comparing health insurance plans online:

• Ease of access to a wide range of health insurance plans
• As per your health requirements, income, and age, you can get free quotes online at the click of a button and forget about any other hassles.
• The flexibility of checking and comparing plans as per your convenience and time is unmatched. This means you can decide on which plan to buy from the comforts of your home and also buy including other family members in this decision.

Tools such as health insurance premium calculator available readily online helps you figure out your ability to pay and factor in some other aspects to know if a particular premium plan works for you or not. 

How to Buy an Online Health Insurance Plan?

The primary purpose of health insurance plans in India is to provide comprehensive financial coverage to you and your family members. Thus, you need to make sure that you are choosing an health insurance policy with sufficient coverage and cost-effective premiums payable.

Here is how you can purchase online health insurance coverage

• Fill in your details for a life/ health insurance plan/ cancer plan
• Add the amount of critical insurance/ cancer insurance coverage (or sum insured) that you need with your online health insurance
• Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age.
• Use an online health insurance premium calculator to arrive at the premium amount payable based on your age, gender, lifestyle preferences, chosen health insurance coverage (or Sum Insured) and Maximum Coverage Age.

Choose the maximum medical insurance coverage tenure as the chances of contracting a critical illness increases with age

How to Calculate Health Insurance Premium?

To calculate your health insurance premium, you would need to assess your health requirements, income, age, gender and ability to pay based on your occupation. Once you are aware of all such factors, you need to take into account what payment type suits you. Whether it is monthly, quarterly, half yearly or annually. Having adequate knowledge of your needs and capabilities will ensure that you take up a plan with a premium payment that doesn’t seem like a burden.

If you find yourself in a place where you need an expert to guide you better, you can always get in touch with us at Max Life Insurance with any queries or doubts you might have towards your health insurance plan.

Ensure Protection Against Medical Emergencies with Health Insurance

Myth About Health Insurance

Awareness about health insurance is a good thing, but it also provides impetus for misconceptions and notions to spread around like wildfire. Some common false notions include:

1. ‘I am healthy, so I don’t need health insurance’

Well, that’s certainly not true. Even when you’re health and young, investing in a health insurance benefits in the long run. You’re covered for any unpredictable health mishaps that might arise and you can also stay worry-free

2. ‘I am a smoker so I can’t buy a health insurance plan’

Insurance providers may charge a higher premium and extended waiting period as your smoking habit can give rise to complicated health conditions like lung cancer or respiratory problems and put you at a potential risk of developing a pre-existing disease before you buy the policy. But rest assured, smoking is not the basis for denying health insurance altogether.

3. ‘If I couldn’t renew my health policy, all my benefits lapse’

All insurance renewals offer a grace period up to 30 days post-due date wherein you can renew your policy without losing on any of your benefits and bonuses. So, this is a complete myth and not a reality.

Frequently Asked Questions

1. How Do I Choose A Health Insurance Plan? 

When choosing the best health insurance policy in India, it is to purchase one that meets your needs and suits your budget. However, to get the optimized value of the best health insurance policy in India, you should think about the plan's benefits before you think about the price. You can use the health insurance premium calculator for more accurate estimations. Also, remember to check the health insurance claim settlement ratio of the insurance provider.

2. What Are the Diseases Covered Under Health Insurance Policy? 

When looking for the health insurance company in India, you should look at the diseases covered under their policy. It may vary across different health insurance plans, however, typically it includes:

• Cataract surgery 
• Cancer
  
• Dengue
• Diabetes
• Injuries due to accidents

3. Which Health Insurance Plan Covers Cancer? 

Some of the health insurance plan in India today cover almost all major critical illnesses, including cancer. These policies typically only cover inpatient hospitalisation and care in Indian hospitals. However, adding a critical illness policy along with the best health insurance plan you can find, is the best way to go about it for wider coverage.

4. Can We Claim Health Insurance Policy Immediately? 

Policyholders cannot claim payment from the insurer for any type of hospitalisation, scheduled or emergency, within 30 to 90 days of purchasing health insurance in India. They must wait 30 to 90 days after purchase of the policy before filing any claims for health insurance. Refer to the health insurance claim settlement ratio of the insurer to get a better idea of their record.

5. Can Cancer Patients Get Health Insurance Plan After Diagnosis? 

It is quite possible that you may not find a health insurance policy in India that would cover someone who has already been diagnosed with cancer, however, a serious illness cover may be added to the current term plan.

6. How Soon Can I Use Health Insurance Policy? 

There is a waiting period when you buy the best health insurance policy in India, which has to be completed before you can claim the health insurance policy.

7. Is It Worth Buying Critical Illness Insurance Policy? 

It is worthwhile to purchase a critical illness insurance package based on the main benefits. The plan helps you to maintain physical, mental, and emotional peace of mind while also facilitating a quick recovery if you contract a serious disease.

8. Does Normal Health Insurance Plans Cover Critical Illness? 

A standard health insurance plan in India mainly covers hospitalisation expenses. Critical illness insurance, on the other hand, pays out a lump sum if you are diagnosed with a critical illness that is protected by the policy.. When you use the health insurance premium calculator, you can see how adding the critical illness cover affects your premium amount.

9. Is It Better to Take Critical Illness Policy or Health Insurance Plan? 

During hospitalisation, your health insurance policy can take care of your emergency and outpatient expenditures. However, this coverage may not be extended to all diseases eve with the best health insurance in India, or may have a longer waiting time. With critical illness insurance, on the other hand, you get coverage for life-threatening illnesses such as cancer, bypass surgery, multiple sclerosis, renal failure, and so on

10. Does Max Life Health Insurance Plan Have 24x7 Customer Support? 

Here is the contact information for Max life Insurance-

• Email us at claims.support@maxlifeinsurance.com, or
• Call us at our below given Customer service helpline no’s between 09:00 AM to 06:00 PM Monday to Saturday (Non Toll free) 0124 421 9090 Extension 9699 OR 70047 64367 OR 1860-120-5577

11. In A Health Insurance Policy, What Does Cashless Hospitalisation Means?

Cashless facility is offered by some of the best health insurance company in India wherein the insurance provider will settle your bills directly with the hospital. You do not have to pay a single penny as the insurance company will cover the expenses on your behalf. Make sure to check the health insurance claim settlement ratio before purchasing.

12. How Can I Add My Family Members to My Existing Health Insurance Plan? 

You may be able to add your family members to the existing health insurance plan in India, depending on the policy type, terms and conditions and the insurance provider.

13. Can A Person Have More Than One Health Insurance Plans? 

For a single claim of health insurance in India, you can use different plans, such as your employer's group policy, your employee health policy, and your top-up health policy. Use the health insurance premium calculator when buying a health plan to plan your finances better.

14. How Much Does Health Insurance Cost for An Individual? 

With the health insurance company in India, you can get a suitable combination of benefits at an affordable price. However, the amount strictly depends on the benefits you have opted for and the insurer’s terms and conditions. You can get satisfactory estimates by using the health insurance premium calculator on the insurer’s website.

15. Do Health Insurance Plans Cover Diagnostic Charges? 

Yes, when you look for the health insurance policy in india, you may find some that cover a variety of medical exams. Blood checks, stool tests, CT scans, X-rays, sonography, MRI, and other tests are among them.

16. What Are the Documents Required for Buying A Health Insurance Plan? 

You can include your Aadhaar card, voter ID, passport, PAN card, and driving licence as proof of identity. Passport-Size Photo: Health insurance providers often need passport-size photographs of all policyholders.

17. Is Medical Test Mandatory to Purchase A Health Insurance Policy? 

If you are under 45 years old, most health insurance companies will grant you a policy without a medical exam. A medical examination is required for those over the age of 45. The customer is responsible for the costs of the pre-medical procedure.

18. Is There Any Difference Between Health Insurance and A Mediclaim Policy? 

A mediclaim plan covers only hospitalisation, accident-related care, and pre-determined diseases up to a certain amount. A health insurance policy provides adequate coverage for hospitalisation, pre-hospitalization, post-hospitalization, a certain sum assured and ambulance costs.

19. How Do I Estimate the Cost of Health Insurance? 

Health insurance premiums are calculated based on returns of these capitalizations. Medical Underwriting: Insurance products are underwritten to strike a balance between individual and group policies. For this, risk is analyzed from various angles and a broad spectrum of factors in taken into account. As a policy buyer, you can use the health insurance premium calculator to see the specifics.

20. Is there any tax benefit with health insurance premiums?

You can claim a deduction under Section 80D of the Income Tax Act, 1961 against the health insurance premium paid in the financial year. Under Section 80D, you can avail a deduction up to Rs. 1,00,000 for the health insurance premium paid. To know more about the health insurance premium for family and parents, click here.

21. What is waiting period in health insurance plans?

Waiting period or cooling period in health insurance is time period you need to wait at the start of your policy. In the waiting period, you will not be able to avail any health insurance benefits. No health insurance claim during this period is accepted by the insurer. Some of the Health insurers might accept claim during waiting period. You should connect with your health insurance provider to know more about waiting period of your health insurance policy. Also, check the health insurance claim settlement ratio beforehand to avoid any future disappointments.

22. What is the right time to buy Health Insurance Plan?

While you might think that you are healthy and fit, falling ill and diseases are something that we cannot control, which makes it important for us to take the right things in place to feel more secure and buying a health insurance policy will help us feel more financially secure in case of any severe diseases. So, it is always advisable to buy the best health insurance plan in India as early as you can. Following are some of the benefits of health insurance if you buy health insurance policy at an early life stage:

• Lower premiums
• Healthy Lifestyle with Regular Health Check ups
• No Financial Stress as it pays for medical treatment, doctor’s bills, medicines

23. How to Select the Best Health Insurance Plan in India?

You should consider the following factors to choose the best health insurance in India:

• Sum Insured
• Coverage Limit
• Premium Amount
• Entry Age
• Inclusions and Exclusions
• No Claim Bonus
• Waiting Period

A health insurance premium calculator will take these into factors and estimate a suitable coverage and premium rates for your financial profile. Apart from this, the health insurance claim settlement ratio is another crucial factor you should consider.

24. How much Health Insurance cover do I need?

While there are multiple factors to determine the health insurance cover, you can choose your health insurance cover on the basis of your medical conditions, medical background of the family members, income, age, health risks and most importance the health insurance premium amount you can afford to pay.

You can opt for a health insurance plan in India at an early age by using the health insurance premium calculator to see the impact on your finances.

25. What happens to the policy after claim is filed?

When you claim your health insurance, it means all the medical expenses incurred are paid by your insurance provider up to the sum insured. So if you exhaust your health insurance, you can opt for top up plans or renew your policy every year to enjoy all the benefits.

26. Can someone buy health insurance policy if he/she is not an Indian National but living in India?

Being a citizen of India is not mandatory to be eligible to buy health insurance in India. You can buy a health policy in India even if you are a foreign national. All you need to do is to assess your needs and understand the policy terms and conditions carefully.

27. What are the maximum and minimum policy duration?

Health insurance policies are to be renewed annually. They generally last for a year after which you need to keep updating it as per your changing requirements. The best health insurance company offer Lifetime Renewability to help you expand the duration of your chosen health policy.

28. How does smoking affect health insurance premium?

Since smoking increases your risk of chronic ailments like lung cancer and respiratory issues and can also lead up to these diseases before you buy a health plan, making it a pre-existing condition for which you need to complete the waiting period that ranges from 2-5 years. This puts you at a greater health risk thereby also affecting your health insurance cost and premiums.

29. What is the procedure for reimbursement settlement?

When a health emergency arises and you get admission in a non-network hospital, the option of reimbursement settlement of expenses under your health plan applies. Under this, you will be required to pay the medical bills at that time out of your pocket. Later, you can file for a reimbursement with you insurance provider. Keep all the bills of hospitalization and other expenses covered as per your health plan as you will be required to present it.

30. Why we should avail health insurance at an early age?

You can avail an affordable health insurance plan at an early age and get treated for any health-related emergencies that may arise as well as receive comprehensive coverage with riders to enhance your policy. Dealing with high treatment costs due to inflation becomes easy and help save on your hard-earned income.

31. What is the best age to get health insurance?

As per your health needs, purchasing an individual health plan as soon as you turn 18 years is the best age to get health insurance as you are covered for any uncertainties that may come your way and hamper your well-being.

ARN NO: PCP/HIP/121121