In today’s world, health insurance is not a luxury—it’s a necessity. With medical inflation, which as per Mr CEO of Medi Assist, a leading TPA , Mr. Satish Gidugu, is currently estimated at around 12-14% annually, Read report here (https://www.theweek.in/news/health/2025/06/22/medical-inflation-in-india-is-outpacing-general-inflation-by-a-considerable-margin.html). having a safety net is crucial to protect your savings from unexpected medical emergencies. A lot of my readers who are salaried , have corporate provided plans and hence think they are protected enough. But is that enough? This question leads to a common dilemma: should you rely solely on your company’s plan, or is a personal health insurance policy a wiser choice? Let’s break down the pros and cons of each to help you decide. Understanding the Two Types Corporate Health Insurance (Group Plan): This is a group policy that an employer provides to its employees. It often covers the employee, and sometimes their family, parents , in-laws etc, with premiums typically paid fully or partially by the company. Personal Health Insurance: This is a policy you purchase for yourself and your family. You are the policyholder, and you are responsible for paying the premiums and managing the policy. The Case for Corporate Health Insurance: The Free Lunch? Corporate health insurance comes with several attractive benefits, making it an easy choice for many. Cost-Effective: The biggest advantage is that the premium is usually paid by your employer. This is a significant financial benefit, as you get coverage without the direct burden of monthly premiums. No Waiting Periods: Many corporate plans offer immediate coverage from day one, often bypassing the waiting periods for pre-existing conditions that are common in personal policies. No Medical Check-ups: You are typically not required to undergo a medical check-up to enroll, which is a major relief for individuals with pre-existing health issues. Basic Coverage for All: The policy is standardized, ensuring that all employees have a basic level of financial protection against medical costs. The Hidden Catches of Corporate Coverage While convenient, relying solely on your corporate plan can leave you vulnerable. Job-Dependent Coverage: The most significant drawback is that your coverage is tied to your employment. If you leave your job, retire, or are laid off, your insurance ends, leaving you and your family exposed. Limited Customization: Corporate plans are “one size fits all.” You have very little say in the sum insured, features, and add-ons. The coverage may not be adequate for major illnesses or high-end treatments, especially in a city with high healthcare costs. No-Claim Bonus (NCB) Loss: Unlike personal policies, corporate plans do not offer a No-Claim Bonus (NCB), which is a discount on your premium for every claim-free year. This is a benefit you lose out on. The Strength of a Personal Health Insurance Policy A personal policy puts you in the driver’s seat and provides long-term security. Total Control and Customization: You can choose a plan that fits your unique health needs and budget. You can select a higher sum insured, add critical illness riders, and include your parents and other dependents. Portability and Continuity: Your personal policy is not tied to your job. You can take it with you when you switch employers, ensuring continuous coverage throughout your life, including after retirement. No-Claim Bonus (NCB): Personal policies reward you for staying healthy with a no-claim bonus, which can significantly reduce your premium over time. Tax Benefits: Premiums paid for a personal health insurance policy are eligible for a tax deduction under Section 80D of the Income Tax Act. The Downsides of a Personal Policy Of course, personal insurance isn’t without its challenges. Higher Cost: You are responsible for the entire premium, which can be a significant expense, especially for a comprehensive plan. Waiting Periods: Most personal policies have waiting periods for specific illnesses and pre-existing conditions, which can range from a few months to several years. Medical Check-up: You may need to undergo a pre-medical check-up, and the premium can be higher based on your health history. Product Corporate Health Insurance (Group Plan) Personal Health Insurance (Individual/Family Floater) Premiums Usually paid by the employer (fully or partially). Paid entirely by the policyholder. Cost Generally more affordable for the employee. Can be more expensive, as the premium is based on your individual health and age. Customization Very limited. The coverage and sum insured are standardized for the entire group by the employer. Highly customizable. You can choose the sum insured, add-ons (like maternity, critical illness cover), and other features as per your needs. Coverage Often basic and may have sub-limits on room rent or specific treatments. Can be comprehensive, with higher sum insured and fewer sub-limits, offering better protection against major illnesses. Waiting Periods Usually waived off, and pre-existing diseases are covered from day one. Has mandatory waiting periods (e.g., 30 days for new diseases, 2-4 years for pre-existing conditions). Portability Not portable. The policy terminates the moment you leave the company. Fully portable. You can transfer the policy to a new insurer while retaining your benefits, such as the No-Claim Bonus and waiting period credits. No-Claim Bonus (NCB) Not applicable. There is no benefit for not making a claim. A key feature. Your sum insured increases or the premium decreases for every claim-free year. Medical Check-up Typically not required for enrollment. May be required, especially for individuals over a certain age or with pre-existing conditions. Family Coverage May or may not include family members (spouse, children, parents). The extent of coverage is at the employer’s discretion. You can choose to cover yourself, your spouse, your children, and your parents under a single family floater policy or separate individual plans. Tax Benefits The premium paid by the employer is a business expense for them. Employees may not get a direct tax benefit unless they pay for a portion of the premium or a top-up plan. Premiums paid are eligible for a tax deduction under Section 80D of the Income Tax Act. Long-Term Security Unreliable. Coverage ends upon job change, layoff, or retirement. Provides lifelong security as long as
A critical illness plan is a type of insurance that provides a lump-sum cash payout if you’re diagnosed with a life-threatening condition listed in the policy. It’s designed to supplement your existing health insurance, giving you a financial safety net to cover expenses that regular health insurance might not. What is a Critical Illness Plan and How Does It Work? Critical Illness plan would make a Lumpsum payout on diagnosis of the specified critical illness.( So make sure to read through all Critical illness are covered in your policy). Unlike standard health insurance, which reimburses your medical bills for hospital stays and treatments, a critical illness plan pays you a predetermined lump sum upon the diagnosis of a covered illness. This payment is made regardless of your actual medical expenses( So you do not have to produce any medical bills to claim). You can use this money however you see fit: to pay for non-medical costs, cover lost income during your recovery, or even pay off debts. ( So the end use is not specified here). Imagine you’re diagnosed with cancer. Your health insurance will take care of your hospital and treatment bills, but what about the time you’ll have to take off work? Or the travel costs for specialized treatment? This is where a critical illness plan comes in, providing a financial cushion that helps you focus on getting better without worrying about day-to-day finances. The question is how is it helpful ? Having health insurance and a life cover is a great start, but a critical illness plan offers a unique and crucial layer of financial protection. It’s not a myth, it’s a valuable tool that provides support in three major ways. Lumpsum Payments Unlike health insurance, which reimburses specific medical expenses, a critical illness policy provides a lump-sum payment upon diagnosis. You have complete freedom to use this money for any purpose, whether it’s paying for large hospital bills, clearing outstanding debts, or covering EMIs and household bills. This flexibility ensures you can handle various financial needs without added stress. Income Replacement Critical illnesses often lead to prolonged treatments or a debilitated state, making it impossible for the primary earner to work. During these stressful times, a CI plan can serve as an income replacement, providing a financial cushion for your family. This helps compensate for lost income and ensures financial stability when you need to focus on recovery. Cover both medical and non- medical expenditures Because the end use of the claim payout is not defined, it can be used for both medical and non-medical expenditures that arise during or after the illness. This includes expenses that standard health insurance won’t cover, such as specialized care, travel for treatment, or even home modifications. Who should buy it ? Sole Breadwinners If your family’s financial security depends on your income, a critical illness plan is a must-have. It acts as a safety net, protecting your loved ones from financial hardship if you are unable to work. Individuals with a Family History of CI If critical illnesses run in your family, you may be more susceptible. It is highly advisable to secure a critical illness cover, as it becomes a necessary part of your health and financial planning. People with a Sedentary Lifestyle Those with a sedentary lifestyle face a higher risk of developing critical illnesses. A critical illness plan provides essential protection against the financial fallout of such health issues. What Illnesses Are Typically Covered? While the exact list of covered illnesses varies by insurer, most critical illness plans cover a range of serious, life-altering conditions. These often include: Cancer of specified severity Kidney failure requiring regular dialysis Multiple Sclerosis with persisting symptoms Benign Brain Tumour Motor Neuron Disease with Permanent Symptoms End-Stage Lung Failure End-Stage Liver Failure Primary (Idiopathic) Pulmonary Hypertension Parkinson’s Disease Before the Age Of 50 Years Alzheimer’s Disease Before the Age Of 50 Years Major Organ (Heart/ Lung/ Liver/ Kidney /Pancreas) or Human Bone Marrow Transplant Open heart replacement or repair of heart valves Open chest CABG Surgery Of Aorta Stroke resulting in permanent symptoms Permanent Paralysis of Limbs Myocardial Infarction (First Heart Attack of specified severity) Third Degree Burns Loss of Speech Blindness Loss of Limbs Deafness Coma of Specified Severity Major Head Trauma Muscular Dystrophy Note to reader : Always check the policy document to see the full list of covered conditions, as well as the specific definitions and severity criteria required to make a claim. Basics of the plan? Let’s understand the basic conditions of the plan , to understand the basic structure of the plans. Again note to readers these a basic conditions can vary from plan to plan Age – 5 years to max 65 Years Sum Insured – 1 lakh to 1 cr or even more is available under some plans Renewability : Life Time Waiting Periods : Applicable ( 0/30/90/180 Days) Survival Period : applicable ( 0/15/ 30 days) ( This is an important condition, a claim can be made only after the insured person survives this survival period ) Exclusion : applicable ( read policy document for better understanding) Tax Benefits Premium Paid : Rs 25,000/- per year ( this is the maximum limit ) (under section 80 D) Claim : Tax free claim proceeds Critical Illness vs. Health Insurance: What’s the Difference? Feature Critical Illness Insurance Health Insurance Policy Type Benefit-based Indemnity-based Purpose Backup shield for major health crises Primary shield for medical expenses Payout One-time lump sum upon diagnosis Reimbursement of hospital and medical expenses Tied to Bills? No, the payout is not tied to medical bills Yes, payout is based on actual medical expenses Usage of Funds You can use the lump sum as you need (e.g., for lost income, debt, etc.) Funds are used to pay for medical bills via cashless or reimbursement Claim Frequency Usually a single claim after which the policy ends You can make multiple claims throughout the policy period Role Provides a financial boost for non-medical
Manipal Cigna LifeTime Amount Remark Max cover 50/75/100/150/200/300 L 50/75/100/150/200/300 L 50/75/100/150/200/300 L Age Child : 91 Days – 25 Years Adult : 18 years – 65 years Child : 91 Days – 25 Years Adult : 18 years – 65 years Child : 91 Days – 25 Years Adult : 18 years – 65 years Waiting Period 30 days 30 days 30 days Pre existing diseases 24 months 24 months 24 months Specified diseases 24 months 24 months 24 months Bariatric surgery waiting period 24 months ( Add on) ( Health +) 24 months ( Add on) ( Health +) 24 months ( Add on) ( Health +) Maternity waiting period NO NO NO Mental illness cover waiting period NA NA – cover pertains to IPD coverage for anxiety, stress, depression OPD waiting period 30 days 30 days 30 days Dental OPD waiting period 30 days 30 days 30 days Critical illness waiting period 90 days( add on) – survival waiting period of 30 days 90 days( add on) – survival waiting period of 30 days 90 days( add on) – survival waiting period of 30 days Pre Policy medical Test After 55 years no charges on test. even if policy is rejected Co -payment No No No Deductibles ADD on 5/10 L 5/10 L Aggregate Deductible Not applicable health check up Premium waiver option Optional packages – Healh+, Women+, Critical illness add on rider, First claim SI SI + Bonus SI + Bonus SI + Bonus Maximum claim SI/ Restored SI + Bonus SI/ Restored SI + Bonus SI/ Restored SI + Bonus Room Rent caping Yes / Add on (360 Advance) upto SI, – SI upto 2 Cr any room except suite or higher category – SI 2 cr to 3 cr covered any room category -Add on (360 Advance- Any Category Room ) – SI upto 2 Cr any room except suite or higher category – SI 2 cr to 3 cr covered any room category including suite rooms – Rider health 360 advance – any room category If the Insured Person is admitted to a room category higher than the one specified in the Policy Schedule, the Policyholder/Insured Person shall bear a ratable proportion of the total Associated Medical Expenses (including surcharge or taxes) in proportion to the difference between the room rent of the entitled room category and the room rent actually incurred. ICU cover Yes upto SI upto SI Disease Based caping No No No IPD Yes / Add on (360 Advance) upto SI, – SI upto 2 Cr any room except suite or higher category – SI 2 cr to 3 cr covered any room category -Add on (360 Advance- Any Category Room ) a. Reasonable and Customary charges for Room Rent for accommodation in Hospital room up to room category as per the Sum Insured1. b. Intensive Care Unit charges, c. Operation theatre charges, d. Fees of Medical Practitioner/ Surgeon, e. Anaesthetist, f. Qualified Nurses, g. Specialists, h. Cost of diagnostic tests, i. Medicines, j. Drugs and consumables, blood, oxygen, surgical appliances and prosthetic devices recommended by the attending Medical Practitioner and that are used intra operatively during a Surgical Procedure.we will cover the expenses towards artificial life maintenance, including life support machine use, even where such treatment will not result in recovery or restoration of the previous state of health under any circumstances unless in a vegetative state, as certified by the treating Medical Practitioner.- Medical exnses related the eternal feeding is covered for max 15 days in a policy year Pre Hospitalisation 60 days upto SI upto SI Post Hospitalisation 180 days upto SI upto SI Day Care procedure Yes upto SI All day care treatment covered Advance technology method Yes upto SI – The following Modern and Advanced Treatment methods will be covered when availed under In-patient Hospitalization or as a Day Care Treatment: • Uterine Artery Embolization and HIFU • Balloon Sinuplasty • Deep Brain stimulation • Oral chemotherapy • Immunotherapy – Monoclonal Antibody to be given as injection • Intra vitreal injections • Stereotactic radio surgeries • Bronchial Thermoplasty • Vaporisation of the prostate (Green laser treatment or holmium laser treatment) • IONM ( Intra Operative Neuro Monitoring) • Stem cell therapy – Hematopoietic stem cells for bone marrow transplant for haematological conditions to be covered. Home care treatment NA NA NA Domiciliary treatment Healthcare Yes upto 10% SI i. The condition of the Insured Person does not allow a hospital transfer: or ii. Hospital bed was unavailable provided that the treatment of the Insured Person continues at least 3 days in which case the reasonable cost of any Medically Necessary treatment for the entire period shall be payable.-upto 10% SIThe following are not covered – • Asthma, bronchitis, tonsillitis, and upper respiratory tract infection including laryngitis and pharyngitis, cough and cold, influenza, • Arthritis, gout and rheumatism, • Chronic nephritis and nephritic syndrome, • Diarrhoea and all type of dysenteries, including gastroenteritis, • Diabetes mellitus and insipidus, • Epilepsy, • Hypertension, • Pyrexia of unknown origin. • Any use of artificial life maintenance including life support machine use. -Consumables Alternate treatment ( AYUSH) Yes Upto SI The following exclusions will be applicable in addition to the other Policy exclusions: i. Facilities and services availed for pleasure or rejuvenation or as a preventive aid, like beauty treatments, Panchakarma, purification, detoxification and rejuvenation. Organ Donor expenses Yes upto SI – Donor for harvesting the organ – No pre and post covered – No cost in consequent to harvesting – Stem cell donation even if medically neccesaary except bone marrow transplant – No cost coverage organ transportation or preservation expenses – No cost for donor screening , cost of acquisition of organ. any medical complication during harvesting of organ Road Ambulance Yes upto SI – to nearest Hospital – Diagnostic centre for advanced diagnostics – to move to better hospital due to lack of super speciality treatment in current hospital – The neccessaity of use
Imagine a future where your financial well-being isn’t a constant source of worry, where you feel confident in your ability to navigate life’s uncertainties, and where your long-term goals seem within reach. For many, this vision of a secure financial future encompasses a comfortable retirement, the capacity to handle unexpected expenses without significant disruption, and perhaps even the ability to leave a lasting legacy for loved ones or support causes that matter most. Achieving such security in today’s complex financial landscape can feel overwhelming, but there is a professional who can help you chart a course toward these aspirations: a wealth management advisor. Demystifying the Wealth Management Advisor Wealth management advisors are professionals who offer personalized financial advice and services to individuals with significant assets. These professionals play a crucial role in assisting clients with various aspects of their financial lives, including Investment management, Retirement planning, Tax strategies, Estate planning. Their primary aim is to simplify complex financial matters, providing highly personalized support and strategies tailored to each client’s unique circumstances, goals, and priorities. With expertise spanning finance, accounting, and even law in some cases, wealth management advisors offer comprehensive guidance that extends beyond simple investment advice. They often coordinate a range of financial services, acting as a central point of contact to manage a client’s assets holistically and create a strategic plan that addresses both current and future needs. It’s important to understand the nuances between a wealth advisor and a general financial advisor. While both types of professionals aim to help clients achieve their financial goals, wealth managers are often considered a subset of financial advisors who typically serve more affluent clients. Wealth managers tend to offer a more in-depth analysis of financial plans, bringing additional tools and specialization that are particularly beneficial for individuals with higher net worth. Their services may extend beyond basic financial advice to include areas like sophisticated estate planning, tax optimization, and long-term legacy planning. In contrast, financial advisors may work with a broader range of individuals across varying income levels. Wealth management often involves a more comprehensive and hands-on approach, reflecting the complexity and scale of the financial lives they manage. The Comprehensive Services Offered by Wealth Management Advisors Personalised Financial Plan : A cornerstone of wealth management is the creation of a personalized financial plan, acting as a detailed roadmap to help clients achieve their specific objectives. This process begins with the advisor gaining a thorough understanding of the client’s unique goals, risk tolerance, and overall financial situation. Based on this understanding, wealth management advisors develop tailored strategies that utilize a diverse array of financial products and services to help clients reach their aspirations. These plans are not static; they are designed to be dynamic tools that evolve alongside the client’s life circumstances and changing needs. They support not only financial goals but also reflect the client’s lifestyle, core values, and personal priorities. Strategic investment management : Strategic investment management is another critical service offered by wealth management advisors. These professionals work with clients to assess their tolerance for risk and then provide an investment strategy designed to help them achieve their financial goals. This involves not just selecting investments but also actively managing and planning investment portfolios with the aim of maximizing returns while adhering to the client’s risk parameters. A key element of this service is diversification, spreading investments across various asset classes to mitigate risk and enhance the potential for long-term growth. Wealth management advisors also provide ongoing monitoring and rebalancing of these investments to ensure they remain aligned with the client’s objectives and adapt to changing market conditions. For eligible clients, they may also offer guidance on a range of investment vehicles, including alternative investments, to further diversify and potentially enhance portfolio returns. Retirement Planning : Retirement planning is a significant focus for wealth management advisors, as they help clients create a comprehensive blueprint for a financially secure and worry-free future. This involves a thorough analysis of the client’s projected needs after retirement, along with their current income, spending habits, and savings. Advisors identify the types of retirement accounts best suited to the client’s needs and develop strategies to maximize their retirement savings. Recognizing the increasing costs of healthcare in retirement, wealth management advisors also play a vital role in helping clients plan for these significant expenses. Furthermore, they assist in establishing retirement income strategies, outlining how clients can best access their savings to create a sustainable income stream throughout their retirement years, and developing appropriate withdrawal plans. Estate Planning : Estate planning and wealth transfer are also crucial services offered by wealth management advisors. They help clients develop clear plans for the transfer of their wealth, including strategies for charitable giving and managing estate taxes, all in alignment with their values and wishes. Wealth management advisors often coordinate with estate planning attorneys to assist clients in the creation of wills, trusts, and other necessary legal documents to ensure their assets are distributed according to their intentions. They also help clients evaluate the effectiveness of their existing estate plans, assessing asset titling and beneficiary designations to ensure a smooth and efficient transfer of wealth. A significant aspect of this service involves helping clients minimize the impact of estate and inheritance taxes through various advanced planning strategies. Tax optimisation : Tax optimisation is another key area where wealth management advisors provide valuable assistance. They often coordinate with a client’s tax professionals to develop strategies aimed at minimising their overall tax obligations. This involves identifying opportunities for tax efficiency across various aspects of their financial lives, including income, investments, and estates. These strategies may include the strategic placement of assets in tax-advantaged accounts, as well as optimising the timing and methods of retirement distributions to reduce tax liabilities. Protecting wealth : Protecting wealth is just as critical as growing it, and wealth management advisors employ a range of risk management and insurance strategies to safeguard their clients’ assets against unforeseen circumstances. This includes a thorough assessment of potential
Are you feeling overwhelmed by your finances? Ever feel like you’re juggling a million financial balls in the air? Savings, investments, retirement, taxes… it can get overwhelming, right? Do you have big dreams for the future but aren’t sure how to get there? If so, you’re not alone. Many people find it challenging to manage their wealth effectively. That’s where a wealth management advisor comes in. Think of a wealth management advisor as your financial partner, someone who provides expert guidance and support to help you achieve your financial goals. They’re not just for the ultra-rich; they can benefit anyone who wants to build a secure financial future. Let’s break down the top 10 reasons why having a wealth management advisor in your corner today can be a game-changer: Get Crystal Clear on Your Big Picture: What does your ideal future look like? Maybe it’s retiring early and traveling the world, or perhaps it’s ensuring your kids have a debt-free start to their adult lives. A wealth management advisor helps you define these often-vague dreams into concrete, achievable financial goals. For instance, they might help you calculate exactly how much you need to save each month to retire comfortably by age 60. Personalized Financial Strategy You wouldn’t build a house without a blueprint, so why navigate your financial life without one? A wealth management advisor will work with you to create a comprehensive financial plan. This isn’t just about investments; it’s about understanding your entire financial ecosystem – your income, expenses, debts, and assets – and how they all work together. Imagine having a clear, step-by-step guide to reach your financial milestones. Expert Navigation Through Financial Storms: Life is full of surprises, and sometimes those surprises have financial implications. Whether it’s a job loss, a sudden death, or a major market downturn, a wealth management advisor can provide objective guidance and help you make sound decisions during challenging times. Think of them as your steady hand on the wheel when things get rocky. Smart Investment Strategies Tailored Just for You: Investing isn’t one-size-fits-all. A wealth management advisor takes the time to understand your risk tolerance, time horizon, and financial goals to build a diversified investment portfolio that aligns with your unique circumstances. For example, if you’re young and have a long time horizon, they might recommend a portfolio with a higher allocation to growth stocks. Unlock Tax-Saving Secrets: Taxes can take a significant bite out of your wealth. A knowledgeable wealth management advisor can help you implement tax-efficient strategies, from choosing the right types of investment accounts to exploring potential deductions and credits. This can translate into significant savings over time. Retire with Confidence and Security: Retirement might seem far away, but planning for it now is crucial. A wealth management advisor can help you determine how much you need to save, explore different retirement income streams, and create a plan to ensure you have the financial freedom to enjoy your post-working years. Protect What Matters Most: What would happen to your loved ones if the unexpected occurred? A wealth management advisor can help you assess your insurance needs (life, disability, long-term care) and guide you in creating an estate plan, including wills and trusts, to protect your family and ensure your assets are distributed according to your wishes. An Unbiased Voice in a Noisy World: It’s easy to get swayed by the latest investment trends or emotional reactions to market news. A wealth management advisor provides an objective and rational perspective, helping you stay focused on your long-term goals and avoid impulsive decisions that could derail your financial plan. Reclaim Your Precious Time: Let’s be honest, managing your finances effectively takes time and effort. By partnering with a wealth management advisor, you can offload the burden of research, analysis, and ongoing management, freeing up your time to focus on what truly matters to you. Stay on the Path to Success with Ongoing Support: Your financial journey isn’t a one-time event; it’s an ongoing process. A wealth management advisor provides continuous support, monitors your progress, and makes adjustments to your plan as your life circumstances and the market evolve. They’re your long-term partner in achieving your financial aspirations. Ready to Take Control of Your Financial Future? If any of these reasons resonate with you, it might be time to consider partnering with a wealth management advisor. You need not look further; you can hear what our customer says about our services. What are your biggest financial concerns right now? Let’s think about it and contact us to learn about the same.
While we talk a lot about health insurance in personal finance and how it can protect the wealth creation of the family . It’s important to have accurate information about health insurance to make informed decisions and important to burst the most common myths associated with health insurance. Myth: With sufficient savings, health insurance is redundant. Fact: Some argue that personal savings make health insurance unnecessary. However, even large savings might prove insufficient to cover substantial medical costs, such as major surgeries or long-term hospital care. These costs may run into lakhs and with time spent in hospitalization of your near ones, you might face financial crunch. Myth: Health insurance is only for older people or I am young i do not need health cover Fact: Medical emergencies can happen to anyone at any age. Purchasing health insurance early can provide financial protection against unexpected medical bills. Younger individuals may also benefit from lower premiums and shorter waiting periods. Myth : You get coverage as soon as you buy the plan: Fact: Medical insurance plans often have waiting periods before certain illnesses are covered. Therefore, carefully read the policy wording when buying a plan to understand the claim eligibility timeline. A typical initial cooling period is 30 days, and longer waiting periods may apply to pre-existing and specified diseases. ( We will let you know what waiting periods are applicable to book your free consultation.) Myth: Employer-provided health insurance is enough. Fact: Employer-sponsored group health insurance often has limited coverage, less flexibility, and may not include add-ons. It also ceases when you leave the company. An individual health insurance plan can offer broader coverage tailored to your specific needs. Myth: The cheapest plan is the best option Fact: Beware of the biggest medical insurance myth: that price equals coverage. You can’t simply choose a plan based on how cheap it is; you must understand its features. Cheap plan may not cover even the basic features required. Health needs are personal, so your insurance should match your specific requirements. Aim for an affordable plan, but don’t equate the lowest price with the best value. Myth: Insurance companies cover all expenses in the event of hospitalisation: Fact: Don’t assume your health insurance will fully cover all hospital costs. Policies often have exclusions, co-payments, and waiting periods for pre-existing conditions. Moreover, insurers may only pay partially due to sub-limits. This can include caps on room rent (e.g., a percentage of the sum insured) and also apply to other expenses, such as non-admissible medicine purchases. Policyholders might also need to pay for incidental expenses. To avoid surprises, carefully review all policy details, including exclusions and all types of sub-limits. ( Do not worry we have done it for you , book you free consultation). Myth: Health insurance only covers hospitalization costs or Hospitalization is a must Fact: Unlike traditional plans, modern health insurance policies provide broad coverage encompassing more than just hospitalization. This includes pre- and post-hospitalization expenses, daycare treatments, diagnostic tests, and even alternative medicine options like Ayurveda and homeopathy. Notably, many policies now cover procedures like chemotherapy, radiotherapy, lithotripsy, dialysis, and eye surgery – often referred to as daycare procedures because they don’t necessitate a 24-hour hospital stay for claiming benefits. Myth : People who smoke and drink are not eligible for health insurance: Fact: The widespread belief that smokers and alcohol consumers are ineligible for health insurance is false. Insurance companies do provide coverage to these individuals. However, due to the increased health risks associated with these habits, they usually face higher premium costs and must undergo thorough medical check-ups before a policy is issued. Myth : Failing to renew health insurance on time will mean the loss of all benefits Fact : Health insurance policies usually offer a 15-30 day grace period for renewal without penalty, ensuring continuous benefits like pre-existing condition coverage and no new waiting periods. However, any medical treatment during the gap between expiration and renewal will not be covered. Myth: All health insurance policies are the same. Fact: Each health insurance policy differs in its inclusions, exclusions, coverage scope, and premium. It’s crucial to compare plans and choose one that aligns with your individual healthcare needs and budget. Myth: Pre-existing conditions are never covered. Fact: While there may be a waiting period (usually 1 to 4 years), most health insurance policies cover pre-existing conditions after this period. It’s essential to disclose any pre-existing conditions to your insurer during policy purchase to avoid claim rejections later. Myth : Network hospitals can only be found in big cities: Fact: Health insurance hospital networks are not just in major cities. Most providers have extensive networks reaching smaller cities and towns nationwide, offering cashless treatment options. Reimbursement is also typically available for covered services at non-network hospitals. Myth : Hiding pre-existing illnesses can help get insurance: Fact : Hiding pre-existing illnesses from insurance providers is not advisable. Insurance companies require their disclosure during policy purchase. If an undisclosed condition is found later during a claim, coverage may be denied. Myth: Filing a health insurance claim is a hassle. Fact: With increasing digitization, many insurers offer online claim submission processes. Additionally, cashless treatment at network hospitals eliminates the need for upfront payments and claim filing for those expenses. Myth: Maternity coverage is automatically included. Fact: Standard health insurance policies usually do not include maternity expenses. However, some plans offer maternity coverage as an add-on or as part of a family floater plan, often with a waiting period. Myth :Once You Have Insurance, You’re All Set Fact : It’s wrong to think of health insurance as a one-time purchase. Because health needs change over time, policyholders should periodically review their coverage to ensure it remains suitable. This might involve increasing the insured sum, adding riders, or changing policies to better fit their health goals, ensuring ongoing and sufficient protection. Myth : Policy documents can be discarded after the expiry of the policy Fact: Keep your expired health insurance documents safe. Third-Party
In today’s worlds where medical expenses are soaring, having a robust health insurance policy isn’t just a luxury; it’s a necessity. It’s a safety net that protects you and your family from unforeseen financial burdens during medical emergencies. Beyond the immediate relief of covering hospital bills, health insurance offers a multitude of benefits that contribute to overall well-being and peace of mind. Let’s delve into some of the top advantages of investing in a comprehensive health insurance plan. Financial Security During Medical Emergencies: This is arguably the most significant benefit. Unexpected illnesses or accidents can lead to hefty medical bills, including hospitalization, surgeries, and medication. Without insurance, these expenses can drain your savings and even push you into debt. Health insurance acts as a shield, covering these costs and allowing you to focus on recovery rather than financial worries. As shared by Mr Nithin Kamath “one hospitalization away from bankruptcy.( https://www.timesnownews.com/business-economy/companies/most-indians-risk-bankruptcy-without-adequate-health-insurance-says-billionaire-nithin-kamath-article-112964562) Coverage for Hospitalization Expenses: Health insurance typically covers a wide range of hospitalization expenses, including room rent, doctor’s fees, nursing charges, and operation theater costs. This ensures that you receive the necessary medical care without worrying about the financial implications. Protection Against Rising Healthcare Costs: Healthcare costs are consistently on the rise. A health insurance policy helps you stay ahead of this inflation, ensuring that you can access quality medical treatment without compromising your financial stability. With medical cost increasing, In india it is pegged somewhere between 10-15% ( https://medicalbuyer.co.in/medical-costs-in-india-likely-to-surge-by-13-2-in-2025/#:~:text=Medical%20costs%20in%20India%20are,detection%20and%20personalised%20treatment%20planning and https://economictimes.indiatimes.com/industry/healthcare/biotech/healthcare/25-for-2025-what-will-it-take-to-ease-the-pain-of-medical-inflation-and-rising-premium-payments/articleshow/116816210.cms?from=mdr ) Coverage for Pre and Post-Hospitalization Expenses: Many plans cover pre-hospitalization expenses, such as diagnostic tests and consultations, as well as post-hospitalization expenses, including follow-up consultations and medication. This comprehensive coverage ensures a smooth recovery process. Access to Quality Healthcare: With a good health insurance policy, you can access a network of reputable hospitals and healthcare providers. This ensures that you receive quality medical treatment from experienced professionals. A good healthcare policy has listed a network of hospitals where you can get best treatments done without the worry of expenditure. Cashless Treatment: Many insurance providers offer cashless treatment at network hospitals. This means you don’t have to pay out of pocket; the insurance company directly settles the bill with the hospital, simplifying the process and reducing stress during a medical crisis. Coverage for Critical Illnesses: Some health insurance policies offer specific coverage for critical illnesses like cancer, heart disease, and kidney failure. These plans provide a lump sum amount upon diagnosis, which can be used for treatment and other related expenses. Organ transplant expenses : Health insurance can significantly reduce the overwhelming financial burden of an organ transplant.It helps cover the high costs of surgery, hospital stays, and lifelong medication. Having insurance provides access to specialized transplant centers and care.It offers peace of mind during a critical and stressful medical situation. Preventive Health Check-ups: Many insurers offer free annual or bi-annual health check-ups. These check-ups can help detect potential health issues early, allowing for timely intervention and preventing serious complications. Tax Benefits: In India, premiums paid towards health insurance are eligible for tax deductions under Section 80D of the Income Tax Act. This can help you reduce your taxable income and save money. Peace of Mind: Perhaps the most invaluable benefit is the peace of mind that comes with knowing you and your family are protected. Knowing that you have a safety net in place allows you to live a more relaxed and stress-free life. Choosing the Right Policy: Selecting the right health insurance policy is crucial. Consider factors such as coverage, premium, network hospitals, claim settlement ratio, and additional benefits. It’s essential to compare different plans and choose one that best suits your needs and budget. We have enlisted the best features for you to consider before buying a health insurance plan in our blog (https://wealthinn.in/your-ultimate-guide-to-choosing-the-best-health-insurance-plans-in-india/) In Conclusion: Investing in a health insurance policy is a wise decision that safeguards your financial well-being and ensures access to quality healthcare. It’s a proactive step towards protecting your health and securing your future. Don’t wait for a medical emergency to realize the importance of health insurance. Take the step today and invest in your peace of mind. Reach us to help you select the best possible plan for you . Click the link https://wealthinn.in/health-insurance/ for a free consultation.
Financial planning in simple terms is a regular approach to meet one’s life financial goals. Financial planning is a process which provides you a systematic and planned way to reach these goals while avoiding any surprises . A financial plan acts as a guide throughout your life’s journey. In today’s fast-paced world, it’s easy to feel overwhelmed by financial pressures. Whether you’re saving for a down payment, planning for retirement, or simply trying to make ends meet, a solid financial plan can provide the clarity and confidence you need to achieve your goals. A Financial planner is the one who is a qualified investment professional who helps individuals meet their long-term financial objectives or goals. These professionals do their work by consulting with clients to analyse their goals, risk tolerance , and life stages , and identify suitable classes of investments for them. Why is Financial Planning Important? Increase saving : Though saving can be done without a financial plan , when you plan you get a good deal of insights on how you are saving and what expenses can you cut down. Achieve your goals: A financial plan provides a clear path to achieving your financial aspirations. Reduce stress: Knowing where your money is going can alleviate financial anxiety. Build wealth: Effective financial planning can help you grow your wealth over time. Prepare for the unexpected: A solid plan can help you weather financial storms. A solid financial planning is a very important instrument for personal finance, so lets look at what are the key steps. Key Steps to Financial Planning: Realistic Goals: Start by identifying your short-term, medium-term, and long-term financial goals and assigning them priorities. Make sure your goals are specific, measurable, achievable, relevant, and time-bound (SMART). Eg. How much would you need for child education and when would that be required. Create a Budget: Track your income and expenses. Identify areas where you can cut back. Make an elaborate sheet of all your income sources and expenses. You can use spreadsheet to look at them ( we have one created which we been using since last 10 years ) Manage Debt: Prioritize paying off high-interest debt. Consider debt consolidation options. Invest Wisely: Diversify your investments to reduce risk. Consider your risk tolerance and time horizon. Seek professional advice if needed. Protect Your Assets: Ensure you have adequate health, life, and property insurance. Create an emergency fund to cover unexpected expenses. Make Asset allocation The all the above culminates into your assets allocation What all assets and how much amount you can hold Review and Adjust: Regularly review your financial plan and make adjustments as needed As you grow your income, expenditure and lifestyle changes, you need to keep changing the plan along the way It’s not just limited to individuals, a lot of external factors also change. Seeking Professional Advice: While you can create a financial plan on your own, consider seeking advice from a qualified financial advisor. They can provide personalized guidance and help you make informed decisions. We will discuss about some duties and responsibilities of a financial planner Provide financial planning and investment advisory services Research and present investment strategies Develop and execute goals planning Implement risk management and tax planning strategies Help with estate planning Help to develop financial plan and execute the same with client Keep reviewing and make changes as and when required . In Conclusion: Think of financial planning as mapping out a journey to your desired financial future. This article delved into why creating such a plan is crucial, and provided practical steps. However, a plan remains just an idea until it’s put into action. The sooner you begin implementing your financial strategy, the simpler the process becomes, and your odds of reaching your objectives significantly improve. So, what’s holding you back? We trust you found this information valuable. If so, please consider sharing it with your network, so more people can be benefited . Should any aspect of our explanation require further clarification, please don’t hesitate to ask in the comments below or reach us . We’ll be happy to provide answers.
A medical emergency requiring hospitalisation brings significant anxiety. During such times, the security of a health insurance plan is paramount. We invest in these plans expecting our medical bills to be covered, allowing us to focus on recovery. However, the distress of a rejected claim, forcing out-of-pocket payments, can be devastating. According to the Insurance Regulatory and Development Authority of India’s (Irdai’s) annual report for 2023-24, health and general insurers paid 82% of claims by volume and 71.3% by value (Rs 1.17 crore). However, of the remaining 28.7% by value, nearly 13% were rejected, and over 9% were repudiated. Understanding the difference between rejection and repudiation is essential. “Rejection” typically occurs before a detailed review, often due to incomplete information and is reversible. “Repudiation” results from a thorough review, where the insurer determines the claim is not covered under the policy’s terms. Incorrect or Incomplete Information: Errors in claim forms, such as incorrect policy numbers, misspelled names, or inaccurate medical details, are a primary cause of claim denials. These errors lead to significant rework, prolonged communication, and considerable anxiety for policyholders. To minimise these issues, it is strongly recommended that you personally complete all application and claim forms. Relying on agents or other individuals can increase the risk of inaccuracies, as they may lack complete or up-to-date information. Solution: Thoroughly verify all information before submitting a claim, ensuring it aligns precisely with your policy documents and medical records. Furthermore, utilizing cashless claim facilities at network hospitals can significantly reduce the potential for errors and streamline the claim process. Discrepancies in Diagnosis, Treatment, and Pre-Authorization: Inconsistencies between the diagnosis or treatment listed on the claim form and the corresponding medical records, or treatments falling outside the policy’s coverage, can lead insurers to view claims as potentially fraudulent, resulting in denial. Furthermore, many treatments or procedures necessitate prior approval, or pre-authorization, from the Best insurance company Delhi. Proceeding with such treatments without obtaining the required approval will likely result in claim rejection. Solution: To prevent denials due to discrepancies or lack of pre-authorization, it is crucial to seek pre-authorization from your insurer for any non-routine or costly treatments before commencing them. Treatments undertaken without the insurer’s prior approval may not be eligible for reimbursement. Non-Disclosure of Pre-Existing Conditions: Failure to disclose pre-existing medical conditions during policy purchase can lead to claim rejection. While some individuals may conceal this information to avoid higher premiums or policy denial, this practice is strongly discouraged. It’s important to note that, regrettably, some advisors may suggest concealing information to facilitate a sale. However, this is unethical and ultimately detrimental to the policyholder. Solution: Honesty and transparency regarding your medical history are paramount when applying for insurance. It is crucial to declare all pre-existing conditions and relevant family medical history. This ensures accurate policy issuance and prevents future claim denials. Claims During the Waiting Period: Most health insurance policies include waiting periods for specific conditions or treatments. Claims submitted within these periods will be denied. It is essential to understand these waiting periods when purchasing a policy. Typically, there are three main types: Initial 30-Day Waiting Period: This is a standard period at the beginning of the policy. Waiting Period for Specified Illnesses: This period applies to specific conditions listed in the policy. Waiting Period for Pre-Existing Diseases: This period applies to conditions present before the policy’s inception. These waiting periods are detailed in policy brochures and policy wordings. Solution: Thoroughly understand your policy’s waiting periods and plan treatments accordingly. Reputable advisors should clearly explain these periods. At Wealthinn, we prioritize transparency by providing comprehensive information about waiting periods to our customers from the outset. Policy Lapses Due to Non-Payment of Premiums: Failure to pay premiums on time results in policy lapse, suspending coverage and leading to claim rejections. Once a policy expires due to non-renewal, the insurer is not obligated to cover medical expenses. Every policy has a defined validity period, requiring renewal through premium payment before the due date. While a grace period is typically provided, its duration varies between insurers. Exceeding both the due date and the grace period renders the policy null and void. Solution: Maintain continuous coverage by ensuring timely premium payments. Consider setting up automatic payments to avoid missed deadlines. Here’s a refined version of that section, focusing on clarity, professionalism, and a more effective presentation of your video resource: Treatments Not Covered by the Policy (Exclusions): Health insurance policies contain a comprehensive list of exclusions, detailing treatments and procedures that are not covered. Claims for excluded treatments will be denied. Common exclusions often include: Dental treatments Mental health conditions Outpatient department (OPD) expenses Maternity-related claims For a more detailed explanation of common exclusions, please refer to our video : Click here to check the video Solution: Thoroughly review your policy documents to understand the specific list of exclusions. While our video provides a general overview, it is essential to consult your individual policy documents for precise details. Policy documents are the only source of truth for your specific policy coverage. Check here the video. Delay in Claim Intimation or Filing: Insurance companies establish strict deadlines for claim notification. Each policy has a specific timeframe within which the insurer must be informed of a claim. Failure to notify the insurer within this stipulated period can result in claim denial. Delays in claim intimation significantly jeopardize the chances of a successful claim. Solution: Familiarize yourself thoroughly with your insurer’s claim notification deadlines and adhere to them strictly. These deadlines are typically outlined in your policy documents. Utilizing your insurer’s mobile application can provide convenient access to these deadlines and streamline the notification process. Exhaustion of Sum Insured: When medical expenses surpass the policy’s sum insured, the excess amount is not covered. If the sum insured has been fully utilized in previous claims within the same policy year, no further claims can be filed. Similarly, if a single claim exceeds the sum insured, the insurer will only reimburse up to the limit of
Choosing the right health insurance plan can feel like navigating a maze. With so many options available in India, it’s easy to get overwhelmed. But don’t worry! This guide will walk you through seven crucial tips to help you select the perfect health insurance plan for your needs and budget. A well-chosen plan can be your financial safety net during medical emergencies, so let’s get started! Consider the claim settlement ratio and Complaints per 10000 of policy claims Look for insurers with a high claim settlement ratio, which indicates their efficiency in processing claims. A high claim settlement ratio indicates the insurer’s reliability in paying out claims. Research the insurer’s claim settlement history and look for a good track record. But this also has pitfalls in which an insurer might pass small claims but do not clear the large amount claims. So, also look at how many complaints are being registered per 10000 of policy claims. This Would help give you a much better idea on if your insurer is fair in its settlement or people have to register complaints. Assess Your Healthcare Needs: Before diving into policies, take a moment to understand your individual and family’s health care requirements. Consider factors like age, pre-existing conditions, family medical history, and lifestyle. Are you looking for basic coverage or something more comprehensive? Do you need coverage for specific illnesses? Do you need maternity benefits? Do you need OPD benefits? Answering these questions will help you narrow down your options and avoid paying for unnecessary features. Understand the Coverage and Benefits: Don’t just focus on the premium; scrutinize the policy’s coverage and benefits. Look for details on: Inclusions: What treatments, surgeries, and hospital expenses are covered? Exclusions: What isn’t covered by the policy? Pay close attention to these to avoid surprises later. Waiting Period: How long do you have to wait after purchasing the policy before you can claim for certain treatments? Sub-limits: Are there any caps on coverage for specific treatments or procedures? Co-pay and Deductibles: Understand how much you’ll have to pay out of pocket. A lower premium might mean higher co-pay, so find the right balance. Compare Premiums and Policy Features: Don’t just settle for the first policy you see. Compare premiums and features from different insurers. We have done policy comparison feature by feature for your benefit , reach out to us for the same ( Book your free Consultation). Remember, the cheapest policy isn’t always the best. Balance affordability with adequate coverage. Opt for a plan with lifetime renewability: This will ensure continuous coverage even as you age and your healthcare needs increase. Many policies might not provide you cover beyond a certain age , which means when you require them at later stage of your life they might not provide you the cover needed. Check the network hospitals: Choose a plan with a wide network of hospitals in your area. This will ensure cashless hospitalization and reduce out-of-pocket expenses. A wider network means more choices and potentially cashless hospitalization, which can be a huge relief during a medical emergency. Prioritize insurers with hospitals convenient to your location. A cashless facility helps and saves a lot of time and effort , so choose a policy which has maximum network list of hospitals. Read the Policy Wordings Carefully and seek Expert Advice : Before signing on the dotted line, thoroughly read the policy wordings. This document contains all the details about the policy, including terms and conditions, coverage, exclusions, and claim procedures. Don’t hesitate to ask questions if you have any doubts. If you’re feeling overwhelmed, consider consulting a financial advisor or insurance agent. They can help you understand the different policy options and recommend a plan that aligns with your specific needs and budget. They can also clarify any complex terms and conditions. We have completely done that exercise for you . You can reach us to understand the policy terms and conditions ( Book your free consultation Today). Conclusion : Choosing health insurance is a big decision. Take your time, do your research, and don’t hesitate to ask questions. You can reach us with your queries and book free consultations. The right plan can give you invaluable peace of mind.
- 1
- 2