How To Port A Health Insurance Policy
You don’t have to continue with your current health insurance provider if you do not want to since IRDAI now allows you to change your insurer without losing any existing or accumulated benefits.
Now IRDAI allows you to switch from one insurer to another while the new insurer will have to consider the credits you have gained from your previous insurer, where the credits refer to the completed waiting period in pre-existing conditions. The same thing applies if you switch from one plan to another within the same insurance company.
What can you do
- Switch from health insurance companies.
- Family floater/individual policy can be switched.
- Get insurance cover by your new insurer up to the sum assured as the old policy has.
- Both insurers should mutually complete the formalities as per the IRDAI timeline.
Criteria
Tax Benefits Of Health Insurance
As per the applicable tax laws, Section 80D of the Income Tax Act states that the premium you pay for your health insurance policy can be claimed as tax deductibles. Here is a closer look at how you can claim tax deductions:
If you buy a health insurance policy for yourself, your spouse, children, and parents who are under the age of 60 years, you can get a total tax deduction of Rs. 25,000.
If you buy a health insurance policy for your parents who are above the age of 60 years, you can get a total tax deduction of Rs. 50,000.
If you buy a health insurance policy for your parents when you are above the age of 60 years, you can get a combined tax deduction of Rs. 1,00,000.
You can also get tax deductions of Rs. 5,000 every year on health check-up expenses.
How To Buy Health Insurance Online
With so many private sector players entering the insurance industry, several innovative outreach efforts have made their way into the sector. Today, you can insure yourself from the comfort of your home, at the click of a few links. That’s amazing, right?
However, with so many insurance and finance websites providing you a platform to buy health insurance from, chances are you may end up buying sponsored products that will not necessarily meet your requirements. It is therefore essential that you know what you’re buying.
So, here’s OneInsure to quickly help you in buying the right product. First of all, go through the post mentioned below, where we discuss the most important questions pertaining to health insurance.
At oneinsure, we believe that in exchange for the premiums that the customer pays, s/he deserves a plan that has an adequate health cover, is easy on the pocket, and does its job well when the time comes!
So, although you can Buy health insurance online from our website as well, we at oneinsure feel a one-on-one interaction with our client helps us understand their needs better.
Do get in touch with us by calling 86-559-86-559 or by writing to us at and our products team will get back to you within a day’s time and guide you as to which plan will best meet your requirements.
However, if you already have a health insurance plan on your mind, then follow these steps for a smoother and faster purchase experience:
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How To File A Claim
- Reimbursement Claims – Let us know in case of a hospitalization within two days of admission at or email us at and we’ll send you a link where you can upload your hospital bills and all relevant documents to process the reimbursement.
- Cashless Claims – Choose the network hospital. You can find the complete list of network hospitals here. Display e-health card to the hospital helpdesk and ask for the cashless request form. If all is good, your claim will be processed then and there.
- If you have claimed for Coronavirus, make sure you have a positive test report from an authorized centre of ICMR National Institute of Virology, Pune.
Because It Ensures You Get The Right Treatment At The Right Time
Imagine that because of some reason, you or a family member need treatment but dont have enough funds for it so you put it off for some time. This can often make matters worse.
A health insurance is important as it prevents this from happening and ensures you get your required treatments done on time. Additionally, with annual health checkups included in health insurance plans, you will always be aware of your health which can otherwise often go unnoticed.
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Consider Insurance Company Ratings For Reliability
Do a quick internet search for health insurance and youll see listings for numerous insurance company websites. Even if you recognize some names of nationally-known insurance carriers, its still important to do your research so you know how to choose an insurance company.
If youre wondering if you can rely on user ratings, consider this rating agencies can provide you valuable information about an insurance companys reliability in areas such as claims processing and customer service.
Here are a few resources you can check for insight into an insurance company:
The Government Health Insurance Marketplace
The Health Insurance Marketplace was established by the Affordable Care Act in 2010 to provide insurance plans to individuals, families and small businesses. Through this online resource, you can learn more about health insurance, compare plans, enroll in a plan and more. Finding and purchasing a health insurance plan through the marketplace may qualify you for subsidieshealth insurance at a low or no costdepending on your income. You can also purchase a policy through the marketplace even if youre offered insurance by your employer however, you may not qualify for subsidies if you have access to employer-sponsored coverage.
To buy a policy through the marketplace, you must apply during open enrollment or special enrollment. Open enrollment for 2022 coverage begins Nov. 1, 2021 for the federal marketplace and runs until Jan. 15, 2022. To have your coverage start by Jan. 1, 2022, enroll in your plan by Dec. 15, 2021.
Some state exchanges may have slightly different open enrollment periods. If you miss open enrollment, you may qualify for a special enrollment period due to a major life change like moving, getting married, having a child or losing your existing health coverage.
To begin your search for insurance through the marketplace, head to Healthcare.gov during open enrollment and enter your ZIP code. It will direct you to either your states exchange or to the federal marketplace where you can begin shopping.
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Can I Transfer My Health Insurance To Another Company
Yes, you can port your health insurance to another company. You can also do it without compromising on your existing policy benefits. Many health insurance companies provide a 15-30 days free look period depending on the policy chosen. This facility allows you to cancel and switch the policy in case you dont find the policy terms and condition good. In case you are looking to change your medical insurance company during the renewal period, then you must do so 45 days before your health insurance plan expires. Intimate both the insurance providersexisting and the one you wish to transfer your plan to. Also, it is recommended that you contact both the insurers to know the terms and conditions of health insurance portability.
Can I Upgrade My Health Insurance At Any Time
Yes, you can upgrade your medical insurance plan at any time. However, before planning to upgrade your policy, you must check with your insurer on the options and offers available. Some insurance providers enable up-gradation under a special enrolment period. With growing healthcare inflation, it is wise to upgrade your health insurance plans as per the needs of you and your family to benefit from maximum coverage. You can look for upgrading your plan if you have a pay-hike or new member added to your family or have a child.
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Group Health Insurance Options For Your Small Business
As a small business owner, you can shop for group health, dental, and vision insurance for your employees through eHealth. You need at least one full-time employee other than your spouse to qualify for a small business plan, and you contribute toward employee premiums. As of 2016, per the Affordable Care Act, businesses with 50 or more full-time employees must offer affordable health insurance or pay a tax penalty.
Start investing in your employeesget a quote for group health insurance today.
What Is The Right Age To Buy A Health Insurance
The right age to buy a health insurance would be while youre still young. This is because, premiums are a lot cheaper and you complete waiting periods sooner too! Additionally, with healthcare expenses off the roof, if you ever need treatment for an illness a health insurance will ensure it doesnt eat up your early savings which you can instead use for your travels.
The right age to buy a health insurance would be while youre still young. This is because, premiums are a lot cheaper and you complete waiting periods sooner too! Additionally, with healthcare expenses off the roof, if you ever need treatment for an illness a health insurance will ensure it doesnt eat up your early savings which you can instead use for your travels.
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How To Make A Claim On Your Health Insurance Plan
It helps to stay informed of the claims process in advance. This way, you know exactly what to do when you face medical bills and need to get your coverage needs taken care of. Lets take a quick look at the claims process Cashless Claims
If you opt to get treated at any of our 6400+ cashless hospitals, you can avail enjoy the cashless facility. We will settle the bills directly with the hospital. Here is a quick look at the steps involved
- Select a network hospital : Choose a hospital from our list of network hospitals and fill up a pre-authorisation form.
- Wait for sanction: Your request for a cashless claim will either get approved or rejected. Wait to receive intimation on the same.
- Hospitalisation and treatment: Once the claim is approved, the patient can be admitted. We will settle the bills directly with the hospital.
Reimbursement Claims
Just in case you opt to get treated at a non-network hospital, you can claim coverage through reimbursement. In reimbursement, you make the payments on your own for the treatment and then claim the amount from us. Lets look at the steps involved in reimbursement claims
- Hospitalisation and treatment: Get the patient admitted at the non-network hospital and pay for all expenses that arise.
- File the claim: Submit all treatment bills and raise the claim for reimbursement with us.
- Wait for approval: Wait for approval of your claim as we verify all documents sent in.
Popular Myths About Health Insurance
- Health Insurance covers for only serious illnesses: Many people are under the impression that health insurance plans cover for only serious and critical illnesses. However, thats not true! A health insurance plan covers for regular illnesses, accidents, psychiatric support, child-delivery and also basic annual health checkups!
- I dont need a health insurance, cause Im too young for illnesses: Contrary to popular belief, no matter how old you are- you can be prone to illnesses both big and small. Especially, in the times we live in today- more and more younger people are being diagnosed with health conditions like PCOS, cancer and lung diseases due to our climate change driven lifestyles and unhealthy eating habits.
- Health Insurance processes are time consuming: This honestly just depends on the kind of health insurance plan you have, and your insurance provider! Thanks to technology, the best health insurance plans are now a lot quicker and hassle free!
- If you have savings, a health insurance isnt important: Were so optimistic sometimes, arent we? While our savings can help us in time of need, the limit of the same can never be foreseen. The best health insurance on the other hand, is a dedicated investment you make solely towards your health so you dont need to shell out your savings or face any financial pressure in the future!
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Wider Range Of Options
The best health insurance in India is one that lets you avail yourself of an assortment of options. Well, when you shop online, you can make the most of all that. Since offline shopping restricts you from meeting a single insurance provider and listening to a single company’s options, it can be perplexing. But online insurance purchasing experience allows you to research enough and make your choice amidst the best picks.
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1. Im covered under my employer’s group policy, do I need a seperate health insurance policy?
Yes. You do need a personal health insurance plan as your employee health insurance covers medical expenses only till the time your employment in valid in the organization the moment you leave the job your policy term ends. Looking at the medical inflation it is important to have a personal health insurance plan, which you choose as per your medical needs unlike a corporate health plan which is commonly designed for all employees.
2. What are the benefits of the Health Insurance portability for the Policy holders?
Portability helps you change your health insurance plan so that you don’t have to again go through a fresh waiting period term instead smoothly move from one insurer to another if your current plan is not helping you cover rising medical costs.
3. What do you mean by Pre-Existing Disease?
A pre-existing disease is a condition, ailment or injury that already exists at the time you buy a health insurance policy and these PEDs are generally excluded from the policy coverage for an initial waiting period. It could be diabetes, hypertension, thyroid, asthma etc
4. In a health insurance policy, what does cashless hospitalisation means?
5. What are pre- and post-hospitalisation expenses?
6. How many times can medical insurance be claimed?
7. Can I purchase two medical insurance policies?
8. Can we claim medical bills in health insurance?
17. What is a Free Look Period?
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Benefits Of Getting Insurance Policies Online
How To Calculate Health Insurance Premium
It is essential to pay a fixed premium regularly in order to keep the policy in force. Have you ever wondered how this premium is calculated? Certain factors affect health insurance premiums like your familys medical background, your personal medical history, and so on.
Depending on that, you might want to calculate your premium to know how much you would have to pay for the policy. It can be done via a Health Insurance Premium Calculator. A premium calculator is an online tool that calculates the premium to be paid as per your information. At Coverfox.com, you can calculate your health insurance premium easily.
Factors Affecting Health Insurance Premium
As the medical facilities are advancing, so are the health care costs. The primary benefit of health insurance is that it takes care of healthcare costs. It gives financial security to you and your family if any unanticipated serious illness or accidental injuries draining all your savings. Learn how the cost of your insurance premium is determined:
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Will My Existing Health Insurance Policy Cover Hospitalization Expenses During Covid
Almost all health insurance providers have designed and incorporated COVID-19 health insurance policy including coverage for hospitalisation expenses under their offerings. Medical insurance companies also cover pre-hospitalisation, post-hospitalisation, in-patient and out-patient treatment, home isolation treatment from the day one is diagnosed. You must check with your health insurer to understand the terms and conditions of the COVID-19 health insurance policy and how you can claim it.
Key Factors To Consider Before Buying Health Insurance
In order to make the best buying decision, you must consider the following factors before shortlisting a health insurance policy:
Claim Process – The smoother the claim settlement process of an insurance company is, the better it will be for the insured. This is because if the insurance company is not good at handling the claims of the insured, then it fails the entire purpose of having a health insurance policy. Good customer support is an additional benefit that you must look for.
Family Members to be Covered – You must consider the family members for whom you want coverage. Under family floater health insurance plans, you can seek cover for yourself, your legally wedded spouse, children, parents, and grandparents. You must also keep their age, present ailments, and family medical history in mind. Also, you must be aware of any pre-existing conditions that they have and share with the insurance company, before buying the policy. So, choose a health insurance policy that covers all of them at an affordable premium.
Network Hospitals – Availing treatment at network hospitals is very convenient as they allow cashless treatment to the insured. This is why you should check the number of network hospitals an insurance company has. It is recommended to choose an insurance company that has a high number of network hospitals. Also, make sure to select the one nearby your place of residence in order to save time in case of an emergency.
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