Medical Insurance Plans | Health Insurance – Part 1 (Mediclaim) | Health Insurance Basics



welcome to your new investment academy our today's topic is health insurance you should have life as well as health insurance in place even before you start investing having no or insufficient health insurance can throw your financial planning completely off track most of the times people buy health insurance plans for tax saving purposes without giving much thought whether it is the right kind of insurance or no the video intends to familiarize you with the various insurance plans related to health along with the riders available so that you can choose the right kind of insurance at a higher level there are two type of insurance plans first is indemnity based plans which are traditional medical M type of plans another type is of protection plans also called as riders or health plans indemnity plans reimburse the incurred medical expenses this is nothing but a compensation for damage or loss you can make n number of claims till you exhaust the sum insured certain policies even now reinstate the sum insured if you fall ill with another illness in case of protection plans the insurance company pays you a lump sum these plans serve as add-ons to your indemnity based plans as you paid a lump sum ant lien there is no question of another came during the policy term in the current video that is part 1 we will look at the various indemnity based plans that are available in part 2 we will look at the protection plans the first type of indemnity based plans are individual plans as the name suggests these ensure a single person these plans cover hospitalization charges surgery caused lab charges physicians fees room charges pre and post hospitalization expenses all of these charges may be reimbursed with certain limits individual plans would have waiting period in most of the cases for specific diseases waiting period is nothing but the duration for which you cannot claim any reimbursements for your specific pre-existing diseases waiting period differs from plan to plan individual plans serve as a baseline for your health insurance and hence a must for everyone the next type of indemnity based plans are family floater plans these plans consider the entire family to be one unit so if a claim is made by one person of the family the cover reduces for all the members of the family in the given policy year the premium in this case is based upon the age of the eldest family member and so elderly members of the family are suggested to go for separate individual plans if you are newly married and around 28 years of age you could start with a family floater of 5 lakh rupees and as you go through various life stages you could increase this cover when you have kids you could increase it then again when your kids cross age of 10 years you could again increase it and when you yourself cross age of 50 years you can keep the family floater for you and your spouse but for your kids you can then go for individual plans as that will work out to be cheap now for whom are these family floater plans useful in case the individual plans for each member work out to be costlier you could go for a family floater plan useful for a young family as the probability of illness is less and the cover is spread across all the members of the family these plans could be supplementary to the insurance provided by your employer the next type of indemnity based plans are group insurance plans these are provided to a select group for example from employer to is employees from a bank to its credit card holders etc the one that is provided by the employer to his employees is the most common one and this plan may cover the employee his or her spouse dependent children up to a certain age and dependent parents these plans are customized for a huge group and so they come with a lot of benefits that individual plans don't come with for example maternity benefits less waiting period for pre-existing diseases etc these plans work out to be cheaper if you were to buy a similar plan from the market getting a medical insurance after age of 60 can be very difficult so if you want to enroll your parents group insurance can be helpful in this case as the medical test is not compulsory when you sign up button some cases you may need to sign a declaration if there is a waiting period for some specific illness disadvantages of group insurance plans are the cover ceases when you leave the select group so if you quit your organization the cover provided by an employer would cease the group insurance plans may at times provide you less insurance than you actually need group insurance plans can be useful for the added benefit they bring along so check the benefits and see if they unnecessarily cost you extra before you sign up these are also helpful if you have dependent parents as the medical test is not compulsory friends in the current video we saw indemnity based plans and detail which were individual family floater and group plans in the next video that is part two we will cover protection plans also known as riders or health plans in detail friends thanks for watching the video watch this space for more such topics until then happy investing if you have any questions let us know in the comment section below our videos and if you like our videos please do subscribe thank you

8 Comments

  1. If it is pre existing condition then can I get mediclaim policy (either by waiting period of 4 years for this condition or by having a medical test, or any other way. Please reply.

  2. Do a hole in heart by birth but rectified after a year and have no problem for 27 years (from 1992 to 2018), will it be considered as pre existing disease. Please suggest for a mediclaim policy (individual, for 5 lakh) at your earliest. Thank you

  3. Can i have multiple indemnity-based plan? if i have my own plan and a plan provided by my company.

  4. Please uploade a video about top up vs super top up health paln in hindi version pls sir

  5. Any best suggestion on Mediclaims ?

  6. for selecting a health insurance policy claim settlement ratio is an important parameter, according to you what is a good claim settlement ratio?

  7. Hi, I would like to invest directly into the stock marker by trading shares but have absolutely no knowledge about the same. could you do some videos on the same?

  8. Is there a method (like the need based analysis method for life insurance) to calculate the right health insurance cover one should minimally have for individual and for the family (family floater)? This would be based on the individual age, average charges for medical treatments etc. My intent is to understand what people generally have their health cover as especially for elderly parents.

    Thanks!

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