Things to Know before buying Health Insurance | Tips before buying Medical Insurance by Yadnya



welcome to yet the investment Academy in part one and two of health insurance you've seen indemnity based plans along with the riders in part three we've covered terms used in correlation with health insurance and in part four now we are going to cover points to know while buying health insurance in Damita based plans are provided by general insurance companies like New India Assurance United india insurance star health HDFC ogre apollo munich max koopa etc whereas protection plants or riders are provided by life insurance companies like LIC ICICI Lombard is bare life etc just like your mobile number your health insurance is also portable from one insurer to another or from one plan to another plan of the same insurer subject to the condition that there has been no break in the existing plan this can be done only at the time of renewal most of the policies have annual renewal so at the time of renewal only you can port your policy only your waiting period credits for your pre-existing diseases get transferred all the other terms and conditions including the premium is at the discretion of the new insurer you should inform your existing as well as new insurer about your decision about portability within 45 days before the annual renewal date insurance companies would charge you a higher premium if you are a smoker and if you stopped smoking for you to get the premium rate of a nonsmoker there has to be a period of five years of no smoking premiums paid towards health insurance for spouse dependent children and self up to a maximum of twenty five thousand rupees is tax deductible under the section ATD this limit is thirty thousand piece for senior citizens a maximum of thirty thousand rupees of premiums paid towards health insurance of parents is tax deductible under the section 80 d an availability of time keeps us away from buying health insurance or upgrading it or changing a health plan but health insurance can be bought online all it takes is 30 to 40 minutes of and your efforts to key in your details health insurance plans are not inflation protected so as you go through various life stages like getting married having kids etc at every stage you should increase your health cover keeping in mind medical inflation which is currently at 15% cost of health insurance goes up with age so it's better to buy health insurance early in life because later you may get diabetes blood pressure etc and then getting health insurance may be difficult there are no medical checkups till the age of 30 years most of the individual plans come with limits on expenses like room rent physicians fees pre and post hospitalization expenses etc by individual plans with no or minimal limit on such expenses have a separate health insurance plan even when you have the one provided by your employer because the one provided by our employer would cease the moment you quit your job your new employer might have group insurance with different benefits or at times there would be no group insurance at all secondly group insurance plans may provide less cover than you actually need do not hide your medical condition while buying health insurance as it may lead to claim rejection read the fine print of your health plan to know what is covered what is excluded from the purview of the policy for example treatment for obesity non allopathic treatments through Unani homeopathy Ayurveda etc would be excluded so be aware of the inclusions and the exclusions most of the health insurance policies would cover you till the age of 80 years but looking at the life expectancy of the country it is better to go for whole life coverage policies because getting health insurance after the age of 80 years would be very difficult there are health insurance policies that provide free health check-up each year but the cost is embedded in the premium itself so if you're not very keen on availing the checkup each year don't go for such policies usually group insurance would provide maternity benefits and new one coverage on notification but if your health plan is other than group you would want to include maternity benefits and newborn coverage if you are planning for a kid and you would want to exclude these if you are not planning for one as the price of its coverage is embedded in the premium hope these points would be of help when you buy health insurance friends thanks for watching this 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

7 Comments

  1. can I buy 2 insurance from 2 companies ?

  2. at the time of buying health insurance who will check the medical conditions.the insurance company or the invester itself?

  3. please all your lectures and discussions should be in HINDI. easy to understand for all.
    thanx alot

  4. in order to afford health care in our old age we buy health insurance in young age but what will happen to all such policy holders if unfortunately any company shuts down?

  5. Excellent video. I have a couple of questions

    1. Does the tax benefit get added up if I pay premium for my parents? i.e. do I get a tax benefit of total 55k (25+30) if I submit premium receipts of 25k for myself + spouse + children and 30k if I submit a premium receipt separately for my parents?

    2. Do insurance plans have a lifecycle of when they should ideally be purchased during the year or it is ok to buy HI anytime during the year?

    Thanks in advance

  6. Say for eg. I am a customer of health insurance for last 10 years. But now, when i go for free health check-up, i discover that i have diabetes and high b.p. Will the company use this data to deny me any claim or charge extra premium?

  7. Part 3 is misplaced in this All about Insurance playlist. Add it after Part 1 and 2. It has went down to last.

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