Are you covered enough? Do you feel you are uninsured?

Posted on: Apr 26, 2020 | | Written by:

Are you covered enough? Do you feel you are uninsured?

Scenario 1: My employer is taking care of my health insurance I don’t need one

Most of us consider employee health insurance as a secured cover for taking care of medical expenses. But, let us tell you that employer’s health insurance may not be enough. Once you leave the company or switch jobs you lose your health insurance benefits. Also, you don’t have the flexibility to change covers and increase or decrease sum insured.

Scenario 2: Staying unaware

Most of us don’t realize the importance of health insurance plans until something fatal hits us or people around us. Lack of awareness may hamper your savings, if an unexpected medical expense comes up.

Scenario 3: Low Sum Insured

It’s important to understand that you need a higher sum insured if you reside in a metro city where medical treatment expenses are high. If a single hospitalization in a year is enough to exhaust your sum insured then you should consider a higher sum insured. Just buy a health insurance won’t help in the longer run getting a sum insured that’s enough to cover your medical expenses is equally important. Also, if you are covering more family members then consider taking a health insurance policy with sum insured above 10 lacs.

Scenario 4: Looking at premium budget over the coverage

Don’t just look at the premium and go back thinking if you should buy this health insurance plan. Looking at the list of coverage and benefits of buying a health insurance plan is important and should not be overlooked. If you think of buying a health insurance plan with low premium then there are high chances that you may lose out on coverage. In future, you may feel that certain coverage is important but your policy doesn’t cover it. For example: HDFC ERGO offers cashless in-home health care, no room rent restrictions on hospitalization and approves cashless claims within **20 minutes seamlessly.

Scenario 5: It’s not just a Tax saving tool

Many of us buy health insurance just to save tax under section 80 D. A health insurance plan helps you save tax upto Rupees *75,000. However, there’s lot more to beyond saving taxes. Get yourself a health insurance plan that helps you during critical times and helps in saving finances in the long run. You must also get a health insurance plan for your parents, spouse and kids to ensure complete financial security.

Critical Illness Health Insurance: Must have for Life Threatening Ailments

If you already have an employee health insurance plan or a base cover to take care of hospitalization expenses then it’s great, you don’t really have to worry much. However, there are some diseases and ailments listed as critical illness, which can easily drain your life long savings and bring your life to stand still. That’s true such is the impact of critical illnesses, while your savings may drain out during the course of treatment, you may also not be able to come back to a position soon to take up your earning responsibilities. To take care of such contingencies HDFC ERGO has come up with Critical Illness Health Insurance.

Why choose HDFC ERGO Critical Illness Plan?

We cover 15 Major critical illnesses
You get a lump-sum benefit plan
You don’t have to submit bills to claim medical expenses
Once the claim is approved, your entire sum insured is paid
You get tax benefit under section 80D
You can buy this plan for you entire family

Look at the below table to know more about the critical illnesses we cover and their benefits.

Waiting Periods? Why do they play a critical role while buying a health insurance plan?

Waiting period is the amount of time you are expected to wait before you could enjoy certain listed benefits that your health insurance policy contains. If you happen to face the illness or disease before the waiting period is completed, then your claim shall not be approved.

30 days waiting period for any treatment, except accidental injury which shall be approved anytime post policy issuance.
2 years exclusionfor specific diseases like cataract, hernia, hysterectomy, joint replacement, etc.
3 years waiting periodfor any pre-existing diseases or conditions

Common Exclusions in a Medical Insurance Plan

While our health insurance plans offer comprehensive coverage there are some coverage which remains excluded from your policy permanently.

Adventure Sport injuries: Adventures can give you an adrenaline rush, but when coupled with accidents, it can be hazardous. Our policy does not cover accidents encountered while participating in adventure sports.
Self-inflicted injuries : You might think of causing injury to your precious self, but we don’t want you to hurt yourself. Our policy does not cover self-imposed injuries.
War :War can be disastrous and unfortunate. However, our policy does not cover accidents that are caused due to wars.
Participation in defense operations : Our policy does not cover accidents while you are participating in defense (Army/Navy/Air Force) operations.
Venereal or Sexually transmitted diseases : We do understand the criticality of your disease. However, our policy does not cover venereal or sexually transmitted diseases.
Treatment of Obesity or Cosmetic Surgery : Treatment of obesity or cosmetic surgery is not eligible for coverage under your insurance policy.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.

*T&C apply. my:health Suraksha HDFHLIP20049V041920, UID No: D2HI455.* Subject to change as per tax laws. **Average time taken for approval of our cashless health claims is less than 20 minutes. Based on the data from April 2019 to September 2019. Subject to satisfactory submission of all relevant documents and information(s) to the Company. TAT for approval of pre authorization requests 60 minutes. Cashless hospitalization available only in HDFC ERGO network hospitals. Visit www.hdfcergo.com for your nearest network hospital

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