Health Insurance at Bajaj Finserv Markets

1. A Beginner’s Guide to Health Insurance Buying health insurance can sometimes be quite a difficult task. Given the amount of insurance companies and policies that are available in the market today, it has become increasingly difficult to pick the right one. However, knowing what plan you want based on your need makes it easier for you to buy a health insurance policy. In this article, we will tell you everything you need to know about health insurance policies. Whether you’re someone buying health insurance for the first time or looking for renewal, here’s an elaborate health insurance guide to help you understand all about health insurance. What is Health Insurance? Health Insurance is essentially a way to pay for healthcare services. It refers to and includes all medical services provided basis with the plan you choose. These services include illness visits, ER visits, preventative care, medications etc. Why do I need Health insurance? Health insurance is critical in today’s time especially due to factors like sedentary lifestyle, improper diet, pollution increasing at an alarming rate and many other things contributing to health problems. Some of the reasons which make health insurance a must have are: Helps cover you during uncertain times in your life like medical emergencies, sudden hospitalization, etc. Helps protect your hard-earned savings during uncertain health-related emergencies. Can help in lifestyle changes through their preventive care services Basic Insurance Terms that you must know: Premium - This is the amount of money you pay for your health insurance/healthcare plan Out-of-Pocket - These are expenses that are not covered by your health insurance policy and borne by you Copay - A fixed and pre-determined amount that you pay to avail health care services Deductible - It is essentially the is the amount that you pay for health care services before your health insurance company starts to pay for the same. E.g. If the medical expenses to be paid are Rs.2,500 and your deductible is Rs.500, then you pay Rs.500 from your own pocket first, before your insurance company pays the balance amount of Rs.2,000. 1

2. Types of Health Insurance Plans: When it comes to health insurance, you will notice that the majority of the insurance companies offer four different options for covering your healthcare costs. Managed care coverage, basic health insurance, indemnity insurance and major medical coverage. Each of these will cover you for different expenses in different ways. Managed Care Coverage: If you are looking for your health insurance policy to cover you for all your expenses, then the best way to go about is to buy managed care coverage. This is also known as “Preferred Provider Plans”. These plans come with significantly lower health insurance premiums and co-pays i.e. the amount you pay out of your pocket for a doctor’s visit. With managed care coverage, you are covered for a wide variety of services such as doctor visits, x-ray services, hospitalization, surgery, lab services, mental healthcare, prescription drugs and the likes. Indemnity Plans: Indemnity plans are also referred to as “Fee for Service” coverage. This plan gives you the freedom of choosing your healthcare provider. You can seek medical treatment anywhere irrespective of your location, however, they come with co-pays and deductibles and of course, significantly high monthly payments. These would hence not be a great option for people on a tight budget. Basic Health Insurance Policies: Basic health insurance policies are quite easy to understand. As a part of these policies, your insurer promises to pay a part of your health care costs in exchange for your premiums. If you land up in a hospital due to medical emergencies, then your insurer would pay for the health care costs that are specified in the health insurance policy. Any expense that goes over and above the policy cover needs to be paid by the insured (that is you) from his own pocket. The choice of health insurance plans available in the market usually narrows down to these 4 broad categories. Different insurance companies design different plans around these four major buckets which can sometimes make it confusing for you to take a decision. Hence, it is advisable that you put in a little effort to find out what each plan really has to offer before you sign the policy papers. If you find yourself confused about a policy, then make sure to talk with an insurance agent to clarify your doubts. It’s also better to talk to two or more agents to be clear on the inclusions, exclusions, terms and conditions mentioned in your health insurance policy. You can opt to buy a health insurance plan online once you’ve got all your queries answered and clarified. 2

3. Now that you have had a fair overview of the health insurance basics 101 in this article, hope you find comparing and choosing the right health insurance policy easy. Steps to Buy Health Insurance Online Just a few years ago, buying a health insurance plan was a tedious and time-consuming process. But today, things have changed radically thanks to the availability of health insurance online. Buying convenience and availability of numerous choices have made online health insurance plans widely popular. While buying health insurance plans online is quick and convenient, it’s important to follow these steps if you want to end up with the right medical or health insurance plan: – Step 1 – Understand Your Health Needs Every individual has varied health needs. Therefore, it is necessary to ascertain your insurance requirements beforehand to ensure that your policy is in sync with it. For instance, if you are part of a young family, you can buy a family floater plan with a relatively small coverage. However, if you have senior citizens in your family, you would need to increase the coverage considerably. Step 2 – Compare Various Health Insurance Plans Online There are numerous health insurance policies available online. Hence, the importance of comparison cannot be overlooked. Compare the prices of various health insurance policies by leading provider’s vis-à-vis the features and the total coverage provided. Certain health insurance providers also offer diversified plans that include free medical check-ups and alternative treatment coverage. Like Bajaj Allianz, whose health insurance policies are available on Finserv Markets Step 3 – Research Insurer It’s essential to establish the credibility of an insurance provider before buying a health insurance policy from them. Buying a policy from an insurer with a low claim settlement may spell trouble. So keep an eye out for the insurer’s claim settlement ratio and the number of years the company has been in business. An insurance provider’s expertise is reflected in the types of policies it offers. Always settle for insurers with an enriched product and service portfolio. Step 4 – Verify Network Hospitals Seeking treatment from a network hospital eliminates the need to spend anything from your own pocket. However, some insurance providers may not have a network hospital near your area of residence. Hence, it’s best to opt for insurance providers who have leading hospitals in your area under their network. 3

4. Step 5 – Finalise the Insurer and Apply online Once you have chosen a health insurance provider, log on to their website to initiate the application process. Some providers may require you to fill up extensive forms, while others may just need a few details. Once you have submitted the application form, you will receive a health insurance quote from the insurance provider. If you are satisfied with the quote, proceed to make payment online, following which your policy will be emailed to you instantly. Buying a health insurance policy online is undoubtedly a simple process. You can simplify the process further by buying health insurance online at Finserv Markets. All you need to do is fill in a few details online and buy the health insurance policy that fits your needs. Moreover, by choosing Bajaj Allianz Health Insurance Plans, you can enjoy benefits like cashless treatment at 6000+ hospitals, quick claim settlement, coverage for Ayurvedic/Homeopathic treatments and much more. To buy or know more about Bajaj Health Insurance Plans visit Finserv Markets today! Buying health insurance plans online is quick, convenient and hassle-free. Here’s a step by step health insurance guide to help you buy the right medical or health insurance plan Factors Affecting Your Health Insurance Premium The aphorism, “health is wealth” is a timeless quote that has growing importance now, more than ever. Rapid changes in lifestyle and technology have led to various health challenges and protecting ourselves from them should be our topmost priority. One of the ways you can achieve this is by purchasing the right health insurance that can offer a host of benefits. Today, there is a plethora of health insurance plans available for customers to review and purchase. With health insurance, an individual can be better prepared to deal with a medical emergency. So how are health insurance premiums calculated? There are some key factors that affect the computation of your health insurance premium. Let’s look at these to help you make an informed decision. Your health insurance premium will be calculated based on a variety of factors. This article describes some of the key factors that affect your health insurance premium and help you make an informed decision. Let’s consider some of them in the following section: Pre-existing medical conditions: The applicant will be required to submit his / her health records to the insurance company. This is mostly done to gauge whether the potential client has any pre-existing health conditions or not. Many providers don’t cover individuals with pre- existing illness, and those who do, generally charge higher premiums. If the policy doesn’t cover pre-existing conditions, then the policyholder will have to bear the cost of medical bills arising due to the pre-existing condition. Family medical history: If your family members suffer from specific medical conditions, then your insurance provider will charge you a higher premium. This is primarily because genes play an important role in determining the functioning of our bodies. Their impact simply cannot be underplayed as many medical conditions have a genetic basis. 4

5. Body Mass Index (BMI): Individuals with a higher body mass index are susceptible to diabetes, heart problems and joint problems. Hence, they are charged a higher premium as compared to a person with a low or normal BMI. Injurious vices: Many health insurance companies refuse services to individuals with habits like smoking, snuffing or chewing tobacco. This is because they are vulnerable to life-threatening conditions like cancer and heart problems. Companies covering such people charge a higher health insurance premium for their mediclaim policy. Gender: There is a different health insurance premium rate for men and women. This is based on the assumption that women are more likely to be cautious in terms of taking preventive measures, regular health check-ups etc. Age:It’s a fact that as we grow older, our immunity and overall health weakens. This implies frequent visits to the doctor and consequently higher medical bills. That’s why a young individual is charged a lower health insurance premium as compared to their older counterpart. Profession:If you work in environments where you’re exposed to hazardous chemicals, radiation and dangerous substances, then the premium charged will be more than the average and, in some cases, even higher. It is advisable that you research carefully before opting for a health insurance policy. What’s more? You can apply for your health insurance online in an easy, convenient and hassle-free way and reap numerous benefits. Now that you know how to calculate health insurance premium, you can compare health insurance plans online that suits your health needs and fits your budget. How to Evaluate Your Health Insurance Plan? Buying Health Insurance in India can be confusing. There are numerous options available in the market, each offering different benefits. At Finserv Markets, we understand that evaluating a Health Insurance policy can be tricky. Health Insurance plans are complex and loaded with details such as inclusions, exclusions, terms, and conditions etc. However, if you want to buy the right Health Insurance policy, a thorough evaluation is essential. Whether you plan to buy Health Insurance online or offline, the following points will help you evaluate Health Insurance policy before you make the final buy. 5

6. How to Evaluate Your Health Insurance Plan? Understand Health Insurance policy terminology Understand the policy exclusions Check the claim process Know the waiting period Choose the right coverage Check Pre/post hospitalization coverage Understand Health Insurance policy terminology Getting to know and understand Health Insurance policy terms can go a long way to help you understand and choose the best Health Insurance plan. If you want to evaluate a Health Insurance policy, it’s important to understand terms like co-payment, cumulative bonus, waiting period, inclusions, exclusions etc. If you come across any unknown term while reading the policy documents, don’t hesitate to call up your insurance provider right away to clarify your doubts. Understand the policy exclusions Most people check the policy coverage and inclusions but forget to consider the exclusions. The exclusions are the conditions or circumstances for which a Health Insurance provider will not provide any benefit. Every Health Insurance plan includes certain exclusions, make sure to read through each and every exclusion to ensure that it suits your needs. Check the claim process The simpler the claims process, the faster will be the settlement of the claims. Therefore, the claim settlement process is one of the most important factors to evaluate before selecting a Health Insurance policy. Round the clock claim assistance services is an additional advantage to look for. Know the waiting period Most Health Insurance providers have a waiting period for pre-existing diseases. The waiting period can range from two to five years and may differ from one insurer to another. So make sure to check the waiting period, before buying a Health Insurance policy. The best way to buy a Health Insurance plan is while you are young so that you can clear the waiting period without making claims. Choose the right coverage When selecting a Health Insurance plan, it’s important to choose the right coverage. Take into account factors such as your age and health when deciding the coverage. The younger you are, 6

7. the lower will be the sum insured you need. Moreover, it’s also advisable to consider your income so that you can choose a plan with an affordable health insurance premium. Pre/post hospitalization Health-related expenses are not just limited to hospitalization. Before a hospitalization, you may need to visit the doctor, get medicines, and undergo tests. Post-hospitalization, you may incur expenses on follow-up health check-ups, medicines etc. Hence it’s important to check whether your Health Insurance provider offers pre/post hospitalization coverage. If you consider each of the above points, and evaluate them precisely, the tricky task of buying a health insurance plan can become easier. Understanding important points like policy inclusions, exclusions and terminologies will help you get better insights on the right health insurance plan for you. Tips to Smartly Use Your Health Insurance Policy Health insurance can be costly if you fail to select the right plan. There are plenty of health insurance plans available in the market. That’s why it’s important to conduct extensive research and compare many policies before settling for one. The most vital aspect of your health insurance plan is that it should provide adequate cover for your specific needs and requirements. This write-up will provide you with all the important information you require to be able to make the most of your health plan. Tips To Smartly Use Your Health Insurance: Start young Avoid switching between different policies Engage in the services of an insurance agent Know your needs Choose a high-deductible plan Pay your premiums on time Start young Opting for a health policy at an early age will provide you with a host of long-term benefits. There are no medical tests required for clients below the age of 40 and the monthly premium will also be significantly less. If there are any subsequent ailments, then they will get covered by the health policy. However, this won’t be the case if you don’t opt for a plan while you’re young. Purchasing an insurance policy after the diagnosis of a disease will be costly as the premiums will be higher. Avoid switching between different policies 7

8. Sticking with a single plan comes with a plethora of advantages. This is because your health insurance provider will offer perks to retain you as their customer and this can be advantageous for both parties. Engage the services of an insurance agent Know your needs Do you need health insurance just for yourself or also for your family members? If you want to insure your loved ones too, then researching about the various family health insurance plans would be beneficial. Opting for a family floater plan will result in extensive coverage at affordable premiums. Choose a high-deductible plan This type of plan is appropriate for people in excellent health condition and who don’t visit the doctor often; helping them save a lot of money. Conversely, there are risks involved with this policy as exhaustive coverage won’t be offered for life-threatening illnesses. Pay your premiums on time This goes without saying, but to avail flawless services from your insurer, it’s advisable that you make timely premium payments as per the agreement. Your health provider may also offer discounts in the form of a reduced premium if you stick with your schedule. Selecting a policy from the best health insurance plans in India is bound to provide a plethora of benefits to you and your family. Now that you know everything about how to manage your health insurance policy, buy one with Finserv Markets today and avail a host of benefits and features. 8