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If you are a child and live with your parents, you are able to buy them health insurance. This is called dependent coverage. There are many reasons why this is beneficial for your parents and the family as well. One of the reasons is that if you’re a child living with your parents, then you will be able to take advantage of lower rates because you have a lower risk than an adult who has never been diagnosed with any medical conditions or illnesses before. Another reason is that this will allow them to be more financially stable in case they need anything medically related because they would not have to worry about paying for it
Health insurance premiums are calculated on the basis of age, taking the age of the elder member into consideration. The premiums increase steeply once you cross 55-60 years of age due to the high claims ratio in that age group. To maintain the loss ratio insurance companies charge high premium from the customers and this increases the health insurance premium. It is not advisable to include parents in your health insurance policy as the premium would increase steeply. For better premiums, two policies can be taken; one for family and the other for parents.
There are different health insurance policies for parents provided by different insurance companies Coverage, Flexibility, Co-Payments, Maximum Age to Renew, Pre-existing Illnesses and Waiting Periods, Simple Claim Process, Day-care Procedures, Network Hospitals.
The insurance coverage offered at private hospitals may vary depending on the specific insurance plan and provider. However, generally, health insurance plans may cover the following expenses at private hospitals:
You can claim any number of times in your health insurance policy as long as the sum insured is not exhausted. The sum insured in your policy is the maximum limit which can be utilised by you for claiming any number of times. There is no limit on the number of claims that can be made in your health insurance policy.
Yes. The process of transferring your health insurance policy from insurance company to the other is known as Portability. You need to submit an application to the target insurance company 45 days prior to the expiry of your health insurance policy for the company to act on your policy. The process of porting requires the new health insurance company to have the similar health insurance product and all the waiting period exemptions would also be applicable with the new insurance company.
There is no limit on the maximum sum insured that can be opted in a health insurance policy. Many health insurance policies offer up to Rs.1 Crore coverage, there are instances where the coverage is extended beyond Rs.1 Crore depending on the client profile. Any request for sum insured higher than that available with the insurance company product will be referred to the underwriter who will examine the client profile and the need for such exorbitant coverage and decide on the insurability.
No. Group policy is different in terms and conditions when compared to the individual health insurance policy. Group policy is taken by the employer of a company for his/her employees and the premium is paid by the employer, but in case of individual health insurance policy the premium is to be paid by the insured customer. In short you cannot change from group policy to an individual policy at the time of renewal, but you can purchase a new individual policy at the time of renewal and opt out of group health insurance policy.
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