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Holistic investment planners, financial planning Chennai, Private wealth management Chennai

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selecting the right health insurance

The most important points to consider before selecting the right health insurance

by Holistic | Filed Under: Insurance

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Life’s uncertainties can disturb the rhythm and throw us off our balance. While we can’t predict the future, insurance planning can help us stay on the shore even during the times of tide. Health care is one of the important aspects that need to be covered through insurance. Health insurance covers the risk against sudden expenditure towards unseen medical expenditure. With surging medical costs and unhealthy lifestyles, a right health insurance policy is a boon.

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How to choose the right health insurance plan?

With many organizations entering the insurance forte, deciding the best health insurance plan requires careful analysis. Apart from measuring the affordability from the premium payment perspective, there are other factors that help you arrive at an informed decision.

Claim payment mode

A claim is made on the occurrence of the event for which the insurance is obtained.

  • Cash less facility – A cash less scheme is one where treatment can be undergone in network hospitals, without paying the hospital during the treatment or stay. The insurance company settles the bills directly on behalf of the insured. To avail this benefit, the procedures and regulations laid down in the policy need to be adhered to
  • Reimbursement facility – A reimbursement policy requires the insured to pay the dues to medical institution upfront, and then reimburse these costs from insurer after filing a claim
  • IRDA, India has made it mandatory to provide both cashless and reimbursement options for all health insurers. If the treatment is pursued outside the network hospitals, the reimbursement option can be availed
  • Since the cash less mediclaim policies spare you from the stress of gathering cash during emergencies; it is preferred to ‘cash in’ on a ‘cashless policy’

Coverage and Network hospitals

A hospital or medical institution which has an agreement with the insurance company or TPA (Third Party Administrator) to provide cash less treatment, is a ‘network hospital’. Appraise yourself with the below information before deciding on the insurance plan:

  • Proximity of the network hospital from your place of residence or work. Opt for a provider who has more network hospitals in geographical locations where you are likely to need medical care.
  • Ensure that the facilities and repute of the hospitals in the network are worthy.

Policy exclusions

Exclusions are medical conditions that are not covered by the mediclaim policy. Exclusions are of 2 types – Permanent exclusions and temporary exclusions. Ensure that you check the policy document for the following:

  • Coverage of pre-existing illness – Some specific illness like cataract or knee replacement surgery would be covered only after a period after 2 years. Majority of the policies have such temporary exclusions, hence awareness about such essential information is desirable
  • Fixed exclusions based on the policy – Few ailments are excluded from the purview of the policy, and no claim can be made even after the waiting period. Some of these permanent exclusions are – Dental treatment except arising out of accidents, Naturopathy, alternative medicine/treatments including acupressure and magneto-therapy etc

Waiting period

Waiting period is the initial time frame immediately after effecting the policy, when claims are not entertained. Points to consider regarding the waiting period are:

  • Initial waiting period timeline and insurer’s liability to process claim. Some insurance policies admit accident claims during the waiting period
  • Policy renewal and waiting time. Ascertain if the waiting period is only a one time affair or if it gets repeated during every policy renewal
  • The time limit after which pre-existing illness gets covered. Though the average norm for pre-existing illness coverage is 3 years, it varies from policy to policy

Coverage/Co-payment limits

The sub limits define the maximum liability of the insurance company under various expense categories like room rent, doctors’ fees etc. It requires you to foot the medical expenses even if the bill amount is lesser than the insured value. Clarification of the below points with the insurance company can be of help:

  • List of various services where the insurance company does not pay the full amount
  • The percentage of cost sharing of these services between the insurer and insured
  • Co-payment – Applicable on both cashless and reimbursement schemes, co-payment requires the insured individual to pay a portion of the total medical cost. For instance, in a policy where the co-payment is set at 20%, and the medical expend is 100,000, the insurance company reimburses only 80,000

Insurance is an integral part of any prudent individual’s financial planning. With the privatization of the insurance regime in India, there have been more options to the customer to choose the policy that would best fit his changing needs.

With splurging medical costs across the globe, a medical policy can help you stay more relaxed for finances during emergencies and also entitle you to impressive tax benefits. With some planning and careful analysis of the policy guidelines, you would soon realize that selecting a health insurance plan is not as daunting a task you thought it was!

To take the right critical illness insurance, health insurance, life insurance and other investments, preparing a fundamentally strong, fool proof financial plan is required. If you would like to create such a financial plan, then I would firmly vouch for you to take advantage of

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Previous article: Factors to Consider Before Selecting a Location for the Property
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Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

Google Reviews

Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

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