Factors in Deciding on the Right Insurance Plan That Meets All Your Health Needs

The way you have the choice to compare and choose the right insurance policy for you, the prerogative to stick with the plan is also yours. However, many policyholders do not realize this.

You can modify or change your health insurance plans at least 45 days before but not before 90 days of your renewal if you are not satisfied with your plan or your services. But how do you assess whether you have chosen the best mutual or not? Well, the one that suits your general health needs, meets rising medical inflation, and offers the best coverage, perhaps the best. Since most health plans are renewed every year, you always have the choice to upgrade to a better plan.

The health insurance policy can be transferred to any general insurance company or health insurance company and this is possible with the option of health insurance portability, a facility provided by the regulator of insurance companies of India, i.e. the Insurance Regulatory and Development Authority of India (IRDAI), to change their health insurance contract from one insurance company to another without losing the continuity of benefits you have already accrued. This change from the current insurer to another insurer is called “porting” and can be done when one is experiencing poor service, needs additional coverage, or for any other reason.

Health insurance portability allows you to upgrade your plan as your needs and lifestyle requirements change. Even an insured can increase his sum insured to the extent of the sum insured base and accumulated cumulative bonus. Portability was introduced by IRDAI to ensure that insurers do not take their customers for granted, also enhancing competition and providing better options for existing policyholders with the best class of service.

You can opt for portability without worrying about losing accumulated continuity benefits, having complete freedom to upgrade to a better service provider.

Here’s a checklist to find out if you need to transfer your health insurance plan

  • bad service policy
  • Cumbersome claims process
  • Hidden clauses
  • Competitive bonuses
  • Adequate and better health coverage

What is mutual health insurance?
A comprehensive health insurance policy is an all-inclusive plan that provides extensive medical emergency coverage with lifetime renewal. It offers you financial support to cover a wide range of medical expenses, including hospitalization costs, day care, road ambulance costs, etc.

Some advantages of comprehensive health insurance

  • Adequate Sum Insured
  • Floating or individual family coverage
  • Impatient Treatment and Daycare
  • Maximum no day covered by pre and post hospitalization costs
  • Shortest PED waiting period
  • Additional coverages such as consumables coverage, hospital cash, reinstatement of sum insured, etc.
  • In addition to this, a cashless claim facility should be available for an insurance company

What does health insurance cover?
Unlike basic health insurance plans, a comprehensive policy covers from hospitalization to pre- and post-hospitalization treatment, including consultations, medical tests as well as hospital stays (maybe Ayurvedic or homeopathy) as well as modern treatments. Some insurance companies offer comprehensive health insurance that even offers limited coverage for physiotherapy, homeopathy, acupuncture and osteopathy. Few plans also cover the cost of oral surgery, use of a private ambulance, and home nursing.

Advantages offered by RGI multi-risk health insurance:

  1. Pre and Post Hospitalization: Helps you cover expenses incurred for OPD and diagnostic tests for a set number of days before and after hospitalization for the illness mentioned in the policy after discharge from your hospitalization
  2. Daycare procedures: Medical expenses incurred for on-call procedures performed in a hospital or day care centre. Compulsory 24-hour hospitalization is not required for the on-call procedure.
  3. Ambulance coverage: Actual expenses incurred in using the road ambulance service to transport the insured to the nearest hospital with adequate emergency facilities are covered up to ₹2,000 per hospitalization.
  4. Controls: This will allow you to cover health checks, consultation fees, pre- and post-hospitalization costs and the insured can concentrate calmly on his convalescence.
  5. Organ donation fees: Help you cover the expenses incurred by the donor in the event of a major organ transplant (only available with Gold and Silver plans)
  6. Exemption from the premium in the event of serious illness: In the event the insured is diagnosed with a specified critical illness (as per policy), RGI waives the one year renewal premium for the policyholder.
  7. Cashless Processing: Allows you to receive required medical treatment without having to pay for it at the hospital. In the case of cashless hospitalization, the insurance company bears the cost of medical treatment and pays the bill directly to the hospital.
  8. Tax deduction: Under Section 80D, you can claim a tax deduction of up to Rs 25,000 per fiscal year on medical insurance premiums.

When it comes to health, it’s not just your health that you need to take care of, but also your family and your finances. It can be helpful to consider plan features and renewal benefits when buying or switching health insurance plans at any stage of your life. Take advantage of the possibility of health insurance portability to choose the right comprehensive health insurance policy from the various plans available in the market that you can navigate through.


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