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Mahavir Chopra / Beshak.org Profile picture
@themahavir
Apr 22, 2020 • 3 tweets • 1 min read • Read on X
Additional #Covid_19 relief by IRDAI.

A recent circular will let insurers offer relief to customers by allowing payment of health insurance premiums in monthly/quarterly installments.

The relief is applicable for all policies due for renewal until Mar 2021.

#COVID2019india
Insurers will roll out the process to take benefit of these options soon on their websites.
It could be surprising for a few, but Health insurance premiums can be really high - as high as a lakh a year.
Especially if you are covering senior citizen parents.

This relief will be really helpful to many!

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More from @themahavir

Mahavir Chopra / Beshak.org Profile picture
Apr 11
🚨 Good news: Important updates in Health Insurance.

IRDAI made some changes in health insurance, through their recently released regulations.

These come in force from 1st April 2024.

Thread 🧵👇🏻 Image
Change in definition of Pre-existing disease.

Earlier pre-existing disease was any disease, condition that was diagnosed, treated or medical advice seeked in the last 48 months.

It has been changed to 36 months. Image
This means diseases that were diagnosed and completely cured 36 months before commencement of the policy, would not have a waiting period.
Read 15 tweets
Mahavir Chopra / Beshak.org Profile picture
Jan 27
💡Interesting benefit launched across all health insurance plans

💎 CASHLESS EVERYWHERE

Get cashless in ALL HOSPITALS in the country.

I cover:
🤔 What is cashless everywhere
🤷🏻 How to avail this
🙄 How does it work
🤨 What should you expect
🧐 What is the catch

Here we go 👇🏻
On January 24 this year, the General Insurance Council (GIC) announced Cashless everywhere.

Who is GIC?
GIC is the apex association of all health and general insurance companies.

So basically, all insurers came together to bring cashless to all the 40K+ hospitals in India.
Earlier we had to check the hospital network before buying a policy. Whether it did cover our preferred hospitals.

This will soon be a thing of the past (if things go right - more below)

You will essentially get cashless in every legit hospital in India.
Read 14 tweets
Mahavir Chopra / Beshak.org Profile picture
Dec 14, 2023
🚫 Insurer: "Claim rejected. Hospitalization not necessary"
🧑🏻‍⚕️ Doctor: Hospitalization is necessary

Customer: Confused, annoyed 😡🤬

This has become very very common.

Let's understand:
- Why does this happen?
- How can insurers dispute doctor's advice?
- What should you do?
First, why does this conflict happen:

To make sense of this, we need to understand the incentives of both the parties involved.
Insurers save money when they decline a claim (The type of rejections I am seeing, it looks like there is an incentive to reject)

On the other hand, have heard doctors can have targets to increase billing + they get a referral fee for surgeries.

**Interests are conflicting**
Read 26 tweets
Mahavir Chopra / Beshak.org Profile picture
Dec 6, 2023
Agent vs Online - whom do you buy health insurance from?

A debate more complex than Android vs iPhone

I found a reasonable answer to this question through countless interactions with customers over 15+ years of working in insurance distribution.
Here's what I realized.

Online platforms are great for transactional products.
Products where the cognitive load to make decisions is low - where stakes are low, where decisions are reversible.

Simple UX and an efficient call centre do the trick.
But this same thing is not true for complex insurance products like health insurance.

These products have serious nuances that cannot be understood easily.

Personalization, right declarations when buying the policy
Paperwork, follow-up, and dispute management when making claims
Read 19 tweets
Mahavir Chopra / Beshak.org Profile picture
May 13, 2023
4 myths regarding parents' health insurance through an employer you must know.

On the face of it, employer parent's health insurance looks like a no-brainer

✅ No medical tests
✅ No waiting periods
✅ Cover all diseases
✅ Faster claims

To problem kya hain? Read on 😅
𝗠𝘆𝘁𝗵 𝟭: I will remain employed for a good time. So I will always have parents cover

Not really

Note, parents' coverage with those lovely benefits causes major losses to insurers The policy is hence prone to:
a) price hikes
b) reductions in benefits
I have witnessed companies that start with fancy benefits for parents, free.

Then renewal comes

When they realize there is a huge premium hike, the CFO walks in, and rest is history

Just check the pricing history of parents insurance in your company for last 5 years.
Read 12 tweets
Mahavir Chopra / Beshak.org Profile picture
Apr 26, 2023
Why are health insurance top-ups so cheap?

👉🏻 What's the catch?
👉🏻 Would they remain cheap forever?
👉🏻 Should you consider buying them or just upgrading your existing cover?

Thread 👇🏻 Image
Let's start with the basics: Health Insurance is an "indemnity" cover

Indemnity-based insurance reimburses you against "actual losses" incurred

Unlike, say a term life policy - which pays a lump sum fixed amount irrespective of the real financial loss incurred.
Health Insurance companies, hence, do not charge you based on the total coverage.

They actually charge a standard rate based on the average estimated loss the entire group of customers is likely to occur.

You get where I am going with this? No? Read on👇🏻
Read 11 tweets

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