a) They either provide low coverage <or>
b) are reimbursement plans that are poor substitutes for a full health insurance cover.
Here's the summary of the plans available.
5/ Then IRDAI came into the picture π₯·and made it mandatory for insurance companies to provide a health insurance plan that includes specific covers for COVID 19 treatments.
6/ Corona Kavach π‘οΈ is a reimbursement plan, but solves for all the gaps that led to the deductions we spoke about. #win
Here's how.
7/ But is there a catch?πͺ€
Yes, there is. Insurers don't have enough data to be able to provide this too-good-to-be-true cover.
8/ Hence it's very likely the product will be
a) Challenging to get (Stringent filters - declining highrisk cases who are most likely to get hospitalized)
b) Difficult to buy. (Expensive)
A Govt. insurer may provide it at affordable rates. Let's see.
9/ We are back to square oneππ€¦
So what should you do? You have to be #Atmanirbhar π₯
a) Maintain an emergency fund, especially for the old.
b) Health Insurance of Rs. 10 L per adult.
c) Ensure your health insurance does not have room rent limits.
d) Take care of your health.
11/ Was there a better solution to this problem, you may ask?β
IMHO, the government and IRDAI should not pressurize private players to participate in something so unpredictable, without financially protecting these companies from probable unforeseen losses.
12/ or the government should have directly stepped in and launched their own funded insurance for the general public.
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
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
β No medical tests
β No waiting periods
β Cover all diseases
β Faster claims
To problem kya hain? Read on π
π πππ΅ π: 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.