Is your age the only determinant of your #HealthInsurance premium?

#Premiums refer to the payment that you make to your insurance company so that they can take care of your medical expenses.

(1/7)
The actual amount depends on how likely you are to require a payout in the future and how much your insurer might have to pay in such an event.

There are various factors that affect this amount:

(2/7)
1) Your age: Health Insurance costs less in your youth. The older you get, the more likely you are to develop certain diseases- and so your premiums are higher.

(3/7)
2) Where you are: Bigger cities usually equal larger premiums. That's because the cost of treatment there is substantially higher, and because insurers consider people in large cities to be more prone to certain illnesses because of their lifestyle.

(4/7)
Coverage: This is a no-brainer. Higher the sum insured, higher the premium. Add-on covers you opt for could increase premiums further. Conversely, if you have a co-payment or deductible clause (which means you'll bear a part of the expenses), your premiums will be lower.

(5/7)
The type of plan: Family floater plans are cheaper than individual plans for each member of your family. That's because family floater covers multiple people under the same amount of sum insured

(6/7)
Medical past: Personal / Family history of certain diseases may increase your premiums. Habits like smoking can also increase premiums.

Tag someone who needs to know this!

Learn what your Health Insurance policy covers here: bit.ly/3udMs6x

(7/7)

#BimaPeBharosa

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More from @BimaPeBharosa

21 Jun
Let’s talk about Maternity #Insurance

Bringing a child into the world is a magical experience. But it's also very expensive. And unfortunately, your regular #HealthInsurance policy may not cover pregnancy and childbirth expenses.

(1/5)
The reason is that Health Insurance covers unforeseen medical expenses, and getting pregnant is a very real possibility for most couples.

But don't fret- you can opt for maternity insurance as an add-on. This usually covers:

(2/5)
1) Hospitalisation, as well as pre and post-hospitalization expense
2) Delivery expenses
3) Pre and post-natal expenses
4) Treatment expenses for children born with congenital conditions

Keep in mind:
1) Maternity Insurance is expensive as there is a very high claim ratio

(3/5)
Read 5 tweets
31 May
Why are room rent caps such a big deal?

Most Health Insurers place a limit on the amount you can claim for the rent of a hospital room. Usually, this limit is 1% of the total coverage.

(1/8)
Example- Mohan's health policy has a Sum Insured of ₹5 Lakhs and the Sub-Limit for hospital room rent is 1%. If Mohan is hospitalized, his insurer will only cover room rent costs up to ₹5000 per day (1% of ₹5 Lakhs).

(2/8)
If his room costs more than that, he’ll have to pay the difference himself. You may think that doesn’t sound so bad. He'd probably have to shell out a few extra thousands at most, right?

Wrong

Because room rent sub-limits also leads to proportionate deduction

(3/8)
Read 8 tweets
29 May
#Locusts might be coming back. Can insurance protect farmers?

A few days ago, certain districts in Rajasthan and Uttar Pradesh sounded an alert for a possible locust attack.

(1/6)
Locusts travel in large swarms of up to 80 million and can eat up to their own weight in crops every day. They wreak devastation wherever they go. And so, the farmers in these areas need to protect their crops however they can.

(2/6)
The last time Rajasthan saw a locust attack was in 2020. At the time, the state saw a 45% jump in enrolment for the government-sponsored crop insurance scheme Pradhan Mantri Fasal Bima Yojana (PMFBY).

(3/6)
Read 6 tweets

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