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There was a time when we could consult a general physician in the city by paying a nominal fee. But today, not only the costs of consultation but also of all other medical expenses have gone through the roof. Medical inflation and the fact that more and more people are being diagnosed with lifestyle-related diseases should be reasons enough to get a health insurance policy as soon as possible. A health insurance policy essentially offers financial support to policyholders to manage medical expenses in the event of an emergency.
Bangalore has gradually developed in the field of medicine and has many hospitals that offer sophisticated treatments and surgeries. Many medical facilities, medical colleges, and medical research institutes are prevalent, which makes the healthcare infrastructure of the city considerably large.
Bangalore is known as the Silicon Valley of India due to the fact that it is the IT hub of India. A significant number of people in the city are software engineers and work in software companies that require employees to sit in a single position for around 8 hours a day. Due to lack of exercise and overall negligence of health, a large number of citizens in Bangalore are hence affected by serious health issues such as heart diseases, obesity, arthritis, cancer, etc. Since the corporate culture is slowly spreading, not only the software sector but also other sectors are affected by such health issues. It is therefore wise for every Bangalorean to avail medical coverage with the help of a health insurance policy.
Many esteemed health insurance companies can be found in Bangalore. A few of them are:
Max Bupa is a partnership between Max India Limited and UK-based healthcare services company, Bupa. It has a 60-year experience in the healthcare industry and has millions of customers across 190 countries. The company offers 4 different health insurance plans for comprehensive health coverage as well as special covers for personal accident and critical illnesses. The hospital network includes Apollo Hospitals, BGS Global Hospital, Columbia Asia Hospital, Fortis Hospitals, Hosmat Hospital, M.S.Ramaiah Memorial Hospital, etc.
A general insurance company, Reliance General Insurance, offers an array of insurance products and services for the benefit of its customers. The 139 offices of the company are scattered throughout the country. The insurer offers 5 health insurance plans, each for a specific purpose such as critical illness, personal accident, or overall wellness. The hospital network list includes Manipal Hospitals, Pancea Hospital, Narayana Nethralaya, Vasan Eye Care Hospital, St. Philomenas Hospital, and so on.
New India Assurance is an international general insurance company that has a reach in 28 countries and has been a popular insurer for 40 years. It offers around 20 health insurance plans with varying benefits. The company has tie-ups with hospitals such as Abhaya Hospital, Citi Hospital, Manipal Hospital, St. Martha’s Heart Center, Apollo Cradle, Dr. Agarwals Eye Hospital, and so on.
The Oriental Insurance Company has been in the non-life insurance industry for a long time and has 31 regional offices and more than 1800 operating offices across major cities in India. As many as 10 health insurance plans are offered by the company to individuals, groups, and senior citizens. The company has tie-ups with hospitals like Cloud Nine, Koshys Hospital, Vasan Eye Care, St. Marthas Hospital, Hosmat Hospital, Columbia Asia Hospital, etc.
The new-age insurer, Apollo Munich, is a union of Apollo Hospitals, a popular group of hospitals and Munich Health, an international insurance provider. With the vision to become a top insurance company by providing innovative products, Apollo Munich has slowly climbed the ladder of success. The company offers health insurance plans for individuals, families, and senior citizens. Additionally, personal accident plans are also available. The hospital network list of the company consists of many major hospitals in the city such as Apollo Hospitals, Dr. Malathi Manipal Hospital, Fortis Hospital, Koshys Hospital, Trinity Hospital & Heart Foundation, etc.
The above-mentioned health insurance companies are only a few out of the many companies prevalent in the city. Each of the companies has a network of hospitals where insured individuals can avail cashless medical treatments. The list of network hospitals of every health insurance company is available on the official website of the insurer.
Bengaluru is home to many health insurance companies like Max Bupa,and Reliance. Each of these companies offer a wide range of products with varying features and benefits. Go through the brochures of the different health insurance plans available and choose the best-suited plan for yourself.
Health insurance plans offer coverage for expenses incurred on treatments conducted for injuries or illnesses. Traditionally, health insurance plans offered coverage only for treatments that required at least 24 hours of hospitalisation. However, these days, insurance plans offer coverage for daycare treatments that do not necessarily require admission for 24 hours in a hospital. Apart from these, health insurance plans cover pre and post-hospitalisation expenses incurred for the same treatment for which the individual was hospitalised. Other benefits such as coverage for regular health check-ups, ambulance expenses, etc., depend on the insurance company.
Health insurers typically offer plans with a sum insured range from Rs.1 lakh to Rs.5 lakh. However, companies offer micro-insurance policies for a sum insured amount equal to Rs.5,000 too. The maximum sum insured limit can go up to Rs.50 lakh per policy and can sometimes be more than Rs.50 lakh in the case of critical illness plans.
The prime factor that determines the premium amount one has to pay towards his/her health insurance policy is the age. An older person is generally charged a higher premium because older individuals are more prone to illnesses and hence pose a higher possibility of making a claim. Insurers also look at one’s previous medical history, the sum insured amount chosen by him/her, the number of members added to the policy, the type of policy, and so on. If one wishes to purchase a top-up, he/she will have to pay an extra premium amount. The premium determining factors differ from insurer to insurer.
Health insurance companies usually have an initial 30-day waiting period before which claims cannot be made. However, in most cases, insurers accept claims for accident cases even during the initial waiting period.
Yes, the Insurance Regulatory and Development Authority of India (IRDAI) made it compulsory for all insurance companies to allow policyholders to port from one plan to another or one insurer to another. Also, any credits earned will not be lost when the plan is ported. The period completed under the initial insurance company is also considered while calculating the waiting period for certain specific diseases or pre-existing diseases for which the health insurer may have mentioned a waiting period.
Insurance companies provide about 15 days as the grace period, starting from the due date of premium payment, to pay the premium amount due. So, you need not worry if you missed the due date, you can always pay within the grace period. If you fail to pay the premium even during the grace period, the policy will lapse.
Also, you need to bear in mind that coverage will not be available for the period for which the premium is not paid.
Insurance companies do not usually limit the number of claims you can make. The only limit is the amount up to which the coverage is available to you. Once you exhaust the sum insured amount for the policy year, you will have to bear the expenses incurred on any treatments available.
Insurance companies decide whether or not they will conduct a pre-medical examination before issuing a health insurance policy to the applicant. Most insurance companies only ask for a previous health record that they will use to ascertain your health condition. Usually only individuals above the age of 45 years will have to undergo a medical examination.
Yes, health insurance companies in Bengaluru offer individual policies as well as family floaters. You can cover yourself and your family under a family floater. The basic coverage options of family floaters are the same as that of individual policies. The sum insured limit, however, will be applicable to all the members of the family floater.
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