Onsurity’s Post

Critical illness insurance and health insurance differ significantly in coverage and payout structure: 1. Type of Coverage 💡Health Insurance: An indemnity plan that reimburses medical expenses for a wide range of treatments, typically covering hospitalization and outpatient care. 💡Critical Illness Insurance: A fixed benefit plan that pays a lump sum upon diagnosis of specified severe illnesses, such as cancer or heart disease. 2. Payout Mechanism 💡Health Insurance: Claims are made based on actual medical expenses incurred. 💡 Critical Illness Insurance: Provides a predetermined sum assured regardless of treatment costs. 3. Scope of Illnesses Covered 💡 Health Insurance: Covers general medical expenses and various treatments. 💡 Critical Illness Insurance: Specifically targets a list of critical illnesses defined in the policy. 4. Policy Duration 💡 Health Insurance: Typically renewed annually. 💡 Critical Illness Insurance: Usually a one-time payout upon diagnosis, after which the policy may cease. These differences highlight the importance of having both types of insurance for comprehensive financial protection against health-related expenses. #healthinsurance #criticalillness #riskmanagement

𝘿𝙤 𝙣𝙤𝙩 𝙢𝙞𝙨𝙨 𝙩𝙝𝙞𝙨 𝙞𝙣𝙛𝙤𝙧𝙢𝙖𝙩𝙞𝙤𝙣 if you/your family members suffer from lifestyle diseases like 𝙝𝙮𝙥𝙚𝙧𝙩𝙚𝙣𝙨𝙞𝙤𝙣, 𝙙𝙞𝙖𝙗𝙚𝙩𝙚𝙨, 𝙤𝙧 𝙖𝙨𝙩𝙝𝙢𝙖 𝙖𝙣𝙙 𝙖𝙧𝙚 𝙘𝙤𝙣𝙨𝙞𝙙𝙚𝙧𝙞𝙣𝙜 𝙖 𝙝𝙚𝙖𝙡𝙩𝙝 𝙞𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙥𝙡𝙖𝙣. Most health insurance plans impose a 𝙬𝙖𝙞𝙩𝙞𝙣𝙜 𝙥𝙚𝙧𝙞𝙤𝙙 𝙤𝙛 𝙪𝙥 𝙩𝙤 𝟯𝟲 𝙢𝙤𝙣𝙩𝙝𝙨 for claims related to pre-existing conditions. Now, there can be a lot of health conditions that can be attributed to hypertension, diabetes, etc., and the insurer might deny coverage, leaving you vulnerable during that waiting period. So, what can you do? If you suffer from these lifestyle diseases, 𝙘𝙤𝙣𝙨𝙞𝙙𝙚𝙧 𝙥𝙪𝙧𝙘𝙝𝙖𝙨𝙞𝙣𝙜 𝙖 𝙬𝙖𝙞𝙩𝙞𝙣𝙜 𝙥𝙚𝙧𝙞𝙤𝙙 𝙬𝙖𝙞𝙫𝙚𝙧 𝙛𝙤𝙧 𝙥𝙧𝙚-𝙚𝙭𝙞𝙨𝙩𝙞𝙣𝙜 𝙘𝙤𝙣𝙙𝙞𝙩𝙞𝙤𝙣𝙨 𝙗𝙮 𝙥𝙖𝙮𝙞𝙣𝙜 𝙖𝙣 𝙖𝙙𝙙𝙞𝙩𝙞𝙤𝙣𝙖𝙡 𝙥𝙧𝙚𝙢𝙞𝙪𝙢. Some insurers offer this feature, which can potentially save you lacs in case of claims. Tip: Always disclose your complete medical history when applying for an insurance plan. This transparency helps prevent disputes during the claims process. Follow me to get better at your personal finance.

Critical illness insurance and health insurance differ significantly in coverage and payout structure: 1. Type of Coverage 💡Health Insurance: An indemnity plan that reimburses medical expenses for a wide range of treatments, typically covering hospitalization and outpatient care. 💡Critical Illness Insurance: A fixed benefit plan that pays a lump sum upon diagnosis of specified severe illnesses, such as cancer or heart disease. 2. Payout Mechanism 💡Health Insurance: Claims are made based on actual medical expenses incurred. 💡 Critical Illness Insurance: Provides a predetermined sum assured regardless of treatment costs. 3. Scope of Illnesses Covered 💡 Health Insurance: Covers general medical expenses and various treatments. 💡 Critical Illness Insurance: Specifically targets a list of critical illnesses defined in the policy. 4. Policy Duration 💡 Health Insurance: Typically renewed annually. 💡 Critical Illness Insurance: Usually a one-time payout upon diagnosis, after which the policy may cease. These differences highlight the importance of having both types of insurance for comprehensive financial protection against health-related expenses. #healthinsurance #criticalillness #riskmanagement

A 3 step guide to buying health insurance (Always go by the first principle) 1️⃣ Select the right insurer Claim settlement ratio (>90% is good enough) Incurred claim ratio (60% to 80% is ideal) Volume of claim complaints (less than 20) Business track record (very new products or companies can be avoided) 2️⃣ Select the right health insurance policy 🎯 Must have features Should cover all base benefits (Inpatient hospitalisation, daycare treatments, pre and post hospitalisation expenses, cost of consumables) No restrictions on room rent or room type No disease wise sub-limits Special needs for health conditions (separate policy for senior citizens, quick cover for PED) 🎯 Good to have features Good no claim bonus (NCB) Unlimited restoration Lower waiting period for PEDs Personal accident cover Global cover Maternity benefits OPD cover 3️⃣ Still confused, book a call with Algates Insurance We will guide you through your health insurance purchase journey #healthinsurance #guide 

Fourth in the series of expensive mistakes to avoid while purchasing a health insurance policy is OPD coverage. Did you know that OPD expenses in India account for around 62% of healthcare costs and broadly fall under three categories – doctor consultations, diagnostic tests and medicines? These claims can cover costs incurred during visits to clinics, hospitals, or similar locations without being hospitalized.  The policy coverage varies among plans, so always check the details before choosing. Many health insurance plans with OPD coverage today also allow the insured to claim reimbursement on expenses multiple times during the policy period, which was not possible earlier. Check out various plans that cover OPD coverage as a built-in feature or as an optional add-on cover: #healthcare #health #insurance #healthinsurance #insuranceclaims #opdcoverage #OPDexpenses #reimbursement #healthandwellness

What is the relationship between Livia Health App and insurance companies? Here are some interesting facts that will impress you. Since the inception of the Livia Health App, there has been a revolutionary approach to how insurance companies serve their health policyholders. The troubles associated with long claim processes, initiating payments for health services, or lengthy documentation are a thing of the past. Livia Health has partnered with several leading insurance companies in Kenya to enhance health service delivery. This new approach has ensured: 🔹 Efficient service delivery 🔹 Online ordering of prescribed medicines 🔹 Booking consultations with doctors 🔹 Streamlined processing of claims Are you an insurance health policyholder? This is a service you should consider. Get started by downloading the Livia Health App today! 📲 #LiviaHealth #Insurance #HealthcareInnovation #Telemedicine #HealthTech

* Discuss the impact of copays and deductibles on demand for health care services for insured individuals The most important positive impacts of deductibles were decrease in utilization of different services, high profitability for the young and healthy people, lower health benefit claims by the insured people, and increase in financial profitability of health insurance organization. However, the most negative impacts increase in out of pocket burdens and also higher hospitalization over time. Deductible plans have their own advantages and disadvantages for the insured and insurance organizations in terms of financial dimensions as well as utilization of health services, and explicitly none of these plans can be flawless. Given the increasing costs of health systems and the potential moral hazard of insured persons, it seems these systems sooner or later should inevitably move towards new cost-sharing plans, including deductibles. Moral hazard has negative impacts on society and on the health care system. The most important of these impacts are reducing the welfare of people - especially the poor- due to non-optimal allocation of resources, increased premiums and reduced insurance coverage, negative external effects, reduced technical efficiency and allocative efficiency, as well as a reduction in using the benefits of risk pooling. (Mirian et al., 2020)

Health insurance companies have as their key stakeholders the equity owners of the companies and thus fully mobilized in monetizing as opposed to facilitating top quality health care delivery. Patients are seeing their care being delayed or denied and for the patients dealing with the insurance company adds another diagnosis (anxiety and depression) in the active list of medical problems. As we all are reading in the newspapers that United Insurance is in the news very often but not for the right reasons.

Health insurance policy is an assurance which provides immediate financial help in case when any medical emergency arises. It is a contract between a policyholder and the insurance company which covers medical expenses that might occur due to illness, injury or accident. Let me highlight one of major benefit called (HC) Hospitalization Cost One of the most pertinent benefits of health insurance policy is that it covers expenses for hospitalization, whether it is for accidental injury or illness. Illness hospitalization Health insurance policies cover for costs incurred while taking treatment in a hospital for any illness. The expenses covered include any associated costs related to the treatment ranging from the following: Room charges Intensive care unit (ICU) charges  Doctors’ fees Diagnostic tests costs Surgery charges