Additional Risks covered in a Term Insurance Plan

A term insurance plan is a perfect helper in the difficult time for every family; this kind of plan provides some additional risks besides other coverages.

About Term Insurance Plan:

Term Insurance is basically a life insurance product which is offered by an insurance company to provide financial coverage to the policy holder for a specific time period. If the insure person dies during the policy term, and then the death benefit will be paid by the company to the recipient. Term insurance plans are very much desired in the life insurance market and the great benefit is that these plans offer higher sum assured amounts at a very low premium rates. A sum money or death benefit is paid to the heir or nominee in case the policyholder dies during the period for which the policyholder is insured. The policyholder can also get various options to get improved protection; there are some term plans available in the market those give protection to the policyholder as cash payouts on diagnosis of critical illness.

In the previous article we read about the benefits and add on covers under a Term Insurance plan; it covers many kind of illness, give benefits to the family etc. but besides all this, Term insurance also provide the most affordable way to secure a substantial life cover. So term life insurance policies are not only limited to cover the risk of death, some plans offer certain in-built features or can give the ability of some add-ons to expand insurance coverage. There are a few of the in-built riders and having these in-built riders don’t ask for extras costs as they availed separately need payment of extra premium. Now if a policyholder has a term life insurance plan with critical illness cover, then tax deduction can be claimed on premiums paid under Section 80D of the Income Tax Act, 1961. The following are the different payouts options an individual can select from under term insurance plan:

A term insurance plan is necessary for everyone either the person has dependent family members or has pending debts to clear. It has high sum assured levels and also low premium rates that makes it an edge over other insurance plans in the market. The payout of this policy helps to keep secure the beneficiary of the life assured continues to lead the previous lifestyle even after the policyholder is no more. But before buying a term insurance cover, it is mandatory to take care of some elements to buy the best plan with best benefits.

Facts to consider before buying a Term Insurance plan:

There are a huge number of term insurance policies found in the market so it become little difficult to find the best-suited policy for a person. Here are some important points to know before buying a term insurance plan:

• Lump-sum payout: If the policyholder chooses this option the nominee will get the entire sum assured when the life assured passes away. It will provide immediate cash to the policyholder’s family which can be used in many ways.
• Monthly payout: In this option the insurance company will pay a percentage of the sum assured on every month for a fixed number of years of the dependants.
• Lump sum & Monthly payout: Here a percentage of sum assured is paid out to the nominee after the policyholder passes away in monthly installment way.

Source

www.coverfox.com/life-insurance/term-insurance/articles

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Term Insurance plan gives complete financial protection

The importance of having a term insurance plan is that it can be a great financial help to keep a family well maintained as it has different features and benefits that will help in difficulty.

About Term Insurance Plan:

Term Insurance is basically a life insurance product which is offered by an insurance company to provide financial coverage to the policy holder for a specific time period. If the insure person dies during the policy term, and then the death benefit will be paid by the company to the recipient. Term insurance plans are very much desired in the life insurance market and the great benefit is that these plans offer higher sum assured amounts at a very low premium rates. A sum money or death benefit is paid to the heir or nominee in case the policyholder dies during the period for which the policyholder is insured. The policyholder can also get various options to get improved protection; there are some term plans available in the market those give protection to the policyholder as cash payouts on diagnosis of critical illness.

A term insurance plan is necessary for everyone either the person has dependent family members or has pending debts to clear. It has high sum assured levels and also low premium rates that makes it an edge over other insurance plans in the market. The payout of this policy helps to keep secure the beneficiary of the life assured continues to lead the previous lifestyle even after the policyholder is no more. But before buying a term insurance cover, it is mandatory to take care of some elements to buy the best plan with best benefits.

Facts to consider before buying a Term Insurance plan: There are a huge number of term insurance policies found in the market so it become little difficult to find the best-suited policy for a person. Here are some important points to know before buying a term insurance plan:

• Sufficient Coverage Amount: The coverage amount for a term insurance plan should be the first thing that should be looking after by a person before buying a policy. The payout from the policy is expected to act as a way of financial help for the life assured’s family, if and when the unplanned disaster takes place. So it is better to buy those term policies that come with high sum assured levels such as 10 to 20 times the current annual income.

• Policy period with longer time: The duration of every policy of a life cover is known as the term of policy and it is said that one settles for a term policy that offers longer period of coverage. So it is always better to buy a policy at an early age with a longer duration so that low-cost premium benefit can be get till the retirement age come.

• Affordable premiums: The cost of the term insurance is a crucial thing as premiums can differ from one term insurance policy to another. So an applicant should not only look for lowest-costing plan but also find the premiums must go easy on pockets.

• Additional covers: There are some add-on benefits which are added with the base policy that help to expand the insurance coverage but they may not be the part of the basic insurance cover. Some Term Insurance Riders or additional covers: Riders are known as extra benefits that can be added with the base term plan that will add a financial cover over the basic sum assured.

• Critical Illness: It helps an individual to get a huge amount on diagnosis of some critical illness like paralysis, stroke, heart-attack etc. The sum assured of this rider shall be payable on the first diagnosis of anyone of the covered critical things.

• Accidental and Permanent Disability: It pays a big sum amount to the policyholder if the person becomes disabled due to an accident; as the individual will be unable to continue employment, the payout can be used to maintain daily expense.

• Accidental death: Here an extra sum assured is paid to the nominee of the term insurance policy if the life insured passes away for any accident.

• Waiver of premium rider: This kind of rider takes care of term insurance premiums when the life assured suffers critical illness or disability for an accident. It keep the premiums of a insurance running while the policyholder become unable to pay.

Source

www.coverfox.com/life-insurance/term-insurance

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Important things about Cashless Hospitalization

Cashless hospitalization benefit is among the various benefits that are under the Insurance companies and it can be claimed under some rules.

Cashless hospitalization is aimed to avoid the certain need of money in case of emergency at any time of a day; this is a benefit that mainly provided by health insurance companies under their network hospitals. In this case the insurance company directly adjusts all the bills with the hospital and this amount is limited to a top of the sum assured under the health insurance policy. In this cashless benefit the insurance companies linked with different benefits after evaluating their medical services; these facilities are added in the cashless network and whenever the insured person goes for treatment they don’t have to pay money to the hospital. The insurance company basically uses third-party administrators to contact with the hospital and directly settle the dues. 

Mainly the Cashless hospitalization process is done in the two following ways, which are described here:

Planned hospitalization: - Under planned hospitalization, if insured is unable to plan and find the list of network hospitals, and then they should check their policy document or call the toll-free number to get the details of network hospitals.  These are the following steps:

• Insured can get pre-authorization from the insurance desk at the network hospital or can download through the website of Third party administrators. The form of the website should be filled by both the patient and the physician.
• Then this completed form must be submitted to the insurance desk.
• Next the form will be submitted to the TPA and then approves the same.
• At last, an authorization is sent that confirms the sanctioned amount details. 

Emergency hospitalization: -

• Insured then need to show their health insurance card that includes the policy number and details of the type of coverage.
• They should fill the authorization form quickly at the insurance desk where it is thoroughly checked.
• While waiting for the approval form of TPA, they can settle the hospital bill and later file a reimbursement claim.

Ways of work: The available facilities in a network hospital should be remembered, planned claims need informing the insurer in advance. Emergency hospitalization must be implied to the insurance company within the maximum stipulated period.

Benefits: Insured don’t need to worry about expenses in case of a hospitalization and also they are assured to get the best medical treatment as they are covered earlier.

Source: http://basic-healthinsurance.com/
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Published By
Subhra Bera
www.basic-healthinsurance.com
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Update and Compare plans by 15th December

The clock is ticking and the days on calendar are passing away, insured persons should hurry up about their update or changes in Marketplace plan 2019 as it is going to end soon.

Registration or Open Enrollment for 2019 Marketplace Health Insurance plan is going to end in few days, who are eager to renew, change or update the Marketplace plan for 2019 can do this thing until 15^th December, 2018. The time is really short, if update doesn’t happen t the application and enrollment doesn’t complete by the deadline, applicants may be automatically enrolled in a 2019 plan. Though this automatic update is a good option but further changes will not be done anymore.

2018 Open Enrollment for Marketplace Health Insurance started on last year and ended on December, people who got them registered under this Open Enrollment got extra benefits with the existing health insurance plan. But there were many people who missed the opportunity; the waiting period is now over as the 2019 Open Enrollment is going to start from 1^st November and the application process has become smothering than before.

Health is the first ever priority of everyone and in every country or state the bill for the sake of health insurance sector passes out every year where various new rules and regulations are declared. Not only this particular amount is preserved for this particular sector though the percentage is not equal in every country but through this percentage any country’s mindset can be clearly understood. Financial distribution is depended upon the strong mindset and idea of important things can only lead a country forward.

Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. It is a guide, a friend, a helper, an assurer, a good protector which means an overall coverage for insured person but still it is not enough to get fully covered and having all kind of money while in danger. Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily. Now-a-days it’s become difficult to get a health insurance plan as the expenses are raising everyday and it also becomes difficult to get all the benefits in a low budget health plan. But it is also possible to get lower health insurance if premiums can keep lower, so one can adopt many measures, provide optimum coverage without paying too much.

Here are some steps for people who want to change, update or enroll in the 2019 Marketplace plan:

• At first the applicants have to log in to their individual HealthCare.gov account to update their application with their expected 2019 income and household information.
• Then compare the ongoing plan with other available 2019 plans as there might be a new plan with coverage and features as per needs especially if there is any expected income or household changes.
• But if any case, anyone wants to keep his/her same plan they also need to update their information and check out all the available suitable plans. It will help to do savings and to plan a better lifestyle.

Source: http://basic-healthinsurance.com/

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Tips to save Taxes with Medical expenses

Medical care or Health care benefits come with tax benefits and there are some ways to save taxes with medical expenses which are easier.

Healthcare is the most important thing and is the top priority of everyone but the sudden rise in healthcare expenses has become a result of declining health conditions for the mechanical urban lifestyle. This is the reason why the healthcare insurance provided by the employer is not sufficient as the sum insured would not be sufficient enough. According to the Income Tax Act 1961, investing in medical insurance is a very important step to enjoy the benefits of tax deduction and it also will save the insured and his family from tax liabilities.

About Section 80D of Income Tax Act 1961: A big part of income of common people generally goes into buying a medical insurance and maintaining the family wellbeing take a big part in financial planning and tax release. Under section 80D, if anyone buys a mediclaim policy to cover hospitalization expenses, health treatment and medical tests can get tax exemption. Here is a list of the savings while buying a health insurance plan for himself or his family:

• Buying a health insurance for yourself help to get entitled for tax consumption up to Rs. 25000.
• Buying health insurance plan for elderly parents and yourself can help to avail a whole tax benefit of 55000 (where Rs. 25000 for the person and rest Rs. 30000 for the elderly parents).
• Parents below the age of 60 years would not fall for the senior citizen category and the tax exemption limit would be Rs. 25000.
• Preventive medical checkups are led for the insured person and other dependent family members where the exemption limit would be Rs. 5000.
• The maximum limit of tax deduction is only Rs.60000 for any health insurance policy holder.

Vital factors to know for availing tax benefits from mediclaim policy:

Exemption from regular medical expenses:-

• It comes under section 10A of the Income Tax Act 196.
• The limit of tax exemption is of up to Rs. 15000.
• If any health insurance employer provides health insurance benefits, then insured will save up to Rs. 15000 from total taxable salary.
• Employees will get an exemption on their medical bills which include chemist bills, health checkup bills and also medical consultation fee.
• Medical expenses for family members include spouse, children and parents are also added.
• It is a simple procedure, just need to give the original copy of the medical bills to the company HR or can follow company’s protocol.

Exemption from precautionary medical checkups:-

• It comes under section 80D of the Income Tax Act 1961.
• The tax exemption limit is up to Rs. 5000 which is a part of the comprehensive deduction.
• Medical tests are for everyone including the insured and the family members.
• Insured just need to submit the original copy of the laboratory receipt where the tests are done.

Exemption from health treatment of specially challenged dependents:-

• It is under section 80DD of the Income Tax Act 1961 and the tax exemption limit has increased from 50000 to 1 lakh.
• This exemption is valid for the treatment of your partner, children, siblings and other dependent family members.
• If there is more than 80% disability can be seen in insured, then he will get an exemption of up to Rs. 1 lakh per year from total taxable salary.
• To claim this, insured have to submit a proof of medical documents of the hospital proving disabilities.

Exemption from health treatment of specially challenged dependents:-

• It is under Section 80DDB of Income Tax Act 1961 and the limit of tax exemption is up to Rs. 40000 to 80000.
• If any of the family members suffer from any specific disease which is beyond 40% disability, then insured can file a claim for expense.
• Some life taking or very serious diseases are also fall under this category are like AIDS, Cancer, Thalassemia, Kidney Failure or Neurological syndromes.
• The exempted amount varies with the age of dependent like for up to 60 years the relief will be Rs. 40000 form the tax deductions, from 61-80 years it will be 60000 and above it is Rs. 80000.
• To claim this, insured have to give the medical prescription and bills; also need to fill up Form 10-1.

Source: http://basic-healthinsurance.com/

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Enrollment for 2019 Marketplace Plan lasts only few days

Open Enrollment registration is going to end on December 15, 2018 so only there are only 15 days left to enroll in or change Marketplace health insurance for 2019.

2018 Open Enrollment for Marketplace Health Insurance started on last year and ended on December, people who got them registered under this Open Enrollment got extra benefits with the existing health insurance plan. But there were many people who missed the opportunity; the waiting period is now over as the 2019 Open Enrollment is going to start from 1^st November and the application process has become smothering than before.

But all this benefits should not be missed by the enroller that’s why here are some hints that will help to stay alert with the Marketplace:

• Before 1^st November, enrollers have to visit their health insurance website and enter their email address in the news and updates sections for easy updates.
•  Enrollers can also find some insurance agents who have knowledge about these things, put the ZIP code to track any agent.
• Also they can ask questions to the helpers online to know more about the 2019 Open Marketplace Enrollment.

As only 15 days are left for enrollment or change into new Marketplace Plan so here are four easy steps to apply for and enroll in 2019 Marketplace health Coverage.

1. After getting all the documents ready for enrollment, find and contact an agent or broker or assister within Pin code area. There may be a list of local people and organizations that would help in languages other than English and in-person assistance.
2. Next enter the information and a Marketplace-registered agent or broker will contact directly.
3. Go on a certified enrollment partner’s website and apply for and enroll in Marketplace plans.
4. Then apply for open Enrollemnt.

Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. There are various kinds of health insurance policies such as Individual Health Insurance Plans, Family Floater Plan, Children Insurance Plan, Car Insurance Plan, Mediclaim etc. But it is advisable to buy a policy for the parents or old persons of the house as it gill protect them in the time of critical illness or provide the expenditure while hospitalization. Though there are various terms and policies in every health insurance policy and various companies provide various additional benefits to their customer. Not only the service or business people but Health Insurance plans are very much essential for the college students also, as getting health insurance plan under Marketplace Plan 2018 become more affordable for them. 2018 Open Enrollment for Marketplace Health Insurance started on last year and ended on December, people who got them registered under this Open Enrollment got extra benefits with the existing health insurance plan. But there were many people who missed the opportunity; the waiting period is now over as the 2019 Open Enrollment is going to start from 1^st November and the application process has become smothering than before.

Source: http://basic-healthinsurance.com

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Published By

Subhra Bera

www.basic-healthinsurance.com

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Benefits of free Health Check Ups with Mediclaim Policy

One of the benefits of health insurance policy is there are free medical check-up facilities which help to track of health everyday that help to take actions while being seriously ill.

Nowadays, many health insurance companies give advertise about free health check-ups as a main attraction f their policies. Regular check-ups help to keep our health well, help to find early detection of aliments and are very valuable in a country like India where people don’t go for regular check-ups or don’t know about it.

Health Insurance plans are the backup or may call protector of people in some serious problems or illness which are life snatching and also have expensive treatments. Besides this, a right health insurance plan is like an assurance for the insured while he/she faces some kind of difficulties; there are lots of people in every country who dies or suffers with lifelong pains due of lack of support. It is a guide, a friend, a helper, an assurer, a good protector which means an overall coverage for insured person but still it is not enough to get fully covered and having all kind of money while in danger. Health is wealth and no doubt freaking for being healthy and fit is become a mania now-a-days; after advanced technologies and lifestyle people get affected easily. Health Insurance Policies in today’s scenario works as a support system, but still people should take care of themselves to prevent serious illness. Health Insurance Plans are essential for every person as it gives security and safety to the insured person with various benefits. Though there are various terms and policies in every health insurance policy and various companies provide various additional benefits to their customer. In today’s scenario, the expenses on hospital treatments is increasing day by day which lead the families in problem to fulfill their need while maintain the hospital bills. None can assume about the expenses on hospitalization as the diseases don’t come with previous knocking and the treatment is also can’t be guessed, so it is impossible to keep aside a big amount of fixed money aside for covering the situation.

Health insurance companies offer free medical check-ups to determine whether it is mandatory or not an increase in the sum insured at the time of policy renewal. Medical test results don’t leave any effect on the paid premiums for the policy period; but free health check up facility allows policyholders to know about their health status.

Mediclaim: Medical Insurance or commonly known as ‘Mediclaim’ in India offers financial cover for individuals for treatment of medical conditions, diseases and accidents. This insurance offered by health insurers as well as life insurers. Mediclaim are of different kinds such as: Individual Mediclaim, Family Floater Policy, Tax Benefit, Exclusions, and Reimbursement.

• Mediclaim policy only gives coverage on hospitalization expenses and treatment for an accident or any kind of specific illness.
• But this kind of policy does not cover critical illness or other hospitalization charges as health insurance policy does.
• The sum assured here does not cross the amount of Rs. 5 lakh.
•  Mediclaim policy will help to continue making claims until the whole amount is spent.
• A mediclaim policy offers discount only at the time of buying policy.
• Medicalim policy reimburses the actual medical expenses.

Generally the number of free health check up offered varies between individual health plan and a family floater policy which may be of various companies. If there will be any health risk or condition that can be diagnosed during the check-up, then there will be no such increment have to give the users in the premium rate for that policy period. So this free medical check-up policy has some medical tests which may vary for company, but some common ones are like Blood Count, Lipid Profile, Urine Routine, Chest X-Ray and Fasting blood sugar etc. The provided amount of free health check-up by an insurance company reduces to the chosen sum insured as the higher sum insured will get higher benefits.

How to apply: To apply for a free medical check-up offered under the policy, an individual needs to first contact with the insurance company through online or offline. Then the applicants can choose a camp under the network, the company will fix the appointment and applicants will receive an authorization letter to show at the diagnosed center.

Source: http://basic-healthinsurance.com/

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Published By

Subhra Bera

www.basic-healthinsurance.com

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