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Every once in awhile there will be front page news about the health care crisis. The escalating costs for hospital and physician services are making it more difficult for the insurance companies to stay competitive and at the same time take care of the needs of their policyholders. A family health insurance plan in today’s marketplace is evolving into something quite different from years past. The employer group health insurance insures the majority of Americans but there is a trend developing. There are more folks leaving their employer to start their own business. When you add that group of people to the folks that leave their employer because of lay-offs, illness, and terminations then you are creating a great demand for family health insurance.
Insurance companies are working hard to develop new solutions. The federal government has great interest in health care insurance. The hospitals and physicians are deeply affected by the insurance industry.
There has been a major shift in thinking about health insurance. It has become increasingly clear that higher deductible health insurance plans are much more cost efficient in the long run compared to the low deductible plans of years past. The higher deductibles reduce the cost of health insurance dramatically. The lower deductibles are no longer in vogue. The high premiums for the low deductible no longer justify the premiums.
Today’s Trends
1. High Deductible Major Med – The insurance professionals are encouraging people to take the higher deductible major medical policies. You are well protected for a major illness or injury in exchange for self-insuring the smaller claims.
2. Health Savings Accounts – This is the federal government’s contribution to the health insurance dilemma. These savings accounts are established by the individual for medical expenses only. They are tax deductible similar to an IRA and are great vehicles to use for the out of pocket expense from the higher deductible.
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Health Insurance has gained high importance in the present scenario, since it safeguards you and your family against financial crisis arising due to medical emergencies. It provides monetary support in case of a sudden illness or accident. The increasing cost of health care and the availably of innovative, customer oriented insurance plans, coupled with greater awareness, has accelerated and enhanced the health insurance industry. The insurance companies are innovating their policies continuously to provide unique coverages. However, it is important to be well informed and choose a plan that suits your needs and your budget the best.
What are the basic coverages offered in a standard health insurance policy?
While buying a Health Insurance policy, look for the following basic covers.
Hospitalization Coverage
A basic hospitalization cover takes care of the Inpatient hospitalization expenses where the insured is admitted in a hospital for more than 24 hours. However, there are plans that also cover outpatient expenses and day care expenses. This means that even if the insured is not hospitalized for 24 hours, the outpatient treatment expenses such as reimbursement of medical bills, dental expenses, are covered. These may include doctor’s fees, room charges, diagnostic tests costs etc.
Personal Accident Cover
Certain policies are framed to offer cover in an event of an accident , if it leads to permanent total disablement or the death of the insured. In fact, look for a cover that also offers coverage against terrorism.
Terrorism cover
With the threat of terrorism increasing day by day, insurance companies have now come forward to offer coverage against acts of terrorism. The policy assures monetary support if the insured suffers permanent disablement or dies due to terrorism or acts of terrorism.
Family Floater cover
Family Floater is a concept where the entire family is covered under one plan. Each member of the family is covered up to the total sum insured. As it is a single policy, only a single premium needs to be paid.
To add to this, In India, you also get tax benefits under section 80D of the Income Tax Act, 1961 against the premium you pay for the medical policy. As per the budget 08-09, apart from the Rs. 15,000 benefit for medical premium for your family, you can avail an additional tax benefit for up to Rs. 15,000 when you insure your parents’ health. If your parents are senior citizens you can get tax benefits for up to Rs. 20,000
Availing insurance is now much more convenient than ever before. Always prefer to buy your health insurance online as it is instant and secure. When you buy online, an instant digitally signed e-policy is generated which is a legal document. Hence, even if you misplace your hard copy, you can take a print out of the policy anytime, anywhere.
Also, always check for other online services, such as renewal reminders, renewing online facility, online claim tracking facility etc to ensure a smooth and convenient experience. Also check for payment options available and if you can get interest free EMI option. Look for other add ons such as free health checkup coupons and more. ICICI Lombard offers all these and much more.
The cost of the policy, that is the premium, is usually the deciding factor for many. But it is important that you give equal, or maybe more, attention to the coverage offered in the plan.
Note that the coverage differs from company to company and plan to plan. Ensure you get all the details and make an informed decision

By: Laxmi Wadhwa
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