Connect with us

Insurance

Health Insurance Plans: Individual vs. Family Plans

Published

on

AYUSH Health Insurance

Health Insurance: It is an essential part of human nature to make plans for uncertainties in life; we save and invest money for future contingencies. We plan for our children’s education and try to build a corpus for them so that they can receive a hassle-free education. Individual and family health insurance plans are also an essential part of the overall planning to keep financial distress during health emergencies at bay.

Health insurance plans for family and self are highly recommended when the cost of healthcare and treatment is on the rise. You need to be well prepared on the financial front in case of any misfortunes so that you and your loved ones get the necessary healthcare. We witness on the news channels almost daily how due to lack of funds proper health care becomes an issue causing loss of lives.

Fundraising for treatment through the internet is another common phenomenon these days, where family members appeal to the general public to donate for the treatment of loved ones. There are several fundraising platforms online that allow you to post and share your requirements. You don’t want to be in such an uncomfortable position, do you? To avoid such situations, you should look for the best family health insurance plans and individual plans. You should research well before opting for a health insurance plan and decide whether you want to go for a family plan or an individual plan. Our experts have formulated an essential guide for you so that you can make your decision without any confusion.

The Basic Differences You Need to Know

Medical Insurance During COVID-19 What Should You Know

Medical Insurance During COVID-19 What Should You Know

Before we move forward towards delicate details, we need to know the basic differences between an individual health plan and a family floater plan. An individual plan will cover a single person, and sum insured will be available for the claim only when that particular person is suffering from a covered health condition.

On the other hand, health insurance plans for families are issued in the name of the family, with members sharing the total sum assured. This is also known as a family floater plan. For example, imagine a couple with two children decided to go for a family floater plan, and the total sum assured for them is Rs. 5 lakhs. In this case, all the four family members share the total sum assured of Rs. 5 lakhs. The total liability of the insurance company towards the family is 5 lakhs rupees, and the family cannot claim more from the company in case the medical expenses go beyond 5 lakh rupees.

Detailed Differences

We hope that we have given you a proper understanding of the basic difference between an individual and a family floater plan, now let us take you through the differences in detail:

1- Coverage

To give you an example, in a family of four a family floater plan will cover the primary insured member along with the spouse and two insured dependent children. You can also find some of the best family health insurance plans that provide coverage to extended family, including siblings, primary insured persons’ parents, and parents-in-law. On the other hand, an individual health insurance plan will only provide to a single person named in the insurance policy as the “insured”.

2- Sum Insured

In an Individual health insurance policy, the claim upon a policy is the right of the insured person only. They don’t have an option to share it with other members of the family. On the other hand, the sum insured in a floater plan is shared by all the family members. The claimed amount by any family member will be deducted from the total sum. Health insurance plans for family come with a simple sum deduction policy so that there is no confusion about who gets what? And what is left after a claim?

3- Premiums

In an individual plan, the premium is decided on the basis of the insured person’s age. On the other hand, the premium of a family floater plan decided to take into consideration the age of the senior-most family member. If you have a young family, you will find a family floater plan as an economical option. In the event that the senior-most member of the family is suffering from a health condition, it is always better to go for the individual policies.

Advantages

An individual health policy provides substantial coverage because of an individual sum insured. On the other hand, the sum assured in a family floater plan is shared by all the family members. Individual plans will be very beneficial in the case of senior citizens.

On the other hand, health insurance plans for family plans are very economical because of the one-time premium for the entire family.

Disadvantages

The disadvantage of family health insurance plans lies in the shared sum assured, it may not be enough for all the members, especially in times of Covid-19 when there are cases that the whole family is getting hospitalized. In family floater plans, always opt for a higher sum insured to ensure there is adequate coverage for the entire family.

Final Words

If you have a big family with senior family members, you should always go for individual plans to provide sufficient, assured sums for every family member. A big family with senior family members won’t find family floater plans much effective as the sum assured will not be sufficient for everyone. If you are a young couple along with two or more young children, then a family floater plan will be a more suitable option.

An individual health insurance plan will have an option of add-ons; you must make sure that you get the best out of it.

We hope to provide you with the best overview of both individual and family plans for your health insurance hunt. Do check out this article once more before you decide to buy your health insurance.

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Insurance

All You Should Know About AYUSH Health Insurance

Published

on

AYUSH Health Insurance

Ayurveda is an ancient healing method developed in India more than 5,000 years ago. This holistic treatment is a kaleidoscope of yoga, acupuncture, herbal medicine, therapies, and an organic diet. It is less expensive and also has a minimum of side-effects. That is why, in recent years, a paradigm swing from conventional medications to alternate treatments has observed. Therefore, to support and make it accessible to all the citizens, the IRDAI has directed all health insurance companies to offer AYUSH Health Insurance. Let’s understand all the essential things about AYUSH coverage.

What is AYUSH Health Insurance Cover?

AYUSH is Ayurveda, Yoga, Unani, Siddha, and Homeopathy treatment. The drugs and therapy include different herbs and natural ingredients that are not harmful to the body, easy to absorb, and gives you sustainable health in the long run. In association with the Ministry of AYUSH and NABH (National Board for Hospitals), the government of India using it as an alternate method to enhance the quality of healthcare services in the country. Health insurance companies cover the expenses related to AYUSH treatment in health insurance. So, you can prefer AYUSH over allopathic medicine as per the doctor’s advice.

What are the Benefits of AYUSH Coverage?

Under AYUSH cover, medical expenses incurred on in-patient treatment get reimbursed. Take a look at some of its significant benefits:

  • Helpful to the government to bridge the gaps in healthcare facilities and make it available to all the citizens belong to different income groups.
  • It has a holistic approach that focuses on your complete health and wellbeing.
  • It is better for older adults because it has minimal side effects and improves the immune system.
  • Lifestyle diseases like Diabetes, Hypertension, Thyroid, etc. can also be treated well with the AYUSH.
  • It is cost-effective than other modern treatments.

What is not covered (exclusions) under AYUSH Treatment Cover?

Health insurance companies are providing AYUSH cover but with some exclusions. Check them below:

  • No coverage if hospitalization is less than 24 hours
  • Daycare procedures, OPD expenses, pre, and post hospitalization expenses are not covered
  • Treatment for prevention or rejuvenation that is not required medically
  • Hospitalization expenses for the diagnostic purpose only
  • Spas and massages for relaxation

Quick Facts about AYUSH Health Insurance Cover?

Here are some quick facts that you should know before opting for AYUSH coverage:

  • There is a clause of co-payment in the AYUSH cover. Under which you have to pay a minimum percentage of the claim amount from your pocket rest by your health insurance company.
  • Some health insurance companies keep a limit on the sum assured to cover the expenses for alternative treatments.
  • It covers only in-patient expenses no additional medical costs are covered
  • You can get AYUSH cover only when you opt for a basic health insurance plan. There is no separate plan that you can buy for alternate treatments.

Which Health Insurance Companies are Offering AYUSH Coverage?

Leading health insurance companies providing AYUSH treatment cover are:

  • Star Health Insurance – It provides coverage for alternate treatment under its Medi Classic Insurance Policy.
  • Max Bupa – Its Health Companion policy covers AYUSH treatment.
  • Religare Health Insurance – Care is its comprehensive health insurance product that offers coverage for non-allopathic treatment such as Ayurveda, Unani, Siddha, or Homeopathy, up to a defined limit.
  • HDFC ERGO Health – This health insurance company covers alternative treatment expenses under its Easy Health policy.

There is no doubt that ayurvedic treatment gives you long-lasting benefits. So, if you think that switching to alternate medication is helpful, then check the detailed plans of above health insurance companies, pick the AYUSH Health Insurance and give your self a chance to rejuvenate your overall wellbeing.

Continue Reading

Insurance

What is NPS Scheme and benefits?

Published

on

nps

National Pension System (NPS) scheme is offered by the Government of India and is regulated by Pension Fund Regulatory and Development (PFRDA). It is specifically designed to facilitate the financial concerns of people after retirement. It was launched in January 2004 initially for government employees, however later in 2009, changes were made and the scheme was opened for every section. The scheme lets the people subscribed to it to invest in a pension account along while working. After retiring, the people subscribed to it can withdraw sections from the corpus and use the rest of the corpus for buying an annuity to receive a regular income even after being retired from the job they’ve worked on.

Any Indian citizen who is over the age of 18 years is eligible for this scheme requiring the person to comply with KYC (Know Your Customer) standards. NRIs can also avail of this scheme. However, if NRI is subjected to any change in citizenship status, the account hosted would be shut down. One cannot open more than accounts under this scheme. National Pension System (NPS) Scheme is regulated or administered by the Pension Fund Regulatory and Development Authority (PFRDA). People who have subscribed to the scheme have an option to exit the plan before retiring or choose superannuation. 

There are many benefits of signing up for this scheme that is discussed below-

  • Flexibility

The scheme provides the flexibility of choice by offering two options for investing, i.e., auto choice and active choice. An auto choice is a default option for the account holder(s). Under this option, fund investments are managed by an appointed manager as per the account holder’s age profile. On the other hand, the individual has an option to decide among the available asset classes in which to invest. They can also assign certain varying percentages of contributed funds to be invested in with a maximum cap of 50% Equities and also have an option to switch their manager under certain terms and conditions. 

  • Liquidity

National Pension System scheme allows people to invest systematically through either of the two accounts, i.e., Tier 1 account or Tier 2 account. As per the scheme, subscribers can invest through PRFDA appointed intermediaries like trustee banks, Central Recordkeeping Agency, NPS trust, Custodians, Points of Presence, and Annuity Service Providers.

  • Partial Withdrawal

National Pension System scheme provides an option of partial withdrawal. It offers an option to withdraw the invests partially thus allowing people to meet their financial demands and needs during emergencies under certain conditions. The person willing to withdraw partially should have invested for at least 10 years. If there is a need to avail partial withdrawal facility again, make sure there is a 5-year gap before the previous ones. 

  • Tax Benefits

One can easily avail tax benefits from the National Pension System scheme.

Continue Reading

Insurance

Is Sewer Line Repair Covered By A Homeowner Insurance?

Published

on

home owner insurance

Having an unforeseen issue with your sewer line can be both costly and worrisome for homeowners. No one wants to experience a repulsive odor coupled with mold and slow draining on their premises. However, when the home’s plumbing system malfunctions, the issues that erupt are pretty disgusting.

If you suspect that the sewer requires a repair, you may wonder whether homeowner’s insurance covers any related plumbing costs.

Does Your Homeowner’s Insurance Cover the Sewer Line?

A homeowners insurance covers losses to a house which could include interior damage, exterior damage, and injury that arises while someone is present on the property,

The average homeowner’s insurance premium was about 1,192 dollars in 2016. However, just because the premiums are skyrocketing, that doesn’t mean the insurance will cover you for all types of damage. Insurance companies do not cater to loss caused due to wear and tear of plumbing systems. Therefore, insurance will typically not provide coverage for sewer line damage.

Insurers only honor insurance claims if the damage to the sewer was caused by another party, or it was an ‘act of God.’ However, since physical harm to the plumbing is considered preventable because it is inevitable, insurers will not honor claims. It makes absolutely no difference whether the sewer requires partial or complete repair.

Some insurance companies offer specific coverage options that can be added to a home insurance policy for a nominal cost. The Insurance Information Institute recommends homeowners and businesses to subscribe to supplemental plans so that they can tackle the threat of sewer backups. These supplemental plans can help individuals take advantage of their insurance when they need it the most.

For the best guidance, you should contact a representative from your insurance company and redirect your queries to them.

How Much Will A Sewer Line Repair Cost You?

Cast iron is more brittle compared to other alternatives like ductile iron, which is commonly available in the market. Therefore, after aging, this brittle material tends to crack.

Most homes that were built in the 1980s incorporated ‘cast-iron’ sewer lines. About three to four decades have passed since this material was used for sewer installations, so problems with wear and tear have become common. Tree root intrusions, misaligned joints, and poorly installed sewer lines are a reality that you may need to face.

Once a sewer line issue escalates, you may come across a foul sewer odor, mold, water leaks, and slow draining. The entire fiasco can be described as a homeowner’s worst nightmare.

Usually, homeowners spend anywhere between $1,300 and $2,700 for sewer line repair. While the average cost that they incur is around $2,306, but if someone is especially unlucky, they may even end up paying up to about $6,500 for a sewer line repair.

Traditionally sewers were replaced after digging a trench to make the sewer line more accessible. However, more modern methods like trenchless sewer line repair are safer compared to more conventional means.

When Should A Homeowner File A Claim?

If you suspect sewer line damage was caused due to a third party or you, have purchased specific coverage for sewer backup, file a claim. 19.5 percent of home insurance losses were caused by property damage as a result of water damage and freezing in 2017.

Losses caused by natural disasters like earthquakes and tornadoes are typically not covered by home insurance. However, if you are facing sewer damage due to such occurrences and you have bought specific coverage to protect you financially, you can file a claim.

Don’t waste your time filing a claim if the damage was preventable. So if the pipes are in bad condition as a result of poor upkeep, you should stop expecting any compensation.

Protect Yourself from Sewer Line Damage

Homeowners must realize that they are responsible for the maintenance and repair of the main-line connection to the sewer lateral.

It’s better to invest some money in troubleshooting while you can before you are forced to file an insurance claim. Evading the plumbing problem when it is in its early stages makes no sense. So if you suspect an issue with the sewer, don’t wait for it to escalate. After all, you don’t want to be the one paying thousands of dollars to fix the situation.

Instead of having a reactive approach to your plumbing system, you should always maintain a more proactive approach.

One of the best ways of ascertaining the state of your cast iron sewer line is through a camera inspection. According to HomeAdvisor, a standard sewer camera inspection can cost anywhere between $227 and $800. This procedure will provide you with a visual check of the situation, and you will receive a detailed report.

Whatever you do, don’t be careless when it comes to your sewer. Pay attention to the telltale signs and identify issues before they blow out of proportion. Your strategy should include correcting illegal plumbing connections, periodically cutting tree roots, and replacing the old cast-iron sewer with another material before you are forced to do so.

Final Thoughts

Aging plumbing systems are problematic, and no homeowner wants to pay the substantial costs associated with sewer line repair.

You might be concerned about whether you can recover any costs through your insurance company. However, issues with cast-iron sewer lines are considered preventable. Therefore, you may not be eligible for an insurance claim.

Damage to your property caused by a third party or by an ‘act of God’ can be claimed. It is recommended to purchase supplemental policies that support you with sewer backup costs. But once the damage near completion, there is little you can do except paying the hefty bill.

Continue Reading
good seo company
startup16 hours ago

Top 10 SEO agencies in Bangalore

Albany
Travel16 hours ago

3 Historic Sites to Visit In Albany

What You Need to Know About COVID-19 & Diabetes
News2 days ago

What You Need to Know About COVID-19 & Diabetes

trump
News5 days ago

Say clearly: the President is a psychopath

trump
News5 days ago

Trump unveils the blueprint for healthcare, signs the order to safeguard current conditions

Barack Obama
News5 days ago

Obama is considering the cable to terminate the White House

george
News5 days ago

George Clooney Rails: ‘I am disgraced with this decision’ at Republican AG Over Breonna Taylor Case

Shaq-Charles
News5 days ago

Breonna Taylor Case: Charles Barkley, Shaquille O’Neal Fight Back

Trump
News5 days ago

FEDS: Military ballots discharged in the discovery of chaos. All opened votes have been trumped

Main Lisa Murkowski Over SCOTUS Voting: "I Can See 2022 From My Building"
News5 days ago

Main Lisa Murkowski Over SCOTUS Voting: “I Can See 2022 From My Building”

Hundreds of people arrested for the launch of Australian Bushfires, Whilst Media Blames ' Climate Change '
News5 days ago

In California Mexican firefighters arrive to help fight wildfires

Ginsburg
News5 days ago

The first woman who is in the state at Capitol is Justice Ginsburg

Scores of Physicians Speak out Against Coronavirus: Lockdown Dangerous, Even Deadly
HEALTH5 days ago

Taking Care of Your Family’s Mental Health During Coronavirus From a Distance

REGINA A. JOHNSON
Business5 days ago

STRINGING WORDS AND BRINGING THEM TO LIFE, REGINA A. JOHNSON, AN EXCEPTIONAL WRITER

hunter biden
News6 days ago

The report of the Senate relates Hunter Biden to ‘prostitution or human trafficking ring’

biden
News6 days ago

Endorse Biden For President almost 500 National Security Experts

Barack Obama
News6 days ago

Obama gives his phone line Number: “Send me a text”

trump
News6 days ago

Trump and First Lady Booed As you pay Ginsburg respects

U.S. President Donald Trump speaks to a press gaggle
News6 days ago

Trump refuses to Pledge Peaceful Power Transition after Elections

Donald Trump's new USMCA - Trade deal between the US, Canada and Mexico
News6 days ago

Trump on peaceful change when he loses: ‘Release the votes’ and ‘There will be no move’

Biden says 'I didn't participate in it' when faced with Obama's Admin H1N1 failure
News6 days ago

More than 200 retired generals, admirals and others who served under Trump, support Biden.

Joe Biden Wears Face Mask For An Online Interview
News6 days ago

Is Public Face Mask Use in Canada Now Becoming Mandatory

Gale Sayers
Sports7 days ago

Gale Sayers, Hall of Fame of the Chicago Bears, died 77 years ago

More than 160 world leaders, politicians and diplomats demand Julian Assange 's release
News1 week ago

More than 160 world leaders, politicians and diplomats demand Julian Assange ‘s release

'Don't lie to me,' Judge Jeanine Pirro Guts the Left Media and their Dens of Dissatisfaction
News1 week ago

‘Don’t lie to me,’ Judge Jeanine Pirro Guts the Left Media and their Dens of Dissatisfaction

Joe Biden Wears Face Mask For An Online Interview
News1 week ago

Joe Biden Wears Face Mask For An Online Interview

Social Justice Experiment of NFL is unaffected
News1 week ago

Social Justice Experiment of NFL is unaffected

Agent Who Discovered Weiner Laptop Told Him to All With Hillary's Emails Says FBI
News1 week ago

Agent Who Discovered Weiner Laptop Told Him to All With Hillary’s Emails Says FBI

Democrats rendered too relevant the Supreme Court. Now they panic and pay the price.
News1 week ago

Democrats rendered too relevant the Supreme Court. Now they panic and pay the price.

The CDC has just distanced itself socially from its own guidelines on how Coronavirus spreads to the air
News1 week ago

The CDC has just distanced itself socially from its own guidelines on how Coronavirus spreads to the air

DHS Braces as Presidential elections 'Potential EMP Attack'
News3 weeks ago

DHS Braces as Presidential elections ‘Potential EMP Attack’

4 Reasons Why Your Company Should Consider Rugged Computers
Tech4 weeks ago

4 Reasons Why Your Company Should Consider Rugged Computers

Kamala Harris
News3 weeks ago

Lawyer: Jacob Blake says Kamala Harris is ‘Proud’ Of him. Blasts in social media

Best Practices for Installing & Maintaining Your CMM
Tech4 weeks ago

Best Practices for Installing & Maintaining Your CMM

Sexual Assault Suspect Jacob Blake: I'm 'Proud' of him Kamala Harris praises
News3 weeks ago

Sexual Assault Suspect Jacob Blake: I’m ‘Proud’ of him Kamala Harris praises

dynimate
News3 weeks ago

BTS’ Billboard Hot 100 ‘Dynamite’ No. 1 for the second week

Telehealth
A - Z Health Guides4 weeks ago

Benefits of Telehealth for Gastroenterology

vote
News3 weeks ago

1,000 people in primary Georgia, face 10 years in prison, $100,000 in fines

Louisville Armed Protestors Square off on Derby Day
News3 weeks ago

Louisville Armed Protestors Square off on Derby Day

Trump is aiming at Marxist ideology behind BLM disturbances
News3 weeks ago

Trump is aiming at Marxist ideology behind BLM disturbances

California gym owners Angry were open for months after finding gyms in Gov't Buildings
News3 weeks ago

California gym owners Angry were open for months after finding gyms in Gov’t Buildings

President Trump
News3 weeks ago

Dan Rather on Atlantic’s Trump Story: “It is believable to many whether he said it or not.”

Career Benefits Of Studying Abroad
Education4 weeks ago

Four Things International Students Should Know About Studying In The US

Traveling to Africa In the middle of COVID-19
Travel3 weeks ago

Traveling to Africa In the middle of COVID-19

dhs logo
News3 weeks ago

White supremacy is the ‘most lethal threat’ for the U.S.

White Professor from George Washington University who wanted to become Black Suspended
News3 weeks ago

White Professor from George Washington University who wanted to become Black Suspended

The Parishioners in New York are taking the pledge that 'White Privilege' must end
News3 weeks ago

The Parishioners in New York are taking the pledge that ‘White Privilege’ must end

Houses Of Worship Are ‘Essential,’ Trump Tells Governors To Open Them Up Now
News4 weeks ago

Exclusive: Nearly 700 U.S. Veterans Give Open Letter in Trump Support

"Gossip is an epidemic, Then Covid" is warned by the Pope
News3 weeks ago

“Gossip is an epidemic, Then Covid” is warned by the Pope

Essential Race Theory Preparation for Trump Bans in federal agencies
News3 weeks ago

Essential Race Theory Preparation for Trump Bans in federal agencies

Obama Judge Orders Detroit Police Not Tear Gas Against Campaigners
News3 weeks ago

Obama Judge Orders Detroit Police Not Tear Gas Against Campaigners

President Trump 's effort to weaken democracy is a "accomplice" in US Says Pelosi
News3 weeks ago

President Trump ‘s effort to weaken democracy is a “accomplice” in US Says Pelosi

app store
News3 weeks ago

Epic Games’ Lawsuit Against Apple & Google Could be a Gamechanger for Apple’s Market Value

The UK Civil Service has got new ideas on 'taking whiteness' research
News3 weeks ago

The UK Civil Service has got new ideas on ‘taking whiteness’ research

Restaurant
Travel3 weeks ago

Changing Restaurant, Pub & Cafe Experiences

POTUS Bans Taxpayer Money from Anti-American Funding
News3 weeks ago

POTUS Bans Taxpayer Money from Anti-American Funding

Ageing at Home and Mental Health
A - Z Health Guides4 weeks ago

Ageing at Home and Mental Health: Why Seniors Prefer to Stay Put

seo
Business4 weeks ago

7 Best SEO Strategies That You Should Follow In 2020

AYUSH Health Insurance
Insurance3 weeks ago

Health Insurance Plans: Individual vs. Family Plans

President Trump
News3 weeks ago

700 U.S. Veterans Issue Open Letter in Support of President Trump

Trending