Why Choose A Health Insurance Plan From Okbima?

You should choose a health insurance plan from okbima.com because:

Quick Policy Access: You are able to quickly access all policy wording documents and brochures. Simply go to the website and look for all the policy information you require.

Team of Professionals: We have a team of professional managers on hand to give you immediate solutions in the comfort of your own home.

Dedicated Adviser: Our team of professionals will assist you in achieving long-term life goals such as protection, wealth creation, retirement solutions, and more.

Trustworthy Platform: We are a trustworthy platform that is here to assist you from the start of the buying process to the claim procedure. Our satisfied consumers inspire us to keep doing excellent work.

Fair and Efficient Investments: Okbima.com makes every type of investment procedure much more fair, quick, convenient, and cost-effective for you.

What Are The Types Of Health Insurance Plans?

As health-related problems increase, treatment costs also increase dramatically. In addition, the demand for health insurance plans is increasing. Hence, the types of health insurance plans available in the market will help you save your pocket.

Individual Health Insurance

Individual health insurance is an insurance plan that offers health insurance to a person based on an individual sum assured.

This refers to a health insurance plan that must be purchased separately for each family member. Basically, an individual health insurance plan covers the medical expenses of the insured and offers benefits such as cashless hospitalization, simple medicines, and quick services, among others.

Family Health Insurance

Family health insurance is a plan that protects all family members with one policy. This type of insurance is known as umbrella insurance, where the entire family shares the sum insured and pays a single premium.

Critical Illness Plan

It is an insurance that pays the insured a sum of money after the diagnosis of the disease covered by the plan. Critical illness plans often cover illnesses such as cancer, organ transplant, heart attack, stroke, paralysis, etc. If you are the sole earning member of the family, it is imperative to protect the entire family with emergency health insurance.

Cancer Insurance Plans

Cancer insurance is health insurance designed to mitigate the risks associated with cancer. It helps reduce the cost of cancer treatment and provides financial support to policyholders.

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Group Health Cover

Group Health Cover is a type of insurance plan that covers several people under the same policy. Such a plan guarantees the same insurance to all members of the group, regardless of their age, gender, occupation, or socio-economic status.

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How To Select/Choose The Best Health Insurance Plan In India?

A health insurance Plan is one of the most important insurance policies in today's time, due to the increase in health problems at an early age. Choosing a comprehensive health insurance plan is quite a difficult task when there is a wide range of insurance contracts available in the market.

However, it is important to choose the health insurance that best suits your needs. So, to know in detail how to select the best health insurance plan in India read the following points below:

Choose the Right Coverage
Choose a health plan that protects you against a wide range of medical issues and offers benefits such as before and pre and post-hospitalization, diseases you may be at risk of due to your family medical history, etc. Think about your requirements, compare plans in terms of benefits and costs, and do some due diligence to choose the plan that best suits your needs.
Purchasing Insurance Wisely
Budget is very important when buying health insurance. However, before considering the cost of the plan, you should consider the benefits of the plan. It is a wise decision to buy affordable health insurance right from the start to ensure that you have adequate coverage and that the premiums are also affordable.
Choose a Plan with Lifetime Renewability
When you buy a health insurance plan, make sure to find out how long it will cover you and if it has limited renewability. This is because you will need a health insurance plan the most in your later years. Therefore, select health plans with lifetime renewal options.
Check the Company's Reputation
Before purchasing any insurance, it is crucial to research the company's reputation because you can easily understand its after-sales services. You can read reviews about it online and make an informed decision.
Health Insurance Plans Are Simple To Compare
Through less paperwork, the online method of purchasing a plan has made comparison easier. It is simple to estimate premiums and compare various insurance plans when using a premium calculator.

Why Should You Buy A Health Insurance Plan Online?

Many people like to buy health insurance plans online because it's easy and they can choose from many different options. If you're still unaware of them, please read below:

Time-Saving: Now buying health insurance has become so convenient as when you buy a health plan, you don't need to visit an agent or insurance company to buy coverage. The entire online insurance process is quick, effortless, and saves you time and effort. The companies offer a friendly interface that allows you to buy insurance instantly.
Right Decision You can get a tonne of information to compare and understand insurance policies from various companies on online sites, allowing you to choose one that best suits your needs. By purchasing insurance online, you can avoid dealing with brokers who could try to sell you a plan that isn't right for you.
Transparency Since everything is available online these days, you don't have to worry about getting scammed by an agent. Get all the information you need such as insurance quotes, discounts, terms and conditions, etc. Buying health insurance online has very transparent way.
Discounts: Many insurance companies provide discounts when you purchase health insurance online. You can get good coverage at a reasonable price.

Benefits Of Health Insurance Policy

Getting health insurance is a sensible way to reduce high medical costs. You should be aware of the following benefits of health insurance if you plan to get a policy.

Financial Protection

Covers the costs of medical treatments and medications, which can be expensive
Reduces out-of-pocket expenses for medical care
Helps to protect against high medical bills.

Access to Quality Care

Allows access to preventive care, such as check-ups, screenings, and vaccinations
Offers access to specialists and hospitals when needed
Improves access to medications and treatments

Mental Health Support

Provides support for mental health services, such as therapy and counseling
Helps to reduce the stigma associated with seeking mental health services
Allows for access to resources and tools to improve mental health

Who Can Purchase Health Insurance?

Health insurance is required to safeguard against excessive medical expenditures, enable access to high-quality healthcare, and offer financial stability in the event of unexpected illnesses or disasters. If you are wondering who can buy a health insurance policy read below:

Employers

Employers can offer health insurance plans to their employees as a benefit.
Employers also have the option to purchase group health insurance plans which can provide coverage for multiple people.
Employers can also purchase supplemental health insurance plans to cover specific services such as vision or dental care.

Individuals and Families

Individuals and families can purchase private health insurance plans through th health insurance marketplace.
They can also purchase short-term health insurance plans which are typically more affordable but provide less coverage.
Individuals and families can also purchase supplemental health insurance plans to cover specific services such as vision or dental care.

Buying Checklist For Health Insurance

The following items are on the health insurance purchasing checklist:

Waiting Period: Always remember to purchase a health insurance policy with a short waiting period. Before purchasing insurance, you should carefully read the terms and conditions and check the waiting period. Also, the shorter the waiting period, the sooner you can have coverage.
Preventive health checkup: Always carefully examine the terms and conditions of your plan and select the plan that provides a free medical check-up every year rather than paying for an annual medical examination.
Restore Benefits: With this restore benefit, your sum insured will be fully restored as soon as it is depleted following a claim.
Sub Limits: You should always purchase a health insurance plan that has no sub-limits since this will allow you to file a claim up to the full insured amount.
Co-Payment: In health insurance, a co-pay is a provision in which the insured agrees to pay a percentage of the medical expenses incurred. It is typically a fixed percentage of the claim amount that the policyholder pays at the time of the claim.
Grace Period: If you are unable to pay the premium because of unforeseeable circumstances, the grace period gives you a reasonable opportunity to do so. The majority of insurance providers provide a 15-day payment grace period.
No Claim Bonus: A no-claim bonus is a monetary benefit provided to policyholders as part of their health insurance policy. Depending on how many years you go without filing an insurance claim, a no-claim bonus enables you to save 20 to 50% on your insurance rates.
Network Hospital: When choosing a health insurance plan, always go with the one that offers the largest network of hospitals in India. The greater the number of network hospitals, the more probable you will be able to receive cashless care in your area.

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What Is The Right Time To Buy A Medical Insurance Policy?

The best time to purchase a medical insurance policy is as soon as possible. It's always a good idea to buy a policy when you are young and healthy. This allows you to benefit from savings on premiums and coverage that does not exclude pre-existing conditions.

As you become older, your chances of acquiring health problems rise and so do your insurance premiums. Furthermore, some insurance has waiting periods for specific treatments or pre-existing diseases, so purchasing early assures that you have access to full coverage without any restrictions.

Also, life is unplanned, and medical emergencies can happen at any time. Having medical insurance coverage in place offers you financial security as well as comfort in mind. It is important to remember that once you have a policy in place, it should be reviewed and updated on a regular basis.

As it helps to ensure that it suits your changing healthcare requirements and situation. Remember, the sooner you purchase a medical insurance policy, the more prepared you will be to deal with any unexpected health difficulties in the future.

Documents Required To Get Health Policy Plan

Here are the documents you’ll need to have with you when purchasing a health policy plan:

Age Proof: It is one of the most crucial documents when it comes to purchasing a health policy plan. You need to submit all the documents related to the members who will be covered under your health insurance policy. These documents include your Aadhar card, birth certificate, driver's license, 10th/12th mark sheet, voter ID, and Pan Card.

Address Proof: In this, you need to submit your permanent address proof, for which you can provide documents such as your Aadhaar card, electricity bill, ration card, passport, and voter ID.

Identity Document: Documents like Aadhar Cards, Driver’s Licenses, Voter ID, and PAN cards can be used to purchase health Insurance plans. In addition to the above-mentioned documents, there are other important health insurance documents such as Passport-size photos and Medical reports (if required by the insurer).

What Factors Affecting Health Insurance Premiums?

After Covid-19, health insurance in India is becoming increasingly important, especially for metropolitan areas. While it can provide financial security in the event of an unplanned medical emergency, one key factor to consider is the total amount of payment required for this coverage.

Your health insurance premiums will be determined based on many factors and certain situations. Knowing all the factors that will affect the cost of your premiums will empower you to make the most of your health coverage.

So, to let you know all the factors that affect your Health Insurance Premiums are:

Person’s Age:Your age is a major factor in the price of health insurance premiums. The cost of health insurance goes up as you get older since it is thought that as you get older, your chances of developing health problems go up as well, and as a result, the cost of the premium goes up as well.

Health Insurance Coverage Period: The length of the plan you choose may also have an impact on your premiums. The premium decreases and increases in direct proportion to the length of the policy term.

Medical History Of The Family: Family medical history is important to insurance companies since some disorders, such as diabetes and high cholesterol, can be transmitted. They evaluate this information to ensure you are appropriately covered in the event you develop any of these conditions in the future.

Lifestyle And Habits: Your premium will be affected by negative habits including smoking, chewing tobacco, and snuff use. Smokers will pay more for health insurance than non-smokers due to these behaviors that increase the risk of lung infections, cancer, and other serious illnesses.

How To Buy The Best Health Insurance Policy Online From Okbima?

In India, health insurance is primarily used to ensure that long-term medical care does not place a family in an untenable financial situation. You must therefore pick a health insurance plan with enough coverage and affordable monthly rates.

The following details how to purchase the best health insurance policy.

Step 1: Select your Gender

Step 2: Enter your full name

Step 3: Enter your phone number and your age

Step 4: Continue by clicking on your current city and entering its pin code

Step 5: Select Yes or No if you take any medications

Step 6: Now you can select the finest insurance plan for yourself or get expert advice if you require assistance or advice

Step 7: On okbima.com, you can choose to compare the various plans

Step 8: Once you've decided on a plan, you can pay the premium or contact our customer service to go over your options

Step 9: Make a well-informed choice and pay the premium

Step 10: Once all of the procedures have been completed, the policy will be emailed to your registered email address

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How To Calculate Health Insurance Premiums?

It's important to figure out and compare the prices you must spend for the health insurance plan. You can quickly find a health insurance premium calculator online, which will help you determine an estimated premium amount for a specific health insurance policy.

To use this calculator, you will only need a few details such as your age, the number of individuals you want to include in the policy, the add-ons you want to purchase, and any pre-existing conditions.

With this, you will be prompted to select your preferred insurance period and sum covered. Then, your health insurance premium will be promptly calculated and presented based on the inputs you will provide.

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Health Insurance Premium Payment Options?

There are a lot of ways through which you can easily pay your health Insurance premium such as:

There are various options to pay your health insurance premium online, including:

Internet Banking: By logging into your online banking account and entering your PIN, you can send the insurance provider the premium payment.
UPI: By providing your UPI ID and PIN, you can pay the premium amount.
Wallets: To pay the premium amount, you can log in to your wallet online using your phone and the OTP you received on your phone.
Debit Cards: By entering your debit card information and the OTP you received on your mobile device, you can quickly and conveniently pay the premium.
Credit Cards: You can also pay the premium with a credit card by entering the card information and the OTP you received through the phone.

Key Features of Health Insurance Policy

Features of Health Insurance Policy are:

Cashless Benefit: Cashless benefits are one of the most important elements to consider when purchasing health insurance coverage. The cashless feature is only available if your insurance carrier is affiliated with network hospitals where you may make a cashless settlement.

Tax Advantages For Health Insurance: One of the less well-known advantages of health insurance is the right to tax deductions under section 80D of the Income Tax Act of 1961. Tax deductions are available for both your own policy and the policies of your family members who have health insurance.

Flexibility: Insurance policies are flexible, allowing policyholders to change the rates and duration of their coverage as needed. Changes in lifestyle, such as marriage or other significant events, might also result in changes to the insurance plan's terms.

Medical Checkup Facility: A preventive health check facility is included in several health insurance plans. This can help diagnose lifestyle disorders early on and provide treatment before things get out of control.

Preexisting Diseases: The greatest health insurance plan covers pre-existing diseases after the waiting period has passed. Generally, these disorders are covered after a 2 to 4-year waiting time.

Maternity Coverage: Maternity-related costs are not covered by all health insurance policies. Maternity benefits can be covered by some policies, but only after a certain waiting period. And they're usually really expensive, so pick wisely!

How Do I Save Tax With Mediclaim Policy?

Are you thinking about how you can save money on taxes with the Mediclaim policy? Stop being concerned! Here are some ways you can save tax with a mediclaim policy:
Deduction under Section 80D: The Income Tax Act's Section 80D allows for tax deductions for health insurance premiums paid in India. The maximum deduction permitted depends on the insurance type and the individual's age:

If you and your family members are under 60 years of age, you can claim a deduction of up to Rs. 25,000 every year for yourself, your spouse, your children, and your parents. The maximum deduction rises to Rs. 50,000 per year if any of the insured individuals are above 60.
For parents who are senior citizens: If you are paying health insurance premiums for your parents who are elderly (over 60 years of age), you may deduct an additional amount of up to Rs. 50,000 per year. So, according to the age of your family members and their makeup, you can deduct anywhere between Rs. 25,000 and Rs. 1,000,000 under Section 80D.
Some health insurance policies cover preventive health check-ups. Up to a certain amount, the cost of these examinations may be deducted from income under Section 80D. The annual maximum deduction for preventative health exams is Rs. 5,000.

How Will Your Family Receive Health Insurance Claim?

A health insurance claim is a payment request made by you or your healthcare provider to your health insurer after receiving services you believe are covered.

Depending on the type of claim procedure you have chosen, the insurance company, upon verification of the claim, either settles the bills directly with the healthcare facility or reimburses the amount you spent.

To use the services covered by your health insurance policy, you must file a health insurance claim with your insurance provider.
There are two ways to submit a claim for health insurance: reimbursement claims and cashless claims.

Reimbursement Claims: It is a form of claim in which the insured has to pay their own bill for any necessary medical care and services out of pocket before filing a claim with their insurance company to cover the remaining expenses.
For this type of claim, the insured may seek care at any hospital, not just the cashless hospital. The advantage of this claim is that in case of a medical emergency, you won't have to worry about finding a network hospital. Additionally, you can receive care at any hospital (including non-network hospitals).
Cashless Claims:The financial strain on the policyholder can be reduced by a cashless claim settlement process because the insurance provider pays the network dealer directly for the repair costs. The benefit of instant access to medical care without having to worry about covering hospital and treatment charges. Because of this, the vast majority of insurance firms have begun offering several perks with cashless medical claim coverage.

How To File Health Insurance Reimbursement Claim?

Want to know how to submit a claim for reimbursement? Read the following points below:

Step 1: In the event of planned treatment, notify your insurer within the allotted window of time (the exact timeframe is stated in the policy terms).

Step 2: After being admitted in an emergency case, the insurance company should be informed (see the policy wording for the time period covered).

Step 3: Get the care you need and cover the hospital costs on your own.

Step 4: The documents you need to gather from the hospital include investigation reports, a final discharge summary, pharmacy bills, hospital bills, receipts, indoor case files, valid ID proof, the treating doctor's report, and original consultation notes.

Step 5: The reimbursement claim form can be downloaded from the insurance company's website or requested to be emailed to you by the insurer. You can get in touch with okbima.com as well.

Step 6: The patient's name, cost, document number, and serial number must all be included on every document.

Step 7: Get both the policyholder and the treating consultant to sign the form.

Step 8: The claim form and the documentation should bear the official hospital seal.

Step 9: Attach your health card and any relevant medical records in Xerox form to the claim form.

Step 10: All paperwork should be delivered via courier to the insurance provider's address.

Documents Required For Health Insurance Claim Reimbursement

Documents required for health insurance claim reimbursement are:

Copy of health card.
Original Hospital Discharge Summary.
Complete the claim form.
Investigation Reports (include blood reports, X-rays, and scans).
Case invoices from pharmacies or hospitals.
If an accident occurs, an FIR or a medico-legal certificate (MLC) must be filed.
Papers from the doctor's consultation and preliminary research.
Copy of the KYC paperwork.
Name, address, and NEFT information.
Pharmaceutical bills are backed up by the appropriate prescriptions.

Health Insurance Riders

Health insurance riders are additional sections or add-ons to a standard health insurance policy that provide extra protection for particular medical services or conditions. These add-ons give policyholders the ability to tailor their health insurance policies to better suit their unique needs.

There are also specific forms of health insurance riders, such as:

Maternity Rider: This rider covers prenatal care, labor, and postnatal care. It may include costs for hospital stays, delivery, and related expenses like doctor visits and ultrasounds.

Dental And Vision Riders: Basic health insurance plans sometimes do not cover dental and vision treatment. For normal dental and vision care including check-ups, cleanings, eyeglasses, and contact lenses, this rider provides additional coverage.

Critical Illness Rider: This rider provides coverage for particular critical illnesses, such as organ transplants, cancer, heart attacks, and strokes. Upon the diagnosis of a covered ailment, it offers a lump sum payout that can be used to pay for medical costs or other debts.

Accident Rider: An accident rider offers supplemental protection for accident-related injuries, including ER visits, hospital stays, and rehabilitation services. If a fatality results from the accident, it can potentially provide a death benefit.

Home Health Care Rider: This rider offers protection for receiving medical services at home, such as nursing care, physical therapy, or medical equipment, when recommended by a medical expert.