Health insurance in India is one of the areas that need lots of improvement, as large number of people here are uninsured and pay medical expense from their pockets. The rising medical care costs are making it difficult for the common man to afford quality medical care. These costs are likely to rise immensely over the couple of years. Thus, it would be more problematic for Indian citizens to seek medical care, if they remain uninsured. Looking into the gravity of the matter, there is a need to encourage such people to buy health insurance at the earliest and get insured so that finances is no more a hurdle in way to quality medical care.
Health insurance is the only tool that maintains balance between the quality healthcare and the wallet. Medical care can be made affordable and accessible only with these products that are devised to let an insurer pays for the medical expenses of an insured at the time of medical emergency. An insurer offers health cover to an insured, who in return is supposed to pay certain premium amount for the same. This premium amount is far too less than the coverage offered.
Insurance providers have started identifying healthcare needs of people to devise product such that people can consider these products to be highly useful and can buy the same to seek medical cover benefits. Working in this direction, insurers are coming up with several new products in the Indian health insurance market.
Apollo Munich, a joint venture between the Apollo Group of Hospitals, Asia’s largest integrated healthcare provider and Munich Health, new business wing of Munich Re, Europe’s largest insurer, has entered into Indian health insurance sector with the aim to simplify health insurance for the citizens of India. It is to encourage them to seek medical coverage without any fiscal fear in their mind. It makes medical treatment affordable and accessible.
The ideology adopted by Apollo Munich while designing products is to concentrate on healthcare needs of the target segment of people and then devise the product offering coverage for the same. It has proved useful for both the company, who does not find any problem in selling the products and the customers, who get the medical coverage for their health needs.
Working in this direction, the company launched a product with the name of Optima Cash. It is a daily cash hospital benefit plan that offers a lump sum payment to a policy holder in an event of hospitalization. This lump sum payment made depends upon the number of days an insured is hospitalized and the terms and conditions of the plan. A policy holder is asked to choose the daily cash amount, which may be Rs. 1000, Rs. 2000 or Rs. 3000. This daily cash amount is then multiplied by the number of days an insured is hospitalized and given to him/her.
A few of the unique features of this plan are as follows:-
No medical test (unless there is adverse declaration)
No pre-policy checkups
This policy can be issued either on an individual basis or on family basis. A family includes self, spouse and dependent children. The entry age limit is from 5-65 years with cover ceasing age at 66 for 1 year policy and 67 for 2 year policy.
Optima Cash, if purchased with pure health insurance product offers complete coverage to an insured. Pure health insurance products look after treatment expenses while Optima Cash offers cover to additional hospitalization expenses. There are many extra expenses that are incurred when a person is hospitalized. It includes laundry bills, transportation costs, food costs, etc. all these bills can be paid, using hospital cash benefit plan. This plan has nothing to do with treatment expenses. It just pays lump sum amount for the number of days an insured is hospitalized.
An insured is entitled to a daily cash amount for each continuous and completed period of 24 hours for which an insured is hospitalized. This plan includes the following benefits:-
Sickness hospital cash
Accident hospital cash
Day-care procedures cash
Joint hospitalization due to an accident
A daily cash amount a person gets in case of hospitalization gets double, if a person is admitted in ICU. There is a limitation for the number of days an insured can be offered this benefit. It is 90 days per policy period and maximum of 15 days for an ICU admission. The daily cash amount in case of day-care procedure is half the original amount. All these coverage benefits are subjected to terms and conditions of the plan.
The company offers discount to help people save money up to 25%. There is a discount of 5% for buying the plan online. In addition to it, there is an additional family discount of 10%, which can be availed by including 2 or more people in the policy. Furthermore, there is a discount of 10% , for opting for 2 year policy.
The plan acts as a top-up plan and if purchased with pure inpatient products, offer complete coverage. Easy Health and Optima Cash forms a good combination of products. Easy Health offers many pure health insurance products benefits while Optima Cash offers additional coverage at the time of hospitalization. The company has well designed this plan, looking into health needs of the people of India.
So, buy this top-up plan to complete your health coverage.