Personal finance mate for your financial well-being!

Before jumping into the comparison, let's understand what's retail health  insurance and compare some differences. In retail, Sum Insured increases to a certain point when claims are not made which comes as part of NCB (No claim Bonus) and all the policy benefits will be vanished if we don't renew the health plan on time of at least within grace period of 30 days. On the other hand, group health insurance, it is a standard coverage irrespective of a claim or not and plan will be renewed by employer per Annum. Well, retail health insurance may not be of utmost importance in the first few years of the employment, however, with time and life events for an individual it should be one of the aspects to be included in personal finance journey. Building a Sum Insured outside an org will see the benefit when there is a black swan event, i.e. during an unexpected medical event for any of the family members. Additionally, you are also building credibility by buying a retail health in...

  Should you buy a health insurance or build a corpus for your medical needs? A straightforward answer for it is “ both ”, let’s get deep into it. Though your health plan covers the In-patient charges, however, there are lot of other expenditures that aren’t covered in the process of a claim. To an extent some of these depend on the type of health plan the individual has purchased. Administration charges for admission. Disposables Service charge for room cleaner  Cap on doctor visit charges per visit. Cap on ICU charges, Ambulance charges, room rent charges, sublimit for medical conditions. Pre-existing diseases that aren’t covered during underwriting. 2 Year mandatory waiting period categorized ailments. Doesn’t cover any percentage of the claim if the person is identified to be under alcohol influence during an accident or under any such illegal activity. Health Lump sum should be used for all the differences of a claim or a full medical bill in the offence case medical insu...