Following information received on Whatsapp is posted here for creating awareness among bank staff
Domiciliary Treatment under IBA Health Insurance Policy for Retirees.
To opt or Not to Opt.......Domiciliary Treatment under IBA Health Insurance Policy for Retirees.
TEN Points worth considering before you to decide.
We have gone through the various posts regarding IBA Group health insurance policy with a steep hike in renewal premiums! Also many friends have expressed dissatisfaction and desire to discontinue the same by exiting the said policy!
In this regard, we give below the views of some elders, on the subject as under!
1) The coverage of pre existing diseases from day one (unlike other policies where there is an initial lock up period of 1 to 4 years), is definitely a major plus point!
2) No restrictive period of 2 years for undergoing surgery like cataract, hernia etc besides 4 years for undergoing knee replacement surgery.( Normally these three rule the roost for people of of our generation.)
3) Enhanced ceilings for room rent of 5000, ICU charges 7500, no restriction in number of times for ambulance charges(2500 per instance) besides auto/taxi fare of 750 which is not there in any other policy.
4)Many of the diseases mentioned under Domiciliary Treatment category here are not even covered under other policy. e-g Parkinson"s, cereberal palsy,muscular dystrophy age related muscular degeneration psychiatric diseases,congenital anamolies etc., These are very common ailments among elders nowadays.
5) Absolutely no CO PAY in this policy, whereas in others it is 15%/30% invariably! 100% reimbursement. In other policy it is mostly restricted to 2 lacs to 2.5 lacs in case of cardiac, kidney, bone related major surgeries.(though sum insured is 3/4 lacs). In other policy there is no cover for AYUSH mostly or at best restricted to 15000/25000. Most policy cover only if allopathic treatment is taken.
6) IBA policy totally covers all types of charges like admission, administrative etc., which is not in case of other policy.
7)Also IBA policy covers cost of crutches,walking aids,collars,belts stockings, insulin pumps,diabetic footwear,nebulizers etc., which are not covered by any other policy. This is a very big plus point. for senior citizens.
8)Though a couple of friends swear lesser premiums in other policies, we do not find such premiums altogether in most of other policy as per the company websites. Premiums are definitely stiff, steep, higher for increasing age groups from 65 onwards.(which many of us are!)
We have gone through Red carpet health insurance of Star, Apollo Munich Optima Senior, Bajaj Allianz,ICICI LOMBARD,TATA AIG MEDI SENIOR,MAX BUPA, L&T and Religare Health. Also it may be borne in mind the quotes there are only for individual policy and does not cover spouse by default.
IBA policy comparatively is still lesser premium only offering better coverage of risks especially related to old age diseases!
9) Though domiciliary treatment cover is restricted to 10% of sum insured for which we have to pay additional premium of 10% of sublimit fixed, we feel it is till worth it!
10) Many Banks including our Bank have already issued circular asking for revised option afresh in case one opts for domiciliary cover.
Those who do not want domiciliary coverage, no fresh option is required/envisaged as the matter stands as of now.
We suggest to go for latest cover in spite of high premium.
Of course others who are having multiple policies already from time immemorial can take a considered view depending on their requirements.
P.S---IT exemption under Chapter VI A is restricted to 30000 in case of health insurance policy for assessee if he/she is a senior citizen as per IT RULES(AY 201
Domiciliary Treatment under IBA Health Insurance Policy for Retirees.
To opt or Not to Opt.......
TEN Points worth considering before you to decide.
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