Renewal payment can’t be deferred by six months as grace period offered to renew a health policy is 30 days. Once the policy expires after renewal due date, the claims that arise during the grace period and beyond are not payable. If you are not in a position to pay the full premium at the moment, one way out is to request the insurer to offer you the monthly installment payment option (if available) during the subsequent renewal.
My wife works with a MNC and has a family cover from her office. She is planning to start her own business. I am an entrepreneur. Should we take a family floater policy now? —Nirupam Mallick
Yes, you should. It is important you stay sufficiently covered for unforeseen exigencies and protect your hard earned savings. You should also evaluate if the group insurance policy that your wife holds from her employer, allows her to migrate to a retail cover from the same insurer with continuity benefits on the waiting periods served.
My father was discharged from the hospital. He needs nursing, oxygen support, etc. Can I claim money from insurance for home arrangements? —S K Gupta
Yes, you can if the health policy covers these expenses under home treatment benefit. Generally home treatment covers the expenses incurred for a specific period of time, on account of nursing expenses, portable and surgical medical equipment such as special beds, oxygen cylinders, etc, if they are recommended at the time of discharge from in-patient hospitalisation.
I have health insurance through my employer. If I quit my job, how can I get same health cover later? —Vijay Kumar H K
Check with the insurance company on migrating this group employer employee policy into its retail individual policy with continuity benefits. In case it accepts the request of migration, subject to underwriting, then you can migrate yourself to the retail policy. However, if it does not allow migration, you will have to opt for a fresh retail policy and serve the applicable waiting periods.
The writer is MD & CEO, ManipalCigna Health Insurance. Send your queries to firstname.lastname@example.org