5 points for requirements of Health Insurance - best tips for 2020 ~ Health Policy

5 points for requirements of Health Insurance - best tips for 2020


How to pick the Best HEALTH INSURANCE Policy for SELF and FAMILY?

Should I opt for my own health insurance plan when I already have a company health policy? This is one question which is asked quite often and it's truly a valid question because like everything else a company health plan has its advantages and disadvantages. In this article, we shall lay the pros and the cons of simply continuing your group health insurance plan versus complementing it with a personal health insurance plan.

Follow my blog with Bloglovin


Let's get started, a group health insurance plan is quite a useful compensation benefit and here are five points in support of it,

1. Under a group "health insurance" plan you as an employee don't have to pay any premiums

which means your health insurance comes to you free of cost.

2. Group health insurance not only covers you but, in most cases, it also covers your spouse

and up to two children sometimes three.

3 The waiting period for hospitalization is waived off in case of most group plans which means your health cover starts from the day it is allotted.

4. There are no medical checks before enrolling into a group health insurance plan.

5. Most importantly, group health insurance plans generally cover pre-existing illness

from day one which is by far the biggest gain from these plans.

5 points for requirements of Health Insurance

Medicare & Employer Coverage | Should You Enroll in Part B?

It is quite difficult to argue that a personal health insurance policy will add any value to a corporate group health policy. Here, there are some arguments presented by the opposing team who believe that it makes good financial prudence that you complement your group plan with a personal health insurance policy.

Here some of their points first the very assumption that all organizations offer health insurance benefits is flawed according to a 2015. Benefit trends survey only 44% of Indian companies of a group health cover as an employee benefit.

Which means, if you to move to one of those 56% companies which don't offer group health insurance then you can face a massive financial stress during a medical emergency. 

Secondly, the continuity of group health benefits is often just a downturn away when companies will look at ways of reducing expenses. The acts will most certainly fall on the group Health Insurance Program. As, companies may reduce the coverage of a policy from five lakhs to two lakhs or maybe ask employees to copy some part of the premium or apply certain supplements.

Health Insurance Part-2

What’s more, argument is the general inadequacy of the group health insurance plan most group health insurance plans are either 2 lakhs or 3 lakhs of coverage now. We presented a case to maintain your health insurance at least 6 times of your monthly salary for someone earning 80,000 rupees per month.

Our salary or 2 lakh health insurance cover will be quite a case of under insurance the difference between the requirement and the actual needs to be bridged with a personal health insurance plan.

Finally, a corporate health insurance plan will almost never last beyond your retirement even if you were covered through these plans throughout your working life to start a health plan at the age of 60.

It would be never a good idea because in addition to the struggles of finding an insurer who will accept your case you have to deal with waiting periods exclusions on any pre-existing illnesses that you might have.

Heavy sub limits on certain procedures a very effective strategy employed by lakhs of Indians is to have both the corporate plan and the individual plan. This way you have an added cushion in case your medical emergency goes over the corporate plan.


Does Oriental health insurance family floater policy include Corona disease claim?

Oriental Insurance wants to assure all its customers that we and all our partners including the Third-Party Administrators are prepared to meet the exigency created by the COVID 19 Pandemic. We confirm that all Health Claims cashless and reimbursement will be settled expeditiously and our customers are our first priority today. Please contact the TPA mentioned on your Policies / Cashless card for immediate assistance. Be safe, be healthy. 

Should employees also seek to have employee’s medical insurance?

Are you planning to work past age 65 and wondering what you should do about Medicare?

Well, you're certainly not alone. We help baby boomers navigate their Medicare entry. In this article, I'll discuss which parts of Medicare you need to enrol in if you're still working and how the size of your employer affects that decision. Stick with me until the end of the article, and I'll also tell you the one circumstance in which people working should never enrol in any part of Medicare.

I've also got a freebie for you that will help you decide whether or not to enrol in Part B. When you are turning 65 and you have employer group health coverage or coverage through a spouse's employer, the size of the employer determines whether you should enrol in just Part A or both Part Aand Part B.

If the employer has more than 20 employees, then that employer coverage is primary and Medicare will be secondary. In this scenario, most people just enrol in Part A, which is Medicare's hospital coverage.

Understanding Health Insurance Doesn’t Have to Be a Burden

The reason for this is that Part A costs nothing at age 65 for most people. Your payroll taxes throughout your lifetime have already prepaid for Part A. So enrolling in Part A won't hurt you, and it could help to reduce expenses if you have a hospital stay.

You can delay your enrolment into Parts B and D, however, because those parts provide outpatient coverage and drug coverage, which your employer coverage already offers.

Also, Parts B and Dhave monthly premiums you would pay. So, by delaying them, you can save paying those premiums for now. Later on, when you retire, you'll have a special election period to enrol in Parts B and D with no late penalties.

On the other hand, if the employer coverage has less than 20 employees, then Medicare will be primary and the employer coverage will be secondary. In this scenario, you need to enrol in both A and B. Skipping Part B in this situation will likely result in you covering 80% of your own outpatient expenses and get you a Medicare late penalty as well.

Now, in my introduction, I mentioned that there was one situation in which you would not want to enrol in any part of Medicare while you're still working.

The situation is this, if you have a high deductible health plan and a health savings account that goes with that, you shouldn't enrol in any part of Medicare if you plan to continue contributing into that HSA or accepting contributions into that account from an employer.

Quality Improvement in Healthcare

IRS rules do not allow you to contribute into an HAS if you have any other insurance coverage, and that includes Medicare Part A. You should also be aware that when you start taking Social Security income benefits, your enrolment into Part A will happen automatically.

The two are linked. And you cannot take income benefits without Part A being active as well. So, this means if you want to continue contributing into an HSA, you cannot enrol in Social Security income benefits either.

What you can do with your health savings account, if you have one, is spend the funds that you've accumulated in the past for medical expenses that you have under Medicare now. You can use those funds for Medicare deductibles, co-pays, coinsurance, and even premiums.

Lastly, I want to let you know about one thing that we see happen so often. Sometimes your employer forgets to notify Medicare when you retire. If you were working for a large employer over 20 employees and Medicare was paying secondary, Medicare still thinks it's paying secondary. So, you go to the doctor or hospital, and you use your Medicare card, and your providers bill Medicare, and all the bills get rejected.

Most Medicare beneficiaries have no idea how to fix a billing nightmare like this. Fortunately, if you enrolled in your Medigap policies through Boomer Benefits, you'll have free access to our client service team, and all you do is call us, and we'll conference in Medicare to fix it.

We also contact all of your providers with instructions on how to re-bill Medicare, so that those bills won't fall on your shoulders. Working with us is absolutely free. All right, folks, that's it for today.

Final Words,

Now you know what to do about enrolling in Medicare when you're turning 65, but still have active employer group health coverage.

It really helps us to spread the word. I'd also love to know how many of you are still working

and how long you plan to work after age 65. Drop your answer in the Comments section below.

And finally, if you'd like to get our Do I Need Part B cheat sheet, I've linked it in the notes below this.

Thanks for reading.



Location: India


Post a Comment

Health policy present best experience of health insurance in India. We suggest true-value for customers to understand health insurance plan to protect their families.

Popular Posts


“Healthpolicy.xyz is the participant of Google Adsence ads and others affiliate Programs, an affiliate advertising design to provide a means for sites to earn advertising fees by advertising. Additionally, healthpolicy.xyz participate other affiliate programs and we sometimes get a commission through the purchases made through our links.”

My Blog List