Wednesday, September 26, 2012

Artificial Heart is available – Does your Health Insurance policy cover its cost

The Times of India has covered interesting news on availability of artificial heart.

According to this

“A tiny mechanized device weighing 400 grams may give hope to more than 4 million people in the country who die of heart failure every year. A Mumbai hospital has brought in the technology to implant an artificial heart that takes over all functions of the original heart and promises to double the patient’s life expectancy.”

Globally, over 10,000 people are believed to be living with this device so we can say it is a proven commercial alternative.

Rates announced by some hospitals in the country are:
Asian Heart Institute Mumbai                 Rs. 1 crore,
Narayana Hrudayalaya, Bangalore          Rs. 50 Lakhs

It is good to know that some of the Insurance Companies are new offering health insurance product under which you can insure yourself for Rs 50 lakhs /Rs 60 lakhs.

Some of these companies are:-

  1. Religare Health Insurance Company Limited
  2. L & T General Insurance Company Limited
  3. ICICI Lombard General Insurance Company Limited
  4. Max Bupa Health Insurance Company Limited
We hope that in near future some insurance companies will come up with Top up/ Super Top products so that families can have insurance Cover of Rs. 100 Lakhs.

Monday, September 24, 2012

Non availability of Health Insurance can make life miserable for any one

Non availability of Health Insurance can make life miserable for any one
Hindustan Times Sep. 24, 2012 has covered a news item on inflation and has covered the case study which is as follows:

“Samuel Baig, Still Stout at 70, has taken a painful decision that could simply mean not being able to walk straight again.

His Broken leg fused incorrectly after a fall seven months ago. Hobbled by healthcare expenses, Baig told his doctors last month he had no cash to continue treatment or even a surgery. He’d rather limp.”

It is sad to read this case study.

  • A senior citizen because of limping defect will avoid going out as frequently as he should. He can not go for morning walk or to the community centre to spend his time, attend functions or meet his friends.
He could have avoided this sad situation by going in for Health Insurance.

You may ask how much it would have costed him.

  • If he had taken the policy when he was in his fifties then at the age of 70 coverage of Rs. 1 Lakh would have cost him Rs. 7820 per year.
  • If he decides to take the policy (now when he is 70 years) then coverage of Rs. 1 Lakh from National Insurance will cost him Rs.5838   per year with condition that insured will pay 10 % as co payment as and when claim is lodged. In the present scenario Samuel Baig‘s Limping disease /ailment will be considered as pre existing ailment and will not be covered. For 4 years.
This premium amount at Rs 20 a day is not much? It could have avoided him the situation as on today – Limping while walking or being bed ridden.

Moral of this blog is you must have health insurance. Sum of large, very large or small but you must have it.