Hi sir i have both echs and bank insurance plan can i take any one for my treatment or should have to go only for echs
Ans: Having both Ex-Servicemen Contributory Health Scheme (ECHS) and a bank insurance plan gives you flexibility and additional options for healthcare. Here’s a detailed look at how you can navigate using both:
Understanding Your Options
ECHS (Ex-Servicemen Contributory Health Scheme):
Eligibility: Available to ex-servicemen and their dependents.
Coverage: Provides comprehensive medical care including outpatient care, hospitalization, and medication at ECHS empaneled hospitals and clinics.
Costs: Generally, there are minimal or no out-of-pocket costs when using ECHS facilities.
Bank Insurance Plan:
Eligibility: Typically provided by your employer or purchased individually.
Coverage: Can vary widely based on the policy but usually includes outpatient care, hospitalization, surgeries, and sometimes dental and vision care.
Costs: Usually involves premiums, co-pays, and deductibles.
Choosing the Right Option
Cost Efficiency:
ECHS is usually more cost-effective since it often has no or very minimal costs compared to private insurance plans which may have deductibles and co-pays.
Availability of Services:
ECHS has a network of empaneled hospitals. If a particular treatment or specialist is not available within this network, you might opt for your bank insurance which could provide access to a broader range of hospitals and services.
Geographical Convenience:
Consider the location and convenience of the healthcare providers. If the ECHS facilities are far or not easily accessible, you might prefer using your bank insurance.
Quality of Care:
Both ECHS and private insurance plans generally offer good quality care, but sometimes private hospitals may offer additional amenities or shorter wait times.
Specific Conditions and Treatments:
For some specialized treatments or conditions, one plan might offer better coverage than the other. Check both policies for specific exclusions and benefits.
Practical Approach
Consultation and Minor Treatments:
For routine check-ups, minor ailments, and consultations, using ECHS can be beneficial due to minimal costs.
Major Treatments and Hospitalization:
Evaluate the facilities and specialists available under both plans. If ECHS provides adequate care, it would be the economical choice. However, if your bank insurance offers better facilities or faster service for major treatments, you might prefer using it.
Emergency Situations:
In emergencies, the closest and most suitable healthcare provider should be prioritized, whether it falls under ECHS or your bank insurance.
Coordination Between Plans
Check if Coordination of Benefits is Available: Some insurance plans allow for coordination of benefits where costs are shared between two plans. This can reduce out-of-pocket expenses.
Final Recommendation
Primary Use of ECHS: Given its comprehensive coverage and low cost, ECHS should be your primary option for healthcare needs.
Supplement with Bank Insurance: Use your bank insurance for situations where ECHS services are not accessible, or the bank insurance offers significantly better or faster care.
Always review the specific terms and coverage details of both your ECHS and bank insurance plans to make informed decisions.
Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in