New Delhi. PFRDA has issued new guidelines regarding NPS. A new scheme has come named NPS Health. Which combines investment and health insurance for after retirement. On one side there will be an account of NPS health. Whereas, there will also be a super top up health insurance policy. According to the pension fund regulator, people included in the NPS health scheme will be allowed to withdraw up to 25 percent of the amount from the NPS health account for health-related expenses in times of need. The number of withdrawals is unlimited. People between 18 to 70 years can join the NPS Health Scheme. At the same time, health insurance can be done till the age of 85 years.
CNBC report states that it may start in October. In health insurance, only the NPS account holder, spouse and two children will be covered. Under the scheme, health insurance cover of Rs 1 lakh will be given on deductible amount of Rs 10,000, Rs 5 lakh on deductible amount Rs 50,000, Rs 10 lakh on deductible amount Rs 1 lakh and Rs 30 lakh on deductible amount Rs 3 lakh. To open an NPS health account, three types of payments have to be made. This will include the first year's health insurance premium, annual health benefit administrator fee of Rs 200 including taxes and deposit of at least Rs 1000 in the NPS account. On opening the NPS account, a further minimum of Rs 10 can be given. Normal NPS charges will also be applicable on NPS Health. At the same time, the pension fund will be able to charge a maximum of 0.08 percent every year. The amount for health related expenses will be borne by the hospital and healthcare provider instead of the account holder.
If the amount spent on any health matter in an eligible hospital exceeds the prescribed limit of 25 per cent, then in such a situation the entire amount deposited in the NPS health account can also be used. Under this scheme, a single private room of the hospital, ICU expenses, day-care procedures, inpatient and domiciliary hospitalization, AYUSH treatment, medical expenses related to organ donor along with expenses of 30 days before hospitalization, expenses of 60 days after discharge from the hospital, in every emergency case, a cover of up to Rs 2500 will be given till hospitalization by road ambulance. The actual coverage will be as per the policy terms, insurance company conditions and insurance law. A waiting period of 12 months will be applicable for pre-existing diseases or certain specified diseases.