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Sanjib

Sanjib Jha  | Answer  |Ask -

Insurance Expert - Answered on Apr 13, 2023

Sanjib Jha is the CEO of Coverfox Insurance. His expertise includes health and auto insurance. He has over 22 years of experience in the financial sector. He has completed his post-graduation from the Institute of Company Secretaries of India.... more
Phani Question by Phani on Mar 25, 2023Hindi
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Sir, I am 65 years old. Visiting USA for 6 months to be with my son. I am a cardiac patient. Would like to know about health insurance policy during my stay at USA which covers procedures like angioplasty/ heart surgery and premium if any.

Ans: Health insurance plans bought in India are designed to cover the insured of their health expenses within the country itself.
Hence, if you are traveling to USA then we would recommend you to purchase a travel policy accordingly to cover any medical emergencies.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |4660 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jun 18, 2024

Asked by Anonymous - Jun 11, 2024Hindi
Money
I am 70 years old. I will be visiting UK for 6 months to be with my son. I am a heart patient. Would like to know about the best health insurance policy during my stay in UK which would cover procedures like angioplasty/ heart surgery and the premium I will have to pay for buying such a mediclaim.
Ans: It’s wonderful that you’ll be spending time with your son in the UK. Considering your heart condition, securing comprehensive health insurance is essential. This guide will help you understand your options and the best approach to finding suitable health insurance for your stay.

Understanding Your Insurance Needs
Coverage for Heart Conditions
Given your heart condition, it’s vital to have coverage for cardiac procedures like angioplasty and heart surgery. Not all travel insurance policies provide this, so you'll need a specialized plan.

Duration of Stay
Since you'll be in the UK for six months, you require a long-term travel health insurance policy. Most standard travel insurance policies cover shorter trips, so ensure your policy matches your duration of stay.

Pre-Existing Conditions
Pre-existing medical conditions can complicate insurance coverage. Ensure the policy explicitly covers pre-existing conditions like heart disease to avoid any claim rejections.

Types of Health Insurance Policies
Travel Health Insurance
Travel health insurance is designed for travelers and provides coverage for medical emergencies, including hospitalization, surgeries, and sometimes even follow-up treatments.

International Health Insurance
International health insurance offers more comprehensive coverage, often similar to domestic health insurance plans. These plans are suitable for extended stays abroad and cover a wider range of medical services.

Specialized Senior Citizen Plans
Some insurance companies offer specialized plans for senior citizens, including those with pre-existing conditions. These plans might be more expensive but provide necessary coverage tailored to seniors.

Evaluating Health Insurance Plans
Coverage
Ensure the policy covers:

Hospitalization
Surgeries, including angioplasty and heart surgery
Doctor consultations
Prescription medications
Emergency medical evacuation
Network Hospitals
Check if the insurance plan has a network of hospitals in the UK. Network hospitals often provide cashless treatment, reducing out-of-pocket expenses.

Claim Process
The claim process should be straightforward and efficient. Look for insurers with a reputation for quick claim settlements.

Premium Costs
The premium cost will depend on factors like age, medical history, and coverage. Get quotes from multiple insurers to compare premiums and benefits.

Steps to Secure the Best Health Insurance Policy
Research and Compare
Start by researching different insurance providers and their plans. Use comparison websites to evaluate policies based on coverage, premiums, and customer reviews.

Contact Insurance Providers
Speak directly with insurance providers to clarify coverage details, especially concerning pre-existing conditions like heart disease. Ask about exclusions and limitations.

Read the Fine Print
Carefully read the policy documents to understand what is covered and what is not. Pay attention to terms related to pre-existing conditions and medical emergencies.

Seek Professional Advice
Consult a Certified Financial Planner (CFP) who specializes in health insurance for international travelers. They can provide personalized advice based on your specific needs and medical history.

Insurance Providers to Consider
Comprehensive Coverage Providers
Look for insurance providers known for offering comprehensive coverage, including major medical procedures. These providers often have plans tailored for long-term stays and senior citizens.

International Insurers
Some international insurers specialize in expatriate health insurance, offering extensive networks and comprehensive coverage. They understand the needs of international travelers and provide suitable plans.

Domestic Insurers with International Plans
Many Indian insurance companies offer international travel health insurance plans. These plans are designed for Indians traveling abroad and provide coverage for medical emergencies and pre-existing conditions.

Additional Considerations
Medical History and Documentation
Keep detailed medical records handy. Insurers may require a thorough medical history and recent health check-ups. Providing accurate information ensures appropriate coverage.

Emergency Assistance Services
Choose a policy that includes 24/7 emergency assistance services. These services can help with hospital admissions, medical evacuations, and coordination with local healthcare providers.

Renewal and Extension Options
Check if the policy offers easy renewal or extension options. This is crucial if your stay extends beyond six months or if you plan to travel again in the future.

Case Study: Example Scenario
Scenario
Mr. Sharma, a 70-year-old heart patient, plans to visit the UK for six months to be with his son. He needs health insurance covering procedures like angioplasty and heart surgery.

Approach
Research and Comparison:

Mr. Sharma starts by researching various health insurance plans. He uses online comparison tools to evaluate coverage, premiums, and reviews.
Contacting Providers:

He contacts several insurance providers to discuss his specific needs. He asks detailed questions about coverage for heart conditions and pre-existing conditions.
Consulting a CFP:

Mr. Sharma consults a Certified Financial Planner specializing in health insurance for seniors. The CFP helps him understand the nuances of different plans and recommends a few suitable options.
Reviewing Policy Documents:

Mr. Sharma carefully reads the policy documents of the shortlisted plans. He pays attention to exclusions, limitations, and the claim process.
Selecting the Plan:

Based on the advice from his CFP and his own research, Mr. Sharma selects a plan that offers comprehensive coverage, including hospitalization, surgeries, and emergency medical evacuation.
Finalizing the Purchase:

He finalizes the purchase by submitting necessary medical documents and completing the application process.
Outcome
Mr. Sharma secures a health insurance policy that covers his heart condition, ensuring peace of mind during his stay in the UK. He benefits from comprehensive coverage, a straightforward claim process, and 24/7 emergency assistance services.

Final Insights
Securing the right health insurance policy for your six-month stay in the UK is crucial, especially with your heart condition. Focus on finding a policy that offers comprehensive coverage, including hospitalization, surgeries, and emergency medical evacuation. Consult a Certified Financial Planner for personalized advice and carefully read the policy documents. With the right insurance plan, you can enjoy your time with your son without worrying about medical expenses.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |4660 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 11, 2024

Asked by Anonymous - Jun 24, 2024Hindi
Money
Hello sir, my age is 40 yrs currently unmarried. Recently, I had to undergo a renal transplant surgery since I was suffering from AKD (Acute Kidney Disorder) in Bangalore. I was on dialysis for last one and half yrs and moved to bangalore just for the surgery. It went well and now I am on the road to recovery.We had a health insurance policy by manipal cigna company (medi-assist) which ensured that every expenses was met through reimbursement like dialysis expenses, OPD chgs, pharmacy bills etc. We were satisfied with the services of the health insurance provider. My question here is that can I take any more health insurance policy now (may be from a different company) for my future medical expenses which might occur in future (considering I am pretty young right now and single too). What premium do I need to pay for that? Will it be increased premium or the same normal premium. I might not use the health cover for my renal disease now but as a safeguard for the future diseases which may come up.(considering I will get married and have a family too in future). Will my kidney surgery have any impact on the future health cover or not? Kindly advise.
Ans: I'm glad to hear your surgery went well, and you're on the road to recovery. Considering your situation, it’s important to secure your health insurance needs for the future. Let’s break down your questions and concerns regarding taking an additional health insurance policy.

Can You Take Another Health Insurance Policy?
Yes, you can take another health insurance policy from a different company. However, your recent medical history, including the renal transplant surgery, will impact your new policy's terms and premiums.

Impact of Renal Transplant on New Policy
Pre-Existing Conditions: Your kidney surgery will be considered a pre-existing condition. Most insurers have a waiting period for covering pre-existing conditions, ranging from two to four years. It’s crucial to check the specifics with any new insurer.

Medical Underwriting: Given your recent medical history, the insurer may require detailed medical underwriting. They may request your medical records and possibly a medical examination to assess your current health status.

Premium Considerations
Increased Premiums: Due to your pre-existing condition, new health insurance policies are likely to come with increased premiums. The exact amount will depend on the insurer's assessment of your health risk.

Loading Charges: Some insurers might add a loading charge to your premium, which is an additional cost to cover the higher risk associated with your medical history.

Types of Policies to Consider
Individual Health Plans: These provide coverage for a single person. Given your situation, ensure the plan offers extensive coverage, including post-operative care and critical illness coverage.

Family Floater Plans: These plans cover multiple family members under a single sum insured. They might be a good option if you plan to get married and start a family in the near future.

Critical Illness Plans: These plans provide a lump sum amount upon diagnosis of specified critical illnesses, including kidney-related issues. It can be a supplementary policy to your primary health insurance.

Steps to Take
Research and Compare: Compare policies from different insurers. Look for policies with comprehensive coverage and a reasonable waiting period for pre-existing conditions.

Consult Insurers: Speak directly with insurance representatives. Explain your medical history and get clear information on how it will affect your premiums and coverage.

Read Policy Documents: Carefully read the policy documents, especially the sections on pre-existing conditions, waiting periods, exclusions, and premium loading.

Consider Riders: Look for riders or add-ons that can enhance your coverage, such as critical illness riders, hospital cash, and personal accident covers.

Consulting a Certified Financial Planner
Given the complexities of your medical history and future health needs, consulting with a Certified Financial Planner (CFP) can be very beneficial. A CFP can help you understand the nuances of different policies, assess your long-term financial needs, and recommend the best health insurance options tailored to your situation.


You’ve shown great foresight in considering additional health insurance despite your recent surgery. Ensuring your future medical needs are covered demonstrates a strong commitment to your long-term well-being. Your proactive approach to securing your health is commendable and shows a responsible attitude towards managing potential future risks.

Final Insights
Securing an additional health insurance policy is a wise move, especially considering your recent medical history and future plans. While premiums might be higher due to your pre-existing condition, thorough research and consulting with professionals can help you find the best policy for your needs. Remember to compare different plans, understand the terms, and choose a policy that offers comprehensive coverage and aligns with your financial goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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