I AM AGE OF 73, WE ARE NOT HAVING MADICAL {Health) INSURANCE POLICY, at present we are propose get any madical health insurance coverage ANY POLICY IS AVAILABEL

Ans: Hi, the coverage amount should be an estimate of the treatment you may be expecting in the near future in case you have any pre existing diseases. Else, due to the age being on higher end, you may have to pay higher premiums. Do not delay and purchase as soon as possible.

Ans: I can provide some guidance on finding health insurance at 69 years old:

Understanding Senior Citizen Health Insurance:

Many companies in India offer health insurance specifically designed for senior citizens, often referred to as "Senior Citizen Mediclaim Plans" or "Senior Citizen Health Insurance Plans." These plans cater to the specific healthcare needs of older adults.
Finding the Right Company:

Research Online: Start by searching for "Senior Citizen Health Insurance" or "Health Insurance for 69 year olds" in India. Websites like Policybazaar (https://www.policybazaar.com/health-insurance/senior-citizen-health-insurance/), CompareRaja (https://health-plan-compare.com/), or Bajaj Finserv (https://www.bajajfinserv.in/insurance/senior-citizen-care) allow plan comparisons and might provide leads.

Consider Reputable Companies: Look for established health insurance providers with a good track record in claim settlements. Some reputable companies in India include:

New India Assurance (https://www.newindia.co.in/)
Star Health and Allied Insurance Co. Limited (https://www.starhealth.in/)
Max Bupa Health Insurance (https://www.nivabupa.com/)
HDFC ERGO Health Insurance (https://www.hdfcergo.com/)
ICICI Lombard General Insurance Company Limited (https://ilhc.icicilombard.com/)
Factors to Consider When Choosing a Plan:

Pre-existing Conditions: Choose a plan that covers pre-existing conditions you might have, especially at your age.
Coverage: Look for a plan that covers hospitalization expenses, medications, and any specific needs you might have.
Network Hospitals: Consider the plan's network hospitals and their proximity to your location.
Renewal Options: Ensure the plan has guaranteed lifetime renewability.
Premiums: Compare premiums from different companies but prioritize coverage over just cost.
Additional Tips:

Contact Insurance Companies Directly: Get quotes and speak with representatives from several companies.
Consult an Insurance Agent: A licensed insurance agent can help you compare plans and choose the one that best suits your needs.
Remember, choosing the right health insurance plan is crucial at any age, especially after retirement. Take your time, research your options, and don't hesitate to ask questions before making a decision. I hope this information helps you find the best health insurance company for your needs!

Ans: Choosing the right health insurance for your family is a crucial decision. I understand that this process can be overwhelming, especially with the numerous options available in the market. Let’s explore this step-by-step to ensure that you select the best health insurance plan tailored to your family’s needs.

Understanding Health Insurance
Health insurance is essential to safeguard against unexpected medical expenses. It covers hospitalization, treatments, surgeries, and sometimes even preventive care.

Having health insurance gives you peace of mind, knowing that you won't have to bear the entire financial burden in case of medical emergencies.

Assessing Your Family’s Health Needs
To choose the right health insurance, you need to assess the specific health needs of your family.

Consider Your Age and Health Status
At 62 years old, your health needs may be different from those of your wife, who is 56, and your children, who are 25 and 20 years old. Older individuals typically require more frequent medical attention and might have pre-existing conditions.

Pre-existing Conditions
If any family member has pre-existing conditions, ensure the policy covers these after a waiting period. This is crucial for avoiding out-of-pocket expenses.

Coverage for Hospitalization and Surgeries
Ensure that the policy covers hospitalization and surgeries. Medical costs can be very high, and comprehensive coverage will protect you from significant financial strain.

Comparing Different Policies
When comparing health insurance policies, consider the following factors:

Sum Insured
Choose a sum insured that is sufficient to cover the potential medical expenses for the entire family. In metropolitan cities, medical costs can be higher, so opt for a higher sum insured if you reside in such areas.

Network Hospitals
Check if the insurance provider has a wide network of hospitals. Cashless hospitalization in network hospitals simplifies the process and reduces financial stress during emergencies.

Sub-limits and Co-payments
Some policies have sub-limits on room rent or specific treatments and co-payment clauses. Understand these limitations to avoid unexpected expenses.

Waiting Periods
Understand the waiting periods for pre-existing diseases, maternity benefits, and other specific treatments. Shorter waiting periods are more advantageous.

Family Floater Plans vs. Individual Plans
A family floater plan covers all family members under a single sum insured, while individual plans provide separate coverage for each member.

Family Floater Plans
Family floater plans are usually more cost-effective and simpler to manage. The sum insured is shared among all members, which is beneficial if no major health issues are anticipated simultaneously.

Individual Plans
Individual plans can be more suitable if family members have varying health needs or if older members need higher coverage. Separate policies ensure that one member’s high medical expenses do not exhaust the entire sum insured.

Critical Illness Coverage
Consider adding critical illness coverage to your health insurance. This provides a lump sum payment upon diagnosis of severe illnesses such as cancer, heart attack, or stroke.

Maternity Benefits and Newborn Coverage
If there’s a possibility of expanding your family, check if the policy includes maternity benefits and coverage for newborns.

Premiums and Affordability
While choosing a policy, balance between comprehensive coverage and affordability. Higher premiums usually mean better coverage, but ensure it fits within your budget.

Additional Benefits and Riders
Explore additional benefits like wellness programs, free health check-ups, and disease-specific riders. These add value to your policy.

Evaluating Insurance Providers
Choosing a reliable insurance provider is as important as selecting the right policy.

Claim Settlement Ratio
The claim settlement ratio indicates the percentage of claims settled by the insurer. A higher ratio reflects reliability.

Customer Service
Evaluate the insurer’s customer service. Prompt and efficient service is crucial during medical emergencies.

Reviews and Recommendations
Read reviews and seek recommendations from friends, family, or a Certified Financial Planner to make an informed decision.

Portability Options
If you’re not satisfied with your current insurance provider, check the portability options. This allows you to switch insurers without losing benefits.

Government Schemes and Tax Benefits
Explore government health schemes for additional coverage. Also, health insurance premiums offer tax benefits under Section 80D of the Income Tax Act.

Conclusion
Choosing the right health insurance involves thorough research and understanding your family’s specific needs. Consider the factors mentioned above to make an informed decision.

Remember, investing time in selecting the right policy can save you from financial stress during medical emergencies.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in