Should I buy mediclaim for my son and daughter and myself? I lost my husband during the Covid pandemic and am dependent on only my company health insurance which comes to about Rs 10 lakh for the three of us. Both my children are in college now and I also have to save for their education abroad. Which health insurance policy shall I opt?

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: Having a corporate mediclaim policy is undoubtedly beneficial, but it may not cover all your needs adequately. Here are some reasons why you might still consider purchasing personal insurance for yourself and your family, despite having a corporate mediclaim policy:

1. Coverage Limitations: Corporate policies often come with coverage limits, and these may not be sufficient for your family's needs, especially in case of severe medical emergencies or prolonged treatments.

2. Job Change: If you change your job or your employer changes the insurance provider, there could be a gap in coverage, leaving you and your family uninsured temporarily.

3. Portability: Personal health insurance policies are usually portable, meaning you can carry them forward even if you switch jobs or companies, ensuring continuity of coverage.

4. Tailored Coverage: Personal insurance allows you to tailor coverage according to your specific needs, including adding riders for critical illness, maternity benefits, or other specialised treatments which may not be covered under a corporate policy.

5. Family Coverage: While corporate policies might extend coverage to your family, the coverage amount might be inadequate, and having a separate family floater policy ensures comprehensive coverage for all members.

6. Pre-existing Conditions: Corporate policies may have restrictions on coverage for pre-existing conditions, whereas personal policies often offer coverage after a waiting period.

7. Comprehensive Coverage: Personal policies often offer a broader range of coverage options, including outpatient expenses, alternative treatments, and more extensive network hospitals, which may not be available under corporate policies.

8. Continuity of Coverage: In case of job loss or retirement, personal insurance ensures continuity of coverage without any gaps.

9. Tax Benefits: Personal health insurance premiums are eligible for tax deductions under Section 80D of the Income Tax Act, providing additional financial benefits.

10. Control and Flexibility: Personal insurance policies offer greater control and flexibility in choosing coverage options, network hospitals, and policy terms compared to corporate policies, which are generally standardized for all employees.

While having a corporate mediclaim policy is undoubtedly advantageous, it's essential to assess your family's healthcare needs comprehensively and consider supplementing it with personal insurance to ensure adequate coverage and financial protection in the long term.

Ans: Yes, insuring your health and your children's health is essential for financial security. Given your family's medical history and the significant health expenses incurred for your wife's treatment, it's prudent to have health insurance coverage. It will protect your savings from potential high medical costs and ensure timely and quality healthcare for you and your children.

Ans: Given your existing health benefits from your government organisation and the HDFC Ergo health insurance you already hold, adding another health insurance might seem redundant at this point. The CGHS benefits you'll receive post-retirement also offer substantial coverage. However, consider these factors:

Cost Analysis: Evaluate the total premium paid for the HDFC Ergo policy against the benefits received. If you find it's not cost-effective, reconsider its value.
Future Needs: As you age, healthcare costs tend to rise. With the HDFC Ergo premium increasing at 10% annually, assess if it remains affordable in the long run.
Coverage Gaps: Identify any specific healthcare needs or treatments not covered by your current policies. If there are significant gaps, you might consider supplemental insurance.
Savings Alternative: Instead of buying another policy, you could divert the premium amount to a separate health savings account or invest it for future medical expenses.
In conclusion, while your current coverage seems comprehensive, review its cost-effectiveness and your future healthcare needs. Balancing affordability with adequate coverage is key to making an informed decision.