Hello Sir please suggest best family floater health insurance currently oriental insurance please suggest best

Ans: Hi Mr. Mittra, your existing insurer will not increase the coverage to Rs 10L given your risk profile. In this case, you can purchase a new policy from another insurer that will provide you with an additional sum insured. However, few insurers will assess your risk profile and accordingly provide you with issuance and there are few insurers who will easily provide you with the required coverage keeping the pre-existing diseases in the exclusion list.

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Ans: For a comprehensive Family Floater health insurance plan, consider the following top-rated options in India:

Star Health Family Health Optima: Offers coverage for up to 16 relationships, including parents, children, and in-laws. It provides lifelong renewability and covers pre and post-hospitalization expenses.
HDFC ERGO Health Suraksha Gold: Provides a wide range of coverage options with flexible sum insured options. It offers lifetime renewability and covers daycare procedures and organ donor expenses.
ICICI Lombard Complete Health Insurance: Offers cashless hospitalization at network hospitals, maternity benefits, and covers pre-existing diseases after a waiting period. It also provides coverage for alternative treatments like Ayurveda, Homeopathy, and Unani.
ManipalCigna ProHealth Insurance: Provides comprehensive coverage with flexible plan options. It offers rewards for maintaining good health and covers alternative treatments and maternity expenses.
Religare Health Insurance Care: Offers comprehensive coverage with no upper age limit for entry. It provides automatic recharge of sum insured and covers daycare procedures and annual health check-ups.
When selecting a Family Floater health insurance plan, consider factors like coverage amount, network hospitals, claim settlement ratio, waiting periods for pre-existing diseases, and additional benefits like maternity coverage, OPD expenses, and alternative treatments. Compare the premiums, features, and benefits of different plans to choose the one that best meets your family's healthcare needs and budget. Consult with a Certified Financial Planner or insurance advisor to help you make an informed decision tailored to your requirements.

Ans: Unfortunately, finding a new health insurance policy with pre-existing conditions like open-heart surgery can be challenging, especially at the age of 69. Here's why:

• Pre-existing Conditions: Most insurers are hesitant to cover pre-existing conditions, and open-heart surgery falls under that category.
• Age: As you age, premiums tend to rise, and insurers might be more cautious about taking on new senior citizens.

However, there are still some options to explore:

1. Renew Existing Policy with Oriental:

Check with Oriental Insurance Co. again regarding renewal. While they might not increase the sum insured to 15 lakh, they might still offer renewal on the existing 10 lakh plan.

2. Senior Citizen Mediclaim Plans:

Many insurers offer senior citizen health insurance plans designed for people above 60. These plans may have limitations on pre-existing conditions, but they could offer some coverage. You can explore options from reputable companies like Max Bupa, Care Health Insurance, or Cholamandalam MS. Research these companies online or consult an insurance broker for plan details.

3. Top-up Plans:
These plans work alongside your existing policy and provide additional coverage in case your existing sum insured gets exhausted. However, pre-existing condition exclusions might still apply. Explore top-up plans offered by your existing insurer or other companies.

4. Finding the Right Plan:

• Use online insurance comparison platforms or consult an insurance broker to compare different senior citizen mediclaim or top-up plans.
• Carefully review the policy documents, especially exclusions related to pre-existing conditions.
• Consider factors like network hospitals, co-pay clauses, and claim settlement ratio before finalising a plan.

Ans: Choosing a health insurance plan, especially a family floater with a high sum insured like Rs 1 crore, requires careful consideration of several factors. At 47 years old, you are at an age where health insurance becomes even more critical. Here's a detailed guide on selecting a suitable plan:

Key Considerations for Selecting Health Insurance
Comprehensive Coverage
Look for policies that offer extensive coverage, including:

In-patient Hospitalization: Covers room rent, ICU charges, doctor fees, and more.
Pre and Post Hospitalization: Expenses incurred before and after hospitalization.
Daycare Procedures: Treatments that don't require a 24-hour hospital stay.
Domiciliary Treatment: Home treatment in case of inability to get hospitalized.
Ambulance Charges: Coverage for emergency transportation.
Critical Illness Cover: Additional cover for life-threatening diseases.
Cashless Hospitalization
Ensure the insurer has a wide network of hospitals offering cashless treatment. This feature is crucial for hassle-free hospital admissions and treatments.

No-Claim Bonus
Choose a policy that offers a no-claim bonus. This feature increases the sum insured for every claim-free year, providing additional coverage at no extra cost.

Annual Health Check-ups
Look for policies that offer free annual health check-ups for all family members. This can help in early detection and management of potential health issues.

Factors to Compare
Premiums
Compare premiums for similar coverage across different insurers. Look for the most cost-effective option without compromising on coverage.

Waiting Periods
Check the waiting periods for pre-existing diseases and specific treatments. Opt for policies with shorter waiting periods.

Sub-Limits and Co-Payments
Be aware of any sub-limits on room rent or specific treatments, and co-payment clauses where you share the treatment costs. Prefer policies with minimal or no sub-limits and co-payments.

Customer Service and Claim Settlement
Research the insurer's reputation for customer service and claims settlement ratio. Insurers with high claim settlement ratios and positive customer feedback are preferable.

Selecting the right health insurance can feel overwhelming, especially with the wide range of options available. Your priority should be securing the best possible coverage for your family's health needs, ensuring peace of mind in medical emergencies.

Final Insights
A Rs 1 crore family floater plan is a wise choice, providing ample coverage for medical emergencies. Ensure you choose a policy that offers comprehensive benefits, a high claim settlement ratio, and a wide network of cashless hospitals. Regularly review and update your policy to match your changing health needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in