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Ramalingam

Ramalingam Kalirajan  |7968 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 20, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Asked by Anonymous - May 05, 2024Hindi
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How should senior citizens cope with increase in health insurance premiums? How can I get this offline or online?

Ans: Here are some strategies senior citizens can use to cope with rising health insurance premiums:

Reduce policy costs:

Shop around and compare plans: Don't automatically renew your current plan. Get quotes from different insurance companies to see if you can find a more affordable option with similar coverage.
Increase deductible: Consider raising your deductible (the amount you pay out of pocket before insurance kicks in). This lowers your premium but means you'll pay more upfront for covered medical expenses.
Choose a co-pay plan: Opt for a co-pay plan where you share a fixed cost for covered services with the insurer. This can reduce your premium compared to plans without a co-pay.
Consider a Health Maintenance Organization (HMO): HMO plans typically have lower premiums but restrict your network of doctors.
Explore alternative coverage options:

Government-sponsored plans: Depending on your location, there might be government-sponsored healthcare programs for seniors, like Medicare (US) or Pradhan Mantri Jan Arogya Yojana (PMJAY) (India).
Employer-provided plans: If you're still working, inquire about your employer's health insurance plans for retirees.
Manage healthcare expenses:

Preventive care: Prioritize preventive care like checkups and screenings to potentially avoid costlier medical issues down the line.
Negotiate medical bills: Don't be afraid to negotiate medical bills with providers. You might be surprised by the savings you can achieve.
Prescription drug assistance: Explore programs that offer discounted or free medications for seniors.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
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  |7968 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 20, 2024

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Im 62 year old and retired person. I am looking for health insurance policy for me and my wife who is 52 year old and housewife. I am suffering from high BP, Cervical and Lumber spondylitis, knee osteoarthritis, IBS and taking medicines for last 10-12 years. My wife has hypothyroidism, spondylitis and diabetes Please suggest better health insurance policy. Also suggest whether individual or family policy will be better Regards
Ans: I understand you're looking for a good health insurance plan for you and your wife. That's a smart decision, especially considering your health conditions. Let's break it down to help you choose the best option:

Understanding Pre-existing Conditions:

Your existing health conditions (BP, spondylitis, etc.) are called pre-existing conditions. These might affect your policy options and premiums.
Individual vs. Family Plan:

Family plan: Covers you and your wife together under one plan. It can be cheaper, but coverage limits get shared.
Individual plans: Separate plans for each of you. More flexibility, but might cost slightly more overall.
Considering Your Needs:

Pre-existing condition coverage: Look for plans that cover pre-existing conditions after a waiting period (if any).
Hospitalization coverage: Choose a plan with sufficient coverage for hospitalization expenses.
Medicines: Check if the plan covers medicines you take regularly.
Finding the Right Plan:

Talk to a CFP professional: A Certified Financial Planner can assess your needs and recommend suitable plans from different insurers.
Compare plans online: Many insurance companies offer online plan comparisons. Look for plans that cover pre-existing conditions and have good network hospitals in your area.
Here's a quick tip: Since your wife is younger and has a different health profile, individual plans might be better. This allows you to get customized coverage based on your specific needs.

Remember: Don't hesitate to ask questions! Choosing the right health insurance is important, and a CFP professional can guide you through the process.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |7968 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 01, 2024

Asked by Anonymous - Jun 25, 2024Hindi
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Is there any Health Insurance Policy exclusively for Senior citizens without Copay and Without Deductibles and without any Sub limit
Ans: Health insurance is hence important for senior citizens. Medical costs increase with rising age. Insurance helps in controlling the increasing expenses.

Some Features to Look for in a Policy
While selecting a health insurance policy for seniors, look out for the following features in it:

No Co-Payment: Ensure that the policy does not have any co-payment clauses. This ensures that the insurer will bear the entire amount of the claim.

No Deductibles: A policy with no deductibles is preferable. The insurer will pay right from the first rupee.
No Sub-Limits: Avoid policies having sub-limits for treatments or room rent. This will ensure that the policy provides complete coverage.
Available Options
Many insurers have products designed specifically for seniors. Here are some of the features these products could have:

High Sum Insured: Go for a policy that offers a sufficiently high sum insured. Medical treatments are expensive propositions.
Cashless Hospitalization: Pick policies which provide cashless treatment at a maximum number of hospitals. This relieves the financial strain during emergencies.
Pre-Existing Disease Coverage: Check that the policy covers pre-existing diseases after some waiting period.
Annual Health Check-Ups: Some policies offer annual health check-ups. This helps in early detection of health problems.
Domiciliary Hospitalization: Check whether the policy covers home treatment in case hospitalization is not possible.
Recommended Policies
Though no specific recommendations are given, take policies from reputed insurers. Here are some aspects to check:

Claim Settlement Ratio: High settlement ratios indicate reliable insurers.
Customer Service: It is essential and facilitates the smooth processing of claims.
Renewability Age: Some policies provide for lifetime renewability. This is vital for senior citizens.
No-Claim Bonus: Policies that come with a no-claim bonus increase the sum insured. This proves advantageous to healthy policyholders.
Keeping away from Common Pitfalls
While choosing a policy, watch out for common pitfalls:

Hidden Clauses: Go through the policy document with great care. Check hidden clauses that may severely limit coverage.
Network Hospitals: Ensure that there is a good number of network hospitals for the insurer around you.
Exclusions: Check what is excluded under the policy. Ensure that it does not exclude common treatments needed by seniors.
How to Buy
You can buy these policies online or through an insurance agent. Here are some tips for buying:

Compare Policies: There are comparison websites where you could compare different policies. Check coverage, premium, and features.
Consult a Certified Financial Planner: A Certified Financial Planner can provide advice with expertise. They will help you choose the best policy suiting your needs.
Final Insights
Health insurance for seniors is indispensable. Choose policies with no co-pay, no deductibles, and no sub-limits. Evaluate insurers on the basis of claim settlement ratios, customer service, and network hospitals. Consult a Certified Financial Planner for advice pertaining to the need.
Best Regards,

K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

..Read more

Latest Questions
Radheshyam

Radheshyam Zanwar  |1189 Answers  |Ask -

MHT-CET, IIT-JEE, NEET-UG Expert - Answered on Feb 15, 2025

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My son has got 91 percentile in the recent jee exam , he has next attempt in april, but i feel its difficult for him , can i know about other good colleges in karnataka , as im based their. interested in computer science and aeronautical degree, also advise some recent good courses for his career in india.
Ans: Hello Manoj.
Do not get stressed at this stage. Even though his score is 91 percentile in 1st attempt, he can do well in 2nd attempt. But from the safer side, ask him to appear in the Karnataka State Engineering Entrance Examination also. Even if he scores less in JEE on 2nd attempt, he may good college via the state entrance examination in CSE or aeronautical engineering as per your wish. For your reference, there are 10 colleges in India where you can get admission without a JEE score. To know more details, please copy and paste the following link into your browser- https://timesofindia.indiatimes.com/education/news/10-engineering-colleges-in-india-for-pursuing-btech-without-jee-main-2025-score/articleshow/118162587.cms.
There are no such courses to be called as recent. The choice of courses depends upon the interest of your son. Hence there is no need to hurry and get into panic at this stage. Let him appear for both exams first, Ask about his interests, and then choose the course accordingly. I would be happy to suggest you after knowing his scores in JEE+State entrance + his liking.
Till then, ask him to focus only on two engineering entrance exams. Best of luck to your son for upcoming exams.

If satisfied with the reply, please like and follow me, else ask again.
Thanks
Radheshyam

...Read more

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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