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Ramalingam

Ramalingam Kalirajan  |3818 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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I am 70-year-old. Which insurance company can issue a mediclaim policy to senior citizens like me?
Ans: Several insurance companies offer health insurance policies specifically designed for senior citizens. Some of these companies include:

1. Star Health and Allied Insurance: They offer various health insurance plans specifically for senior citizens with comprehensive coverage and benefits tailored to their needs.

2. New India Assurance: They have health insurance policies catering to senior citizens, providing coverage for medical expenses, hospitalisation, and more.

3. National Insurance Company: They offer health insurance plans with coverage options suitable for senior citizens, including pre-existing disease coverage and other benefits.

4. United India Insurance: They provide health insurance policies for senior citizens with features like cashless hospitalisation, pre-existing disease coverage, and more.

5. Religare Health Insurance: They offer health insurance plans specially designed for senior citizens, providing coverage for hospitalisation expenses, pre-existing diseases, and other medical needs.

6. Bajaj Allianz: They have health insurance policies tailored for senior citizens, offering coverage for hospitalisation, medical expenses, and other related costs.

7. Max Bupa Health Insurance: They offer health insurance plans with specific coverage options for senior citizens, including comprehensive coverage for various medical expenses.

Before choosing a policy, it's essential to compare the features, coverage, premiums, and exclusions of different plans to find the one that best suits your needs and budget. Additionally, consider factors such as network hospitals, claim settlement ratio, and customer service quality when selecting an insurance company.

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Ramalingam

Ramalingam Kalirajan  |3818 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

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Asked by Anonymous - Jun 18, 2024Hindi
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Sir, is it good to get into IIT Tirupathi for CSE or BITS Goa ECE ?
Ans: Some factors to consider before you decide out of these 2 Institutes (1) ECE is slightly tougher than CSE (2) Number of Recruiters / Companies visiting for Campus Recruitment will be lesser compared to CSE (3) Some IT Companies prefer even ECE Students during Campus Recruitment (3) Fees is much on higher side in BITS. Around 35.00 Lacs you will have to spend, whereas IIT-T is much affordable. (4) Your Interest: CSE or ECE?. Think for 5-minutes over these factors. You will be able to decide the better and more suitable one for you. All The BEST for your Bright Future. To know more on ‘ Careers | Education | Jobs, | Resume Writing | Profile Building | Salary Negotiation Skills | Building Professional LinkedIn Profile | Choosing Right School Board (State | Matriculation | CBSE | ICSE |International Board) | Student Psychological Counselling | Exam Preparation Techniques (Board | Entrance & Competitive)| Management Quota Admission Ideal or Not? | Job Interview Skills | Skill Upgrading | Parenting & Child Upbringing Skills | Career Transition | Labour Laws | Abroad Education | Education Loan (India | Abroad) | Scholarship (India | Abroad) | SOP Writing Tips’, please FOLLOW me in RediffGURU here

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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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