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Is it possible to get health insurance for my 82-year-old brother with medical history?

Ramalingam

Ramalingam Kalirajan  |7872 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 24, 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
LAKSHMINARAYANAN Question by LAKSHMINARAYANAN on Jul 15, 2024Hindi
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SIR/MADAM, I AM INTERESTED IN TAKING A HEALTH INSURANCE POLICY FOR MY ELDER BROTHER WHO IS 82 YEAR OLD INDIAN SENIOR CITIZEN. HE HAD CAD IN 2016 AND ANGIO PLASTY DONE. HE HAS ELEVATED CREATINE AND UREA LEVEL . HE TAKES REGULAR MDICINES. CAN I TAKE A HEALTH INSURANCE POLICY IF SO WHICH INSURER ? PLEASE HELP

Ans: Health Insurance for Senior Citizens with Pre-existing Conditions

1. Availability of Health Insurance for Senior Citizens:

Coverage Challenges:

Health insurance for senior citizens, especially those with pre-existing conditions, can be challenging. Most insurers have strict underwriting guidelines for elderly applicants.
Pre-existing Conditions:

Existing conditions like CAD, elevated creatinine, and urea levels often lead to higher premiums or exclusions.
Policy Options:

Some insurers offer policies for senior citizens but with specific terms related to pre-existing conditions.
2. Insurer Considerations:

Age Limits:

Choose insurers that cater to elderly individuals. Many insurers have age limits that might exclude those above 70-75 years.
Pre-existing Conditions Coverage:

Look for insurers who provide coverage for pre-existing conditions after a certain waiting period.
Hospital Network:

Ensure the insurer has a broad network of hospitals, especially those known for treating cardiac conditions and renal issues.
Cashless Facility:

Verify if the insurer offers cashless treatment in a wide range of hospitals.
Premiums and Terms:

Compare premiums, policy terms, and sub-limits. Policies with higher premiums often offer better coverage for pre-existing conditions.
3. Recommended Insurers:

Leading Insurers:

Reputable insurance companies in India like Star Health, Max Bupa, and HDFC ERGO often provide policies for senior citizens.
Specialised Plans:

Some insurers offer specific plans designed for senior citizens, covering various medical conditions with benefits like no claim bonus and coverage for pre-existing conditions.
4. Steps to Take:

Consult Insurers:

Contact multiple insurers to discuss policy options based on your brother's health conditions.
Medical Examination:

Some insurers may require a medical examination. Ensure all relevant health information is disclosed.
Professional Help:

Consult a Certified Financial Planner or insurance consultant to get the best policy recommendation and to navigate the options available.
Policy Review:

Carefully review policy documents and terms before purchasing. Ensure that all pre-existing conditions and future medical needs are covered.
Final Insights

Securing health insurance for an 82-year-old with pre-existing conditions requires careful consideration. Look for insurers with policies catering to senior citizens and those that cover pre-existing conditions after a waiting period. Leading insurers like Star Health, Max Bupa, and HDFC ERGO might offer suitable options. Consulting a Certified Financial Planner can provide personalized assistance and ensure that you choose the best policy for your brother's needs.

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  |7872 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 12, 2024

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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: At the age of 73, it's still possible to obtain medical health insurance coverage, although it may come with certain limitations and higher premiums due to your age. Here are some options you can explore:

Senior Citizen Health Insurance Policies: Many insurance companies offer specialized health insurance plans specifically designed for senior citizens. These policies typically provide coverage for hospitalization expenses, pre-existing diseases, and other medical expenses incurred due to illnesses or accidents. While premiums may be higher compared to regular health insurance plans, senior citizen policies offer comprehensive coverage tailored to the healthcare needs of older individuals.

Government Health Insurance Schemes: Some government-sponsored health insurance schemes cater to senior citizens and provide affordable healthcare coverage. For example, in India, schemes like the Pradhan Mantri Jan Arogya Yojana (PMJAY) or state-specific health insurance schemes may offer coverage for hospitalization expenses and treatment for certain illnesses.

Group Health Insurance: If you have any affiliation with professional or social organizations, you may be eligible to join group health insurance schemes offered by these organizations. Group insurance plans often provide coverage at a lower cost compared to individual policies and may have less stringent eligibility criteria.

Family Floater Plans: If you have family members who are younger and in good health, consider opting for a family floater health insurance plan that covers you along with your family members. Family floater plans offer shared coverage for the entire family at a relatively lower premium compared to individual policies.

Pre-existing Disease Coverage: Since you may have pre-existing medical conditions at the age of 73, it's essential to choose a health insurance policy that offers coverage for pre-existing diseases. Look for policies that provide coverage for pre-existing conditions after a waiting period, as this can help manage your healthcare expenses effectively.

Before purchasing a health insurance policy, carefully review the coverage features, exclusions, waiting periods, premium costs, and claim settlement process. Consider consulting with an insurance advisor or agent who can help you compare different policies and choose the one that best suits your healthcare needs and budget.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Ramalingam

Ramalingam Kalirajan  |7872 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 11, 2024

Asked by Anonymous - Jun 24, 2024Hindi
Money
Hello sir, my age is 40 yrs currently unmarried. Recently, I had to undergo a renal transplant surgery since I was suffering from AKD (Acute Kidney Disorder) in Bangalore. I was on dialysis for last one and half yrs and moved to bangalore just for the surgery. It went well and now I am on the road to recovery.We had a health insurance policy by manipal cigna company (medi-assist) which ensured that every expenses was met through reimbursement like dialysis expenses, OPD chgs, pharmacy bills etc. We were satisfied with the services of the health insurance provider. My question here is that can I take any more health insurance policy now (may be from a different company) for my future medical expenses which might occur in future (considering I am pretty young right now and single too). What premium do I need to pay for that? Will it be increased premium or the same normal premium. I might not use the health cover for my renal disease now but as a safeguard for the future diseases which may come up.(considering I will get married and have a family too in future). Will my kidney surgery have any impact on the future health cover or not? Kindly advise.
Ans: I'm glad to hear your surgery went well, and you're on the road to recovery. Considering your situation, it’s important to secure your health insurance needs for the future. Let’s break down your questions and concerns regarding taking an additional health insurance policy.

Can You Take Another Health Insurance Policy?
Yes, you can take another health insurance policy from a different company. However, your recent medical history, including the renal transplant surgery, will impact your new policy's terms and premiums.

Impact of Renal Transplant on New Policy
Pre-Existing Conditions: Your kidney surgery will be considered a pre-existing condition. Most insurers have a waiting period for covering pre-existing conditions, ranging from two to four years. It’s crucial to check the specifics with any new insurer.

Medical Underwriting: Given your recent medical history, the insurer may require detailed medical underwriting. They may request your medical records and possibly a medical examination to assess your current health status.

Premium Considerations
Increased Premiums: Due to your pre-existing condition, new health insurance policies are likely to come with increased premiums. The exact amount will depend on the insurer's assessment of your health risk.

Loading Charges: Some insurers might add a loading charge to your premium, which is an additional cost to cover the higher risk associated with your medical history.

Types of Policies to Consider
Individual Health Plans: These provide coverage for a single person. Given your situation, ensure the plan offers extensive coverage, including post-operative care and critical illness coverage.

Family Floater Plans: These plans cover multiple family members under a single sum insured. They might be a good option if you plan to get married and start a family in the near future.

Critical Illness Plans: These plans provide a lump sum amount upon diagnosis of specified critical illnesses, including kidney-related issues. It can be a supplementary policy to your primary health insurance.

Steps to Take
Research and Compare: Compare policies from different insurers. Look for policies with comprehensive coverage and a reasonable waiting period for pre-existing conditions.

Consult Insurers: Speak directly with insurance representatives. Explain your medical history and get clear information on how it will affect your premiums and coverage.

Read Policy Documents: Carefully read the policy documents, especially the sections on pre-existing conditions, waiting periods, exclusions, and premium loading.

Consider Riders: Look for riders or add-ons that can enhance your coverage, such as critical illness riders, hospital cash, and personal accident covers.

Consulting a Certified Financial Planner
Given the complexities of your medical history and future health needs, consulting with a Certified Financial Planner (CFP) can be very beneficial. A CFP can help you understand the nuances of different policies, assess your long-term financial needs, and recommend the best health insurance options tailored to your situation.


You’ve shown great foresight in considering additional health insurance despite your recent surgery. Ensuring your future medical needs are covered demonstrates a strong commitment to your long-term well-being. Your proactive approach to securing your health is commendable and shows a responsible attitude towards managing potential future risks.

Final Insights
Securing an additional health insurance policy is a wise move, especially considering your recent medical history and future plans. While premiums might be higher due to your pre-existing condition, thorough research and consulting with professionals can help you find the best policy for your needs. Remember to compare different plans, understand the terms, and choose a policy that offers comprehensive coverage and aligns with your financial goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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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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