2. My wife & I have individual health insurance plans. Is there any way of combining the two plans to optimise the benefits which can be helpful in the event of a health emergency in future?

Ans: It is possible to cover parents in the same policy with individual sum insured. There are insurance companies who offers the option of enrolling multiple members in a single policy. However, you should check with your insurance company of availability of this feature and the process of enrolling e.g. clearance of medical check-up etc. However, do note that adding elder parents could increase the premium payable substantially.

You should also consider the other option of buying a separate policy for them after seeking quotes from a few insurance companies for both options.

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Ans: Hi Subhas, instead of buying a new policy for 2 lakh each to increase sum insured you can buy a super top up on your current policy which will cover more sum insured on a lesser premium.

If you purchase a new policy, it will not cover your pre-existing diseases. Moreover, waiting period associated with the new policy will be there because of which you will not be able to claim your sum insured.

Ans: Hello, the medical insurance policy premiums get revised in two cases : One at the time of increase in premiums by the reinsurer and second by the increase in age and they get revised at the interval of 5yrs i.e 30,35,40,45,50,55,60 and so on for the rest of your life ( there is an exception in the industry today for this as well )
If your daughter is seperated from your policy , the premium will go up rather than going down as now you have a family floater and post the seperation you will have individual policies which will be more expensive

PS : Please have adequate medical insurance with the least amount of capping in any case to get the full benefit of claim at the time of hospitalization

Ans: It's great that you've taken a term insurance policy for family protection. As a corporate employee, your company-provided health insurance for you and your spouse is a good benefit. However, relying solely on employer-provided health insurance may not be sufficient for several reasons.

First, employer-provided health insurance is contingent on your employment. If you switch jobs or face job loss, you may lose coverage, which can be risky. It's wise to have a separate health insurance policy for yourself and your spouse to ensure continuous coverage, regardless of employment status.

Second, company health insurance policies often have coverage limits that may not be adequate for severe or prolonged illnesses. A separate health insurance policy can provide higher coverage and more comprehensive benefits, ensuring better financial protection during medical emergencies.

Moreover, it's advantageous to take separate health insurance while you are still healthy. Securing a policy now means you'll likely get better coverage and lower premiums, which will benefit you significantly during retirement when health issues are more common.

Regarding your parents, since they are dependent on you, it's prudent to have a dedicated health insurance policy for them. Employer-provided health insurance might have limitations on the coverage for dependents, especially for senior citizens, and could be insufficient for their healthcare needs.

In summary, having separate health insurance for yourself, your spouse, and your parents ensures continuous, comprehensive coverage and financial protection against medical expenses, both now and in retirement.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in