7. I am 30-year-old, I have an individual health policy and I want to add my parents who are 60 plus to my health policy.  please advise if it is possible or I need to buy a separate policy for them?

Ans: Yes, they can get insurance at this age. They will need to undergo a pre-policy medical test as these are mandatory for most insurance companies and help the insurance company to make decisions on appropriate cover for the insured or denial of the same. These tests play a pivotal role during the claims process.

A claim can get rejected if the insurance company discovers that the illness was caused due to a pre-existing medical condition that was not disclosed by the policyholder. So, it is advisable to disclose all pre-existing illnesses and to go for such pre-medical test as it makes it easier for both the insurance company and policyholder at the time of the claim.

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