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72-Year-Old Mother's Health Insurance: Should I Switch from Care Supreme to Star Health Assure?

Ramalingam Kalirajan |8104 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jul 26, 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

Question by Krishna on Jul 17, 2024Hindi

Sir, My mother is aged 72 years. I have taken "Care Supreme Health Policy" for her last year. I recently received a call regarding health policy portability from Star Health Insurance about a policy "Star Health Assure Policy." One of my friend informed me to avoid Star Health for the reason that Star Health Insurance has poor claim settlement ratio recently. Can you please advise if I should opt for Star Health Assure Policy or continue with Care Supreme Policy. Best Regards Krishna

Ans: Porting a health policy means transferring your existing health insurance to a new insurer without losing benefits. It can offer advantages if the new policy is superior. However, porting should be carefully evaluated.

Evaluate the Existing Policy
Coverage and Benefits: Review your current Care Supreme Health Policy. Assess the coverage, sum insured, and benefits.

Claim Settlement: Check the claim settlement ratio of your current insurer. A higher ratio suggests better reliability.

Assessing Star Health Assure Policy
Benefits Comparison: Compare the benefits of the Star Health Assure Policy with your current policy. Look for coverage, sum insured, waiting periods, and exclusions.

Claim Settlement Ratio: Investigate recent claim settlement ratios for Star Health. Your friend mentioned a poor ratio. Confirm this with reliable sources.

Additional Features: Check if Star Health offers any additional features or benefits not present in your current policy.

Importance of Claim Settlement Ratio
Reliability: A poor claim settlement ratio can indicate potential issues in claim processing.

Customer Feedback: Look for reviews and feedback from existing customers of Star Health. This can provide insights into their service quality.

Considerations for Porting
Waiting Periods: Porting may involve new waiting periods for pre-existing conditions. Ensure you understand these before making a decision.

Premiums: Compare the premiums of both policies. Ensure that the new policy offers value for money.

Policy Terms: Read the terms and conditions of the new policy thoroughly. Ensure there are no hidden clauses.

Seek Professional Advice
Certified Financial Planner: Consult a Certified Financial Planner. They can provide a 360-degree assessment of your needs.

Healthcare Needs: Ensure the policy meets your mother's healthcare needs adequately.

Final Insights
Health insurance is crucial, especially for senior citizens. Porting should enhance benefits and reliability. Carefully evaluate both policies, considering coverage, claim settlement ratios, and overall value.

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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