How can I find affordable health insurance for my family?

Ans: Hi Sunil, there are policies in the market who will provide you with the said coverage within the said premium grid. You can contact us at 02248971018 to explore the plan details or connect directly with an insurer of your choice to know of the various policies and plan as per your requirement.

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

Ans: I can guide you towards finding the best plan for your family based on your needs and medical history (thyroid). Here are some key factors to consider:

Family Needs:

Age: Consider your family's age and potential health risks associated with each age group.
Medical History: Disclose your thyroid condition to ensure the plan covers pre-existing conditions or offers add-on riders for specific illnesses.
Coverage Requirements: Think about the type of hospital you prefer (network vs. non-network), room type (single, double), and preferred treatments (Ayurvedic, homeopathy).
Policy Features:

Sum Insured: Choose a sufficient sum insured to cover hospitalization costs for everyone in your family. Consider factors like city tier (medical costs are higher in metros) and inflation.
Coverage Type: Consider a comprehensive plan that covers hospitalization expenses, pre and post-hospitalization costs, ambulance charges, and day care procedures.
Network Hospitals: Opt for a plan with a wide network of hospitals in your city to ensure easy access to quality healthcare.
Co-pay/Deductible: A co-pay or deductible involves sharing a portion of the hospitalization cost. This lowers premiums but increases your out-of-pocket expense.
Exclusions: Carefully review policy exclusions to understand what treatments or conditions are not covered.
Here's a roadmap to finding the best policy:

Compare Online: Use online insurance comparison platforms to get quotes from different insurers.
Shortlist Based on Needs: Shortlist plans that meet your family's coverage requirements and budget.
Read Policy Wording: Carefully read the policy wording (wording can differ between insurers) to understand inclusions, exclusions, claim settlement process, and renewal terms.
Customer Service Reviews: Research customer reviews to get an idea about claim settlement experiences with different insurers.
Agent vs. Direct Purchase: You can buy directly from the insurer's website or consult an insurance agent who can guide you through the process and recommend plans based on your needs.
Here are some additional tips:

Pre-existing Conditions: Disclose your thyroid condition clearly during the application process.
Some plans might have a waiting period for pre-existing conditions before coverage applies.
Some might offer coverage with exclusions or higher premiums.
Renewability: Choose a plan with guaranteed lifetime renewability to ensure coverage throughout your life.
Claim Settlement Ratio: Consider the insurer's claim settlement ratio to understand their record of settling claims efficiently.
Remember: The best health insurance policy is the one that caters to your specific needs and offers comprehensive coverage at an affordable premium.

Ans: Hello;

Before signing up for a healthcare insurance cover you need to understand the permanent and time bound exclusions mentioned in the policy

Also check the black listed hospitals on insurers website and avoid them as far as possible.

Better is to select network hospital and go for cashless facility.

Also before signing up, you need to honestly disclose pre-existing diseases, hereditary history of you near blood relatives in good faith.

This will reduce chances of claim rejection.

For your reference I am sharing names of some health insurers whose incurred claims ratio(ICR) was above 80% in FY-24:

HDFC Ergo
ICICI Lombard
SBI General
Bajaj Allianz
National Insurance

Request you to do your due diligence and seek help from an investment advisor or insurance advisor for further help.

Best wishes;