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Ramalingam Kalirajan |7201 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 28, 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 Ajay on May 27, 2024Hindi

I have a question could you please help me with this? As im 33 years old, recently took a 2cr term insurance for family protection. As im a corporate employee current company provides a health insurance for me and spouse. Im paying extra amount for parents health insurance in the same company beacuse it will be applicable from day 1. Should i take separate health insurance for me and spouse and parents as well. Note: parents are dependent on me Thanks

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

Asked on - May 28, 2024 | Answered on May 28, 2024

Thank you so much.. Sure i will take separate health insurance's.. Could you please suggest any best health insurance in the market for me and spouse with 25 lacks coverage and for my parents with 25 lacks coverage..

Ans: You're welcome!

I appreciate your commitment to securing comprehensive health coverage for your family. Choosing the right health insurance plan is crucial for financial stability and peace of mind. Let's explore key considerations for selecting the best health insurance.

Health Insurance for You and Your Spouse
When selecting a health insurance plan for you and your spouse with Rs 25 lakhs coverage, consider the following factors:

Coverage: Ensure the policy covers a wide range of medical expenses, including hospitalization, pre and post-hospitalization, and day-care procedures.

Network Hospitals: Choose a plan with a large network of hospitals offering cashless treatment facilities.

Waiting Period: Check the waiting periods for pre-existing diseases and specific treatments.

No-Claim Bonus: Opt for policies that offer a no-claim bonus, which increases your sum insured for every claim-free year.

Health Insurance for Your Parents
For your parents, selecting a health insurance plan with Rs 25 lakhs coverage involves additional considerations:

Age Limit: Ensure the plan covers senior citizens and offers lifelong renewability.

Coverage for Pre-Existing Conditions: Look for plans with shorter waiting periods for pre-existing conditions, as older individuals may have existing health issues.

Comprehensive Coverage: Opt for plans that include coverage for critical illnesses, hospitalization, and home care if required.

Carefully evaluate the options available and consult a Certified Financial Planner to make an informed decision.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

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