I have taken parents health insurance in office coverage is 1 lack base and top up is 3lacks and premium is 38.5k. Since im paying more for less coverage planning to take outside.
Taken care supreme with rider for mother which doesn't have waiting period.
Father has gone through heart surgery no insurnace is willing to give the insurnace except care heart with the waiting period 2 years and co pay 20% and consumables will not be covered and heart related will not be covered.
For both mother and father i need to pay 5k per month for care insurnace.
Its like a burden paying office insurnace 38.5k and outside 60k .
What should i do, I'm really confused to take outside health insurance or not. Cannot stop office insurnace since it does take have waiting period for parents.
Please help me
Ans: Hello;
What is the current age of your mother and father?
Based on your reply I may be able to guide you suitably.
Best wishes;
Asked on - Nov 02, 2024 | Answered on Nov 02, 2024
ListenMother is 50 father is 58.
Ans: Okay.
Is it possible for you to enhance parental health insurance offered through office by paying additional 10-12 K?
Do not opt for plan offered by Care.
Instead do two things:
1. Start a monthly sip of 5 K into an equity mutual fund for long term meant to cater to medical emergency of parents. It will grow into 50 L in 20 years assuming modest return of 12%.
2. Keep a corpus of 6-8 L in Arbitrage or liquid fund which together with health insurance provided through office will meet any exigencies for father's ailments.
Best wishes;
Asked on - Nov 03, 2024 | Answered on Nov 03, 2024
ListenShould i keep mother care insurnace which i need to pay 2800/- per month and for father should i increase in office? Im not sure weather i can increase in mid of the year in office need to wait for next year. Paying 5k sip in equity, if there is any emergency after 2-3 years what should i do? I need to make 6-8l corpus again. Really confused
Mother care supreme is 10l cover
Father care heart provides 10l cover
Ans: Based on information provided in your earlier query, I had presumed that Care supreme plan will not cover heart related complications for your father.
If it is covering it, without any caveats, then it makes sense to sign it.
While we have been used to buying private companies health care online, govt owned health care insurance companies like New India Assurance, Oriental Insurance and United India Insurance also have cashless claim plans but we may need to visit their office or approach them through an insurance advisor since they are bit weak in online business.
I am sure their plans will be more cost competitive and once all disclosures/test results are recorded, chances of claim rejection are remote.
And most importantly if the Care healthcare plan is covering for your dad's possible health care complications related to heart,in future , then don't hesitate to sign up for it and don't carry a guilt feeling of spending more.
Ultimately if we spend a few thousands more on well-being of parents, it's a money well spent.
Asked on - Nov 03, 2024 | Answered on Nov 03, 2024
ListenSo instead of taking care health insurnace for mother and father outside you are suggesting to pay extra 1k per month in ofc from next time and do sip 5k equity for parents and keep 6 lacks in debt fund. This would be helpful. Instead of paying office and outside both. Correct me if im wrong.
Ans: Yes, that is what I had proposed to you when you stated that Care healthcare won't cover heart related issues for your father.
Asked on - Nov 03, 2024 | Answered on Nov 03, 2024
ListenThanks for the suggestion. Im planning to take for my self and spouse and kid 3 months old boy. Can I go with 1cr policy with hdfc erg, the premium 42k yearly or 50 lacks coverage is fine? With hdfc ergo 38k. Would you suggest any other best insurnace which i should not face any problems at the time of claim and 100% paid by the insurance.
Ans: Hello;
You may check out Niva Bupa Aspire Titanium and Bajaj Allianz offerings too before signing up.
Best wishes;
Asked on - Nov 03, 2024 | Answered on Nov 04, 2024
ListenMay i know why not hdfc or star or care? Whats the coverage needed for our family I'm 34 my wife is 28 kid is 3 months old.
Ans: Star health insurance reputation has taken a severe beating due to high claim rejection offlate. Similar thing with Care.
I am just asking you to evaluate their (Niva Bupa/Bajaj Allianz) plans before you sign up for HDFC ergo.
Asked on - Nov 04, 2024 | Answered on Nov 04, 2024
ListenOk my office is providing 4 lacks cover for mine and spouse and kid, similarly my wife office has provided another 4 lacks.
Whats the cover amount needed for our family . Ik from Hyderabad city.
Ans: 25 L should be okay.