Stuck paying for insufficient health insurance: Should I switch?

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

Ans: You have done a good research job. If the features are same, then I suggest Star health policy of 1 Cr should be good for your family.

Here are few healthcare policies tailor-made for senior citizens:

1.Star senior citizen red carpet
2.Niva Bupa Senior First
3.Manipal Cigna Prime Senior
4.Care Senior Plan

You can select any one among these for your parents. Feel free to consult an insurance advisor if needed.

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.