Home > Money > Question
Need Expert Advice?Our Gurus Can Help

Should I Get Health Insurance as a CGHS Beneficiary in Bangalore?

Milind

Milind Vadjikar  |710 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Nov 06, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
vengadesh Question by vengadesh on Nov 06, 2024Hindi
Listen
Money

Sir. i am working in govt sector, i am eligible for CGHS medical scheme. I want to take health insurance, i am living in bangalore, i am a senior group A officer. is there a need of health insurance if yes which plan i should take, how much amount the policy should cater.. Please give suggestion thinking my CGHS benefits..

Ans: Hello;

What is your current entitlement under CGHS scheme based on your grade/seniority?

Based on your feedback we can provide you optimal suggestions.

Best wishes;
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.
Money

You may like to see similar questions and answers below

Ramalingam

Ramalingam Kalirajan  |7162 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Apr 23, 2024

Listen
Money
I am 32 years old male, working in a government organisation (institute). Where i get free health check-up, medicines and consultation in our institute dispensary. If anything they cannot cure then dispensary will give referral to other hospitals in the city (expenses borne by our organisation) for health related issues and get treatment at CGHS rates for all health issues. After retirement i will get a CGHS card if we go to other hospitals without referral still I will get reimbursement at CGHS rates. Now please suggest me whether I should buy a health insurance apart from this? I already have a HDFC ergo optima restore for 5 lakh sum assured to cover my family (wife, child and myself) which i did not use so far in 4 years and feel it's waste. Yearly I pay 24k for this hdfc health insurance. Please clarify. It's premium is increasing @10% every year.
Ans: Given your existing health benefits from your government organisation and the HDFC Ergo health insurance you already hold, adding another health insurance might seem redundant at this point. The CGHS benefits you'll receive post-retirement also offer substantial coverage. However, consider these factors:

Cost Analysis: Evaluate the total premium paid for the HDFC Ergo policy against the benefits received. If you find it's not cost-effective, reconsider its value.
Future Needs: As you age, healthcare costs tend to rise. With the HDFC Ergo premium increasing at 10% annually, assess if it remains affordable in the long run.
Coverage Gaps: Identify any specific healthcare needs or treatments not covered by your current policies. If there are significant gaps, you might consider supplemental insurance.
Savings Alternative: Instead of buying another policy, you could divert the premium amount to a separate health savings account or invest it for future medical expenses.
In conclusion, while your current coverage seems comprehensive, review its cost-effectiveness and your future healthcare needs. Balancing affordability with adequate coverage is key to making an informed decision.

..Read more

Ramalingam

Ramalingam Kalirajan  |7162 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 08, 2024

Listen
Money
How much is it advisable to have a seperate health insurance apart from CGHS provided for government employee? Is it advisable to take one from outside to secure family members health or not required? I need to know about post retirement also. Will be CGHS card sufficient after post retirement?
Ans: Having a separate health insurance policy in addition to CGHS (Central Government Health Scheme) coverage can provide additional benefits and coverage options, especially for family members. While CGHS offers comprehensive healthcare coverage for government employees and their dependents, there are certain limitations and restrictions, such as restricted network hospitals and specific treatments covered.
Here are some points to consider regarding health insurance for government employees and post-retirement:
1. Coverage for Dependents: CGHS typically covers the employee and dependent family members. However, having a separate health insurance policy can offer additional coverage options for family members, including parents, spouse, and children.
2. Wider Coverage and Flexibility: A standalone health insurance policy from an insurance provider offers a wider range of coverage options, including pre-existing conditions, critical illnesses, and outpatient expenses. It also provides flexibility in choosing hospitals and medical facilities.
3. Post-Retirement Coverage: CGHS coverage continues post-retirement for pensioners who opt for it. However, having a separate health insurance policy can provide additional coverage options and flexibility, especially as healthcare needs may evolve with age.
4. Comprehensive Protection: While CGHS provides comprehensive coverage, having an additional health insurance policy ensures comprehensive protection against medical expenses, ensuring peace of mind for you and your family.
In summary, while CGHS coverage provides significant benefits for government employees and pensioners, having a separate health insurance policy can offer additional coverage options, flexibility, and peace of mind, especially for family members. It's advisable to assess your healthcare needs, family composition, and budget to determine the most suitable health insurance coverage for you and your family.
Best Regards, K. Ramalingam, MBA, CFP, Chief Financial Planner, www.holisticinvestment.in

..Read more

Latest Questions
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x