I am working in private company and have corporate health insurance provided by my company but if I resign from job then is it possible to shift corporate health policy into individual health policy with same benefit?

Insurance company -- The new India Assurance Co. Ltd.

Ans: Yes, you can port your group health insurance to a retail policy without losing continuity benefits like waiting periods. Given your 14-year association with the company, you're eligible for porting benefits. When switching, compare policies to ensure the new plan meets your coverage needs and consider factors like network hospitals and premium costs.

Ans: Yes. Please purchase additional health insurance for yourself now. As we cannot predict the expenses that will be incurred if you get hospitalised

Ans: Hello,
It's understandable that you're concerned about your wife's health insurance coverage during the transition period before you relocate to India permanently. Here are some insights and guidance to help you navigate this situation:
1. Health Insurance for Individuals: Yes, private individuals in India can purchase health insurance policies. Many insurance companies, including Tata AIG, HDFC, and ICICI, offer health insurance plans that cater to individual needs.
2. Coverage: Health insurance policies typically cover hospitalization expenses, including room rent, doctor's fees, medical tests, surgeries, and medication costs. However, coverage for pre-existing conditions such as diabetes, arthritis, and gluten issues may vary depending on the policy terms and conditions.
3. Policy Features: When selecting a health insurance policy, consider factors such as coverage for pre-existing conditions, waiting periods, network hospitals, claim settlement process, and premium costs. Look for policies that offer comprehensive coverage and benefits suited to your wife's specific health requirements.
4. Network Hospitals: Most health insurance providers have tie-ups with a network of hospitals where policyholders can avail of cashless treatment facilities. Before purchasing a policy, ensure that there are network hospitals available in Hyderabad and other cities where you may need medical assistance.
5. Customized Plans: Some insurance companies offer customized health insurance plans for individuals with pre-existing conditions. These plans may provide enhanced coverage for chronic illnesses like diabetes and arthritis. Consider exploring such options to meet your wife's healthcare needs.
6. Consultation with Insurance Advisor: To make an informed decision, consult with an insurance advisor or agent who can guide you through the process of selecting the right health insurance policy based on your wife's health condition, budget, and coverage requirements.
By researching various health insurance options, comparing policy features, and seeking expert advice, you can find a suitable health insurance solution to ensure your wife's medical needs are adequately covered during the transition period.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in

Ans: Understanding Your Health Insurance Options
You have three health insurance coverages: ECHS, corporate insurance from your bank, and MediAssist. Let's explore how you can effectively use these for your treatment.

ECHS Coverage
The Ex-Servicemen Contributory Health Scheme (ECHS) provides comprehensive healthcare to ex-servicemen and their dependents. It covers a wide range of treatments and has a broad network of empanelled hospitals.

Advantages:

Comprehensive coverage for various treatments.
Wide network of empanelled hospitals across India.
No upper limit on coverage, providing financial security for significant medical expenses.
Considerations:

May require referrals for certain treatments.
Limited to empanelled hospitals and clinics.
Corporate Insurance Plan
Your bank's corporate insurance plan provides coverage up to Rs. 3 lakh. It covers employees and their dependents under MediAssist, a third-party administrator (TPA).

Advantages:

Covers immediate family members, offering additional security.
Can be used at network hospitals and clinics under MediAssist.
Quick processing of claims through the TPA.
Considerations:

Coverage limit of Rs. 3 lakh, which may not be sufficient for major treatments.
Possible restrictions on certain treatments or hospitals.
MediAssist Coverage
MediAssist, as a TPA, facilitates smooth processing of insurance claims. It offers a network of hospitals where cashless treatment can be availed.

Advantages:

Facilitates cashless treatment at network hospitals.
Efficient claims processing and support.
Reduces the financial burden at the time of hospitalization.
Considerations:

Limited to the network hospitals under MediAssist.
Requires pre-authorization for cashless treatment.
Using Your Insurance Effectively
To optimize your health coverage, consider the following strategies:

Primary Coverage:

Use your corporate insurance plan as primary coverage for regular treatments.
The Rs. 3 lakh limit can cover most routine medical expenses and minor procedures.
Secondary Coverage:

Use ECHS coverage for more significant medical treatments and hospitalizations.
ECHS can act as secondary coverage if your corporate insurance limit is exhausted.
Cashless Treatment:

Use MediAssist for cashless treatment at network hospitals.
This reduces the need for upfront payments and eases the claims process.
Planning for Major Medical Expenses
For significant medical treatments, you may need to plan strategically. Here's how:

Initial Expenses:

Use your corporate insurance plan to cover initial hospitalization and treatment costs up to Rs. 3 lakh.
Follow-Up Treatment:

Switch to ECHS for follow-up treatments and additional medical needs beyond the Rs. 3 lakh limit.
Documentation:

Ensure all medical documentation is accurate and complete.
Proper documentation helps in smooth claim processing with both ECHS and MediAssist.

Balancing multiple health insurance coverages can be confusing. However, with careful planning, you can ensure comprehensive coverage for yourself and your family.

Your effort to understand and utilize these coverages shows your commitment to securing your family's health.


You are proactive in managing your health insurance. This approach ensures financial security and peace of mind for your family.

Final Insights
To utilize your health insurance effectively:

Use your corporate insurance for routine treatments up to Rs. 3 lakh.
Employ ECHS for major treatments and additional coverage.
Take advantage of MediAssist's cashless treatment facilities.
This strategy ensures comprehensive coverage and reduces financial strain during medical emergencies.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

Ans: While having health insurance coverage from your company is beneficial, it's essential to evaluate its adequacy and portability. Personal health insurance ensures continuity of coverage during job transitions and provides customized benefits tailored to your family's needs.

Additionally, personal health insurance offers flexibility in choosing hospitals and treatments, ensuring comprehensive coverage for unforeseen medical expenses.

Therefore, considering the uncertainties of job security and the importance of comprehensive health coverage, it's advisable to supplement your company-provided health insurance with a personal policy for enhanced financial protection.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in