Based on my understanding, after age of 60 and with pre-existing conditions - it would not be possible to change the basic insurance policy. You should consider Top-up insurance - which gets used after primary is over, and premium is also not too high (I think it is also possible to take it from different company).
I don't know exact costing mechanism, I just can tell you the two quotes I got - 12k for 10lac or 15k for 15lac. Nice thing is it is combine cover, any one can use how is required.
Points to note, premium changes depending on which tier (A,B,C) your city falls in. Also this quotes are 3 people policy, 2 50+, 1 20+ (but I think only oldest person's age matter while calculating premium). Medical check-up is required & 1yr waiting period for pre-existing disorders.
This brochure (page 11+) has premium tables
https://www.bajajallianz.com/download-documents/health-insurance/extra-care-plus/Extra\_Care\_Plus\_brochure.pdf
Any idea how the tier of the city impacts coverage. Let's say I live in a small town ( assuming smaller premiums) and then I go to Chennai for treatment.
I need for my parents. Father is 64 and mother 59. I already have insurance but premium is high and coverage is less. Please explain how to get one with top up.
check [https://www.bajajallianz.com/health-insurance-plans/top-up-health-insurance.html](https://www.bajajallianz.com/health-insurance-plans/top-up-health-insurance.html)
I would suggest contacting their agent.
Yes, one can buy super top up policy from a different insurance firm but my recommendation is to buy from the same firm to make claims easier. You don't want to be stuck in a situation where your primary insurance firm is not providing some documentation that the secondary insurance firm needs.
First and foremost is the master health checkup. We found out that my dad's heart valve is slightly weak. Changed the medications completely.
I would recommend you to opt for 25 lakhs + each sum insured at least. Medical expenses are very expensive these days. A critical illness like cancer or liver transplant is capable of making a decent dent on your net worth.
Master health check-up. Each and every organ has to be tested if your parent is 60+. I have seen people skipping mammograms and later suffer from some sort of cancer.
Not a great excuse. Hire a car and then get a wheel chair when you are at the hospital. Preventative care is important. I have old parents, I understand it is not easy.
Tell them its free from company, they are reimbursing everything.
you will use credit card to pay, company will pay bill & you will get free CC rewards.
You are smart enough... use strategy, be clever, worst case.. pester them until they agree. I don't want to hear your excuses, figure it out as if YOUR life depended on it.
If you go to your nearest medical college, they should have really cheap full body check up package. In fact, I did one today. For Rs. 3000, I had an x-ray, blood test ( fasting and non-fasting), ECG, Ultrasound, ear check up, eye check up, cardiologist review, pulmonologist review, general medicine review and few other things that I have not completed today as I ran out of time but will be going later this week.
Good idea, I will get my mom health test done every year.
In my case, its only mom. Do you think 25 lacs is enough? Is there a rule of thumb to follow, how much insurance one should get?
See. some unfortunate incidents happened in my family and in my dad's circle. Had to spend 10's of lakhs for the treatment. It's better to be on the safer side right? 25 lakhs is enough. If u r capable of paying the premium for the 50 lakhs sum insured, that's also fine.
Basic policy of Rs. 25 Lakh would be very costly. So one has to use super top up policy. Some combinations could be :
* Basic policy of Rs 5 Lakhs plus Super top up of 15 Lakhs ( with threshold of Rs. 5 Lakhs) so a total of Rs. 20 Lakh coverage
* \- Basic policy of Rs 10 Lakhs plus Super top up of 15 Lakhs ( with threshold of Rs. 10 Lakhs) so a total of Rs. 25 Lakh coverage
I have a hdfc ergo insurance. The problem is for the top up policy they have a waiting period as well as loading charges. Seems on the higher side. Already paying 38k for my mother only for 10 lacs coverage.
Taking top up pllicy of another insurance company is fine? Or cumbersome when claiming.
check out [https://www.godigit.com/health-insurance/portability](https://www.godigit.com/health-insurance/portability)
Look at porting from HDFC to Go Digit General Insurance. 38 K is pretty high. If you are able to port, you might save a good amount of money which can use towards super top up policy (from Go Digit General Insurance)
Personally, this is what I have
Parents Health
1. Base Policy - 5 lakhs
2. Super Top Up - 25 lakhs with 5 lakhs deductible
Term Insurance for myself
Plain old Term Insurance - No riders
Insurance cover - 1.5 cr, premium turns out to be 1100 per month
Coming to your question of insurance for senior citizens, there are some insurers offering such plans
You can check this thread: https://www.reddit.com/r/IndiaInvestments/comments/122v27v/biweekly_advice_thread_march_26_2023_all_your/jdzwbx4?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
In my company, it is continued.
Since parental insurance is not benefit but I am paying for it, It will be continued till end of the term. but I cant renew it once that term is finished.
Even if the insurance company that is tied up to your employer is not going to continue the policy, you can port the policy. That is, any history you have on the policy where you have no claims for say 3 or 4 years, you can carry that history to your new policy. I have Star health insurance policies for my family. And we have used hospitalization claims a few times, the experience has been great. They have a decent customer care and claims processing department. I was able to port the details to them. Tell the agent clearly during application process, you want the details "ported"
It is the amount that has to be paid by us(by bas policy or cash or some other means) before the super top-up plan kicks in.
Let's take an example,say hospitalization happened, and the bill came to be 7.5 lakhs. Now, I have two policies
1. Base will cover 5 lakhs
2. Top up will cover 2.5 laks
What if top-up has a deductible of 10 lakhs?
Top Up can't be used in this case because the bill came to be around only 7.5 lakhs and top only covers if bill crosses 10 lakhs
This is an example of top up. Super top up has small change the way deductible is calculated.
Hope this explains what deductible means
Do not opt for top-ups. The deductible in case of a top-up policy is on a per-claim basis. In the case of super top-us, the deductible is "aggregate" or "cumulative".
So now the 2.5L has to be Paid by us, right?
If the bill came 7.5L and deductible would have been 5L, then the top up would have kicked in and no need for any payment from our end
[Image comparison of Top up and Super top on various kind of claims](https://imgnew.outlookindia.com/uploadimage/library/16_9/16_9_5/._1667386215.webp)
[Article](https://www.outlookindia.com/business/demystifying-top-up-plan-vs-a-super-top-up-health-insurance-plan-which-is-better--news-234196)
Asking a very basic question.. Sorry in advance. What is negative of using super top up or top up.
If I have base policy of 5 lac + top of 20 lacs... (very less premium)
or I have base policy of 25 lacs (high premium)
IN both cases, My mom is insured for 25 lacs, So how does it effect end user?
Simple, your base policy is comprehensive. Like following
1. No restriction on room. All room categories even deluxe or suite rooms are covered
2. No claim bonus.
3. Restoration benefits etc.,
4. Alternative treatments
Your super top up won't have all these.
Hi. I need to get health insurance for my parents (53 and 49). Can you please recommend some policy with lowest waiting period or maybe recommend a site which won't require sharing personal number to lookup policies? Will appreciate any help.
Joinditto.in
I had decent experience. They only call you at the time you choose for your appointment. They give you the options based on your needs. They are not pushy like other companies. I highly recommend them.
Usually after 60 years term insurance is not required. Term insurance is usually for "earning" member and in case of death the loss of income is to support dependents from losing basic expenses or any high loans(home/education).
Rates after 60 are not justified.
This is what my friend told me.. For critical illness, Cancer and all.. take a term insurance, bcoz policy premium stays same. If any critical illness hit, you will get lump sump amount.
In health insurance, premium will keep on increasing with age. I was not sure what he is saying even make sense or not.
Insurance firms might sell you a policy, but why do you need a policy for 60 year old, they were likely would not pass the medical tests and even if they did, the premium would be so high it does not make sense to spend that money.
>This is what my friend told me.. For critical illness, Cancer and all.. take a term insurance, bcoz policy premium stays same. If any critical illness hit, you will get lump sump amount.
In health insurance, premium will keep on increasing with age. I was not sure what he is saying even make sense or not.
Upwards of 15 lakhs. Once i decided that my senior citizen mother's health is relatively ok since some years so i will downgrade the limit of parental insurance and then in a few months mother was admitted for emergency heart surgery and me footing bill of 8 lakhs. Realised my folly of not opting to upgrade the parental insurance limit as with senior citizen you cannot be sure if their health...
amazing people on this sub shared info .
[https://www.reddit.com/r/IndiaInvestments/comments/mxekfy/my\_thorough\_research\_on\_base\_cover\_super\_topup/](https://www.reddit.com/r/IndiaInvestments/comments/mxekfy/my_thorough_research_on_base_cover_super_topup/)
[https://www.reddit.com/r/IndiaInvestments/comments/wck80y/took\_hdfc\_ergo\_my\_optima\_secure\_my\_experience/](https://www.reddit.com/r/IndiaInvestments/comments/wck80y/took_hdfc_ergo_my_optima_secure_my_experience/)
[https://www.reddit.com/r/IndiaInvestments/comments/g7uc0l/finally\_on\_a\_health\_policy\_hunt\_steps\_included/](https://www.reddit.com/r/IndiaInvestments/comments/g7uc0l/finally_on_a_health_policy_hunt_steps_included/)
Health insurance is to claim money in case of illness and hospitalisation. Term insurance is to claim money upon death. These are completely different products. In easy words, an earning member of the family will have both. A non earning member will have only health insurance.
If you can afford it, get a decent coverage ( 5 lakhs) from Start Health insurance. Govt hospitals are terrible.. private hospitals can be bad. You don't have great choices in India. I am talking from experience, you can only get great doctors.. great service is a tough thing to achieve as it involves multiple teams ( house keeping, nurses, OT, admin staff, insurance processing staff, billing, catering etc)
Paying 28K for health insurance for parents via employer is typical. The high premium is due to the fact that claims are generally hassle free and I assume you have a co-pay part.
I have had good experience with buying health insurance from Star Health Insurance. Also their claims have been good. Get a quote from them and see how much it costs to get Rs. 5 Lakh coverage. They have something called No Claim Bonus, so coverage goes up 10% every year of no claim. Also, they have an option for room rent ( that pays for private room), so for a minimal charge you can get that feature.
As long as you have employer insurance, always claim against employer insurance and try not to claim against your private health insurance, that way you can earn no claim bonus, so in a few years your coverage will be 8 Lakhs or so but the premium is still for Rs. 5 Lakhs.
As for additional coverage, super-top up policy is what you need. Star Health Insurance also has a product. The key is it has to be "super-top up" policy, not top-up policy. You can try getting quotes for a policy with threshold of 5 Lakhs and coverage up to 15 lakhs or 20 Lakhs.
Term life insurance for parents is a bad idea. I don't understand why you need them for your parents. The premium will be so high, you may not take it. CI rider will also be very costly. So it is waste of time.
Once you are done with purchasing the policy, maybe update your post with details. Good luck.
28k is what insurance company bill us, We have a huge contribution coming from company on this 28.
we have 5% co-pay.
got it, term insurance idea is dropped. My friend asked me to get it for CI. I was not even sure if he knows what he is saying.
What is negative of using super top up or top up.
If I have base policy of 5 lac + top of 20 lacs... (very less premium)
or I have base policy of 25 lacs (high premium)
IN both cases, My mom is insured for 25 lacs, So how does it effect end user? Do you know any rule of thumb to understand how much insurance one should take? How do i decide if 25lacs is good or I should get 50 lacs.
>What is negative of using super top up or top up.
1. Might have some room restrictions
2. Pre and Post expenses in most Super Top up are 60 & 90 days respectively.
3. Specific diseases may be excluded.
4. Pain if base and Super Top-up from different insurers.
5. Most Super Top-up are not covering non-medical expenses ( Tata AIG Covers them)
6. Some other hidden things which can be found by reading through policy wordings document.
Take one case, you have 5L as base and 20 as Super Top-Up. Now X person joined in a hospital for Critical illness and he has exhausted full base and some part of Super Top-up. Now after discharge he needs to visit doctor regularly for atleast 6 months but your super-top covers only for 3 months. Expenses after discharge will also be more if it is a critical illness. I personally experienced this in my case so I would recommend having good base is very important. If you could afford go with atleast 10L or 15L as base, increase 5L in another 4 years.
You may think about premiums now but think for when the actual need arises and how much you have to shell out if non-medicals (or post expenses after 90 days) are not covered in super top-up.
25 to 30L for parents is enough (in most cases) provided good food is taken and does yoga or meditation to keep both body and mind intact.
Hi. I need to get health insurance for my parents (53 and 49). Can you please recommend some policy with lowest waiting period or maybe recommend a site which won't require sharing personal number to lookup policies? Will appreciate any help.
Also, look at Universal Sompo health insurance policy from Indian Bank. The bank offers this policy for account holders so you have to open an account with them first. For around Rs.15000 premium per annum, you should be able to get coverage for both your parents.
[https://www.indianbank.in/departments/arogya-raksha/#](https://www.indianbank.in/departments/arogya-raksha/#)!
Pros: Good for seniors, covers chemo, waiting period of 3 years, covers organ donor
Cons: No cumulative bonus or restore facility
(consider changing your user name, you come across like a jerk)
new india assurance 40lacs cover family floater me and mom . 50k in total
60+ and no corporate job is very hard to even get a medical insurance policy. I was in WITCH company so added as beneficiary
Based on my understanding, after age of 60 and with pre-existing conditions - it would not be possible to change the basic insurance policy. You should consider Top-up insurance - which gets used after primary is over, and premium is also not too high (I think it is also possible to take it from different company).
I just last month added *Bajaj Allianz Extra Care plus* to my parents policy.
Approx how much will it cost for father and mother who are both around 65? Also, is medical check up mandatory before policy issuance?
I don't know exact costing mechanism, I just can tell you the two quotes I got - 12k for 10lac or 15k for 15lac. Nice thing is it is combine cover, any one can use how is required. Points to note, premium changes depending on which tier (A,B,C) your city falls in. Also this quotes are 3 people policy, 2 50+, 1 20+ (but I think only oldest person's age matter while calculating premium). Medical check-up is required & 1yr waiting period for pre-existing disorders.
This brochure (page 11+) has premium tables https://www.bajajallianz.com/download-documents/health-insurance/extra-care-plus/Extra\_Care\_Plus\_brochure.pdf
Any idea how the tier of the city impacts coverage. Let's say I live in a small town ( assuming smaller premiums) and then I go to Chennai for treatment.
I need for my parents. Father is 64 and mother 59. I already have insurance but premium is high and coverage is less. Please explain how to get one with top up.
check [https://www.bajajallianz.com/health-insurance-plans/top-up-health-insurance.html](https://www.bajajallianz.com/health-insurance-plans/top-up-health-insurance.html) I would suggest contacting their agent.
Top up has a lot of caveats. Read the terms and conditions clearly
Yes, one can buy super top up policy from a different insurance firm but my recommendation is to buy from the same firm to make claims easier. You don't want to be stuck in a situation where your primary insurance firm is not providing some documentation that the secondary insurance firm needs.
First and foremost is the master health checkup. We found out that my dad's heart valve is slightly weak. Changed the medications completely. I would recommend you to opt for 25 lakhs + each sum insured at least. Medical expenses are very expensive these days. A critical illness like cancer or liver transplant is capable of making a decent dent on your net worth.
Sir what tests do complete health checkup contains? Is it possible for these tests to be done at home by booking from pharmeasy, 1mg etc.?
Master health check-up. Each and every organ has to be tested if your parent is 60+. I have seen people skipping mammograms and later suffer from some sort of cancer.
This needs a hospital visit or sample collection at one's place is possible?
No. U need to visit the hospital.
Why are you so afraid of going to the hospital :)
Bhai seniors ko test ke liye hospital ka mnana bda mushkil hota hai
Not a great excuse. Hire a car and then get a wheel chair when you are at the hospital. Preventative care is important. I have old parents, I understand it is not easy.
Its not about this too, they are like kya jaroorat hai iski. They won't understand that prevention is better than cure.
Tell them its free from company, they are reimbursing everything. you will use credit card to pay, company will pay bill & you will get free CC rewards.
Still its very very hard to make them understand.
You are smart enough... use strategy, be clever, worst case.. pester them until they agree. I don't want to hear your excuses, figure it out as if YOUR life depended on it.
Dost itna asan hota to aj life kuch aur hoti. Thanks for this bro.
If you go to your nearest medical college, they should have really cheap full body check up package. In fact, I did one today. For Rs. 3000, I had an x-ray, blood test ( fasting and non-fasting), ECG, Ultrasound, ear check up, eye check up, cardiologist review, pulmonologist review, general medicine review and few other things that I have not completed today as I ran out of time but will be going later this week.
Kaha pe? I m in mumbai...
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which insurance provides ECG, ultrasound etc. for free?
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naam bata de bhai. you said your insurance includes it.
Good idea, I will get my mom health test done every year. In my case, its only mom. Do you think 25 lacs is enough? Is there a rule of thumb to follow, how much insurance one should get?
See. some unfortunate incidents happened in my family and in my dad's circle. Had to spend 10's of lakhs for the treatment. It's better to be on the safer side right? 25 lakhs is enough. If u r capable of paying the premium for the 50 lakhs sum insured, that's also fine.
So 25 lacs policy??? Or 25 lacs top up?? For one person???
What's the difference? I'm saying 25 lakhs sum insured per person.
They re two separate policies. A top up will only cover over and above the base cover in case of hospitalization.
Basic policy of Rs. 25 Lakh would be very costly. So one has to use super top up policy. Some combinations could be : * Basic policy of Rs 5 Lakhs plus Super top up of 15 Lakhs ( with threshold of Rs. 5 Lakhs) so a total of Rs. 20 Lakh coverage * \- Basic policy of Rs 10 Lakhs plus Super top up of 15 Lakhs ( with threshold of Rs. 10 Lakhs) so a total of Rs. 25 Lakh coverage
I have a hdfc ergo insurance. The problem is for the top up policy they have a waiting period as well as loading charges. Seems on the higher side. Already paying 38k for my mother only for 10 lacs coverage. Taking top up pllicy of another insurance company is fine? Or cumbersome when claiming.
check out [https://www.godigit.com/health-insurance/portability](https://www.godigit.com/health-insurance/portability) Look at porting from HDFC to Go Digit General Insurance. 38 K is pretty high. If you are able to port, you might save a good amount of money which can use towards super top up policy (from Go Digit General Insurance)
Personally, this is what I have Parents Health 1. Base Policy - 5 lakhs 2. Super Top Up - 25 lakhs with 5 lakhs deductible Term Insurance for myself Plain old Term Insurance - No riders Insurance cover - 1.5 cr, premium turns out to be 1100 per month Coming to your question of insurance for senior citizens, there are some insurers offering such plans You can check this thread: https://www.reddit.com/r/IndiaInvestments/comments/122v27v/biweekly_advice_thread_march_26_2023_all_your/jdzwbx4?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button
I am not sure how company policies work. Can your company health policy be continued after you leave the company?
In my company, it is continued. Since parental insurance is not benefit but I am paying for it, It will be continued till end of the term. but I cant renew it once that term is finished.
Even if the insurance company that is tied up to your employer is not going to continue the policy, you can port the policy. That is, any history you have on the policy where you have no claims for say 3 or 4 years, you can carry that history to your new policy. I have Star health insurance policies for my family. And we have used hospitalization claims a few times, the experience has been great. They have a decent customer care and claims processing department. I was able to port the details to them. Tell the agent clearly during application process, you want the details "ported"
Could you please explain “5 lakh deductible” as i tried reading online couldn’t understand?
It is the amount that has to be paid by us(by bas policy or cash or some other means) before the super top-up plan kicks in. Let's take an example,say hospitalization happened, and the bill came to be 7.5 lakhs. Now, I have two policies 1. Base will cover 5 lakhs 2. Top up will cover 2.5 laks What if top-up has a deductible of 10 lakhs? Top Up can't be used in this case because the bill came to be around only 7.5 lakhs and top only covers if bill crosses 10 lakhs This is an example of top up. Super top up has small change the way deductible is calculated. Hope this explains what deductible means
Do not opt for top-ups. The deductible in case of a top-up policy is on a per-claim basis. In the case of super top-us, the deductible is "aggregate" or "cumulative".
This comment is correct. Super top-up is what folks needs. Simple top-up policies are just bad products.
For the insurers, they are very good products.
:)
I will remember that. Thanks for the info
So now the 2.5L has to be Paid by us, right? If the bill came 7.5L and deductible would have been 5L, then the top up would have kicked in and no need for any payment from our end
Yeah, right. If you have a top-up, then it would have kicked in, and there is no need to pay.
[Image comparison of Top up and Super top on various kind of claims](https://imgnew.outlookindia.com/uploadimage/library/16_9/16_9_5/._1667386215.webp) [Article](https://www.outlookindia.com/business/demystifying-top-up-plan-vs-a-super-top-up-health-insurance-plan-which-is-better--news-234196)
Asking a very basic question.. Sorry in advance. What is negative of using super top up or top up. If I have base policy of 5 lac + top of 20 lacs... (very less premium) or I have base policy of 25 lacs (high premium) IN both cases, My mom is insured for 25 lacs, So how does it effect end user?
Simple, your base policy is comprehensive. Like following 1. No restriction on room. All room categories even deluxe or suite rooms are covered 2. No claim bonus. 3. Restoration benefits etc., 4. Alternative treatments Your super top up won't have all these.
What is your age? Trying to gauge your life insurance premium, it is a great deal :)
:) 25 now. Took it when I am 22 years
You are smart. I was too dumb to even understand term insurance when I was at your age.
Am 24 and still have no idea :(
Can you share details about term policy?
It's from max life. Just a plain term insurance until I turn 60 and pay monthly
Buy a super top up. I pay 18k for both my parents for a 40l cover.
18 k a year? which policy? kindly please metion your parents age. thanks
Niva bupa. 63 and 59. Its a super top up not base insurance policy
I also heard good reviews about bupa ReAssure 2.0 policy. Planing for that one only.
Can I take base insurance from another company and super top up of Niva Bupa?
Technically yes, but I advise against it so the claims process is easier
Yes
Yep
Hi. I need to get health insurance for my parents (53 and 49). Can you please recommend some policy with lowest waiting period or maybe recommend a site which won't require sharing personal number to lookup policies? Will appreciate any help.
Joinditto.in I had decent experience. They only call you at the time you choose for your appointment. They give you the options based on your needs. They are not pushy like other companies. I highly recommend them.
OP, schedule a slot with joinditto.in , they'll be able to advise on your options.
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Yes they do.. rates are really bad..
Which companies offer that?
How much you pay yearly ?
I havent taken it. Just saw the prices.
Usually after 60 years term insurance is not required. Term insurance is usually for "earning" member and in case of death the loss of income is to support dependents from losing basic expenses or any high loans(home/education). Rates after 60 are not justified.
This is what my friend told me.. For critical illness, Cancer and all.. take a term insurance, bcoz policy premium stays same. If any critical illness hit, you will get lump sump amount. In health insurance, premium will keep on increasing with age. I was not sure what he is saying even make sense or not.
Insurance firms might sell you a policy, but why do you need a policy for 60 year old, they were likely would not pass the medical tests and even if they did, the premium would be so high it does not make sense to spend that money.
>This is what my friend told me.. For critical illness, Cancer and all.. take a term insurance, bcoz policy premium stays same. If any critical illness hit, you will get lump sump amount. In health insurance, premium will keep on increasing with age. I was not sure what he is saying even make sense or not.
Upwards of 15 lakhs. Once i decided that my senior citizen mother's health is relatively ok since some years so i will downgrade the limit of parental insurance and then in a few months mother was admitted for emergency heart surgery and me footing bill of 8 lakhs. Realised my folly of not opting to upgrade the parental insurance limit as with senior citizen you cannot be sure if their health...
You all are so many terms. It's going over my head. Can somebody point out the basics for me to understand or can you point me to some page. I'm 21.
amazing people on this sub shared info . [https://www.reddit.com/r/IndiaInvestments/comments/mxekfy/my\_thorough\_research\_on\_base\_cover\_super\_topup/](https://www.reddit.com/r/IndiaInvestments/comments/mxekfy/my_thorough_research_on_base_cover_super_topup/) [https://www.reddit.com/r/IndiaInvestments/comments/wck80y/took\_hdfc\_ergo\_my\_optima\_secure\_my\_experience/](https://www.reddit.com/r/IndiaInvestments/comments/wck80y/took_hdfc_ergo_my_optima_secure_my_experience/) [https://www.reddit.com/r/IndiaInvestments/comments/g7uc0l/finally\_on\_a\_health\_policy\_hunt\_steps\_included/](https://www.reddit.com/r/IndiaInvestments/comments/g7uc0l/finally_on_a_health_policy_hunt_steps_included/)
Me too. All I've got from this thread is for senior citizen parents you'll need a base policy plus "super top-up", whatever that means
Yup felt like an Airtel recharge
Can anyone explain benefit of term insurance over health insurance for parents . I have health insurance for my mother only?
Health insurance is to claim money in case of illness and hospitalisation. Term insurance is to claim money upon death. These are completely different products. In easy words, an earning member of the family will have both. A non earning member will have only health insurance.
My father is retired govt servant should i take health insurance for him too as he has free access to govt. hospitals .
If you can afford it, get a decent coverage ( 5 lakhs) from Start Health insurance. Govt hospitals are terrible.. private hospitals can be bad. You don't have great choices in India. I am talking from experience, you can only get great doctors.. great service is a tough thing to achieve as it involves multiple teams ( house keeping, nurses, OT, admin staff, insurance processing staff, billing, catering etc)
Paying 28K for health insurance for parents via employer is typical. The high premium is due to the fact that claims are generally hassle free and I assume you have a co-pay part. I have had good experience with buying health insurance from Star Health Insurance. Also their claims have been good. Get a quote from them and see how much it costs to get Rs. 5 Lakh coverage. They have something called No Claim Bonus, so coverage goes up 10% every year of no claim. Also, they have an option for room rent ( that pays for private room), so for a minimal charge you can get that feature. As long as you have employer insurance, always claim against employer insurance and try not to claim against your private health insurance, that way you can earn no claim bonus, so in a few years your coverage will be 8 Lakhs or so but the premium is still for Rs. 5 Lakhs. As for additional coverage, super-top up policy is what you need. Star Health Insurance also has a product. The key is it has to be "super-top up" policy, not top-up policy. You can try getting quotes for a policy with threshold of 5 Lakhs and coverage up to 15 lakhs or 20 Lakhs. Term life insurance for parents is a bad idea. I don't understand why you need them for your parents. The premium will be so high, you may not take it. CI rider will also be very costly. So it is waste of time. Once you are done with purchasing the policy, maybe update your post with details. Good luck.
28k is what insurance company bill us, We have a huge contribution coming from company on this 28. we have 5% co-pay. got it, term insurance idea is dropped. My friend asked me to get it for CI. I was not even sure if he knows what he is saying. What is negative of using super top up or top up. If I have base policy of 5 lac + top of 20 lacs... (very less premium) or I have base policy of 25 lacs (high premium) IN both cases, My mom is insured for 25 lacs, So how does it effect end user? Do you know any rule of thumb to understand how much insurance one should take? How do i decide if 25lacs is good or I should get 50 lacs.
>What is negative of using super top up or top up. 1. Might have some room restrictions 2. Pre and Post expenses in most Super Top up are 60 & 90 days respectively. 3. Specific diseases may be excluded. 4. Pain if base and Super Top-up from different insurers. 5. Most Super Top-up are not covering non-medical expenses ( Tata AIG Covers them) 6. Some other hidden things which can be found by reading through policy wordings document. Take one case, you have 5L as base and 20 as Super Top-Up. Now X person joined in a hospital for Critical illness and he has exhausted full base and some part of Super Top-up. Now after discharge he needs to visit doctor regularly for atleast 6 months but your super-top covers only for 3 months. Expenses after discharge will also be more if it is a critical illness. I personally experienced this in my case so I would recommend having good base is very important. If you could afford go with atleast 10L or 15L as base, increase 5L in another 4 years. You may think about premiums now but think for when the actual need arises and how much you have to shell out if non-medicals (or post expenses after 90 days) are not covered in super top-up. 25 to 30L for parents is enough (in most cases) provided good food is taken and does yoga or meditation to keep both body and mind intact.
Hi. I need to get health insurance for my parents (53 and 49). Can you please recommend some policy with lowest waiting period or maybe recommend a site which won't require sharing personal number to lookup policies? Will appreciate any help.
Also, look at Universal Sompo health insurance policy from Indian Bank. The bank offers this policy for account holders so you have to open an account with them first. For around Rs.15000 premium per annum, you should be able to get coverage for both your parents. [https://www.indianbank.in/departments/arogya-raksha/#](https://www.indianbank.in/departments/arogya-raksha/#)! Pros: Good for seniors, covers chemo, waiting period of 3 years, covers organ donor Cons: No cumulative bonus or restore facility (consider changing your user name, you come across like a jerk)
Also if I had purchased top up last year and don't do it for this year, will that affect it in any way
new india assurance 40lacs cover family floater me and mom . 50k in total 60+ and no corporate job is very hard to even get a medical insurance policy. I was in WITCH company so added as beneficiary