[Johnnny]

I am looking to buy a health insurance policy for my mother who is 61 years old for a coverage of about 5-10L. I am skeptical to go for Star health insurance. Any advice would be of great help!

[hothatchaway]

Originally Posted by Johnnny

I am looking to buy a health insurance policy for my mother who is 61 years old for a coverage of about 5-10L. I am skeptical to go for Star health insurance. Any advice would be of great help!

Any specific issues with Star?

[mukeshgoel]

Hi guys, I have ICICI Lombard health insurance since 2005 or so.

My current policy is for 6L (3L for me and 3L for my wife and kid). I paid approx 25k for 2 years in Dec'17. At the time of renewal, ICICI Lombard used to increase 1k-2k which is fine.

This time, they are asking Rs.40600 for 2 years. Has anything changed in last couple of years?

Last time additional coverage was Rs.2.70L and this time it is showing as Rs.3.00L.

What are my options now?

[Kris_risk]

May I please ask if anyone has experience utilizing "Top-up" or "Super Top-up" medical insurance? By experience, I mean actually having a claim reimbursed via Top-up or Super Top-up.

The reason I ask is that the whole process seemed murky to me. For example, Super Top-up can be availed when the threshold amount is crossed. How do we prove that the threshold amount is crossed when the bills for those will be paid by the primary insurer and with cash-less claims, the patient/ party is never provided any bills directly (as it is between the hospital, TPA and the insurer).

Assuming that Super Top-up is cashless, still the onus is on the insured to prove to the insurance company that the threshold amount is utilized. Looks like for which we will have to run from pillar to post to get duplicate bills from the hospital (tedious process especially when in a cashless arrangement).

Lets assume for a moment that we could prove that the threshold amount is used up and now it is the turn for the super top-up to be utilized, would it then mean that the insurer has the right to reject the medial procedure (based on their guidelines) even though the primary insurer had no problems with it?

Any thoughts appreciated because I am not getting a transparent answer from the insurance companies to whom I have inquired about the Top-up or Super Top-up plans. All they say is that your claim will be processed without an issue, which isnt assuring.

Thanks!

[carboy]

Originally Posted by mukeshgoel

Has anything changed in last couple of years?

Has anyone in your family crossed 45 years of age in the last couple of years? 45 is a big line in health insurance. Statistically, you are more likely to cost the insurance companies more after 45 - hence premiums are higher.


Check Star Health, from what I remember, their premiums are lower even for 45+ as compared to yours. That said, you will not find really cheap premiums after age 45.

[mukeshgoel]

Originally Posted by carboy

Has anyone in your family crossed 45 years of age in the last couple of years? 45 is a big line in health insurance. Statistically, you are more likely to cost the insurance companies more after 45 - hence premiums are higher.

Check Star Health, from what I remember, their premiums are lower even for 45+ as compared to yours. That said, you will not find really cheap premiums after age 45.

Thanks.

At the time of last renewal, when I paid 25k for 2 years, I was 45y6m and my wife was 45y1m (mentioned in the policy also). I think they have 46+ slab for higher premium.

Is it easy to port to other insurance companies like Star Health? How are the reviews of Star Health?

Any other insurance company would you like to suggest?

Edit: Even Star Health premium comes to Rs.53701 for 2 years.

[jpm]

Have a few queries regarding star health senior citizen red carpet and co payment:
Planning to take star health policy for my dad (68) for 15L SI.

As someone said earlier, many companies dont want to touch those above 60.

Are there companies with better policies in general?

As per Star health, There is a mandatory co-pay of 30% per claim.

1) If i avail a super top-up policy (say for 5L, and a deductible of 3L) on top of this Star health policy, how does the deductible work? Can the 30% mandatory co pay claimed through super top up? Or will it get triggered only when I exhaust the 15L SI from Starhealth?

2) Star health also has ceilings on certain diseases per claim. Say for a stroke, their maximum payout (regardless of 15L SI) per hospitalization is only 4L. As per illustration from company website, if the claim is for 10L, their maximum pay out is 4L after deductible plus copay. Will the super top up cover over and above 4L (as my deductible for super topup is 3L) that difference?

Thanks for your help

[Vikalp]

Hello, please tell me how is this: Edelweiss Tokio Income Builder Plan?

What I am told to do is, pay Rs.40,000 per year for 12 years, and I get a critical illness claim of Rs.5 Lakhs and Rs. 10 Lakhs in case of Death, in this period of 12 years.
After 12 years, I receive Rs. 54,000 per year for the next 12 years and Rs. 3,40,000 lumpsum after the end of 12th year.

Basically, pay Rs. 40,000 per year for 12 years and receive Rs. 54,000 per year for next 12 years + Rs. 3,40,000 at the end of 12th year.

Should I get it? Total time horizon is 24 years, that is what somewhat bothering me.
Anyone having experience in this regard, please suggest because I have already signed the auto debit mandate.

Thanks.

[murillo]

Hi,

I have a query.

If I am young (30 years old, married) and working in the corporate and my office provides me with a comprehensive health insurance policy, does it make sense to privately get another health insurance with life long renewal? As it is, my corporate health insurance is valid only as long as I am an employee of the organization. The moment I leave the organization, the health policy ceases. Please note the corporate health insurance is large, adequate, and top class, and covers dental, ophthalmic, master health check-ups, hospitalization, cashless settlement, etc.

Recently, I was recommending to my colleague to go for separate, private insurance, but he told me that it is a waste of money and that I can get insurance later by paying higher premiums. I was of the opinion that preexisting diseases may not be covered, but he said they will be covered with a little higher premium.

So my query is should one go for a private health insurance policy even though one may have a company-provided health insurance policy?

Googling didn't provide satisfying answers.

Thanks for your suggestions.

[skchettry]

Originally Posted by murillo

Hi,

I have a query.

Recently, I was recommending to my colleague to go for separate, private insurance, but he told me that it is a waste of money and that I can get insurance later by paying higher premiums. I was of the opinion that preexisting diseases may not be covered, but he said they will be covered with a little higher premium.

So my query is should one go for a private health insurance policy even though one may have a company-provided health insurance policy?

Googling didn't provide satisfying answers.

Thanks for your suggestions.

I was in a similar dilemma 4 years back. Unlike you, I started thinking about it once I got closer to 50 years of age.
Not sure whether I would retire at the age of 55 or the job market would allow me to continue till 60, I bought a floater health insurance policy just to have continuity of coverage after I retire. The period till retirement is pretty well covered by my employer, but the thought of higher premiums or denial of coverage due to minor pre existing disease, prompted me to go for it.
Experts may comment please.
Regards
Sravan

[abhijitvp]

Originally Posted by Vikalp

Hello, please tell me how is this: Edelweiss Tokio Income Builder Plan?

What I am told to do is, pay Rs.40,000 per year for 12 years, and I get a critical illness claim of Rs.5 Lakhs and Rs. 10 Lakhs in case of Death, in this period of 12 years.
After 12 years, I receive Rs. 54,000 per year for the next 12 years and Rs. 3,40,000 lumpsum after the end of 12th year.

Basically, pay Rs. 40,000 per year for 12 years and receive Rs. 54,000 per year for next 12 years + Rs. 3,40,000 at the end of 12th year.

Should I get it? Total time horizon is 24 years, that is what somewhat bothering me.
Anyone having experience in this regard, please suggest because I have already signed the auto debit mandate.

Thanks.

Thumb rule is you should not mix insurance with investment.

So for calculation just make them separate. Assuming your age between 30-35, 50 lakh cover for 12 years with critical illness cover would cost you around 40-45k one time premium. Since you are getting just 10 lakh, effective cost to company would be 10-12k max. Do you need this additional coverage at first place?

Lets say you pay this premium in the first year, so its 30k+10k and then each year 40k for next 11 years. From 13th year, you start getting 54k for 12 years and last year 340k. If you put these figures in compounding sheet, ROI comes around 5.2-5.40% per year.

Are you ok with these kind of returns when inflation is much higher? There are many other instruments to get better ROI I believe.

Whoever bring such schemes to you don't just look at the big numbers they throw at you. Just ask one question what is effective ROI.

[Sahil]

Anyone taken any international health insurance cover? Have come across just one option called Best Doctors.

Any other good options?

[meerkat]

Originally Posted by murillo

Hi,

... As it is, my corporate health insurance is valid only as long as I am an employee of the organization. The moment I leave the organization, the health policy ceases.

No it doesn't -- unless your employer decides to cancel the policy and asks for a prorata refund of the premium already paid for the current year from the insurer! I doubt employers usually are that cheap! In the usual case the insurance cover will continue till the end of the term already paid for. You'd then have the option of continuing with the same insurer with a similar policy (or a different one, at your option) as an individual by paying the new applicable premium. Your NCB and other benefits of continuation would still apply.
.

[lohithrao]

Hello All


Presently have Oriental Medical insurance (Individual 7+5+3) cover for my family, however considering the cover is just about 15lakhs and premium is quiet, have high decided to explore ICICI Lombard which is offering a floater policy for 50L/26k.

Does it makes sense to make the shift?

[whitesquall]

Hi,

I have been holding a family floater insurance from MaxBupa since 7 years. The raise in premium used to be around 10-12% year-on-year. This year, the premium suddenly has been raised by about 50%!! Upon inquiry, I was told that the IRDA has enforced new features to be included (AIDS/Mental health coverage) and for that reason the premium has been increased dramatically.

I tried to reason with them why the cost of the additional features should be paid by the customer when it was the company's requirement to meet the requirements set by the IRDA. They then suggested me to down grade the insurance to reduce the premium and I am not convinced. I even checked if those new features can be dropped so that the premium remains same and they said the plan has been upgraded and the old plan does not exist and I will have to pay a higher premium.

I am hesitant to move from existing insurer to a new insurer as the waiting period clause will come into play afresh. Please suggest if it is better to stick with the current insurer and pay that hefty premium or change to a new insurer and start afresh. Which are the best insurers that I can consider?

I have noticed that the coverage that I will be getting if I buy a new insurance from a different company (with the same premium that I am paying at present) is much higher than the one which I am holding with MaxBupa at present. So much confusion! Please help.

Note: I turned 48 and am absolutely healthy by the grace of god.