Team-BHP - Health insurance queries? Ask me!

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Originally Posted by libranof1987 (Post 5683560)

Seems very high. At your age and similar cover (20 lakhs, including self + wife + kid), I had a policy from ICICI Lombard for ~21.5k. Premiums have increased earlier this year but even then, the difference is quite high. Check the ICICI Lombard website for their quote.

PS: this is for their top tier policy, so increased NCB, unlimited reset, pre/post-hospitalization cover and so on.

I checked with my agent for ICICI Elite Health Plus Plan Family Floater for 50 lacs SI. His premium quote is 71.5K which is considerably higher than Star Health (37K) for the same SI.

I am planning to go with Star Health Family Floater with 50 lacs SI and premium is 37K.

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Originally Posted by ashwinsid (Post 5661539)

Hi.

I have HDFC Ergo health insurance (no claims since a decade). Now when I try to renew,it says cost is Rs.19,000 for one year policy (coverage is Rs.3 lakh + 1.5 Lakh cumulative bonus coverage amount) I have health insurance coverage from my wife's office insurance too and this HSBC Ergo was what I started before marriage and was continuing it

Why incur a guaranteed loss of 20k per year (and rising each year) for a risk coverage of just 3 lakhs? Since you already have insurance coverage via spouse, what is the need of keeping this second coverage? Put away those 20k in a savings fund and in a few years, you would have enough to pay directly in addition to the coverage you already have via spouse. You would already have had a sum equivalent to the coverage if you had saved your premiums these past 10 years. Paying for insurance only makes sense if the coverage is high unless the person has very limited income and resources.

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Originally Posted by gopi_rm (Post 5683545)

Guys, I am getting the following quotes for a new Star Health Family Floater policy (I am 34 with wife and a 3 years old kid and no pre-existing illness):

Rs. 28.5K for 20 lacs SI
Rs. 31.5K for 25 lacs SI
Rs. 37K for 50 lacs SI

At such young age, it is unlikely any of you would need this insurance. You are better off saving a few lakhs and using them as needed as long as you have decent income and savings. These floater policies have high deductibles in any case.

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Originally Posted by Lobogris (Post 5685559)

I am in kind of same boat. Paying 24k (last year it was almost half, don't know why it jumped so much) for 5 lakhs coverage while having a separate HI cover from my office.

I would be tempted to follow your advice and not renew personal HI. But would it be difficult to get personal HI again in future if there is a gap?

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Originally Posted by Lobogris (Post 5685559)

You would already have had a sum equivalent to the coverage if you had saved your premiums these past 10 years.

Hindsight is 20-20. What would have happen if there was indeed a need for this amount during initial years.

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At such young age, it is unlikely any of you would need this insurance.

The whole point of insurance is to cover that unlikely.

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Originally Posted by Lobogris (Post 5685559)

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Originally Posted by Bhokal (Post 5685642)

Corporate/Office insurance will only last till you or your spouse are in employment. If you leave or retire you may need coverage again and entering at that age will be difficult and costly too. Waiting periods also will apply again. Corporate insurances have low SI and may not have all the covers of a personal insurance.

A separate floater policy would be best for long term. The SI also can be increased if required by buying a super top up later. You can get the quotes from other companies and if you find a better deal then port.

Corporate insurance is best for small claims as they have higher chance of being approved.

Quote:

Originally Posted by Bhokal (Post 5685642)

I would be tempted to follow your advice and not renew personal HI. But would it be difficult to get personal HI again in future if there is a gap?

You would just have another waiting period of 2 to 3 year for coverage of pre existing conditions. Instead of worrying about this, it might be better to build your own medical care corpus of 5 to 10 lakhs and let it grow until it is needed.

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Originally Posted by rx100 (Post 5685755)

Hindsight is 20-20. What would have happen if there was indeed a need for this amount during initial years. The whole point of insurance is to cover that unlikely.

The maximum amount paid by that insurance would have been 3 lakhs. So as long as the person has decent income and resources, taking a risk of paying 1 or 2 lakhs is better than a certain loss of 20k each year. This is even more valid when the person already has corporate insurance.

I have Family Health Optima Insurance Plan (Star health) from past many years. This year the premium has taken a jump of 30% even without any claims. I am told that the premium is 30k for renewal. The sum assured is 3 lakh and 2.5 lakh is the bonus. Is it worth going for renewal?

Policy bazaar was suggesting Care Health Insurance or Niva Bupa Health Insurance etc. for portability. HDFC Ergo and Acko have no portability it seems.
Any advice on which company to port to?

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Originally Posted by AltoLXI (Post 5701246)

Did you receive a significantly lower quote from any competitor for the same coverage?

Note that the NCB of your existing policy is lost in porting. Compare the options appropriately.

I renewed my health insurance policy today and the document includes a Good Health Declaration that reads,

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Your Policy has been renewed basis the below mentioned declaration provided during the renewal process.

I/We hereby state and confirm that I/We continue to enjoy good health since the expiry of our policy till today. I/We further state and confirm that neither has any member covered under the policy undergone any consultation, investigation and treatment for any illness or injury nor any claims has been logged during this period. I / We also understand that the policy coverage would not be extended over the break-in period. I/We understand that no claim will be reported/is payable for break in period till the new policy gets issued.

Further to this, there has been no other change to the information previously provided in the proposal form submitted during initial purchase of this policy. Any other changes will be provided by me through the Change Request Form duly signed by me.

I'm confused because I renewed the policy before the expiry date, and that is also clearly stated in the policy document. Am I supposed to inform the insurance provider about every consultation and investigation?

Folks, need some suggestions here.. Am looking for a health cover for my family of 3 (me, wifey (both touching 40) and son (10).

Looked at Policy-Bazaar and kinda zeroed-in on 2 providers

1. Niva Bupa
2. Star Health

I don't see ICICI insurance in the list at all - not sure why.

Can you suggest me a good insurer based on your experience. Do let me know if I'm missing any other insurer as well.

Thanks!

Hi

A query here.

Can a health insurance premium on a single policy be shared by two salaried individuals for their senior citizen parents. The premium is high at 71 k. As the I.T. limit for deduction is only 50 k if it is shared one can get the full deduction of 50 K and the other can claim the balance 21 K.

Is this possible ?

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Originally Posted by Bhokal (Post 5721669)

Is policybazaar a reliable tool for policy renewals? My policy is due for renewal at 22 Feb, do they allow porting this late?

Porting needs more than a month's lead time (30-45day don't recollect the exact number).
Why would you want to use policy bazaar for renewal are there any benefit over using the insurance company's portals??