#healthInsurance
The last 3 weeks have been nothing short of unexpected bouncers that I have been facing. From procuring Tibetan Cancer Medicine from Dharamshala for my paternal aunt's lung cancer, to strategizing and raising funds for my maternal aunt's breast cancer, to facing a personal medical contingency where my mom had to undergo an emergency brain surgery.
All 3 of the above events were unplanned, and occurred simultaneously in a short period of time. The Uncertainty of Life.
Main highlight from above incident - It's crucial to have Personal Medical Insurance apart from the one provided by your employer. Buy it while you're HEALTHY, and DO NOT NEED IT.
🤔Few Reasons:
1. You job is not permanent you'll move around/retire
2. The employer provided insurance coverage is not sufficient with sub limits
3. Complete 4/5 years of waiting period in personal health policies
💰What kind of coverage?
Base Policy of ₹10 Lacs + ₹90L Super Top Up for yourself and your family members (spouse, parents, etc)
🚑Why Super Top Up?
- Top Up Policies are pretty bad and unworthy. (As they only pay a single claim of the year)
- Keep Base Policy & Super Top Up from the same company to avail cashless facility.
Ex. If they are from different companies and you have a claim of ₹35L, you may need to pay ₹25L first, with the base policy providing ₹10L as cashless, and then wait for reimbursement, negating the purpose of the ₹90L STU.
- ₹90L super top up is very cheap. Coz its based on Actuarial science of how the insurance industry works i.e. chances of a company giving a claim upto the amount upto ₹10L is very high and likely; than above ₹10L.
( I pay <₹900 per year for ₹90L STU)
🧑💼Where to buy?
Prefer to buy Health Insurance via AN AGENT
Reason -> Health Insurance unlike Life Insurance requires constant servicing when you're hospitalized & require a succesful claim. You're paying 5% extra for mental peace.
⁉️Additional Points?
a. Make sure there are no room rent sublimits & no/minimal co-pay
b. Declare all Pre-Existing Disease (PEDs) truthfully as aim is to get a successful claim and not just purchasing the policy.
(The anesthesiologist will ask for your medications to give the correct dosage, noted in your file -> leading to rejection)
c. Recommended to have these two riders (i.e. additional pain benefits)
- Waiting Period Removal Rider for parents with BP/Sugar etc
- Rider which covers Non Medical Expenses (like gloves, masks, filing charges, patient diet, etc)
d. Never purchase insurance from banks coz when tie up ends(very likely) then you need to start the process of waiting period/PED again.
e. Always take claims for employer policy first, and if it runs out of Sum Insured then use the settlement letter from them and give it to your personal health insurance company for the remaining amount.
Bottom Line - Aim of health insurance is to pay for BIG AMOUNTS and not regular OPDs visit.
#insurance #health #grouphealthinsurance #supertopup