Health Insurance for the family - Need pointers/suggestions/advice.

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logistopath

logistopath

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Am looking to take a health insurance policy for my family which includes only 2 members (as of now ;)), me and my lady. Would prefer it to be a family insurance rather than 2 separate policies for us. I am looking to pay a premium in the range of Rs.5K to 6K per annum for a coverage of at least 3 lacs. So that rules out policies that cover OPD expenses/dental expenses.

I would like to know more about these policies, and would be glad to have a couple of recommendations. I've already checked out ICICI Lombard. Should I check any other companies? Also, what are the minor details that I need to get clarified before taking an insurance? IS there any other alternative option available? I already have a Life Insurance policy. My other half doesn't have any insurance policies in her name as of now. So please suggest accordingly.

TIA.
 
check out National Insurance Company Limited. their rates are lower than icici lombards.

edit: 3lacs is nothing in this age dude. normal 1 month of hospital fees come to around 1-2 lacs. and it will only increase in coming years. better take for around 5 lac.
 
Go for New India Assurance Mediclaim policy. U can for a family floater or individual policy. As somebody as pointed out 3 lacs will be a little less.
Also one important point people often overlook is the TPA you are selecting. TPA like mediassist, TTK etc. Go to a few nearest hospitals and find out about the TPA's.

All the mediclaim providers have different TPA.
Go to a few nearest hospitals and get feedback about the TPA's.

For health related planning you need :
1. Mediclaim
2. Critical Illness Policy

The earlier you take this policies the Lower the premiums.
If you are taking a family floater it is always to Take a separate policy for Parents. Because the premium is calculated based on the age of the oldest member of the family.
 
noob questions...

1. What is TPA?

2. I didn't understand the last thing about taking a seperate policy for parents.How does that policy work based on the senior most member of the family.
 
about TPA, see this link: https://www.ttkhealthcareservices.com/Pages/TPAConcept.htm

The concept of TPA or the THIRD PARTY ADMINISTRATOR has been introduced by IRDA (Insurance Regulatory and Development Authority) for the benefit of both the insured and the insurer. While the insured is benefited by quicker & better service, insurers are benefited by reduction in their administrative costs, fraudulent claims and ultimately bringing down the claim ratios.

In brief, the job of the TPA is to maintain databases of policyholders and issue them identity cards with unique identification numbers and handle all the post policy issues including claim settlements. In terms of infrastructure, the TPA will need to run a 24-hour toll-free number, which can be accessed from anywhere in the country. And they will have full-time medical practitioners under their employment who will immediately take a decision on whether the ailment is covered under the policy
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policy premiums depend on age. lower your age lesser is the chance of you falling ill (according to the insurers). so you pay lesser premium compared to a person of middle age or old age who has more chances of getting hospitalised.
 
well here we have a class on personal financing and we have a teach who had worked as an investment adviser...just 2 days ago he advised us to go for 2 health policies one basic one i.e. till 10 lakhs take a normal insurance plan and after that take another one from star of 10 lanks that way you would be fully covered (since star insurances starts from 10 lakhs)...the premiums would work out to be near 10k annually
 
^ I suggest u look at joint options. For example I have a policy which acts as a retirement + insurance + medical policy :O p.s from icici lombard itself, if u need more info please pm me.
 
rishabh.asthana said:
well here we have a class on personal financing and we have a teach who had worked as an investment adviser...just 2 days ago he advised us to go for 2 health policies one basic one i.e. till 10 lakhs take a normal insurance plan and after that take another one from star of 10 lanks that way you would be fully covered (since star insurances starts from 10 lakhs)...the premiums would work out to be near 10k annually
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Can you elaborate ?
 
Mediclaim is tricky topic.

Dont go for Family Floater Policy. (reasons : sometimes if you have to claim more than 1 claim you may have to pay something on your own part).

Take a family policy with separate amount marked as individual insurance.

Ie : i have policy of 4 lac for me and my wife plus accumulated No Claim Bonuses and 3 lacs for my daughter with accumulated bonuses.

So in short total 11 lacs of coverage plus accumulated bonuses.

Till this year I was with New India Assurance, no complaints but their TPAs keep changing and It creates a lot of problem for us. If you go for New India dont select DHS as your TPA (yes you can select the TPA).

This year onwards i switched to Bajaj Allianz General Insurance which also allowed me to carry forward all the accumulated NCBs.

Bajaj Allianz and Royal Sundaram are the fastest claim settling insurance companies right now, they dont depend upon TPA and they have their own settlement agencies.

Dont go for
Iffco- Tokyo
Reliance

If need further information then do buzz :D.

BTW now a days majority of surgeries are not covered in first year of your insurance policy so grab it as early as possible. Some surgeries are covered only after 24 / 48 months of continuous coverage.

Allmost all the insurance companies policy conditions are available online you can review them.
 
THanks for all the info guys.. The only constraint right now is that I won't be able to spare more than 6K for premium payment for the next couple of years..

@medpal: I will call you soon... (I know I said it a couple of months ago.. ;) )
 
raptor3624 said:
noob questions...

1. What is TPA?
2. I didn't understand the last thing about taking a seperate policy for parents.How does that policy work based on the senior most member of the family.
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Premium is calculated based on the age. Premium for a 30 year old is say 4000 rs for 3 lacs. Premium for somebody older than 30 will be more than Rs 4000 depending on the Age and health condition. this is in case of a individual policy. If u take a family floater for a family of 4 Say

X - 30 years
X's wife - 28 years
X's mother - 55 years
X's Father - 60 years.

In this case the premium will be calculated based on the age of the oldest member of the family. So taking individual policy is cheaper.
Also In case of a floater policy ,if the insured amount is used up by a member, other members will be left un insured for the rest of the year.
So preferably take a Individual policy.

Also almost all health Insurance providers do not cover existing diseases for a period of 3-5 years. So take health insurance as early as possible.

Also take a Critical Illness policy as a supplement to the Health insurance
 
I have a few questions...

1. i have an existing policy with National Insurance Company. I haven't claimed anything from them, so i have bonuses too. Based on this, which company is better than them?

Can i get the accumulated bonuses transferred too? asking since i have insurance from around 6 yrs and bonuses accumulated is a good amount.

2. which insurance company allows online payment of premiums? besides icici lombard...

second is linked to the first cause - my agent is quite old now and is unable to go to the company ho to pay the premiums. so thinking of directly paying premiums online.
 
6pack said:
I have a few questions...

1. i have an existing policy with National Insurance Company. I haven't claimed anything from them, so i have bonuses too. Based on this, which company is better than them?
Can i get the accumulated bonuses transferred too? asking since i have insurance from around 6 yrs and bonuses accumulated is a good amount.

2. which insurance company allows online payment of premiums? besides icici lombard...

second is linked to the first cause - my agent is quite old now and is unable to go to the company ho to pay the premiums. so thinking of directly paying premiums online.
Click to expand...

Stick to the existing policy if you can. If you buy a new policy existing diseases (if any ) will not be covered.
Premium payments of mediclaim policy are eligible for deduction u/s 80 D only if you pay by cheque. Maybe you shud consider this before paying online.
 
This info about deductions applicable only to premiums paid by cheque is new to me. ICICI Lombard site does not mention anything specific regarding this. It just mentions that premiums are applicable for IT rebate. Guess I should go through the finer points. Is it applicable only for mediclaim policies? 'Coz my LIC payments are done online and there are no problems in IT rebates.

Anyway, what do you think would be a good coverage amount. Some of you have already mentioned that 3 lacs for Family cover is too less.

Also, any other disadvantages for the Family floater plan..? I would like to be absolutely sure of what I am going to apply for.
 
6pack said:
I have a few questions...

1. i have an existing policy with National Insurance Company. I haven't claimed anything from them, so i have bonuses too. Based on this, which company is better than them?
Can i get the accumulated bonuses transferred too? asking since i have insurance from around 6 yrs and bonuses accumulated is a good amount.

2. which insurance company allows online payment of premiums? besides icici lombard...

second is linked to the first cause - my agent is quite old now and is unable to go to the company ho to pay the premiums. so thinking of directly paying premiums online.
Click to expand...

you can call the helpline number of the new company and ask them to carry forward your NCBs they will happily do if you have not made any claims in last policy year.

For this you need a renewal notice mentioning insurance amount, accumulated bonus, new premium and you copy of policy.

You need to fax / email scanned copy to them and you will get the quote in email.
RKitect said:
Stick to the existing policy if you can. If you buy a new policy existing diseases (if any ) will not be covered.
Premium payments of mediclaim policy are eligible for deduction u/s 80 D only if you pay by cheque. Maybe you shud consider this before paying online.
Click to expand...

IIRC this perception is wrong. Now every company issues 3 documents to you.
1. Policy
2. Receipt
3. 80D certificate for incometax purpose so that you can claim deduction.

If you are getting all these three from your company you dont worry about mode of payment be it cash / cheque / internet / cc.

2 cents.
 
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