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Family Floater Health Insurance - opinion

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29 Nov, 2020 by  Ravi Shankar Mishra

I am planning to have a family floater plan, for me (44 yrs), wife (38 yrs) and daughter (10 yrs).

Base plan - 5L

Super topup - 15L


Me and wife both have employer coverage of 3L each.


Pre-condition - my wife went to Endometriosis surgery in Dec 2017. current health condition is normal, no issue post surgery.


Please suggest few plans which i should review and choose from

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Health Insurance

3 Answer

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02 Dec, 2020

Hello Ravi,


Apologies for the delayed response.


Here are our responses. Please go through them carefully:

  • Since you are touching 45, we would recommend you look for 5L + 25L or 5L + 30L as options. The reason is that the difference in premium between 5 + 15, and 5 + 30 won't be much.
  • There are now 1 Crore sum insured plans also available at reasonable (sometimes lower) costs on many platforms like Policybazaar, Coverfox. You can evaluate these, compare them with your existing options before taking a call.
  • Looking at the unpredictable way healthcare costs are growing we would recommend you to cover yourself as much as possible.
  • Ensure none of the policies have any kind of limitation on room eligibility. Any such limitation can significant limit your utilization of the cover when required.
  • Ensure there are no other financial limits on any treatment, whatsoever.
  • Try to see if you can buy Base plan and the Super Top-up from the same insurer - it may help during cashless claims.
  • We don't foresee a major issue in getting a good comprehensive cover, despite of the existing medical history of your wife. You need not worry.
  • We currently do not recommend health insurance plans. Just look for plans with the benefits mentioned above and you should be good.


Cheers!

Team Beshak

www.twitter.com/BeshakIn

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02 Dec, 2020
Ravi Shankar Mishra
Thanks for the detailed answer. I shortlisted HDFC ERGO, considering points you mentioned. I see max 20L as super top-up option, on 5L base. I will explore Policybazaar and Coverfox. I was in assumption that buying directly should be better option. Will check on 1 cr option as you mentioned. Thank you again.
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03 Dec, 2020
Ravi Shankar Mishra
1 cr policies looks too good, can there be any catch, which we should be aware of? Max Bupa 10L+90L cost almost same as HDFC Ergo 5L+15L.
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03 Dec, 2020

Hello Ravi Shankar,


  1. 1 Crore is a good option if there is no limit on room rent or other financial limits in the policy.
  2. You are right the premium for Rs. 1 Crore is too low. We checked and found few of the insurers have a room eligibility cap. It is better to buy a 50L policy without room rent limit than a 1 Cr policy with an room eligibility cap.
  3. What you should know: Once claims increase, insurer can hike premium rates. Premiums can be hiked, the product can be withdrawn moving you to an elite product with way higher premium grids. 


What you should do?:

  1. Even if premiums will be hiked in the long run, you still need a high cover. 
  2. Ensure u buy adequate cover for your old age today. If you are 35, you will need 26L at 70 (5% inflation)
  3. Do not postpone. 
  4. Upgrades are difficult if you have an illness
  5. Compare premiums for the adequate cover with higher covers available. Ensure you have also compared any limits in the policy.
  6. If you find the difference negligible or lower (like in the first tweet) take the higher cover. 
  7. Remember, it’s super easy to downgrade, if premiums become unaffordable.


Regards

Team Beshak

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04 Dec, 2020
Ravi Shankar Mishra
Thanks for further clarity. Yes, 1 cr policy has some restrictions on room type (Single Room AC), however Max Bupa has other better policy, ReAssure, with no limit on room rent/type. Checking 10L base on ReAssure plus 90L Super top-up looks even better and cheaper. Though my requirement will be covered with 10L plus 40L super top, but difference is just 300 for 90L super top up, so planning to take 10L ReAssure + 90L supertop from Max Bupa.
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04 Dec, 2020

Great. Good choice.

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04 Dec, 2020
Ravi Shankar Mishra
Thanks for all guidance, it was really very helpful. One more thing, buying from web aggregator like policybazaar or coverfox vs buying directly from company website, do you see any difference as far as buyers are concerned? I see PolicyBazaar has one option on Max Bupa ReAssure (Direct) which has premium 6-700 less. I don' see any difference in features from Regular ReAssure.
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