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Family Floater Health Insurance - opinion
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
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.
Hello Ravi Shankar,
- 1 Crore is a good option if there is no limit on room rent or other financial limits in the policy.
- 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.
- 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 Premiums can be hiked, the product can be withdrawn moving you to an elite product with way higher premium grids.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?:
- Even if premiums will be hiked in the long run, you still need a high cover.
- Ensure u buy adequate cover for your old age today. If you are 35, you will need 26L at 70 (5% inflation)
- Do not postpone.
- Upgrades are difficult if you have an illness
- Compare premiums for the adequate cover with higher covers available. Ensure you have also compared any limits in the policy.
- If you find the difference negligible or lower (like in the first tweet) take the higher cover.
- Remember, it’s super easy to downgrade, if premiums become unaffordable.
Great. Good choice.