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Few Queries to finalise Medical insurance
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19 Sep, 2022
by Sandeep
Dear Mr. Mahavir and Team Beshak,
Many thanks for bringing such a platform where lot of information is available to help one in finalizing the ever confusing insurance plans. Keep it up. I have gathered a lot of knowledge from your platform before coming to a final conclusion. Few doubts remain, if you and the team can throw some light then definitely will be help to all the community:
- Wife was diagnosed, treated and cured for Hodgkins Lymphoma in 2012. As of today perfectly fine without any illness and working . Will the insurer reject the policy issue inspite of such an old treated illness. As I have read in your forum only that as per new guidelines only 4 years illness preceding the policy year are considered PED.
- Which is better, Should I go for Individual or floater policy along with my son and wife.
- Is taking a rider of covering NP and consumables worth. What is your advise and good plans which cover NP.
- Also, when we talk about policy appreciation Rate, is there a website or any forum at Beshak which can provide the details of Policy Appreciation rate of different companies so that one does not fall prey to sudden unbearable rise in costs.
- We already have a corporate Group Policy for Rs. 5 lacs for family, Does buying Super top up makes sense, if yes, which is the best super top up plan to go ahead with this.
Regards and Many Thanks
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22 Sep, 2022
Sandeep
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Dear Sandeep ji,
Prudent has a wonderful tool called as TruMatch Report wherein you could fill in basic details, choose a advisor of your choice, Team Beshak will curate a report for you on suitable plan options and suggested amount of cover. You may then discuss your report with the advisor and answer your queries. Some of your queries posted above might have some additional questions so it will get into loops. I will try and answer your queries with the limited information I have
1) It will be difficult to get a plan for your spouse because of history of Hodgkins Lymphoma. Although the policy conditions state that waiting period for PED is 2/3/4 years, the condition also states that it is upto the insurer to accept or reject the proposal basis past history. There is significant amount of chances that the proposal will face rejection.
2) Floater or individual policy will depend on the age of the two ( i am assuming that your spouse is not eligible to get a plan) . A large base cover along with super top-up works well in most cases it also is cheaper. If premium is not a concern then even individual would work.
3) During times of Covid the consumable rider came in very handy for those who had it as cost towards masks, ppe kits etc is covered. Usually in a hospital bill 2-5% of the cost in my opinion is towards consumables, however in some instances I have come across this cost to be around 15% of the billed amount. It therefore is one's call...how much of a safety net one wants to build. What is NP rider?
4) Price escalation is primarily due to medical inflation or due to IRDA making mandatory changes in guidelines for wider coverage, amount of claims. Unfortunately there is no data available that one could back test and predict the amount of escalation one should expect. Out of my experience in last 6 yrs the escalations have been between 10%-40%.
5) I don't consider employer cover a great fit "Aaj Hain Kal Nahi". If your budget allows you may buy a basic cover of 50 Lacs to 1cr you may buy the same. A super-top is a cost effective measure to have a large cover. it is not a necessity. Further more a super-top up has to be from the same insurer as your base plan and around the same date as your base policy - if your question is why - Beshak has articles on the same topic that would help you understand.
I hope I have been able to clarify your doubts it will allow you to take informed decision.
Regards
Rohit Dhingra