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Health Insurance for Parents
Share Dear Team,
I am having company group health insurance for parents for Rs 8 Lakhs from my office. I am moving from my current organization and we have an option to convert this group health insurance to individual health insurance. As this policy has been alive for last more than four years, there is no waiting period any existing health problems to cover. I will have to pay Rs 70,412 for this Rs 8 Lakhs coverage or Rs 56,617 for Rs 5 Lakhs coverage . The policy will be Floater Mediclaim from New India Assurance.
Is it good to proceed or do you suggest any alternatives? Please help.
Thank You,
Pradeep
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Dear Pradeep
Continuity benefit is a great benefit which you should not ignore .
We buy health insurance for assurance of financial support during time of need . Continuity benefit ensure cashless benefit without any problem .
I would recommend to continue from group to individual , ensure policy contract mentions continuity .
You have room rent limit of 1 % of sum assured which can be 5000 to 8000 depenfing on sum assured chosen .
You can buy supplement cover by buying a super Top up with deductible of Rs 8 lakh .
Hope this clarifies
Shailesh@insurancesamadhan.com
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Dear Pradeep ji,
This is a very specific question and would require more digging in. The biggest advantage that I see from the information above is that there will be no waiting periods once you migrate. The disadvantage I see is capping on room rent in the plan.
If you are looking for better plan - yes they would be available but then u will have to let go your waiting periods.
It will best you meet good advisor who could understand your needs, current health status, past medical history and then gives a recomendation.
Regards
Rohit Dhingra