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regarding parents health insurance and congenital disease

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09 Oct, 2021 by  harivansh agrawal

I have two question

First one - I know most of the insurer does not cover congenital disease some covers internal congenital disease and does not cover external congenital some cover both internal and external

so If my insurer does not cover congenital disease does it mean that it will not cover as pre-existing but if I already have insurance before diagnosis I will be covered or it does not cover at all no matter when I was diagnosed, no matter whether I have insurance at that time ??

the second one- Do you think it is good to buy parents health insurance since their age(no pre-existing disease ) is around 60 premium will continue to rise and I have listened to your webinars as their age increases the premium will be skyrocketed I have already started to invest in SIP for future premium and medical emergency fund but it will take time to built and also I have here some analogy that it is better to eat one bread less than possibility not having the roof

so do you think it is best to buy health insurance for parents from a personal finance perspective ??

Health Insurance

2 Answer

10 Oct, 2021
MBA | 5 years experience
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Hi Harivansh,

Coverage for congenital will vary from insurer to insurer depending on the underwriting guidelines. If you are aware of such a condition it will have to be declared. Incase you are not aware or the condition has not been diagnosed as yet then the question of PED does not arise.

If the diagnosis (internal congenital) is made after taking the policy then it is likely to be covered.

Buying health insurance for parents is super important. Let's assume if you pay Rs 60k pa as premium as average for 10 yrs... it could be just one Hospitalisation that will help you recover this amount. Starting an SIP for premiums is a prudent thing. I do advice my clients to allocate a portion of SIP for health insurance premiums.

I hope this helps.

Have a great day

Rohit Dhingra

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Regional Director, Amicus Insurance Broking

As per IRDA health insurance regulations, internal congenital diseases cannot be excluded. If the internal congenital disease is discovered after taking the policy, then it has to be covered.

As regards parental health insurance, the premium will rise depending on age, medical conditions and claims history. It is always recommended to have a self insured fund for taking care of expenses in addition to health insurance, so that you have a back up.

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