Unique Scenario Comarison in Health Insurance for Senior Citizen parents (65+)
It was a delight to read your articles and become aware about this website as a whole. It helped me validate/audit my understanding and feel confident about some of the choices that had to be made.
Please humbly seek your kind attention to a query that would help me make a crucial decision w.r.t. health insurance for my senior citizen parents (Age:70,67)
While exploring all feasible options, I happened to interact with the Sales folks of Chola MS who represent their company for PNB in banks' Gurugram branches.
Highlights of the policy:
A 10L floater policy comes at a very competitive price with no capping/sub-limits, standard AC room, bespoken lifelong renewability, waiting period of names diseases -12 months and PED - 24 months, no copays.
This all sounds Great at the asking price-point.
Ofcourse, this policy doesn’t have benefits of a retail policy like recharge, NCB, payment for disposables etc.
Also, there is no policy to increase cover beyond 10L even in future and that might become a challenge in few years with inflation (ofcourse a STT policy could be bought)
Queries for your very kind consideration:
1. Chola folks said that this policy shall be renewed for the existing bank group health insurance customers even if the tie-up with the bank goes away. I insisted that they give this in writing but that was refused by them.
Please suggest if this sounds too good to be true/sales statement?
2. A policy of 10L+10L (under the same policy no) with recharge, NCB and disposables but 20% copay for both parents by Care HI is nearly 3 times the price of the Chola policy - almost 1L annually.
Please kindly suggest whether it makes sense to experiment with Chola-PNB or still go for care despite it heavy premium, 2 year waiting-period for names diseases and 20%copay?
Sincere Regards & Gratitude for all that you do for us retail customers.