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Unique Scenario Comarison in Health Insurance for Senior Citizen parents (65+)

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29 Jun, 2021 by  Proful Vaid

Respected Ones,


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.

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Parents-Health-Insurance

3 Answer

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29 Jun, 2021
Jeevan Abbireddy

For query 1 ..yes..even if bank tie-up breaks, Chola is bound to renew it with similar retail policy.this is mandated by IRDAI for all group policies




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01 Jul, 2021
Proful Vaid
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02 Jul, 2021
Proful Vaid

Respected All,


Would be extremely Grateful to please get your views on choosing among the 2 options before us for senior citizen parents - 70 & 67 years.


PNB-CholaMS 10L Floater for around 32K with 2 year waiting-period for PED and no copay


&


Care 10L+10L policy currently with no medical tests but a heavy premium of around 85K and 2 years of PED and 20% copay


The Chola option is definitely cheaper but the benefit available is limited and no option to increase the SI in future. Care on the other hand is very steep on premium and that too with 20% copay.


Having a Super Top-up for this age group is also sufficently expensive such that taking Chola and a ST policy will be almost near the cost of a regular retail policy.


TIA

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10 Jul, 2021

Hey Proful,


It doesn't make sense to go for Care Insurance because of copay and I can assure you that premium escalation in Care will be very very high with growing age of your parents.


Do declare all past medical history in very elaborate details while buying policy from the bank.


One thing you can do is that rather than buying a floater cover, buy individual covers for your parents, so you'll have dedicated covers for them.


Anuj

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16 Jul, 2021
Proful Vaid
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