Why are family floater plans so very important? Anil Rego answered readers' queries in an online chat on October 7.
For those who missed the chat, here is the transcript that dealt with many issues related to health insurance and mediclaim policies.
randeev mehta: I have purchased a mediclaim policy from ICICIPru but now want to change the company. What is the procedure for porting of the policy and is it advisable. I have been paying a yearly premium of Rs 15,000 for the policy
Anil-Rego: Ideally health plans are renewed every year....at the time of renewal you can opt to buy a policy from any other insurer instead of continuing with ICICI.
LakshmiNarasimhan Sundararajan: Why should one opt for a family insurance outside of work? Apart from insurance continuity even if terminated from work, are there any other benefits? Given that the usual case is we work till we retire, this does not make sense to me. Can you please help clarify?
Anil-Rego: Once you leave the job the policy given by the company ceases also at that time of you wish to buy a policy on your own the premiums would be higher and if the age when a personal cover is opted for is high the policy may be denied too. Also the cover offered in a company based policy is quite limited so one can take an add on policy to enhance the cover amount.
Virendra-Kumar Pal: I am planning to get an ICICI ihealth policy of 5 lacs for me and my family consisting of wife and a baby of 10 months. Should i go for add ons like hospital daily cash, critical illness cover, outpatient treatment, maternity benefit, etc., too, which will increase the premium amount.
Anil-Rego: Such options are beneficial to opt for, however if a rider option is available then the increase in premiums would be limited thus we recommend to take such an option.
GIAN-SAGAR JAIN: Sir If I take two policies of Rs 5 lac each from two different companies, and my claim exceeds Rs 5 lac in a particular year, how the amount exceeding Rs 5 lacs will be covered.
Anil-Rego: Lets say the total hospital expenses in your case is Rs. 6 Lacs....then the same can be distributed among the two.
Sanjay Viswanadha: Good Afternoon Anil,I have a querie:a) If I take a Primary family floater now for myself, wife and kid. Later she takes secondary INDIVIDUAL policy for herself alone. Ex: In case she is admitted in a hospital is it mandatory to use the family floater or else she can use the secondary individual policy during claim.
Anil-Rego: She can use any of the one first, however it is advisable to use the individual policy first and later the family floater
guru nathan: is health check up is necessary for 55 yrs old person?
Anil-Rego: Yes, ideally health check up is done before taking a health insurance policy
jasin dmello: Hi, I and my wife both are 36 years old we have term plan of 15 lakh each and also mediclaim of 2 lakh each but i find we are not covered for many serious diseases shd we still go for that cover?
Anil-Rego: Many policies do offer riders to cover such illness, if your policy offers such an option it would be advisable to choose one or take a separate cover for such critical illness.
Zoran Saher: How to identify the best/worst insurance products?
Anil-Rego: Based on the claim settlement ratio, network of hospitals covered, service offered by the said insurer.
kalpataru verma: Is floater policy a better option a individual policy for each..
Anil-Rego: If you wish to cover your family members it is advisable to have a Family Floater option, and floater would be beneficial
kalpataru verma: Hi,i have health insurance for my family of 8 lacs 4 for me and 4 for spouse. However both are parents are diabetic and suffer from hyper tension , recently my dad has been detected of cancer and doc says it might be hereditary. Whyat would be sufficient health cover for both of us?
Anil-Rego: The amount of cover should be equivalent to the medical expenses expected to incurred on treatment of such dreaded diseases. You can consider to take a Critical Illness cover.
Rajesh Bane: Good afternoon Anil, I have new India assurance family floater plan of mount 8 lacks now. Which covered me , wife and two kids ..is it ok to continue the policy floater plan ..also does family floater plan does not offer no claim bonus for renewal ?
Anil-Rego: You can continue this plan. Also for No Claim Bonus it is advisable to check with the insurer, also you can look for other policies which offer same benefits and No Claim bonus too....
Kumar Nishant: What would b better a family Floter or an Indi. Policy ??????
Anil-Rego: If you wish to cover your family members then it is advisable to take a Family Floater option
Firozabad Glass Shell Ind: I have ICICI floater health policy of 3 lacs for me & my son & another 3 lacs for my wife & daughter. My age is 50 and my wife is 43. Children are of 15 & 14 years. The renewal of present policy is due in Jan 2016. I plan to increase the cover to 5 lacs each. Can you suggest me a super top off which is good? But ICICI doesnt have a super top off.
Anil-Rego: Usually all policy providers do offer top up during policy renewal. However an another option will be to take a top up from other insurers if ICICI does not offer the same.
Sandeep Rajapure: I am 32, my wife 31.my father 63 & mother is 54 years. Want to insure my whole family with single premium i.e. I the prime holder and rest of are dependent. Most companies are not willing to insure my parents in basis of their age. And if insure then their premium are too high for this middle class family. Please advice.
Anil-Rego: Premium rates also depend on the age of the person covered usually increases with the age. We would advice you to compare policy offered by few insurers and choose the best option.
Ajay Sinha: How per-existing disease could be covered in Health insurance and standard deductions from the claimed amount of a medical policy.
Anil-Rego: Usually pre existing diseases are covered after few years of continuous renewal of the policy. Usually such period is minimum two years depending on the insurer.
yasmin: How to claim for Natural Death in Insurance?
Anil-Rego: Doctors certificate and death certificate are the crucial document which can be submitted to insurance company.
kaushal: Hi Sir..can you suggest a health plan which will cover both husband and wife and will be sufficient for the medical needs for both..if any..
Anil-Rego: Ideally you can consider family floater plans offered by health insurance companies. In Family floater plans you can even opt to cover children.
alex: What If You Are Insured Through Your Job and You Leave?
Anil-Rego: Once you leave the job the insurance cover offered by the company ceases...
soniyaiyer: What is the best health policy for Getting more benfit with low premium?
Anil-Rego: Premium amount is calculated based on many factors like age/cover/diseases if any etc. However many companies do offer lower premium policies but it is always better to choose one which has good track record in terms of claim settlement.
Nitin Joshi: Dear sir, How to decide limit for insurance?
Anil-Rego: It will depend on the number of family members covered and if any person has any medical history.
Saroj Khan: Hello Is there any health policy that can take one time lumpsum premium and cover the health for life time?
Anil-Rego: Premiums on insurance plans have to be paid every year, rather the policy is renewed every year. However you can pay premium for 2/3 years at one time.
Shailendra Rane: sir, can you please tell how to decide the health insurance amount. My company is providing me health insurance should i have to buy one more on personnel front?
Anil-Rego: Hi, it is always recommended to have a family floater plan which is over and above the one given by your company. Ideally you can consider a plan with a cover of Rs. 5 lacs (the cover should be higher than the one offered by your company).
Photograph: Jacki Gallagher/Creative Commons