Guys,
I have done insurance consulting for professionals across India and for NRIs. One financial mistake most professionals make is believing that the group health insurance offered by their company as an employee benefit is enough for their family.
Learn why you should have an exclusive family floater health insurance policy on top of your group health insurance policy. (At least for your parents’ sake)
Note – I am not a typical insurance advisor. I have a clear “No Spam” Policy and won’t ask you to buy insurance through me. Atleast, not health insurance because though I spread awareness, I remain careful on whom I issue health insurance after my consulting. Sometimes, I request them to buy online as some prefer that because of the discount they get.
You should understand this blog is written to create awareness amoung employees in private sector across India.
Before we proceed with the blog, let me clarify how you could consult me.
Consult Venkat for a genuine financial advice – Call or Whatsapp me – (91) 9384716268
If you are looking for a genuine consulting to take term insurance, retirement planning or health insurance, I work with a small consulting fee model. I request for Rs.500 to Rs.1000 after speaking. It depends. It’s negotiable. lol.
Some professionals also take term insurance through me as there’s a human touch in it. Your family member should know whom they should reach out in case of emergency. (I don’t give this commitment for health insurance which has a reason behind it when it comes to how health insurance works in India).
You don’t have time to read. So, let me tell you the reasons why you should have your own family floater or family individual health insurance on top of the group health insurance offered by your company as an employee benefit.
Let’s consider this scenario.
1.An IT employee who is 30 years old assumes he/she has super cool health insurance coverage as their company offers them health insurance coverage for 5 Lakh to 10 Lakh Sum Assured including their parents.
2.He/She meets with an accident and fractured their leg.
3.The group health insurance immidiately works. Vow. It certainly benefits you. No doubt.
4.On another scenario, your Dad was diagnosed with heart disase and needs a surgery.
5.Once again, your group health insurance covers your Father’s heart surgery claim. 100%. Vow. It works this time too.
Did you now realize you freezed your Father’s possibility of getting an individual health insurance policy that’s affordable and comprehensive? He is going to live until he 85 years old. Are you going to manage all further hospitalization expenses of your father on your own in future?
As long as your or your parents are completely healthy, you can always take a new health insurance even when you get retired.
6.Now, let me ask you this. You are in private sector. Do you plan to switch job in the next 10 years in the worst case scenario or can you assure me your company loves to hold you until you turn 58 or 60 years old?
7.Now, when you move to the new company, that company also might offer a group health insurance and it will certainly work.
8.At one point of time, let’s assume you decided to get a individual health insurance for you.
A.Individual family floater for your family (Husband, Wife, Son and Daughter).
B. Parents – Another exclusive Health insurance policy.
9.Now comes the challege. You should convery the health insurance company about your pre-existing diasease. Did our sample policy holder not met with an accident and got treated?
10.The new health insurance company will surely issue your family floater and cover you as long as it’s just a fracture on leg which was healed.
12.What if you had other health complications? The accident injured your head and not leg. What if you had issues in heart? What if you or your dear ones are in initial stage of some cancer. You get diabetes or BP which is very common these days.
13. Now, when you try to take family floater health insurance, the health insurance company’s under-writer will scrutanize your application. After you pay the premium you might have to submit discharge summary, some medical tests required (Example – hba1c reading if you or your parents have diabetes).
14.What are the consequences?
Three Options.
1.The health insurance companies will approve your policy but permanently deny treatment for any further complications which arises due to pre-existing diseases.
2. They will accept your pre-existing diseases but with an extra loading fee.
3.You will never be able to take a new health insurance at all in any of the health insurance companies operating in India. This happens to a few who consult with me.
15.You might be young. But what about your parents. Do you want to trust your group health insurance forever to cover them for lifetime?
It’s high time you consider a family floater for your Mom and Dad. Trust me. This will save you lots of money in the distant future.
16.Do you know what’s healthcare inflation. A surgery which costs 1 Lakh before 5 years today might cost you 1.5 Lakhs and it’s certainly not affordable. And did you check how much health insurance coverage your group health insurance offers?
A family floater of 5 Lakh? 10 Lakh?
Certainly not more than that.
I know a large multi-national company offering group health insurance for 2 lakhs. Dear, this was fine back in 1999. Today, a viral fever admission in a branded hospital will charge you in lakhs.
Every single individual living in a metro city in India should have atleast 10 lakhs Sum Assured. Meaning – 10 Lakhs coverage for you, 10 lakhs coverage for your wife and children.
10 Lakhs coverage for your parents, inidividually or together which depends on your budget.
Consult Venkat for a genuine financial advice – Call or Whatsapp me –
(91) 9384716268
Ask how much is my consulting fee and then proceed.
Note – I will transparently tell you the negative aspects of how health insurance and hospitalization works in India. This is why I depend on consulting fee model rather than issuing health insurance through me. I do it but selectively after I speak to someone about what they could expect from me in terms of support.
I enjoy helping people with retirement plan and taking pure term insurance. If you are planning to take a term insurance, please message me too. Will be happy to work with you.
Venkat