Health Insurance Process and Review

[danviking03]

@favoursaks also, group policy if stopped, IRDAI would not intervene I guess. It is simply stopped and considered stopped by a customer (Kuvera in this case). It may be good and cheap while it lasts but there is very less regulation regarding this.

 

[vtachy]

@favoursaks All good points, thanks!

 

[joneshomes]

@vtachy This is extremely interesting, looks cheaper too. Thanks for bringing this to my attention. I will check out their terms.

 

[martredandre]

@favoursaks I member policyx being the lowest, give it another go...
Is sleep apnea covered in India? The govt recently made it compulsory to cover all pre-existing diseases (news articles mentioned sleep apnea) but other than that there is no clarity anywhere. It's a dangerous illness which is brushed aside as just snoring in this country. Does anybody have any idea about the coverage?

 

[favoursaks]

@martredandre I looked at PolicyX again. It has some mistakes in policy information. Like on the comparison page in one policy it has mentioned covering for "Animal Bite" and in another row, it says NO.

Personally, I am not interested in Animal Bite coverage, but this shows lack of basic checks.

Sorry, I have no information about sleep apnea.

 

[danviking03]

@martredandre sleep apnea treatment is permanently excluded in star and hdfc , not sure about Max Bupa .

 

[danviking03]

@martredandre @martredandre

@favoursaks

Kindly add this to your original post and comment if possible

thread about customers experience with underwriting.

https://www.reddit.com/r/IndiaInvestments/comments/jjs4xz

hope this helps you and other about company issuing policy if you disclose certain illnesses.

 

[favoursaks]

@danviking03 Sorry, I have decided to not edit the post any further. Your post covers good points. I will mention it at the relevant place in future.

 

[megusta]

@favoursaks Seeing better rates and coverage for 15L coverage in HDFC my surakasha gold for parents (~60) than HDFC Optima restore. Even the policy wordings seems better.

 

[favoursaks]

@megusta Please see this comment. Suraksha may turn out better for you.

If you go with Suraksha, please tell me if Policy Premium will be locked at 71Y onwards i.e. Won't be revised every 5Y. Their salesperson claimed this to me as an advantage for Suraksha.

 

[jomary]

@favoursaks Thanks for your research and sharing with us. Take my upvote

 

[rbak923]

@favoursaks I took two separate royal sundaram supreme policy for my parents both in late 50s, 3 years ago since my mother is diagnosed with diabetes and stone problem and both are excluded in the policy and copay for mother. The problem here is that the premium jumps up every year for both of them. With the increasing cost of health care, I took 10lac cover for each of them. I am yet to avail anything from insurance except annual HC which is covered. Total premium is clos to 45k pa. Is there any other alternative or should I continue with it. Not very informed when I took the policy(mistake at my end)

 

[s33k1ng]

@rbak923 Hi,

Same dilema here. I have RS Supreme plan covered for last 5 yrs and no claim so far. But they suddenly increased the prem from 17-24K full almost 42%. I wanted to know how was your exp with them in terms of Claim settlement and Increase of Premiums once you are in 45-50 band. I am thinking should i port to Ergo Optima R or HeathSuraksha Gold which has less prem in 45-50 band. So far no PED or any health issues.

Coverfox is trying to push for Maxbupa Reassure, but i am not sure about bupa as i have seen they increase the premium much higher once you are 45-60 age.?

Kindly suggest suggestions. Pl help. Its urgent

 

[favoursaks]

@rbak923 If both are in same risk profile then a family floater policy may work better for you. Only your insurance provider or agent (Policy bazaar /Coverfox etc.) can give you an estimate on premium based on medical history pf your parents.

If possible look for the companies & plans which cover diabetes & stone rather than this being excluded.

When I was searching, I came to know that HDFC ERGO Optima Restore may not be available for people with Diabetes but ERGO Health Suraksha might cover them. Please verify and confirm in policy T&C before choosing anything.

Disclaimer : I am neither for nor against any specific company. I only talked & searched about HDFC ERGO and Max Bupa in detail. There may be better alternatives with some other company but you can do that with the steps given in the post.

Caution : Don't break your ongoing insurance before buying another one. You have already continued the policy for 3Y. Don't let there be a gap in coverage.

Further, if you ask me, I will say that its preferable that there was no opportunity to use Health Insurance for your parents. And I wish that you keep throwing money in Health Insurance without any opportunity for claim I wish you and your family a healthy future.

I have commented on another post yesterday why all of us need to look at insurance with slightly different perspective. Please check that out.

 

[gertrude41]

@favoursaks This is excellent ! Thanks buddy

 

[lisarene16]

@favoursaks Any changes MaxBupa’s annual renewal policy? I was looking for policies earlier this year - both CoverFox and BankBazaar folks aggressively pushed Bupa’s policies to me. The agents said renewal could cost as much as 5%-10% more every year - this was a major turn off for me.

This was for my parents (both senior citizens) in a remote North Indian town.

 

[beliefbite]

@favoursaks I researched many health policies and went with HDFC ergo Optima Restore Individual plan. Main reasons: Hospital Coverage, Settlement % and no-claim bonus of 50% up to 100%.

 

[diamond88]

@favoursaks I don't know about HDFC ergo, but Max Bhupa covers more than one member of the family(in a floater plan)'n' no.of times, even if you exhaust the insured amount. Other companies cover only 2-3 times the insured amount in a year. For example, if a family member who is covered under Max Bhupa falls ill, and exhausts the insured amount let's say 5L, he or anyone in his family who is covered under the plan can claim upto the insured amount in the same year 'n' no. of times while other companies may cover you 3 times the insured amount i.e. 10-15 L in the same year, if your base amt insured is 5L

 

[favoursaks]

@diamond88 Yes, I didn't include this information in the main post because I thought it is not needed.

Max Bupa ReAssure Plan provides Restore Benefits to any number of times, whereas HDFC Ergo Optima Restore provides it only once.

As a personal preference, I am thinking that 1 time restoration will be enough.