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Medical Insurance In Bangalore. Advice Needed For Old Parents.

Discussion in 'Healthy Living' started by Nithya001, Mar 9, 2017.

  1. Nithya001

    Nithya001 Bronze IL'ite

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    Hi all,

    I am thinking of relocating my parents to Bangalore with me as they are alone and not able to manage. Most of our relatives in our home town are also either too old or moved in with their kids in other cities and countries. My first concern is getting a medical insurance for them. Since my Father retired as a state government employee, he had till now had medical reimbursement plan in our home state, which is obviously not valid in Bangalore. So they have never bought a medical insurance.

    Earlier I was working so could have added them, but I am no longer working and they cannot be added in my Husband's medical plan.
    Please advice on which medical insurance plan should we get for them in Bangalore considering my Father is almost 74 and Mother is 68. Also my mother is diabetic, so could this be a hindrance? Thanks.
     
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  2. Shanvy

    Shanvy IL Hall of Fame

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    You can compare in policy bazaar and then talk to your friends group about the service of these insurance providers in your city. going to cashback or cashless depends on your financials.

    I think i saw some provision on healthcare for senior citizens in namo budget. If so check with national govt. insurance like oriental and new india.

    Most of the insurance companies have a max age limit. Some at 70 and others ipto 80. You need to read the fine print and also the premium would go high.

    Do check if a floater works better with you as a proposer( even then your premium would be high.) , against taking individual policies for both of them.

    i suggest to my friends about taking a policy earlier even if you have a cover at company,you get a few years time and it helps if you wrre to fall sick at 59 just after retirement and company cover does not work your insurance covers. Suppose you take a policy at 59 therr is a resting period of 3 yrs in normal policies before using the hospitalisation benrfits. But now you instant effect policies but they are at premium.
     
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  3. Nithya001

    Nithya001 Bronze IL'ite

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    Thanks Shanvy. I have been doing some reading about medical insurance as I had no idea about it. I realized that in my parents case the premium would be somewhere near 50K per annum.

    At one place (i think on quora) someone suggested that for a person above 70, instead of getting a 50K policy one should accumulate a corpus of 5 lacs. It seems logical, however I am wondering that 5-10 years down the line perhaps a 5 lacs corpus would not be sufficient.

    I am a little confused with this insurance thing.
     
  4. Shanvy

    Shanvy IL Hall of Fame

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    @Nithya001 sometimes it is so confusing isn't it. Even here we have discussed something on these lines. The corpus fund is a sensible suggestion while having a insurance gives you that security that you dont need to worry. But at 50k adding a few thousands to the same if possible on and off gives you a corpus only very late.

    You can think on corpus if both are healthy and you only assume there will be small issues like fevers and cold. But that is somethjng none of us can predict.

    When i took a 5 lac cover for us in 2008 i was fine think that would be enough. In 2015 i added another 5 lac to the same instead of taking a new one, as add up allowed me to maintain the previous years of tge policiy as such and the other benefits. And in 2017 i wonder if 10lacs is a good amount. But then my dh says there is no point in adding more money into the same. We need just that sense of security that at least 45 to 65% of the expenses incurred will be covered and we dont need to be running around arranging money.

    I am adding my .02$ into the confusion sorry
     

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