Please note I am planning to gift my parents with a medical Insurance Scheme on my mother’s birthday. After planning a lot I took this decision. Currently their medical expenses are covered by my father’s company. Soon he will retire and move to India after which they will have to take care of their medical expenses by themselves. After going through a lot of search on the internet, I saw there are insurance companies who provide insurance to old people that too with diabetic cover. I would like to know if anyone is currently using Insurance for their old aged parents / in laws. I want to know the merits / demerits of these insurance schemes. It will help me to make a right choice. Please give your inputs.
vani, too many options to choose these days. and there are some companies that give coverage for pre-existing diseases at a higher premium. the claims are said to be good in most but then they are never 100%. the fine print in the policy and the list of exclusions is longer than the policy and it sees to it that we get around 60 to 70%. domiciliary is negligible to the amount some of the meds that you use for life cause. coming to why i am replying here if i am not giving names, it is just to suggest that since your parents will be moving back soon, you should have taken the policy yesterday. why? because most of them having a resting period of 1 to 3 years before which you cannot claim on the policy. i think recently i heard of a few that do not have this period though the premium for senior citizen >=60 is high. Though i have a cover in my dh's company it is not valid in india. since i have lot of health issues i have taken in both cash and cashless for the whole family under family floaters. i have claimed only once during my son's surgery. and i got around 60% with 40% discounted as guaze,needles, masks and many more such items even those used during the surgery were not reimbursed as per exclusion clause... P.S. with the malpractices, and the exorbitant billing if you have insurance, i think it would have been wiser for me to have just started a medical fund and pooled my premium and a forced saving into that fund atleast 8% interest at compounding rate would have made it better..nah..that is me thinking loud..nothing more..
Thanks Mam, So you recommend to save rather than choose on an insurance. My father will be retiring after two years, so I though I will take the medical insurance now so that waiting period will be covered. Then do you have idea on cashless facility.... I feel it may help during major surgery. As you explained, if 60% of amount may help us that time. Sorry to be disturbing you further, any inputs about Apollo munich insurance as I am planning that one.
not that way.. i was just thinking loud. sometimes i wonder if even the amounts we insure is enough in the days ahead. i don't have idea of apollo munich but they do have some bad reviews too. i had taken star health for cashless and so far so good. for cash I have with an govt. insurance. i have 50% on each..under family floater.
Sister VaniVyas, Sairam, though we talk much on these facilities, especially for senior citizens, practically many things are not into reality. These Insurance companies are only getting benefitted rather than us who pay the premium, when in your shoes I would go in for a RD in bank in their names with withdrawal facility, safe and also earns interest instead of paying premium to those insurance companies. To add, Big named hospitals also when it is a claim through Medical Insurance, make the list longer even if they know it is not required to complete their target, which may be uneasy for senior citizens to undergo the procedure. These are just my thoughts around the people whom I have heard through, though by Baba's grace we don't visit any hospitals May Baba guide you too, SAIRAM
Thanks mam, I feel like Baba has send you to guide me from taking a wrong decision. Sai Ram. Will gift with some RD to my parents.
see sakthi sister says the same as my loud thought process. Vani, there is another route for this. you can take a policy in your name including both your parents. now the premium will be calculated on the most senior person in the floater. a strong agent/representative is a boon during claims..
Sister Vanivyas, Thanks to Sayee for making a decision which would be at ease and also helpful, Recently I heard that a particular "Z" lab test was undergone to an old lady in the pretext of diagnosis about which when discussed with a known circle of people, they mentioned that only when an "X" illness is predicted these tests are done, the entire family got panicked, lastly to understand that "Z" test fetches them a big fat bill and anyway it is not from your pocket what the thought from the pathologist. But no one cares about the emotional trauma the family undergoes when such tests are done.. Noble Industry (Medical/ Education) is a big business these days who cares about anything else... so it is we who could be vigilant. May Baba bless your family in abundance and guide you always, SAIRAM
