Medical Insurance is very neglected in India. When I talk to many seniors I know, they say that they are strong and healthy and don't need an insurance. But they just don't realize that when lightning strikes, they will be left pleading for mercy. In many cases, when don't people plan their medical insurance, land up being a burden on their dependents. In my opinion in today's scenario, one should at least target an insurance for a 3 lakhs sum assured. If a higher premium can be managed by the individual, then he/she should target for at least a sum of Rs 5 lakhs.
-> Take a medical insurance when you are healthy.Once you fall sick, no insurance company will give you an insurance. Even if they cover that ailment, they do it at a very high premium
-> Take medical insurance before you are 40yrs. After 40, people generally develop diabetes, BP and other heart ailments. Also, insurance companies won't give you insurance before they subject you to some medical tests
-> Make sure that you take family medical insurance. Covering your spouse through your insurance is very important, because when you are not there, getting an individual insurance for the surviving spouse is not very easy. Insurance companies prefer giving group insurance over individual insurance.
-> Getting insurance for aged parents is very difficult. So if your company provides parental insurance, then please take it. While changing jobs, make sure that your new employer provides this option.
-> Insurance premiums can become a burden when you pay them annually as the premiums will run in to thousands of Rupees. Make an RD (recurring deposit) in banks or post offices and continue saving every month. You can withdraw the sum once a year when you have to pay the premium. This way you won't feel the pinch of paying the premiums. You can start saving from Rs 200/- Rs 500/- per month to get a decent insurance coverage (depending on your age). It is easier to save Rs 200/- a month than raising 3lakhs one shot during an emergency.
I found a good article on medical insurance on rediff.
It is a good read for anyone who doesn't have an insurance and also a
good read for people who have insurance and going for a claim. The
article gives some tips on getting medical insurance.
http://www.rediff.com/money/2007/jul/10mediclaim.htm
Some of the leading insurance companies in India are
The new India Assurance co. Ltd
United India Insurance Company
The oriental Insurance company Ltd
ICICI Lombard
Bajaj Allianz General Insurance
DO NOT ignore Medical Insurance.
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Lo Nagendra,
sumne yeneno helabeda. This does not work out in the longer run. Everyone accepts that medical system in the US is absolutely screwed up and everyone believes that the insurance companies were responsible. Michael Moore has done a movie around it:
http://www.sicko-themovie.com/
http://en.wikipedia.org/wiki/Sicko_(film)
Many doctors in the US have testified under anonymity that the system is broken.
VBV
Thanks for sharing the blog, seems to be interesting and informative too. When Should You Port Your Health Insurance
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