Getting super top up plans only

[CyberPsych]

Can I have 5L in emergency fund (separate emergency fund for medical ) and take a super top up plan of 25L @8k (with deductible 5L)

Note: This is for my parents aged 59 and 50

Feels dumb idea too me, but please share your thoughts as well

 

[Kiranonlinee]

It depends on what age band you fall in. If your age is less get a regular plan for 2L cover and take super top up

As we grow new health insurance policy will cost you a bomb.

 

[CyberPsych]

It depends on what age band you fall in. If your age is less get a regular plan for 2L cover and take super top up

As we grow new health insurance policy will cost you a bomb.

This is for my parents aged 59 and 50 (original post added)

 

[ankushaa]

Since they're aged and it's costly or doesn't make economic sense to go for a health insurance regular plan this is the best they can get then it makes sense given you understand the limitations

1. You would be able to get some base plan from a group insurance or employee insurance at a reasonable price if that's yes you should seriously consider that although it's not best in term's of claim - restrictions etc but it's still better than nothing

2. Your emergency fund will LAST only one Hospitalization worth 3 -5lakh whatever you accumulate because if once they paid the hospital in any given year it's gone.... So you have to accumulate another emergency fund for next year while insurance is renewable every year.
And given the age , Related health issues, Medical treatment inflation etc don't you think there will be more than 1 yr of subsequent hospital expense
And since it's for both parents you have to accumulate different emergency corpus for each as if and a situation comes where in both got hospital expenses you can't let go one for another....

3 . whenever there is a super top up the insurer will always think there is a base plan and they have done thier due diligence ans risk profiling both in terms of on boarding and claim process.... Once they're not in that case there's going to be issues prominently around claim as they are the default first to analyse your claim... And they may go to lengths to ensure they're not paying an non clear case

So beware of these major risks... If you're okay with above scenario pro con analysis.... It's better to continue


Of course there's more issues and advantages but majority of them is listed above as per my knowledge.... So DYOR

LASTLY I would say IT'S ANY DAY BETTER TO HAVE some insurance than NOTHING.

 

[anujdit]

I would recommend to get base insurance first 5 lacs or 10 lacs for your parents and then buy super top-up with 5 or 10 deductible amount. You can make FD or invest in MF to get 10% return with 5L corpus and interest itself will pay premium of base insurance (5-10 L).

 

[S U D O]

get base insurance first 5 lacs or 10 lacs for your parents

how about base insurance with 4x or 5x Renewal Bonus (Niva Bupa).
Or 2X sum insured from day 1 and 3x No Claim Bonus(Ergo) ?

Then super topup is not required right?

 

[Riya]

Can I have 5L in emergency fund (separate emergency fund for medical ) and take a super top up plan of 25L @8k (with deductible 5L)

Note: This is for my parents aged 59 and 50

Feels dumb idea too me, but please share your thoughts as well

There are multiple family floater plans available in market and since your parents are still under 60 then no need to take a separate policy for them... Take atleast 10L policy for whole family.... It won't cost more than 25-30k....

 

[CyberPsych]

There are multiple family floater plans available in market and since your parents are still under 60 then no need to take a separate policy for them... Take atleast 10L policy for whole family.... It won't cost more than 25-30k....

Yes, most of the policies (in policy bazaar) show 27k-33k for 10L sum insured except HDFC Ergo (it shows 51k). Plus I need to declare diabetes and hypertension for my dad, knee joint pain for my mom. So, premium might increase again (loading of premium)..

 

[Riya]

Yes, most of the policies (in policy bazaar) show 27k-33k for 10L sum insured except HDFC Ergo (it shows 51k). Plus I need to declare diabetes and hypertension for my dad, knee joint pain for my mom. So, premium might increase again (loading of premium)..

You can take a PED buyback cover too... In that case waiting period becomes very less for PED...
If your dad has been taking medicines for BP, sugar then you need to declare otherwise one can say that we never had any family history as such

 

[CyberPsych]

You can take a PED buyback cover too... In that case waiting period becomes very less for PED...
If your dad has been taking medicines for BP, sugar then you need to declare otherwise one can say that we never had any family history as such

What is PED buy back and is it available with all plans? I know disease management rider in NivaBupa covers from day 1, but price for that rider is half of the policy premium

 

[Zacobite]

Can I have 5L in emergency fund (separate emergency fund for medical ) and take a super top up plan of 25L @8k (with deductible 5L)

Note: This is for my parents aged 59 and 50

Feels dumb idea too me, but please share your thoughts as well

many plans are available for older adults.. maybe expensive.. just declare all PED and pay... 5L emergency may work once what if u have 2 claims in 2 yrs.. u have to keep the 5 L emergency fund every yr.. u may as well pay the insurance premium which will be far lesser.. Buy 10-15 L cover with unlimited reset / recharge etc... buy a cover as high as u can..

 

[anujdit]

how about base insurance with 4x or 5x Renewal Bonus (Niva Bupa).
Or 2X sum insured from day 1 and 3x No Claim Bonus(Ergo) ?

Then super topup is not required right?

Yes, if premium is ok to you for such policy then nothing like that. Otherwise super top-up. Having multiple policies are always headache (Can't claim cashless in single hospitalization using multiple policies).
I also have Optima Restore policy for parents (67 yrs) with 10 lakhs base cover + bonus amount (ported from Oriental insurance).

 

[Zacobite]

how about base insurance with 4x or 5x Renewal Bonus (Niva Bupa).
Or 2X sum insured from day 1 and 3x No Claim Bonus(Ergo) ?

Then super topup is not required right?

Niva Bupa - stay away
.horrible terrible company.. try getting anything done to see what i mean.. just try to change your address or something and u will see what i mean.. I will be porting out this year after 12 yrs of Bupa.. I still haven't had a claim yet but their process is so bad that I fear what they will do whn / if a claim is raised.. its the worst company according to me...ergo / lombard / care are all better

 

[S U D O]

Niva Bupa - stay away
.horrible terrible company.. try getting anything done to see what i mean.. just try to change your address or something and u will see what i mean.. I will be porting out this year after 12 yrs of Bupa.. I still haven't had a claim yet but their process is so bad that I fear what they will do whn / if a claim is raised.. its the worst company according to me...ergo / lombard / care are all better

really?
I got niva bupa for my parents last year 😕

 

[Riya]

What is PED buy back and is it available with all plans? I know disease management rider in NivaBupa covers from day 1, but price for that rider is half of the policy premium

PED buyback is Re existing disease cover...
So the waiting period is not much...
Much prior declaration of diseases is mandatory in that case