Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

For Senior Citizens a Health Insurance Cover is a must

Download Tax Saving Mutual Fund Application Forms

Invest In Tax Saving Mutual Funds Online

Buy Gold Mutual Funds

Leave a missed Call on

94 8300 8300

Senior Citizens must buy a Health Insurance Cover to Avoid Financial Risk

 

As medical costs rise, such plans can help elders manage healthcare needs

 

Many aged individuals are worried about the spiralling cost of healthcare and what it can do to their financial security. With medical inflation growing at 15% per year, the cost of procedures like angiography and gall bladder removal has increased by 50-60% between 2007 and 2012, a recent report released by KPMG and Assocham noted.


In fact, out-of-pocket healthcare expenditure (86% in 2011) dominates their spending. Around 38% of the elderly respondents to the survey in India ranked health and financial insecurity among key fears. Low insurance penetration in India means many senior citizens lack the resources to fund treatment.


Financial experts believe the absence of adequate health insurance, especially among individuals who were banking on their employers’ group health insurance scheme, is the main trigger for the insecurity. “When they retire, they suddenly find themselves without a cover. This is because many retirees find it difficult to buy a new cover at that age because of stiff medical tests and high premiums. According to insurance experts, such individuals have three options to salvage the situation: one, continue with the employer’s group health cover (if it is permitted) by paying the entire premium. Two, shift to an individual cover with the insurer offering the group cover. Three, buy an individual cover.


The first option is the easiest, as it will allow you to enjoy the accumulated benefits, and you will not have to wait for three or four years before your pre-existing diseases become eligible for claims. Also, it will help you save money on the premium, and your claim settlement will be smoother. The only hitch: very few organisations permit it. “If allowed, however, youmust opt for it. You should scrutinise the offer before signing the deal to make sure the terms and conditions are acceptable to you. You need to verify if all the continuity benefits will accrue to you.


The second, and relatively newer, option is to port, or switch, to the retail policy of the insurer who has provided the employer’s group medical cover. IRDA’s portability guidelines cover policy transfers from group to retail, allowing retiring employees to exercise this option. However, the retail policy’s terms and conditions could be different from those of the group cover. Initially, they can only shift to the insurer who provided the group cover. Later, they can switch to an insurer of their choice. Again, this option will secure you a cover for your preexisting diseases, if the period for which you were covered under the group policy exceeds waiting period stipulated in the retail product. However, your premium will be a bit higher than the group cover.


The premiums (in cases where the employer allows continuation under the group scheme) could be volatile as they will be driven by the claims experience of the overall group. On the other hand, if the person uses portability to move to an individual cover, where the premium is based on the standard rate applicable for individual policies, it is likely to be more stable. If you draw a blank with these two options, you can consider buying an individual health cover from an insurer of your choice. However, you have to be prepared for pre-medical check-ups, sublimits, co-pay ratios — where you will have to shoulder a part of the claim burden, and, of course, higher premiums. And despite all this, coverage could still be denied to you. Reading the fine-print is important in case of independent covers, as insurers have been increasingly introducing minor changes, both in terms of restrictions and benefits to differentiate their plans from the market. A plan with a lower premium may come with some limitations such as room rent limits, sub-limits on ailments, cap on surgeon charges, etc that may not be obvious and could prove expensive in case of a claim.

 

 

 

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

 

 

Leave a missed Call on 94 8300 8300

 

Leave your comment with mail ID and we will answer them

OR

You can write back to us at

PrajnaCapital [at] Gmail [dot] Com

 

---------------------------------------------

Invest Mutual Funds Online

Invest Any Mutual Fund Online

 

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any Fund Application Forms

---------------------------------------------

 

Best Performing Mutual Funds

    1. Largecap Funds             Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds         Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds          Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap Funds   Invest Online

      1. DSP BlackRock MicroCap Fund

2.       Franklin India Smaller Companies

E. Sector Funds          Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds      Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds        Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds         Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF

1 comments:

Unknown said...


It is very important for all citizens before taking any policy that we should read all term and conditions clearly.
We should never take any risk in taking policy.
Compare Insurance Policies India



Post a Comment


Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Popular Posts

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications