You know what, it’s really been ages since I last wrote on the topic of health insurance. It’s probably because my thoughts on and approach towards health insurance haven’t changed much and are based on these simple rules —
- Don’t mix investments with health insurance. (Unless you want your health to improve or worsen in the same direction as the capital markets implying a strong Health-Î².)
- Don’t over complicate health insurance. (Keep it as simple as you can and you will do just fine.)
- Don’t rely solely on health insurance provided through employment. (Your health insurance goes with the job again implying a strong Health-Î².)
One thought, however, has changed because I realize that I was a bit overboard in asking what’s your fallback when your health insurance provider refuses to pay cashless. After all, you cannot really be prepared for every risk in life. I now realize that simply having access to a credit card would suffice in such emergencies.
Enough digress. Now back to the actual point I wanted to make.
As it happens, I just renewed our individual Star Health Medi-Classic Health Insurance Policies. Since the policies crossed their second anniversary, Star Health unexpectedly offered to double the individual coverage from 5 lacs to 10 lacs. They even offered to throw in a 10% discount on the premium. I wanted to think about it and so asked them to call me back in a day’s time along with the exact premium calculations.
They did and I agreed and so I now have individual health insurance coverage worth 10 lacs for both D and for myself. The premium for the same worked out in total to Rs 15,100 (Rs 7,550-odd per head). The additional coverage does not have a fresh waiting period, all exclusions have been waived on account of the policy completing its second anniversary, and the renewal is guaranteed up to the age of 80. I’m looking forward to receiving the renewed policy documents so that I can go over them with a fine comb.
Premium per lac of coverage is down to Rs 750-odd from the earlier Rs 1,000-odd.
Now health is one area where I personally feel that over insurance is a good thing. Unlike life insurance, you’re the one who stands to benefit.
But, what do you think?
Bonus read — Some interesting facts I came across when researching health insurance two years back.