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How a lot insurance coverage is required for a wholesome 31-year-old bachelor?

I’m a wholesome 31-year-old bachelor, with dependent dad and mom. I’ve a company medical health insurance coverage for 3 lakhs. Do I’ve to purchase one other well being coverage? And, in that case, ought to I purchase a household floater plan or a person well being coverage?

– Title held on request

The appropriate degree of sum assured relies upon largely on the place you reside and are prone to get hospitalized. The costliest are the ‘luxurious hospitals’ in metros, and the prices improve as you go to smaller cities. Even throughout the identical hospital, the price of a surgical procedure may fluctuate by 30 to 40% relying on the kind of room chosen.

As a rule of thumb, one should purchase protection that’s at the very least equal to their annual revenue, or a minimal sum assured of 10 lakhs. This must be additional revised upwards in case the person has an adversarial household medical historical past.

Do remember the fact that the sum assured must be excessive sufficient to consider medical inflation over time.

Usually, household floaters are essentially the most cost-effective. Nevertheless, in your case since you are an grownup and there’s prone to be at the very least a 20-year age distinction together with your dad and mom, you can purchase an unbiased coverage for your self and take into account insuring your dad and mom in a household floater.

It is very important have your personal medical health insurance even if you’re coated beneath a company plan as a result of it’s possible you’ll change jobs or your present firm can modify their medical health insurance advantages over time.

I’m 58 years of age and shall be returning within the subsequent couple of years. I used to be up to now coated beneath my company insurance coverage coverage. Please recommend a great medical health insurance plan for me and my 54-year-old spouse. Do word that my spouse is a coronary heart affected person and I’m a diabetic. Ought to we go for a senior citizen-specific plan or a daily well being coverage? Is there any distinction in such plans? What quantity of protection ought to we have a look at?

—Title held on request

Senior citizen plans are designed to cater to individuals inside a better age group and with some pre-existing ailments. The common plans typically have stricter coverage issuance standards. Most senior citizen plans provide protection for pre-existing circumstances sooner than the common plans. Nevertheless, such plans carry increased sub-limits. The sum assured obtainable beneath senior citizen plans are additionally decrease than the common plans.

You must first apply for a daily plan. In case there’s any problem within the issuance of the coverage, then it might make sense to use for the senior citizen plan.

You must have a protection of at the very least 10 lakhs.

Abhishek Bondia is principal officer and managing director,

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