Medical Insurance

Stay healthy to avoid using medical Insurance. God Forbid, if one of the family member ends up in admitting to a hospital, leaving aside the mental trauma the hospital bills are very likely to shatter our planned spends. Planned spends can be capital spends/ one time spends like buying real estate, car./bike, travel plans etc... 

1) Secure your family with medical family floater insurance costing ~Rs 20,000 a year for 40 yrs old eldest member.

2) A medical top-up plan for Rs 1 crore with Rs 10 lakhs deductible costs just ~Rs 2500 for a family 40yrs old eldest member.

3) Office medical coverage will sound we are covered. When you retire or take early retirement, you will have to take a new policy and waiting period of 2 to 3 years can make oneself and family vulnerable. In unfortunate event of building some health issues, it's very likely that one may not get a medical policy at all. Therefore even  if office policy exists, a basic minimum cover should be taken right away.

4) Ensure renewal of policy is always done. A gap means new policy with new waiting period.

5) Port your policies to better service provider and companies which are good in settlement ratio and continue to enjoy no claim bonus. 

PS- Do not look it as equivalent to Investment with no return. Stay happy for not utlising and you are healthy:-)

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