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    Nov 4, 2012

    How to plan health related expenses


    Jawahar parents are suffering from diabetes from a long time and they are not insured. So jawahar who has more chances to be a diabetic because of the hereditary. So he needs to do 2 things. First, he purchased a health cover of Rs. 5 lakh. Second he purchased a fixed deposit with the bank of Rs. 5 lakh to meet the expenses of the disease of his parents.

    Where in another case, Sharma did not purchase any medicliam for him or his family. Suddenly Sharma’s wife got some heart problem and diagnosed with 1 vein blocked of heart. Now he cannot purchase a mediclaim or health insurance because the mediclaim companies don’t entertain with existing disease. In some cases the insurance companies don’t cover some disease in 2-3 years’ time frame.

    Every case is different from other. There are no such healthy foods as well as fast living, which harm the health heavily. Moreover the medical expenses now days increased very much. It can reduce the savings in huge if some problem arises. So these steps can help you in these situations.

    Health Insurance
    Health insurance is the best option to meet any unexpected health expenses. The premium one need to pay is very nominal and it covers almost all the disease (expect eyesight and teeth or some more may be). It covers almost 70-75% hospital expenses depends upon case to case.
    In the case of salaried person, health insurance may be provided by the employer. So in this case, the employee can also cover his parents too with the policy by paying a nominal premium.

    Cover to buy
    This depends on case to case. This can be decided by the income and responsibilities. For the young people 20-28, one can start health insurance of Rs. 2 lakh and can increase the insured sum as the age increases. For the people of high worth, a health insurance with insured sum of 5 lakh is ideal. For a young family where husband, wife and 2 children, a sum insured of 3 to 5 lakh with the family floater scheme can be called good.
    Family floater is the scheme in which a couple and 2 children can be covered under one scheme and one or two or all can use the sum insured against this policy. But for the higher age group, individual health policy is suggested compare to family floater.

    Add-on cover
    Add-on cover works in serious and critical illness and it gives onetime benefit. It is suggested for the people of high income as well as the people whose parents have some serious hereditary disease like cancer or heart problems. But add on covers are only for the people who have health insurance first.

    Emergency funds
    One needs to maintain the emergency funds too along with health insurance to meet some unexpected illness. This can work with elderly parents or to some other family members. Emergency funds size may be big or small, depends upon the income, but it should maintain. The big reason is some diseases are not covered and some half covered by the mediclaim. Second in the case of hospitalization, one can around 70-75% of expenses. Third, some disease is the kind of no hospitalization but full of expenses.

    One can make a fixed deposit against the emergency funds or for the people with low income; one can make o recurring deposit or systematic investment plan for the emergency funds.

    Treatment
    Cost 2012
    Cost 2007
    Cataract
    24000
    16000
    Angiography
    22000
    14000
    Coronary Artery Bypass Graft(CAGB)
    235000
    165000
    Appendectomy
    42000
    28000
    Heamorrhiodectomy(Piles)
    35000
    21000
    Angioplasty(PTCA) with 2 stents
    245000
    150000
    Cholecystectomy( Gall Blander removal)
    52000
    32000
    TURP( Prostate Surgery)
    62000
    37000


    Age group
    Sum covered
     Insurance premium
    30-35
    300000
    4000
    36-45
    300000
    4500
    46-50
    300000
    7000
    51-60
    300000
    10000
    In family floater cases the health insurance premium app. For a couple and 2 children are as follows.
    Age group
    Sum covered
    Insurance premium
    30-35
    300000
    8000
    36-45
    300000
    9500
    46-50
    300000
    14500
    51-60
    300000
    18000

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