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 |
