My wife, daughter and I have individual health plans. I want to combine all into a floater plan but my agent says I will lose all benefits. Which is better for the long run—individual or floater plan?
– Jiwaan Purohit
A family floater plan is a more cost effective option which offers an additional floater amount and can be utilised by anyone in the family. Individual health insurance is relatively expensive as compared to the family floater plans. Another benefit provided by family floater is the comprehensive coverage provided by it. In addition, as per your case, the existing policies issued to each family member may have different dates of issuance / expiry and it would be difficult to port all the members and issue a new single policy.
Since I have health cover from my employer, do I also need to take one independently?
– Manoj Sharma
It is advisable to buy an independent health insurance policy over and above the health cover received from employer. This is because your employer health cover may not be sufficient, get discontinued within a year or you may switch your job and health cover may not be provided by the new employer. Also, there will be no health insurance coverage once you retire. It is difficult to buy a health insurance policy at an older age because of pre-existing conditions or previous claim history. Buying a cover at an early age ensures you serve the waiting period when you are in the pink of your health and enjoy the benefits at an older age when you need it the most.
I have an office cover and personal mediclaim also. If I exhaust my office cover limit, can I then use my personal cover for the same treatment?
– Alok Tikoo
Yes, it is possible to use personal health insurance policy and get coverage for the same treatment.
The writer, Ashish Mehrotra is MD and CEO, Max Bupa. Send your queries to email@example.com