Comprehensive Health Insurance

Comprehensive Health Insurance

Satish & Swati again visited our office and wanted to know how can they protect themselves, in case of health related expenses. Swati was worried that one of their neighbour, aged 46, was in hospital for cancer treatment, from last 27 days and had already spent Rs.36 lacs on the treatment and there was still a long way to go….She was worried that if ever needed, they should be able to afford/prepared these kind of expenses and that should not impact their other goals like Children’s education or retirement…Swati asked how can we mitigate these risks? Can we get a reasonably costing mediclaim policy for such a huge amount?

Admiring her growth of financial literacy, I said yes, these risks can be easily covered with comprehensive health protection plans…

Today health insurance as an offering has advanced very much …Mediclaims are now available from 2 lacs upto 6 crores, offering global treatment coverage option also.

They should ideally buy a family floater for Sum Assured of Rs. 10 lacs and a super top cover of Rs., 30 lacs …The total premium cost for both could cost around Rs. 24 thousand p.a. and this would also help them reduce some taxes…They could also look at buying a Critical Insurance cover, as this is a unique product as this pays the insured amount , on occurrence of the 15-20 broadly defined critical illnesses like Heart attack, Cancer, Major Organ Transplant etc…This is a unique product as this pays over & above the mediclaim.

Satish & Swati was happy with the solution and seemed relaxed.

This week’s Fisdom:

Medical treatments and costs have increased manifolds and thus it is necessary Protect your family with comprehensive health insurance plans, so that your life goals are not disturbed.

This is a small effort from Team Arthashastra for investor education and we strongly believe, Together We Can, & We Will make a Difference.

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