Hi Experts,
Been a long time since I visited these forums, but where else to turn too when I have a pressing question? 🙂 I’ve moved abroad a year back and will be staying abroad for another 3 years. I have a wife and a 2.5 year old kid.
Now, I had a health insurance floater policy (Apollo munich about 10,000 per annum for a cover of 5 Lacs). The time has come for renewal of the same. Now, I have no intentions of moving back to India before end of 2016, but at that point there is a good chance that I’ll move back (assume 80% chance). For the sake of this question, let’s assume 100% chance that I’m moving back.
What would be the wise thing to do? Let the insurance elapse and then take a fresh policy when i’m back in India (note that if I/family fall ill during any holiday to India my overseas insurance will cover)? Or alternatively let the existing insurance policy continue till 2016?
My age is 34, wife is 33 and kid is 2.5. I’m unable to calculate whether the premium increase + wait period increase after 3 years would be more than the 10,000 x 3 = 30,000 that I’ll pay over the next 3 years to continue my cover.
Any calculations/advice is welcome. I’m also not sure whether if I continue to pay my health insurance if it’ll be valid given that I’m actually overseas
Thanks in advance