Things to consider before buying medical insurance?

POSTED BY Sunil Kumar ON September 11, 2011 10:39 pm COMMENTS (2)

Hi All,

Please me know the things that I need to consider before I buy medical insurance.  Note, I am 34 yrs aged with 2 kids of age 1 and 8yrs.  My mom is aged is 56 yrs. 

And additionally, should I buy seperate medical insurance for my mother?

Looking forward for loads of inputs.  I find it really difficult in finalising one. 🙁


Sunil Kumar

2 replies on this article “Things to consider before buying medical insurance?”

  1. Sunil Kumar says:

    Can you please clarify the below questions?
    1. What are the tests that needs to be done to identify heriditary diseases? Personally, believe that all the tests needs to be done by insurance company to determine, if any heriditary disease exists, rather than we doing it, since there could be chance of we missing declaring or not doing some tests. When, its being done by the insurance company, then they are responsible to ensure that all the tests are done and they cant reject any claims because of false declarations which can be intentional or unintensional.

    2. Can you please quote the specific insurances that you would recommend for my family(family floater) and for my mother(individual) and the reason for the recommendation? Note, in the past, I have read many things and I was not conclusive to buy one.

    3. Can you please add more details on “Emergency Corpus”?

    Thanks a lot!
    Sunil Kumar

  2. TaxSpanner says:

    Do verify/add all the possible hereditary deceases. Get medical test done and report existing deceases otherwise your claim might get rejected, medical cover should ideally include hospital, doctor consultancy plus medicine expenses.

    For yourself and your family -family floater can be purchased. The premium should be around Rs 3500/- for cover of Rs 3 lakh.

    You must get your mother health cover and income tax benefit can be claimed on premium paid for her in your return.

    Nowadays, medical insurance also allows you to create emergency corpus along with medical cover. This corpus fulfills the gap of medical expenses which are not covered by medical insurance.

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