After what age, one should not ignore taking an "health insurance" ?

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teriab33

After what age, one should not ignore taking an “health insurance” ?

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It is important irrespective of age. Amount of cover may vary depending on age. Either u keep aside emergency funds or buy a medical insurance.
And it is financially beneficial to go for insurance too even if u never need to claim. If u set aside few lakhs as emergency funds in Savings account (being most liquid and considering debt funds are not safe anymore) and the difference of interest that you could earn having them invested in a better thing will be more than the premium of insurance.

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Tjs15 wrote:

It is important irrespective of age. Amount of cover may vary depending on age. Either u keep aside emergency funds or buy a medical insurance.
And it is financially beneficial to go for insurance too even if u never need to claim. If u set aside few lakhs as emergency funds in Savings account (being most liquid and considering debt funds are not safe anymore) and the difference of interest that you could earn having them invested in a better thing will be more than the premium of insurance.

Thanks for the insights.

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Completely depends on your finances….if you are well off and can keep 5-10 lac emergency funds… insurance not required ..health insurance is purely optional (if you can manage your finances well)

Over your lifeterm you will end up paying more insurance premiums as compared to medical expenses (also keep in mind paying directly at hospitals one can get discounts…go cashless be Ready for higher bill)

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Many financial planners suggest having life and health insurance before thinking about investing/saving. Ideally one should have health insurance from birth or at least from 30. Company provided or family floater insurance are cheaper options. Insurance is expensive, so is hospital care

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neehesh wrote:

Many financial planners suggest having life and health insurance before thinking about investing/saving. Ideally one should have health insurance from birth or at least from 30. Company provided or family floater insurance are cheaper options. Insurance is expensive, so is hospital care

Time to change your planner…

Life insurance is must(one should get it as early as possible ..lower premiums)
Health Insurance(irrespective when you take it premiums will increase with age)..There is literally no point taking insurance cover from birth (one will be way better of investing that money in some open ended MF)

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teriab33 wrote:

After what age, one should not ignore taking an “health insurance” ?

since the time one becomes a zygote, fertilized ovum, one should not ignore taking an “health insurance”.






and not stop.. till the time one is of sound mind and not comatose.



having said that, i myself do not have😔 it. it has been so for a while now (not that i want to be a liability on others but thankfully i would not be one, whether i am dead or whether i am alive but messed up).


from whom and what kind of health insurance (exclusions, comprehensive terms) too matters a lot.

i personally, abhor, despise and avoid having to do ANYthing with the free/group insurance sold with products and services like ticketing, credit/ debit cards, holiday/conducted tour packages.

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i was too thinking of taking a Health insurance from long time but as i have my Employer health insurance already so i always deferred it, as i would not use personal insurance untill i have corporate one. this year my wife also got from her employer so i am not thinking of buying any personal.

just one thought comes in my mind is at the age of 60 will I be able to buy insurance at that time and what will happen if i already got some diseases. as that time i am not sure some company will give insurance or not.

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For those who already have one from their employers, you may check the cover amount, if it is not atleast 5lakhs opt for top ups on your own beyond existing insurance. I had seen ola used to offer signa manipal’s top up at a fraction of their actual rates.

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Depends on several factors like whether your employer is providing any benefits whether you have aging parents etc.
Once you get a job, and your parents are retired and your job does not cover your parents, always go for a family floater health policy covering your parents and yourself (+spouse and children, if you have). Medical insurance comes with income tax deductions so the net effective cost is lower but particularly for senior citizens, it provides a peace of mind.
If you do not have parents, even then, once you are above 30 and your employer does not provide unlimited coverage, you should go for health insurance.

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panchabhut wrote:

Depends on several factors like whether your employer is providing any benefits whether you have aging parents etc.
Once you get a job, and your parents are retired and your job does not cover your parents, always go for a family floater health policy covering your parents and yourself (+spouse and children, if you have). Medical insurance comes with income tax deductions so the net effective cost is lower but particularly for senior citizens, it provides a peace of mind.
If you do not have parents, even then, once you are above 30 and your employer does not provide unlimited coverage, you should go for health insurance.

family floater wont cover your parents.

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Sudarshan61 wrote:

family floater wont cover your parents.

As long as the initial age of entry is less than 65 (60 for some insurers), it covers on renewal for lifetime.

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https://cdn0.desidime.com/attachments/photos/657116/medium/7264302Whats-App-Image-2020-12-28-at-2-20-38-PM.jpg?1609146195

Check this image to understand financial planning stages. 1st, one have to secure liability part by risk management tools like life, health insurance etc. then only go to higher steps of short term & long term saving & retirement planning. However many people try to reach at top of pyramid without forming bottom which can be disastrous if not desired thing happens.

So answer is start earliest. There is no ideal age because diseases don’t come by asking ur age. I have seen 10-15 year children having cancer (without family history of cancer) & on the other side, many sr. citizen who are paying health insurance premium since 15-20 years & haven’t taken single claim. It’s all about probability. U don’t know on which side u will be.

Read my detail post on health insurance & life insurance here

https://www.desidime.com/discussions/all-you-sh...

https://www.desidime.com/amp/discussions/all-yo...

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Anil10 wrote:

i was too thinking of taking a Health insurance from long time but as i have my Employer health insurance already so i always deferred it, as i would not use personal insurance untill i have corporate one. this year my wife also got from her employer so i am not thinking of buying any personal.

just one thought comes in my mind is at the age of 60 will I be able to buy insurance at that time and what will happen if i already got some diseases. as that time i am not sure some company will give insurance or not.

@Anil10
Bro. u r correct in ur way. That’s why many insurance companies have made specialized product to target such employee of corporate. Where currently u r getting cover from the employer but uncertain about future – What if i get any critical disease till then.

Answer is simple – Take super top-up policy which provides option to convert it to base policy after certain years. Benefit u get is bcoz it’s super top-up policy, premium will be very very low (& I m sure majority people can afford it without even 2nd thought) & if by chance any critical illness will develop, after exhausting ur employer’s insurance, u can use it.
& most IMP benefit is – Even if u develop any critical illness, company have to convert that policy to base policy without any medical till sum insured u have opted.

However, majority of corporate employees are not aware about all these things.

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drjpatwa wrote:

@Anil10
Bro. u r correct in ur way. That’s why many insurance companies have made specialized product to target such employee of corporate. Where currently u r getting cover from the employer but uncertain about future – What if i get any critical disease till then.

Answer is simple – Take super top-up policy which provides option to convert it to base policy after certain years. Benefit u get is bcoz it’s super top-up policy, premium will be very very low (& I m sure majority people can afford it without even 2nd thought) & if by chance any critical illness will develop, after exhausting ur employer’s insurance, u can use it.
& most IMP benefit is – Even if u develop any critical illness, company have to convert that policy to base policy without any medical till sum insured u have opted.

However, majority of corporate employees are not aware about all these things.

Dr can you please share a link of this time of plan, so than i can check how much premium it cost for a family floater 2+2, i know you provide some good policies.

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Tjs15 wrote:

It is important irrespective of age. Amount of cover may vary depending on age. Either u keep aside emergency funds or buy a medical insurance.
And it is financially beneficial to go for insurance too even if u never need to claim. If u set aside few lakhs as emergency funds in Savings account (being most liquid and considering debt funds are not safe anymore) and the difference of interest that you could earn having them invested in a better thing will be more than the premium of insurance.

(being most liquid and considering debt funds are not safe anymore)
Thoda is baare btaye.

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Sudarshan61 wrote:

family floater wont cover your parents.

I thought it covers parents+kids. What if it is taken in the name of parents and then he and his siblings are added later?

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billubakra wrote:

I thought it covers parents+kids. What if it is taken in the name of parents and then he and his siblings are added later?

Yes it covers parents +Kids ..
Kids have maximum age in family floater. I think 24 or 28 not sure .. after this age they are considered independent and have to take different policy

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billubakra wrote:

I thought it covers parents+kids. What if it is taken in the name of parents and then he and his siblings are added later?

Children are allowed till 25 age only in majority of products…

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Health and life both insurance are scam !! you lose in both. Better to save and invest. Do maths correctly instead of screaming on me smiling_imp smiling_imp

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billubakra wrote:

(being most liquid and considering debt funds are not safe anymore)
Thoda is baare btaye.

If want to keep aside emergency funds, there are very few options, and safest would be a savings bank account. You cant put it in fixed deposit as it wont be available without loss in case of an emergency. Similarly earlier debt funds were called liquid funds where redemption proceeds could be received in the bank max in one day.
These days such funds are not considered riskfree. Especially after Franklin incident.

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Tjs15 wrote:

If want to keep aside emergency funds, there are very few options, and safest would be a savings bank account. You cant put it in fixed deposit as it wont be available without loss in case of an emergency. Similarly earlier debt funds were called liquid funds where redemption proceeds could be received in the bank max in one day.
These days such funds are not considered riskfree. Especially after Franklin incident.

These days such funds are not considered riskfree. Especially after Franklin incident.
Not even highly rated one’s?

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drjpatwa wrote:

Children are allowed till 25 age only in majority of products…

My cousins are above 25 and they are added in family floater. Will ask for more details from them.

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billubakra wrote:

These days such funds are not considered riskfree. Especially after Franklin incident.
Not even highly rated one’s?

You can check their risk-o-meter. After franklin all of them must be forced to reflect the true picture and i guess market correction may also affect these funds, redemptions may shoot up again.

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Please take health and life insurance to the maximum. Lets say, you are earning 12L/anum, spend at least 6L/anum on insurance policies.
Not that you gain from it, but it generates economy/jobs.

If you dont do this, the country will go for toss like western countries. For the sake of country, please buy as many insurance policies as possible with your money.

Hint: If USA residents stop paying for health insurance companies, the hospitals will have to be shutdown, IT companies will have to be shutdown, see the effect ….

Likewise, also, please get addicted to alcohol to run the country. You are the MAN to run any country.

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Anil10 wrote:

Dr can you please share a link of this time of plan, so than i can check how much premium it cost for a family floater 2+2, i know you provide some good policies.

@Anil10 bro. I have not made any spread sheet for such super top-up plans yet. Super top-up plans are very very tricky. It also depends on ur employer’s cover, how long u want to continue With ur employer etc.
But roughly u can get such plans starting from 2500 to 5-6k according to insurance company u choose.
You can pm me for more details…

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billubakra wrote:

My cousins are above 25 and they are added in family floater. Will ask for more details from them.

Some PSU company allows children wirhout any age limit. Infact some of they allow 3 generation also. That’s why I wrote majority & not all.

But remember premium is calculated based on eldest person’s age. So if u include children above 25 by that time age of parents will be around 60. So 1 has to pay higher premium due to age of eldest person.

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