I am a healthy 29-year-old and my spouse is 26-year-old. I am evaluating health insurance for my family (me, my spouse, for now), nothing extravagant in terms of cover, just the basics such as no co-pay, no limits on room rent (room category is fine), no limits on the zonal area. I am ok with the premium that I have to pay now for the cover of 7.5 lac to 10lac. They range from 8000 – 12000. However, if I look at their charts or purposefully change my birth date to some previous date in their premium calculator, the premium turns out to be 80,000-1,00,000 when I turn 75. I feel that’s huge considering I won’t be earning and living a retired life at that time.
Just want to confirm, are my calculations correct ? Or, will there be some kind of loyalty be put into the premium calculation as to how long the policyholder is with the insurer ? If not, could you please tell me, paying over 1,00,000 a year at 75 feels huge, is there any way around it ? Does everyone do this ?
I had a look at Apollo Munich Easy Health Group Insurance offered by Canara Bank which offers flat premium of around 17,000. I heard somewhere online that once the insurance is done, my point of contact is Apollo Munich itself. Is that so ? I agree the disadvantage would be that since I would not be going through an agent but the bank, I would not get the support. It would be as though I did it online. One more disadvantage I see in terms and conditions “What if contract between Canara Bank and AMHI ceases? : post cessation of the group policy the coverage for the members in the group policy will continue only upto date certified in the COI”. Thats kind of scary because I’m not sure whether the bank will port existing users to another policy or drop them in water.
Yes, health insurance premium will goes on raise based on your age. You may be scaring of the premium you have to pay at your old age. But due to inflation, that may not be big amount when you be older. Considering that cost of inflation in health industry and the probability of claims, health insurance companies set premiums. So it will increases. However, I can’t say whether your calculation is correct or wrong. Because it depends on insurer and the product you opted for calculation.
Try to avoid group health insurance products offered by banks. There always be some limitations and also the concerns you raised are genuine.
Thanks for the response. I have come across Future Health Suraksha – Family Floater Plan from Future Generali. On paper it looks good. No sublimits on room rent, no co-pay or zone limits for Platinum plan and coverage looks decent. If I choose 7.5 lac sum insured, my premium graph climbs from 13,700 now to 53,000 when I am 80, which is relatively ok I feel. How are Future Generali in terms of service & claims settlement, as they claim its in-house ? Can they change premium table sometime in the future drastically to make it in sync with other insurers ?