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Hey folks ! I am in a dilemma :confused: Should I...
# tribe
c
Hey folks ! I am in a dilemma 😕 Should I take medical insurance or not ? When I was in a corporate job, this came out of the box. But as a remote worker, I have kept this decision on icebox for the last 3-4 years. Also I am not getting any younger 😅 Has it ever occurred where having a health insurance was a life saver for you. Would like to know your thoughts 🤔
l
The answer is OF COURSE! Do it already! I am guessing you mean the Health Insurance? Right? I am hoping you already have a Term insurance? Life is unpredictable. I would get one which also has cancer cover and all other edge cases.
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For Health Insurance, age does not matter as it will keep going up as you get older -- but if you get covered for X illnesses today, you will have the cover continue as long as you keep renewing it. For term insurance, you will have a much lower premium today which stays the same throughout your life time (as long as you keep renewing). I have done more research on insurances than I would care to admit -- changed our provider at my last company. So ask me anything with respect to it. I have never used the health insurance (touchwood) -- you generally don't need to use it for small things (10 - 20K) but need to keep it for larger things (8 - 10L) which would otherwise empty all your savings @calm-grass-85557
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c
I have been on the fence for far too long. Thank you so much Saurabh for nudging me in the right direction 👍🏼 About term insurance, I have one plan but in my financial review, one of the action items was to get a bigger cover 😅
l
1 - 2 crores is standard now @calm-grass-85557 I have one from ICICI which has a good clause which will pay you 40L or something if you get diagnosed by some life threatening disease / cancer / etc. so you can get treated and they won't have to pay 2 Cr when you die 😛
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c
Sounds like an offer I can die for 😅 Let’s continue the discussion on DM 🙂
s
The answer is HELL YES!!! Do not wait for shit to happen! Must Must have a basic health insurance man
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OR else you can technically go bankrupt in one accident, the medical fees are through the roof
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5-10K / year is a Joke to save your life and assets
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Term is also great, but I've been postponing that too. Very very important if you have dependents, otherwise debatable
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r
I share the passion of Saurabh, he covered all the points I wanted to raise! Take it, we have spoken about it already 😄 It is affordable as well and also saves tax! 🙏
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l
I have a friend who met with an extremely bad accident. New year's on bike. Came back from the dead and was in the hospital for 8 months // ICU for 1. Not exaggerating. This was 12 years ago. His bill was 65L. His company insurance covered accidents of upto 5L which was barely anything and his folks had to borrow a lot of money. He is still paying back some of it. Though his case is extreme, life is unpredictable and you should do your bit to mitigate stuff like this especially if you are doing riskier stuff like riding a bike, etc.
r
Thank guys, this convo motivates me to take a health insurance asap.
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c
Must do, please do. I had taken health insurance just because it was exempted from tax, but last December I met with a pretty nasty accident that put me in the hospital for about a month. The insurance covered the whole thing. I was paying somewhere like 6k a year for the insurance and the whole hospital ordeal was close to 3 lakhs. It was fairly painless and well worth it. Again life and heath insurance are two separate things. I got health but no life. Have to get that too. Any recommendation, please do share
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l
@crooked-kitchen-48735 ICICI Pru life has a good plan for Term insurance. I like the fact that they give you the option to: 1. Get 2x for accidental (optional add-on) 2. Get 20-40L out on critical illnesses (like cancer if you get diagnosed) 3. And a few other good ideas. Worth a look.
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c
Quick aside, term = life? 🤔
l
Yes. By term I mean, you get something only when you die. LIC uses life insurance in its ULIP plans as well which are a mix of term + you get something if you don't die at the end -- but those tend to be super expensive.
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s
Thanks @loud-glass-33663, curiouss what does 1) mean exactly here? Does term of ICICI Pru has a health clause of accidents also?
c
Ah okay! Thanks
l
@swift-pilot-25722 If you get a 1 Cr insurance and your death happens due to an accident, ICICI will pay the nominee 1.5 Cr (or 2 Cr) or something like that. Not sure if it is exactly 2x - but there is a bonus 😛
c
Bonus... If you die. 😂 This whole life insurance thing blows my mind when I think about how they first figured out how to market it
l
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Hope this helps explain it. @swift-pilot-25722 @crooked-kitchen-48735 The one benefit of getting a Term Insurance is that there is atleast someone in the world rooting for your good health & longevity 😉
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s
Perfect, thanks man! High time I should get one. Premium goes up by Age, so best to do early
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c
@loud-glass-33663 haha. 😆
r
@loud-glass-33663 any recommendations for health insurance? I am researching it and would appreciate some inputs from your experience. Thanks.
l
@rough-autumn-89795 I have had a reasonably good experience with ICICI Lombard with their cashless and stuff. Though I have used them only once during the birth of my first child, all it took was one phone call and filling up a form at the hospital for their cashless to kick in. Hence, I have had them for sometime now. Don't have experience with other providers.
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r
@loud-glass-33663 thank you, looking into it
Got ICICI Lombard Health insurance 🎉, thanks Saurabh 🙂
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t
I found this thread really Helpful. 👍
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