Protecting family
Q. Recently I joined the State government service in Maharashtra. I get a net salary of ₹35,000 per month. I am unmarried and live with my father (aged 52), mother (aged 48) and brother (aged 23). Please guide me on the correct healthcare policy for my entire family with full coverage.
SHIVAM TALBAR
A. First, please inform yourself about the health insurance coverage available to you through your employer, Government of Maharashtra. It is likely to be a reasonably wide cover and an efficiently priced one being a large, group insurance scheme.
You will have very little to do in administering it, as the premium will be deducted from your salary directly and claims, if any, will be handled through your office. It is very likely cashless treatment will be available in a wide network of hospitals.
Your parents, if dependent on you, are also likely to be covered under the same scheme for additional premium. There could be different conditions for each category of insured such as sum assured, co-pay and sub-limits. If you feel the need for additional cover, you can buy a top-up or super top-up hospitalisation policy and/ or a critical illness cover and/or a major surgery policy.
For the premium you pay for these policies, you can avail income tax deduction. Your brother, however, is unlikely to be covered under the scheme. In fact, even in a commercial hospitalisation policy, any siblings will not be covered. Since you want coverage for your brother, you have the option of paying for a separate hospitalisation policy for him. This would be more of a gift of the premium amount to him. Insurance for your parents may not be an option under your employer’s policy. Reasons could be they are not financially dependent on you, for example, or the scheme does not envisage coverage for parents.
In this case, there can be a policy for your parents and brother, provided he is financially dependent on them. There would be conditions like he should be unemployed and still a student and would carry an age limit too. Income tax benefits would accrue only to the first insured and the premium payment should be from their own bank account.
Maternity cover
Q. I am 27 years old and I have not taken any health insurance policy. I want to purchase health insurance for me and my future wife for maternity expenses cover. But my fiancée has already taken a health policy that doesn’t include a maternity scheme. Which policy should I take now?
SONAM KALA
A. Here are some options for you. Your fiancée can continue with her policy and opt for maternity benefit as a rider which has a waiting period of 2 to 5 years, depending on the insurance company. She can also take a maternity benefit policy on a standalone basis, available from some companies. For your coverage, you can get added to her policy and there would be a family discount on the premium. Income tax benefits will accrue only to her. You can opt for a separate policy, in which case, each of you can claim income tax benefits. You can take a new policy and add your fiancée to it and opt for maternity benefits for her, but she will lose the benefits she has accrued on her current policy. Tax benefits will accrue only to you.
( The author is a business journalist specialising in insurance & corporate history)
