Title: Need Advice on HDFC ERGO Health Insurance Rejection
Hello everyone,
I’m a 38-year-old married man with a son. Here’s a quick snapshot of my financial situation:
- I own a loan-free apartment valued at ₹1.10 crore.
- I have around ₹70 lakhs in liquid assets, which I expect to grow steadily (at least ₹2 lakhs saved monthly). Given potential economic uncertainties, I can comfortably manage 6-7 months without a job without significantly affecting my finances.
Last year, I applied for health insurance with HDFC ERGO, but my application was rejected. The conditions I disclosed included:
a) Prediabetes (I’m not on any medication and manage it through exercise and diet)
b) Fatty liver (due to high egg intake, I’ve taken medication for 3 months and I don’t consume alcohol)
c) Previous thumb tendon surgery
They requested older doctor’s prescriptions and subsequently canceled my application.
Now, I’m looking for your advice:
- Should I abandon the search for health insurance due to my existing health conditions?
- Would it be better to opt for term insurance and rely on Canada’s public health system when I move there mid-year?
- Given my age, would it make sense to maintain an emergency fund of ₹30-40 lakhs in fixed deposits and forego health insurance altogether?
Any insights would be greatly appreciated!
It’s understandable to feel concerned after a health insurance rejection, but there’s still hope for adequate coverage. Here are some suggestions based on your situation:
Don’t Give Up on Health Insurance: Just because HDFC ERGO rejected your application doesn’t mean all insurers will. Different companies have varying underwriting criteria. Consider approaching other health insurance providers and explicitly inquire about their criteria regarding your existing conditions. Sometimes a higher premium can also help in covering pre-existing conditions after a waiting period.
Look into Specialized Plans: Some insurers offer plans tailored for individuals with specific health concerns like yours. You might want to explore such specialized options that may provide coverage despite your pre-existing conditions.
Term Insurance: While term insurance is essential, it is not a substitute for health insurance. You can take a term plan for life cover and ensure your family is financially secure in the event of your untimely demise. However, you should still prioritize getting health coverage as medical emergencies can be financially draining.
Emergency Fund: An emergency fund of 30-40 lakhs is a wise decision, especially given economic uncertainties. However, relying solely on an emergency fund is risky when it comes to health-related expenses, as they can escalate quickly. Health insurance provides more than just coverage; it often includes benefits like cashless hospitalizations.
Consider Relocation Options: Since you’re moving to Canada, look into the health coverage available as a resident. Canada provides universal health care, but there may be a waiting period for new residents. Research how this affects you and consider keeping a health plan until you’re fully covered in Canada.
Consult an Insurance Advisor: A professional can guide you through the complexities of health insurance with your specific conditions and financial situation. They may also help you find the right insurer that offers the best terms for your needs.
In summary, don’t give up on health insurance. Explore various options, consider your upcoming move to Canada, and maintain a solid emergency fund while securing additional coverage. Assess your priorities carefully, and consult with a professional for tailored advice.