HDFC ERGO Health Insurance Rejection – Seeking Advice
Hi everyone, I’m a 38-year-old married male with a son.
Here’s a glance at my financial situation: I own a debt-free flat valued at 1.10 crore, and I have around 70 lakhs in liquid assets, which I plan to grow at a steady rate (about 2 lakhs in savings every month). Given the current economic climate with potential layoffs, I believe I could comfortably manage for 6-7 months without a job without significantly affecting my finances.
Last year, my application for HDFC ERGO health insurance was denied. I had mentioned the following medical conditions:
a) Pre-diabetes (I’m not on any medication and manage it through diet and exercise)
b) Fatty liver (occurring from a high egg intake; I took medication for three months and don’t drink alcohol)
c) Previous surgery on my thumb’s tendon
They requested old prescriptions from my doctors but then canceled my application.
I’m looking for guidance on my next steps:
- Should I stop pursuing health insurance due to my existing health conditions?
- Should I consider only taking term insurance and rely on Canada’s free healthcare when I move there midyear?
- At this age, would it be wiser to maintain an emergency fund of 30-40 lakhs in fixed deposits and forego health insurance altogether?
Any advice would be greatly appreciated!
I’m not a financial advisor or health insurance expert, but I can offer some thoughts on your situation. It’s great that you’re considering your options carefully. Here are some points to consider for each of the suggestions you’ve mentioned:
You might want to explore other health insurance providers. Different insurers have varying underwriting guidelines, and while HDFC ERGO rejected your application, other companies might accept you despite your pre-existing conditions. Consider talking to an insurance broker who can help you find options tailored to your health status.
Just take a term insurance and rely on Canada for free health cover, moving there in mid of the year.
If you’re planning to move to Canada soon, relying on their healthcare system can make sense. However, it’s important to understand that there can be a waiting period before you’re eligible for provincial health insurance once you arrive. During that time, having your own health coverage can protect you against unforeseen medical expenses.
At this age, keep an emergency fund of 30-40 lakhs in forms of FD and ignore health insurance?
Ultimately, your decision should reflect your comfort level with risk, financial goals, and health needs. Consulting with a financial planner or insurance specialist might also provide personalized insights that suit your unique circumstances. Good luck!