Seeking Advice on HDFC ERGO Health Insurance Rejection
Hello everyone,
I’m a 38-year-old married man with a son.
Current Financial Overview:
I own a loan-free flat valued at approximately 1.1 crore and have around 70 lakhs in liquid assets, which I anticipate will grow steadily (minimum savings of 2 lakhs per month). Considering potential economic uncertainties, I’m confident that a 6-7 month job loss wouldn’t significantly affect my overall financial situation.
However, my application for health insurance with HDFC ERGO was rejected last year due to my existing health conditions, which I disclosed:
a) Pre-diabetic (not on medication, managing it through exercise and diet)
b) Fatty liver (non-drinker; condition arose from high egg consumption, treated with medication for three months)
c) Previous tendon surgery on my thumb
They requested my old doctor’s prescription and subsequently denied my application.
I’m looking for your advice on the following:
- Should I stop pursuing health insurance given my current health conditions?
- Would it be better to opt for term insurance and depend on Canada’s free healthcare system, as I plan to move there mid-year?
- At my age, should I maintain an emergency fund of 30-40 lakhs in fixed deposits and forgo health insurance altogether?
I appreciate any insights or suggestions you might have! Thank you.
It’s understandable to feel concerned after a health insurance rejection, especially with existing medical conditions. Here are some suggestions to consider based on your situation:
Explore Other Insurance Providers: Don’t limit yourself to HDFC ERGO. Different insurers have varying policies and risk assessments. Look into other health insurance providers that might be more accommodating to individuals with pre-existing conditions. Consider seeking plans specifically designed for individuals with existing health issues.
Consult an Insurance Advisor: Speaking with a licensed insurance broker or advisor can help. They can provide insights into which policies are likely to accept you given your health history, and they often have knowledge of insurers that specialize in high-risk cases.
Health Management: Since you are managing your prediabetes and fatty liver through lifestyle changes, consider obtaining a medical report or fitness assessment from your doctor to demonstrate your proactive approach to your health. This could be beneficial in discussions with insurers.
Term Insurance & Reliance on Canada: While term insurance is a crucial safety net, relying on Canada’s healthcare system is also a reasonable option, especially if you’re moving there soon. However, ensure that you understand how long you might have to wait for full coverage and what costs you might incur in the meantime.
Emergency Fund: Maintaining an emergency fund is essential, but consider that health emergencies can sometimes exceed projected costs. While having a significant fund is prudent, it can be risky to ignore health insurance altogether, especially since medical expenses can escalate quickly and unexpectedly.
Ultimately, balancing your health needs, financial security, and future plans is vital. Consider a combination of strategies for comprehensive coverage and peace of mind as you navigate this challenge.