Express Money: Ask Us

There are several mediclaim plans for senior citizens,which come with various terms and conditions. So,you first need to decide the company. Once that is decided,the sum assured,on which the premium will be calculated,needs to be decided. You can get separate tax deduction of up to Rs 15,000 ( Rs 20,000,if one of your parents is above 65 years of age) for the premium paid.

I am a 42 and married with 2 children. I want to buy a health policy which has no exclusions.

Madhusoodan,Mumbai

The kind of policy you want does not exist. All policies have certain permanent and temporary exclusions. Common examples of permanent exclusions are hospitalisation exemption for HIV/AIDs or sexually related diseases,losses due to act of terrorism,non-allopathic diseases,and radioactivity from nuclear waste. Temporary exclusions are normally hospitalisation expenses incurred on or after 30-90 days of the policy in cases of cataract,hernia,dialyses,etc. Also,the policy will cover costs of hospitalisation only (pre-hospitalisation expenses leading to hospitalisation and post-hospitalisation expenses are also covered for a limited period).

Most policies tend to be valid across the country and also cover eligible expenditure incurred in any validly registered hospital (although cashless facility may be available only for a limited number of hospitals). Most policies will cover doctors fees and medicines during hospitalisation,though some have a sub-limit on these expenses within the over-all limit. Very few policies cover expenditure incurred on an outpatient and that too up to very small amounts only.

Due to financial problems I have cancelled my credit card and have asked the bank to provide me the final settlement amount. However,they informed me that if I go for final settlement then my name will be highlighted in CIBIL. Please suggest what to do in such a scenario.

Shivam Pandey,Lucknow

If you can pay the outstanding,we advise you to pay it up and do so quickly. If you go for settlement of the dues,this will adversely affect your credit history and will make it difficult for you to obtain any credit facilities in the near future. You have to take the decision based on your circumstances.

Author is CEO,Apnapaisa.comFor your personal finance queries mail us at expressmoneyexpressindia.com