Buying parents health insurance policy will ensure that they get the best healthcare facilities when required. Read this comprehensive guide to get health insurance for your parents even after their age of retirement.
Old age brings with itself several ailments that are expensive to treat and care for. Various insurance companies offer parents health insurance plans, especially for people who are retired or above 60 years of age. These health insurance plans readily cover all minor as well as major medical treatments which a policyholder might require.
The older we get, the more our mental and physical stress increases over finances and the ability to afford quality healthcare. Parents health insurance policies are designed to offer financial protection against medical treatment to individuals who have entered the second inning of their lives. Various parents health insurance plans offer cashless hospitalisation, critical illness cover, pre-existing disease cover, and a wide choice of sum insured.
Below are the critical features of health insurance policies for parents:
Certain illnesses and pre-existing conditions are covered after completion of the due waiting period.
A number of parents health insurance policies offer features like lifetime renewals. However, this benefit is applicable only when the policyholder has not taken a break between two policy years.
Ambulance facility is covered under the health insurance plan for parents
Parents health insurance policies generally allow policyholders to choose the amount of sum insured as per their healthcare requirements and financial health.
Most of the Health Insurance Companies offer choice in making claims such as cashless medical treatment and claim settlement through reimbursement.
Many health insurance companies allow the policyholders to add his/her spouse to the policy.
Certain health insurance policies for parents offer co-payment facility. This helps the policyholder to get lower premium rates and also get certain discounts.
Here is the list of benefits covered under most of the health insurance plans for parents:
Hospitalisation expenses, including room charges, doctor's fees, nursing fees, medicine cost, etc. are covered.
Daycare expenses arising due to procedure which do not require hospitalization like chemotherapy, dialysis, etc. are covered.
Pre, as well as post-hospitalisation expenses, are covered for a certain number of days. The number of days may vary across insurance companies.
Ambulance charges are covered up to a certain limit
All pre-existing ailments may be covered from first policy year or after a certain waiting period, except those for which treatment was prescribed by or received during the immediately 12 months before purchasing the policy.
Disease for which treatment was prescribed by or received during the immediately 12 months before from the policy purchase date will be covered from second year onwards.
Cost of healthcare is rising rapidly, thus making it difficult, especially for retired individuals to pay their medical bills.
Apart from income earned from savings and pension fund, parents may not have a stable source of income post-retirement. This means they may not afford to pay huge medical bills. Therefore, a comprehensive health insurance policy for your parents is a must.
Even if your parents are covered under a health insurance plan during their employment, it is certainly going to lapse once they retire.
Life expectancy has increased over the years, and it is wise to be financially prepared for any planned and unplanned medical emergencies that are more frequent at an old age.
Buying a health insurance policy for your parents is probably the perfect gift for your parents. They may require medical attention and rising healthcare expenses may be unaffordable to them in their old age. The following are the benefits of purchasing health insurance policy for parents:
Health cover for parents: Parents health insurance policy will cover the costs of hospitalisation, pre and post hospitalisation expenses, ambulance charges, daycare expenses, domiciliary hospitalisation, and so on.
Financial independence: If there ever a need arises to hospitalise your parents, they don't have to depend on you or anyone else for paying the medical bills. By insuring your parents, you will be helping them to live a financially independent life, for a small yearly premium.
Cover against pre-existing ailments: Many health insurance policies for parents offer coverage against pre-existing illnesses after a specific waiting period. You must recognise the need of the hour and cover your parents against a gradual decline in their health from ailments such as hypertension, heart problem, diabetes, etc.
Safeguard against increasing medical costs: Medical cost is rising due to inflation. The funds your parents have at their disposal may not be sufficient for them in the next five years. A health insurance plan for your parents will ensure that they will get quality medical treatment when they need it, without having to worry about finances.
Income tax benefit: In case your parents are senior citizens, you can get tax benefit up to Rs. 50,000, apart from your tax benefit of Rs. 25,000. Hence, a health insurance policy not only helps you insure parents but also gives you a tax benefit up to Rs. 75,000 in a financial year.
Buying a comprehensive health insurance policy for your parents is a wise decision to ensure that their medical expenses are taken care of without facing any financial strain. To ensure that parents health insurance policy is not a financial burden on you, consider buying a policy for them as soon as possible to avoid paying higher premiums later. Remember, the early you buy a health insurance policy for your parents, the better will be the benefits. Buying health insurance for your parents will cover them against most diseases for a longer period. It will also save you some money which you can use to help your retired parents in some other way.
Recommended Link: What is The Age Limit to Buy a Health Insurance Plan for Parents?
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