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Posted by Royal Sundaram on 13 May 2019
Advancing age of our parents needs special attention. It is our responsibility to take precaution and adequate measure to ensure that our parents get proper medical attention at the time of need. In the coming years, an increase of 15 to 18% can happen in the health care sector.
As a policy for senior citizens has different coverage options, do your research thoroughly. Find the best match for your parent’s health profile. For an enjoyable retired life, give your parents the gift of healthy and stress-free living.
The best health insurance for parents will cover the following aspects.
- * Age extension –At the very onset, choose the plan that allows maximum age coverage or extension. Increase in age means mounting cost of health care expense.
- * Terminal or Critical disease coverage – Old age comes with the threats of diseases. In such an unfortunate event, dealing with grief will be difficult. You should at least not have to worry about the medical cost involved. With confidence, you can give your parents appropriate health care or even palliative care on need basis.
- * Pre-existing ailments – The ageing process weakens the immune system. Progress in age also means infestation of various diseases. When choosing a health plan for the elderly, go through the list of policy exclusions. Analyze your parent’s profile for the best match.
Advantages of health insurance for parents
- * Tax benefit – When you invest in the health of your parents, You will have tax exemption under Section 80D of the Income Tax Act, 1961
- * Hospitalization charges – From pre to post-hospitalization cost, you can expect most or full coverage from your insurance company. You will not have to compromise on the treatment and facility that your ailing parent needs.
- * Cashless – If you opt for a hospital registered with your insurance company, you can avail the cashless benefit. Most of the insurance companies are very well networked, and you will have enough choices to choose from.
- * Non-claim benefit – If your parents’ health is maintained in good state during the policy period, the insurer shall reward the same by crediting NO Claim Bonus/ premium discount at renewal.
Pre-existing disease coverage conditions.
- 1. Protection against expensive healthcare cost – With the advancement of technology, the health care system is better than never before. But, it comes for a high price. With insurance coverage, you can benefit high cost treatment, as the insurance company will take care of it.
- 2. Daycare cost – In case your parents are recuperating from chemotherapy or dialysis, daycare coverage can be a huge advantage.
- 3. General Exclusion list – It may comprise of
- * Cosmetic surgery
- * Dental treatment
- * Non-allopathic treatment
- * Treatment for AIDS
- 4. Pre-medical test – Maybe required for policyholders above the age of 45 years
Buying a health insurance policy online for parents :-
It is easy to buy an insurance policy online. But purchasing a plan for your parents need a little extra caution. Points to check to include maximum age coverage, non-claim benefits, co-payment option and waiting period.
After satisfactory analysis with a particular cover, purchase it online. Provide the necessary details, make the payment using your debit, credit card or net banking facility.
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