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Health Insurance for Parents

09 October, 2018

Parents go through several hardships to nurture us into the individuals we are today. They invest their money, time, and efforts to ensure the best  lifestyle for us. With passing time, as they grow old, it our duty to look after them, especially when they are unwell. Doctor’s fees, inflating medical costs, and treatment expenses may leave a dent on your savings and therefore, it’s advisable to opt for a health insurance policy.

 

Buying a health insurance policy for parents will not just offer financial assistance but also helps you to deal with stress and impromptu medical expenses. And with the right medical insurance, our parents can get the best medical attention if at all you are no longer around.

 

Royal Sundaram provides budget-friendly health insurance plans that offer the best care to you and your family.  It offers maximum coverage at an affordable price. The plans offered by them are flexible and give you an option to choose your sum insured as per your capabilities. Here’re the two different types of health insurance policies offered by them –

 

Lifeline Health Insurance:

 

Lifeline health plan is a type of insurance that covers your health insurance needs and those of your family. Any individual who is above 18 years of age can buy a lifeline plan. This health policy will cover the applicant, spouse, and up to 4 children between 91 days to 25 years. There’s no restriction on entry age as such.

 

Family plus Health Insurance:

 

Family plus is a family-floater plan that is especially designed for large families and can cover up to 19 relationships. This unique type of health plan offers the most comprehensive health coverage at a reasonable price.

 

Here’re the following benefits offered by lifeline and family plus plans. Read on to know which one fits you the best –

 

                      Lifeline

                          Family Plus

In-patient hospitalization expenses

In-patient hospitalization expenses

Pre and post hospitalization medical expenses up to the amount of sum insured for 30 and 60 days respectively

Pre and post hospitalization medical expenses up to the amount of sum insured for 60 and 90 days respectively

Day-care procedures up to the sum insured amount

All day-care procedures

Ambulance cover of up to 3,000

Ambulance cover of up to 4,000

Domiciliary hospitalization expenses

Domiciliary hospitalization expenses

 AYUSH Treatment – Inpatient hospitalization cover in government hospitals up to the amount of sum insured and up to 20,000 in other hospitals        

AYUSH Treatment – Inpatient hospitalization cover in government hospitals up to the amount of sum insured and up to 30,000 in other hospitals

No-claim bonus benefit starts from 10% and extends up to 50%

No-claim bonus benefit starts from 20% and extends up to 100%

Expenses for treatment of organ donor covered up to the sum insured

It provides coverage for the treatment of organ donor up to the amount of sum insured

It covers vaccination in case of animal bite up to 2,500

It covers vaccination in case of animal bite up to 5,000

Preventive healthcare and wellness

Available

Maternity – Plan Specific

Maternity cover for up to 2 deliveries. Nutritional allowance for mother post her delivery

 

Features of a health insurance plan –

 

  • Lifelong renewal
  • Pre-existing diseases
  • Co-payment
  • Pre and post hospitalization cover
  • Room rent
  • Health check ups

 

How to buy health insurance for parents?

 

Step-by-step guide on how to buy the perfect health insurance plan for parents –

  • Firstly, find a web aggregator that can provide you unbiased quotes from several companies.
  • Now, fill in all the particulars before you start your search.

 

Compare the top three quotes from the below mentioned pointers—

 

  • Co-payment: Co-pay is a certain fixed amount of the claim by the insurance company. This makes the premium quite affordable and cheaper. Although, you need to choose a co-pay option that is a good balance between the amount you pay and discount you get on your premium.
  • Cover: Cover should be evaluated with respect to the premium you pay. You need to check which company gives the most coverage against the premium that they charge.
  • Medical check-ups: There are several companies that insist on medical check-ups, but some don’t. Medical check-ups are done to carry out pre-existing conditions. Go for a company that does not insist on medical check-ups.
  • Waiting period: Choose a health insurance policy that has a minimum waiting period as by this way, your conditions will be covered sooner.
  • No-claim bonus: Check for the no-claim bonus discount. There are various companies that do not offer no-claim bonus discount. Although, you should go for one as this will help you to cut down on your premium.
  • Now, purchase the best health insurance plan that suits you perfectly. Remember, there will be that one ideal policy. All you need to do is to prioritize your needs and let go off things that hold less importance.
  • Once you have purchased the policy, dedicate your time to read the policy wordings. Be alert, be aware.

 

Why buying health plan for parents is a must?

 

Following pointers will explain why buying a health plan for parents is a must –

 

  • Medical costs are increasing day by day and thus, it will be impossible for most senior citizens to pay their medical bills.
  • Parents rarely have a stable income source after retirement. This means they are not financially capable of bearing medical expenses. Thus, health insurance is a must.
  • Even if they have health insurance during employment, it will lapse post retirement.
  • Life expectancy has increased over the years. This means parents live longer and thus, they need to be financially prepared against medical emergencies that are more frequent at an advanced age.

 

Remember, health is wealth. And there’s nothing more important in life than your parent’s health. So, buy a health insurance plan that helps in meeting your parent’s medical necessities. Choosing Royal Sundaram will indeed give your family a complete protection and protect senior citizens against rising medical expenses.  

 

 

 

 

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