Buy Health Insurance Plans For Parents

It has been stated that age is more than just a number, and this is notably true for parents whose golden years are severely harmed as they become older. In truth, health is the first friend that begins to impact older adults and digs a deep hole that the hard-earned assets are gone. In a case like this, parents’ health insurance might be really useful.

The costs of medicine, surgery and care are all rising at an enormous pace. Add to it the cons of seniors having a fixed salary with no chance for progress. This uneasy mix may make retirement a chore rather than a joyful second stage. In such cases, a  health insurance plan for parents becomes useful.

Why Do You Need Health Insurance for Your Parents?

Getting your parents a proper health insurance plan is vital to ensuring they get the greatest medical care without fiscal stress. To pick the best health insurance policy for your parents, examine the following factors:

• Safety

It is vital that you review the insurance coverage perks. Assess the plan’s terms, pre- and post-hospitalization insurance, critical illness insurance, daycare methods, in-patient treatment, Ayush treatment, home care hospitalisation, and so on.

• Amount Insured in Adequate Sum

As your parents are more at risk of health risks due to their age, you should pick a bigger total covered sum. It will guarantee the finest therapy without regard to cost.

• Pre-Existing Illness Protection

If your parents possess pre-existing health problems, they will be covered only after the hold time, normally 2-4 years. This could differ from one insurer to the next and depending on the plan chosen. Check the time after which your family health insurance policy health plan will treat pre-existing problems.

• Clause of Co-Payment

Co-payment is a part of the total price that you will be liable for paying on your own. The rest of the medical costs are covered by health insurance. For example, if you have a plan with a 20% co-pay clause, you would need to pay Rs. 2 lakhs from your pocket for a claim of Rs. 10 lakh, while the insurance provider will pay Rs. 8 lakh as part of the payment. You might also include a “no co-pay” term.

• Tax Benefits

Section 80D allows you to deduct the health policy costs you buy for your parents. If you pay a premium for both you and your parents, who are under the age of 60, your total tax gain maximum for health insurance premiums is Rs. 50,000. If your parents are beyond the age of 60, the maximum is hiked to Rs. 75,000. This may vary based on the related tax limits.

Factors to consider while Picking a Health Insurance Policy For Your Parents

• Pre-existing Conditions

Beyond a certain age, it is usual for folks to have certain pre-existing ailments. Whether your parents have certain problems, you should check with your insurance to see if they are covered. Most health insurance plans do not include pre-existing ailments. In this instance, your parents will be unable to file a claim for treatment of a pre-existing sickness. Make sure to clarify this with your insurance provider, and pay attention to these problems since they may lead to your claim getting denied later.

• Guaranteed Large Sum 

The sum guaranteed that you pick for yourself may be less for your parents. One factor is that the elderly are more prone to visit hospitals. Second, the cost and usage of medicines are much greater among the elderly. Age may also cause serious ailments, like heart problems, renal problems, and so on, which might need costly surgery. As a result, assess for these expenses and pick a large sum insured for your parents.

• Benefits & Riders

Riders and benefits may extend a policy’s coverage. Seek a health plan that includes riders such as a daily hospital advantage, personal accident advantage, income advantage, premium waiver rider, and so on for further ease in the event of a medical crisis. Keep in mind that the more perks a plan give, the greater the range of safety. This may benefit your parents’ health in the long term.

• Coverage Type

You may pick between a solo cover and a spouse cover when getting health insurance for a single parent or even both parents. If you wish to insure both of your parents, a marital policy may give extra perks. A single policy may cover two persons. This greatly simplifies premium payments and claim payments.

• Claim Settlement Procedure

The claim settlement method should be simple and customizable. A complex method that needs the filing of various paperwork, bills, and papers may be hard, notably when you are already coping with a medical issue. To reduce problems at a stressful moment, seek an insurance vendor with a high claim payment percentage and a simple process.

Features of Parent Health Insurance Plans

The following are the major features of a parent health insurance plan:

• Tax breaks are provided for premiums paid toward a parent’s health plan. Get a tax break on your health insurance costs.
• It offers a 15-30 day free trial time.
• Day-care costs boosting as a result of the usage of special equipment during treatment methods like dialysis & chemotherapy are paid.
• Some plans also provide health screenings.

How to Purchase Health Insurance for Parents

Here’s how to get health insurance for your parents:

Step 1: Go to the health insurance website of the insurance vendor you want to buy your plan from.

Step 2: Give relevant data about who you want to insure, as well as your details.

Step 3: Select a health insurance plan from the list of choices. You may also extend your policy by buying add-on covers.

Step 4: Upload the relevant paperwork and pay your health insurance premiums online.

And there you have it! Your insurance will be sent to you via email soon.

Conclusion

To sum up, when your parents reach the age of 60, they must get a health insurance plan. This is because the rising price of medical care may wipe away the majority of their life savings. 

Health insurance for parents must be a distinct plan, meaning it should not be part of family health insurance. Conduct vast research on the numerous insurance plans for your parents, as well as whether all of your needs are met.

If you want to learn more about health insurance plans, visit Piramal Finance for related blogs and explore their products and services.