Get Medical Insurance for Parents & Know its Benefits
A health insurance policy for parents is a unique plan designed specifically to cover the medical needs of parents. It provides full coverage against medical conditions that may occur as a result of advanced age and result in high medical costs. It comes with a bigger sum insured and offers enticing features such as yearly health check-ups, cashless treatment, and more, allowing them to properly manage their medical costs.
There are numerous health insurance policies for your parents to select that cover COVID-19 infection as well as other dangerous illnesses that may be quite expensive to treat. COVID-19 plans for people under the age of 65 have been established in recent years, and you may purchase one for your parents as well. Specific coronavirus health plans, as well as senior citizen health plans, make sense during the COVID-19 pandemic. The best thing is that there is no requirement for pre-medical screening under the coronavirus medical rules. To know more about medical insurance & its benefits for parents, read on.
What’s The Need For A Medical Insurance For Parents?
Purchasing proper health insurance for your parents is critical to ensuring that they receive the finest medical treatment possible while being financially secure. Following are the characteristics you should know when purchasing a health insurance plan for your parents -
- Health Insurance Coverage - It is critical that you review the policy's coverage advantages. Consider policy length, pre- and post-hospitalization coverage, critical illness coverage, daycare procedures, in-patient hospitalisation, Ayush treatment, and domiciliary hospitalisation, among other things.
- Insured Amount - Although your parents are more susceptible to health risks due to their age, you should choose a bigger total covered amount. It will ensure that individuals receive the finest treatment possible, regardless of their financial situation.
- Pre-Existing Illness Cover - If your parents have pre-existing medical issues, they will only be covered after the waiting period, which is normally between two and four years. It may differ from one insurer to the next and depending on the plan chosen. Check the time period after which pre-existing conditions in your family health insurance plan will be covered in your health insurance plan.
- Co-Payment Clause - It is the proportion of the total cost that you will be responsible for. The health insurer covers the remaining medical costs. For example, if your policy has a 20% Co-pay clause, you would be required to pay Rs 2 lakh from your own money for a claim of Rs 10 lakh, while the insurance company will pay Rs 8 lakh as part of the claim. You may also include a "no co-pay" condition in your contract.
- Tax Benefits - The premiums you pay for your parents' health insurance are likewise tax deductible under section 80 D. If you are paying a premium for yourself and your parents who are under the age of 60, your total tax advantage on health insurance premiums is limited to Rs 50,000. If your parents are above 60 years old, the maximum is raised to Rs 75,000. This, however, may alter depending on the relevant tax restrictions.
Benefits Of Medical Insurance For Parents
Following are the benefits of health insurance plan for your parents -
- Hospitalization Expenses - A sickness or an accident might result in astronomical healthcare costs. Hospitalization is becoming increasingly expensive, and with a comprehensive health insurance policy, you may have your insurer pay for medical care up to the coverage maximum.
- Day Care Procedures - The insurance also covers day-care treatments such as varicose vein surgery and cataract surgery that do not need a 24-hour stay in the hospital. The amount of day-care treatments varies according to the plan selected.
- Entry Age - The majority of health insurance policies cover people aged 55 to 80. Certain plans, however, have an entrance age of more than 60 years. Choose a plan that allows you to join at any age and has no maximum age restriction, as well as the possibility to renew it for the rest of your life.
Endnotes
Parents' health insurance is a smart health plan that is specifically tailored to meet the medical demands of older folks. It financially protects them from diseases and medical procedures that are common among the elderly. It frequently provides superior medical coverage than universal health insurance policies. Furthermore, these plans have a cheaper price than other health insurance plans, underscoring why they are an excellent choice for any elderly people.
Also read - What are the Benefits of Long Term Health Insurance?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
