Ensure your Parent's Well Being! Explore Parents Health Insurance

Posted on: Apr 26, 2019 | | Written by:

Ensure your Parent's Well Being! Explore Parents Health Insurance

Our parents work hard to give us a comfortable life, so as they age, it is our duty to ensure they stay in the pink of health always. For this, you can always opt for a parent health insurance policy that provides complete health coverage to them while also offering you tax benefits under section 80D of the Income Tax Act, 1961. Health insurance costs in India have risen considerably over the past few years and due to this purchasing a health insurance policy is necessary. Spending on a health insurance policy ensures that your parents are given the required financial assistance at the time of hospitalization.

Why buying health insurance for parents is a must?

A parent’s health insurance policy is offered by HDFC ERGO to ensure that your parents are financially secured at the time of hospitalization and you don’t have to bear any medical expenses for the treatment. You can either opt for a health insurance for senior citizens for your parents or can cover them under a family floater plan. However, under a family floater plan, the premium will be charged on the basis of the age of the eldest family member.

With the inflation costs rising at skyrocketing speed, it becomes difficult for senior citizens to spend a chunk of their money on the hefty medical bills due to which buying a health insurance plan is a must.
Life expectancy ratio has risen over the years, meaning that your parents will live longer and will need health coverage for the long run.
If your parents are retired, then they would not really be having a stable source of income, unless for the pension that they would be receiving. Most parents are dependent on their children.
Post-retirement, the employer health insurance provided to parents would expire.
Old-age makes one more prone to several medical conditions such as heart ailments, arthritis and others.
You will have to take care of all the medical expenses if your parents don’t have a health plan and are hospitalized due to any medical condition. Hence, not having a health insurance policy for parents can burn a hole in your pocket.
If your parents are senior citizens then you can get tax benefits up to or above Rs. 50,000 on your health insurance purchase.
Buying health insurance at an early age comes with its own share of benefits and attracts a lower premium, offering wider coverage.

Inclusions of parent’s health insurance

Inpatient treatment expenses for room rent, nursing, diagnostic procedures, medicines, etc is provided coverage for.
60 days pre-hospitalization expenses and 90 days post hospitalization expenses are covered
Daycare procedures are covered
Domiciliary treatment
Organ donor charges are covered
Emergency ambulance charges
Cashless hospitalization facility can be availed at hospitals falling under the network of the insurance company.

Exclusions of parent’s health insurance

Coverage is not provided for diseases contracted after 30 days from the date of availing the policy
Coverage is not provided for specific diseases with a specific waiting period
Pre-existing conditions are not provided coverage for until 48 months
Medical expenses that are a result of drug or alcohol abuse are not covered
Treatment of obesity and any weight control program is not covered
Sexually transmitted diseases such as AIDS and HIV is not covered
Dental treatments and surgery, unless it is a part of a treatment requiring hospitalization
Plastic or cosmetic surgery unless a part of any medical treatment
Medical expenses arising due to war, invasion or act of foreign army

Things to keep in mind when choosing parents health insurance

It is imperative that you keep the below points in mind before choosing health insurance for parents

Entry age: In case if your parents have crossed the age of 60 and if you haven’t purchased a health insurance policy for your parents, then you can do so even now. Few insurance companies offer health insurance coverage for senior citizens aged between 60-80 years. But buying a health insurance policy at an early age has its own share of benefits as it attracts a low premium and also the cumulative bonus you receive for making no claims during the policy year.

The number of illnesses covered: Ensure that the health plan you opt for your parents covers a wide range of illnesses and also pre-existing illnesses after a pre-defined waiting period. Pre-existing diseases are generally covered after a waiting period of 48 months and coverage for certain medical conditions such as sinus and others is provided after a waiting period of 24 months.

Sum insured: Sum insured is nothing but the maximum coverage that your parents would be eligible to receive at the time of hospitalization. Opting for a high sum insured attracts a high premium, whereas low sum insured requires you to pay a lesser premium. However, it is always advisable to go for a high sum insured as an uncertain medical condition can strike at your door anytime and increase yours out of pocket expenses.

Hospital network: Ensure that your parent’s health insurance provider covers a broad list of hospitals, especially the ones in your neighborhood. This is because in case if your parents require urgent hospitalization, then you can always have access to the best hospitals in your vicinity.

Premium: Since the risk for covering a senior citizen is higher, parents health insurance does not come at a cheaper rate. When calculating the premium for health insurance for parents, the insurance company takes into account a range of factors including renewal age, entry age, pre-existing diseases, etc.

HDFC Ergo’s Health Suraksha is perfect for your parents since there is no maximum entry age eligibility criteria, there is no room rent capping or disease sub limit , can be renewed lifelong, and most importantly, has 9300+ hospitals in their network to offer cashless facility.

Disclaimer: The above information is for illustrative purpose only.For more details, please refer to policy wordings and prospectus before concluding the sales.

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