How Health Insurance Ensures Long-Term Care for Elderly Parents

Posted on: Nov 12, 2024 | 3 mins | Written by: HDFC ERGO Team

How Health Insurance Ensures Long-Term Care for Elderly Parents

Long term health insurance policy for elderly parents

One of the great pleasures of life is its unpredictability. We don’t know what is going to happen tomorrow. Maybe we win the lottery, or maybe we meet with an accident. Maybe another pandemic will sweep the globe and shift the socio-economic strata of our country.

It is very important to be prepared. But when we don’t know what kind of dangers we may encounter, how do we prepare ourselves?

It’s simple, actually. We take precautionary measures that will protect us in hard times, no matter in which form they come. One such precautionary element is health insurance, which has become a must-have in this trying, disease-ridden era. Parent’s health insurance, in particular, is a major concern and an absolute necessity since their immune systems are much weaker, making them vulnerable to illnesses and ailments more frequently.

Benefits of Having Senior Citizen Health Insurance

As we age, the need for health insurance becomes less optional and more of a necessity. With age, our immune system loses its potential to fight all types of foreign bodies. A cold could lead to Coronavirus, or a little pain in the joints could be a result of arthritis. It is really hard not to panic, especially when it is our parents suffering from an illness or ailment. We need to be sure that the treatment is exactly what they need, so doctors suggest running multiple tests to isolate the problem.

The medical bills for diagnostics alone can be quite substantial. Then come the hospitalisation charges, treatment costs, and post-hospitalisation care. All in all, it is a massive expense; one that forces many individuals to end up taking quick loans that are hard to pay back.

That’s where health insurance for senior citizens puts the mind at ease. Here are some benefits of parent’s health insurance:

1. Preventive healthcare -

The first thing we need to do when it comes to the health of senior citizens is to acquire regular checkups. It helps diagnose any issues at an early stage, thus making preventive care also possible. These periodic diagnostic costs are covered by health insurance.

2. Expenses for hospitalisation -

If there are health issues detected during diagnostics, seniors may require hospitalisation. Health insurance helps cover the costs of room or bed and doctor’s consultation fees. It also pays for surgeries, ICU costs, and other related charges during hospitalisation.

3. Post-hospitalisation care -

Hospitalisation, diagnostics, surgeries, etc. require close monitoring and care after the fact. If your parents went through any treatment or surgery or were diagnosed with a chronic illness, they will need professional care around the clock. Not to mention, there will be follow-up checkups, medicines including injections, and more.

Health Insurances help bear the costs for up to 6 months after hospitalisation. Additionally, if the treatments require prep work before surgery, health insurance helps pay those expenses too for 2 months before hospitalisation.

4. Daycare -

Some surgeries and treatments can be concluded in the span of a day. These would be small procedures that require only 24 hours of medical observation during which all the surgeries would be taken care of and they hardly require you to stick around in the hospital.

Firstly, health insurance helps pay for such treatments. Secondly, the parent’s health insurance will also help take care of related medical bills post-hospitalisation as discussed above. It is an inclusive policy that benefits you and the elderly on multiple fronts.

5. Allowance for home healthcare -

It often happens that the elderly are asked to be kept under around-the-clock medical care. Situations where doctors or any medical practitioner suggest such monitored treatment can vary. Regardless, acquiring such home care can be quite expensive.

When it comes to the elderly, the cause may even be that they are not able to perform daily functionalities by themselves. In such cases, the parent’s health insurance plan helps provide for the expenses of such concentrated caretaking.

6. AYUSH care -

Not everybody is comfortable with allopathic medical care or modern medicine. Some people prefer the ancient practices of Ayurveda, Unani, Siddha, or Homeopathy for their medical conditions.

Fortunately, health insurance is tuned to provide benefits in such cases where the patient may opt for alternative methods of treatment under the AYUSH plan. It keeps your parents’ minds at ease without skipping on the necessary treatments for their conditions.

7. Treatments for mental health -

These days, mental health has become a serious concern, and people have started to recognise the need for help. It is a worthy cause to help ease one’s mind and help relieve stress and other mental health issues with the help of certified medical practitioners.

Much like any form of treatment, mental health issues also require frequent consultations, medication, and care. Instead of racking up huge bills on your own, your health insurance will help pay for mental health treatment for your parents.

8. Expenses for organ donation -

Organ donation is one of the most selfless acts that a human being can do for another. However, there are costs involved with it, such as care before hospitalisation and surgery, the surgery itself, and caring for the donor after surgery.

Organ donation can be to anyone. Your parents may want to donate an organ to help you recover from a chronic illness. Whatever the case may be, they require pre and post-hospitalisation care as well as proper treatment during the organ donation process.

Given the nobility of such individuals willing to help someone by donating a part of themselves, health insurance helps cover the costs associated with the procedure. It can radically help the organ donor recover after such a stressful surgery.

9. Allowance during recovery -

If your parents are still employed but require hospitalisation, they might miss out on days after days of work. Most of the time, the workplaces are hardly sympathetic to such causes and may deduct payment. At the same time, there are medical bills as well as household bills piling up.

In such situations, health insurance helps pay for the added expenses if your parent has been employed for more than 10 days. This financial help comes as a boon to cover other costs besides medical bills during hospitalisation.

Based on the type of health insurance you choose, other benefits aid in covering medical costs, charges for homecare, disability allowances etc. It is best to speak to an expert about the best health insurance policy for your parent’s specific needs.

What is the no-claim bonus benefit, and how does it help?

When it comes to health insurance, you don't need to always end up making claims. Thus, the insurance provider offers an added benefit in the form of No Claim Bonus. It is called the multiplier benefit.

If, during the term of your parent’s health insurance plan, you do not make any claims for any reason, the money invested in premiums is not a total waste. The sum insured is increased by 50% when you renew the health insurance plan. Therefore, not making fruitless claims for very small amounts through the tenure of your parent’s health insurance guarantees that when they require treatment, you can claim a much higher amount.

Let’s say your parent’s health insurance is for INR 5 lacs. If no claims are filed during the tenure of the policy but you made regular premium payments without fail, then, upon renewing the health insurance policy, the sum insured would be increased by 50% of 5 lacs, i.e., 2.5 lacs. Thus, the total sum insured for the next term would be INR 7.5 lacs, which is quite substantial without the need for add-ons.

Conclusion

The medical bills shoot through the roof in old age. It is not optional to get the required treatment and it is hardly worth the risk to sit back and wait it out. Even medical professionals tend to be more careful and insist on thorough diagnostics for parent’s checkups due to their advanced age and weakened immune systems.

The benefits of parents' health insurance far outweigh the costs of premiums, and it provides parents with the peace of mind to seek medical care immediately without the stress of burdening their children. It is the ultimate protection for those who gave us life and spent the entirety of theirs to provide for us.

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

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