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Why You Must Buy a Health Insurance for Your Parents in Your Early 30s

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Getting health insurance for parents is not just a thoughtful move, but it can also save you a lot of money in case of a medical emergency. On an average, it is most likely that by the time you are in your early 30s, your parents will be in their mid or late 50s. And that’s why experts emphasize that your 30s are the right time to get an extensive health insurance policy for your parents, before they hit the senior citizen milestone. 

Why should one do that?

• Low Premium: Once they hit the senior citizen bracket, chances are that buying health insurance for parents will become more expensive than buying it in their 50s. By making an early decision, you will be optimising the premium without compromising on the quality of care and medical assistance.

• Long Tenure Benefits: Buying health insurance plans for parents early on is a great way to secure the long tenure benefits, like cumulative bonus and much more. These benefits can be leveraged during a treatment and can also act as an extra financial cushion.

• Your Financial Capabilities: Even though caring for your parents and securing their health is non-negotiable, it is more comfortable for you to pay the premiums when you are in your 30s and comparatively free from personal obligations.

• Better Financial Planning: You must have heard that the early bird gets the worm. Having insurance planned for your parents in your early 30s is a great way to secure your financial future while staying assured that your parents are taken care of right from the start. 

• Save on Taxes: Another reason for buying health insurance for your parents while in your early 30s is to save on taxes. You have the chance to save up to ₹.75, 000*.

Why do you need health insurance plans for parents?

Buying a health insurance plan for your parents offers an array of benefits and ensures that their wellbeing is taken care of. Here are some reasons why:

• Beyond Diseases: Going for health insurance plans for your parents will not only cover treatments, but also offer wellness benefits such as the right guidance on exercising, nutrition, lifestyle and overall health, etc. 

• Beat Medical Inflation: Healthcare costs are always on a rise. This can be quite an expensive affair especially for your parents who might have to visit the hospital frequently for specific treatments. With a robust health insurance plan, you and your parents can beat medical inflation and still receive the best possible treatment. 

• Inadequate Insurance Coverage: There are times when your corporate policy or your parents’ corporate insurance might not cover every aspect of healthcare and treatment. So, buying a separate health insurance for them is a great way to secure their health and enhance the existing financial coverage. 

• Lifestyle Diseases: It is not only the young who suffer from lifestyle diseases. The older generation are just as likely to get affected and require immediate medical attention. Having a health insurance plan in place will facilitate the treatment rather smoothly. 

What will the health insurance cover?

It is great to know what elements are covered in your parents’ health insurance so that there are no unpleasant surprises during the claim process. Moreover, staying informed of these elements can also help you get the right policy that checks all the boxes.

• Cashless Home Health Care: Your parents might like the idea of cutting down on hospital visits, and if their doctor allows, avail at home medical assistance, as much as possible. Certain insurance providers cover home health care and often make things easier by converting it into a cashless mode.

• Day Care Procedures: Often, treatments are completed in 24 hours. Thanks to medical advancements, long surgeries might need just a couple of hours, which makes them eligible as day care procedures. And a few reputed insurance providers also cover such procedures.

• Pre & Post Hospitalisation: A few checkups and treatments are sometimes mandatory pre and post hospitalisation. Having a health insurance policy can cover these charges as well. 

• AYUSH Benefits: For many, alternative therapies and treatments can help get rid of an ailment or cure a condition. So, you should research and look for insurance providers that cover alternative therapies. After all, the goal is to gain better health status.

• Sum Insured Rebound: Health insurance plans for your parents can also act as a double layer of protection, as they can avail the sum insured rebound benefits. These can act as a backup and recharge their depleted health covers. This financial reinforcement can help cover the next treatment charges. 

Choosing the right health insurance for parents

As your parents start aging, it is always better to be prepared and choose the right health insurance plan for them. So, what to keep in mind for that?

• Check for Waiting Periods: This is perhaps the first thing you should check, as your parents might have some existing medical conditions. It is important to go for a health plan with the minimum waiting period, so as to avail the benefits as soon as possible. 

• Should Cover In-Home Health Care: Parents often prefer the comforts of their home when it comes to seeking medical advice and attention. If their doctor agrees with providing home health care, go for health insurance plans that cover such facility. 

• Beyond Sub-Limits: Your parents will need privacy and comfort while undergoing any treatment or medical care. So, make sure you get health plans that have no sub-limits and no restrictions when it comes to the room tariff. 

Conclusion

So, when it comes to insuring your parents’ health, the earlier you get started, the better it will be. However, before choosing the perfect health insurance plans for parents, remember to consult an expert. Or, buy HDFC ERGO health insurance for them, to avail end-to-end assistance.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales. *T&C apply.my:health Suraksha HDFHLIP20049V041920 UID No.D2HI761

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