Parents health insurance policy is a unique plan designed specifically to cover the medical needs of parents. It provides full coverage against medical conditions that may occur due to advanced age and result in high medical costs. In addition, it comes with a higher sum insured. It offers enticing features such as annual health check-ups, cashless treatment, and more, allowing them to manage their medical expenses properly.
1. Pre-existing diseases are covered in the second year of the policy. In a few cases, it can be from the third or fourth year.
2. Non-allopathic medicines, cosmetic, aesthetic or related treatments are not covered.
3. Any disease contracted during the first 30 days of policy is not covered.
4. AIDS and related disorders are excluded.
5. Expenses related to self-inflicted injuries are excluded.
6. Any expenses due to the addiction to drugs, alcohol or any mental or psychiatric illness are not covered.
7. Few diseases such as hernia, piles, cataract, benign prostatic hypertrophy, etc. usually have a waiting period.
8. Joint replacement surgery (other than due to accidents) also have a waiting period.
9. Cosmetic surgery is not covered.
10. Injuries arising due to war are not covered.
Individuals must purchase enough health insurance for their parents to ensure that they receive the best medical treatment without worrying about medical expenses.
The premiums that the policyholder pays for their parents’ health insurance are likewise tax-deductible under section 80D.
What is covered in parents health insurance policy
Here’s what’s covered under parents health insurance policy.
Get coverage for all hospitalisation-related expenses such as room rent, ICU charges, medicines etc.
Pre-and post-hospitalisation expenses
Medical expenses paid before and after hospitalisation are also covered under parents medical insurance policies. It usually ranges between 30 and 60 days, but this varies per insurer.
Get coverage for day-care treatments such as varicose vein surgery and cataract surgery that do not require a 24-hour stay in the hospital. The amount of day-care treatments required is determined by the plan selected.
Ayurveda, Yoga, Homoeopathy, Unani, Siddha treatments are also covered under such medical insurance policies.
Major surgeries involving substantial medical costs, such as bariatric operations and open-heart surgeries, are usually covered by most parents’ medical insurance plans. Therefore, the policyholder can avail of treatment facilities for their parents from India's best hospitals or overseas (if the plan allows) and consult renowned surgeons for the same.
Here’s some of the simple process to raise a claim under parent’s health insurance policy.
For cashless claim
For reimbursement claim
Here are the things one must consider when buying parents health insurance policy:
Health insurance coverage
Individuals must review the policy's coverage options. Know about the policy duration, pre-and post-hospitalisation coverage, critical illness coverage, day-care procedures, in-patient hospitalisation, AYUSH treatment, and domiciliary hospitalisation, among other things.
Adequate sum insured amount
The policyholder must choose a plan of higher coverage so that they can cover their parents and ensure their medical needs are taken care of. It will ensure that individuals receive the required treatment possible, regardless of their financial situation.
Pre-existing disease cover
If the policyholder's parents have pre-existing medical conditions, they will only be covered after the waiting period, generally two and four years. It may differ from insurer to insurer and the plan chosen. So, check the waiting period to know after what duration they will be able to avail of the coverage benefits of the parents’ health insurance plan.
It is the proportion of the total cost that the policyholder will be responsible for. The health insurer covers the remaining medical costs. The policyholder can also include a ‘no co-pay’ clause in their contract.
No sub-limits help
Medical costs are usually determined by the type of room and the ailment. Therefore, it is recommended that the buyer chooses the best health insurance for parents with no sub-limits on hospital room rent. It will help the policyholder to choose the hospital room that best suits their needs. Most policies also do not have an illness limit; this is an essential consideration to bear in mind.
With the best health insurance for parents’ policy, the policyholder’s parents will receive the best medical treatment possible. It provides financial security in the event of unanticipated medical bills. Having the best health insurance plans for parents will assist policyholders in paying all medical bills that may arise.
Yes, you can choose a plan that covers their pre-existing illnesses. However, there may be a waiting period depending on the plan you choose. Choose the health insurance plans for parents with the shortest waiting periods. If you have a family floater policy, you can even cover your parents under your current medical policy. Before including your parents in the same plan, you should consider checking the age restrictions in your plan.
Each medical insurance policy for parents includes an age requirement. Before purchasing an insurance policy for parents, the buyer should make an informed decision. The policyholder can readily check the age criterion on the company's website before buying a medical policy for parents and choose the best medical insurance for parents.
The policy buyer can choose from a variety of health insurance plans offered by various health insurance firms. Critical illness coverage, pre-existing sickness coverage, cashless hospitalisation, organ donor transplantation (if possible), and a bigger sum insured are all essential features of the best health insurance for parents. The buyer should make an informed decision only after checking the health insurance benefits offered by the company and choose the best medical insurance for parents.
You might choose a different insurer at the renewal time to improve your parents' health insurance coverage. You can also add a critical illness rider to your policy to boost the benefits even more. Various companies offer the policy of increasing the claim amount in the insurance policy by paying a nominal extra cost. Several top-up health plans offer coverages over and above the existing health insurance plans.
Yes, tax savings of up to Rs. 50,000 are available for health insurance premiums paid by parents over the age of 60. Therefore, get the best medical insurance for parents as it will cover their future and save money through tax exemptions.
With age, the odds of health-related issues arise as well. With your parents’ medical insurance plan, you can make sure to cover their health needs and the medical expenses arising from them.
Explore these advantages that you can avail when choosing best health insurance for parents:
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