Parents spend most of their life trying to build a happy and comfortable life for their children. As they grow older, the roles are reversed, and they become more dependent on their children. One of the most important responsibilities you can fulfill for them is establishing a financial safety net for medical emergencies. Buying medical insurance for parents will ensure that they receive the medical attention they need without worrying over the financial impact of it.
Let’s understand more about medical insurance for parents and how it works to help you make an informed decision!
What is Health Insurance for Parents?
Medical insurance for parents offers high coverage for a variety of medical treatment expenses. Cashless hospitalization, healthcare care treatments, yearly health checks, and alternative treatments are a few of the benefits, along with financial protection during unanticipated healthcare emergencies.
What Are the Features of Health Insurance for Parents?
Though the various features offered under medical insurance for parents depends upon the policy and insurer you choose, there are certain basic benefits all medical insurances provide such as:
- Cashless Medical Treatment: Your parents can undergo any planned surgery or receive emergency treatment at various healthcare providers and the bills will be settled between the insurance provider and the hospital administration.
- High Sum Insured: When medical inflation accelerates more quickly than expected, you can protect your finances by purchasing medical insurance for parents designed specifically for the need and care they require.
- Tax Benefits: By claiming a deduction of up to Rs 50,000 on your health insurance premiums, you can save on your taxes under Section 80D of the Income Tax Act, 1961.
How to Pick Medical Insurance for Parents?
While different insurance policies are available in the market, you must consider the following aspects when purchasing medical insurance for parents.
- Eligibility: The age of entry into health insurance plans is not a restriction for parents. Nevertheless, individuals need to be at least 61 years old to be covered under a senior citizen health insurance plan.
- Policy Benefits: Make sure that the policy offers benefits like day-care services, healthcare, and alternative treatment.
- Renewability: A lifelong renewal option is available in a medical insurance policy for parents. It allows them to continue receiving coverage without any hassle.
- Daycare Treatments: Today, many procedures that were once considered surgery are now considered daycare treatments. Hence, you must opt for medical insurance for parents that covers such treatments.
- Coverage Amount: A high sum insured is available with health insurance for parents. You must ensure your parents are covered and protected adequately when choosing an insurance plan.
- Trusted Insurance Provider: Make sure you go for well-known and dependable insurance providers who can provide the necessary financial support in a time of need. Consider policies by reputable insurance providers such as Care Insurance to prevent any disappointments in the future.
What are the various types of Insurance plans for Parents?
Depending on how much healthcare your parents need and their insurance needs, you will have different options when purchasing health insurance for them such as:
- Individual Health Insurance Cover: This type of policy is ideal for parents, seniors, or people with specific healthcare conditions.
- Family Floater Health Cover: Family health insurance plans include coverage for immediate family members for those with dependent parents at home.
- Senior Citizen Health Cover: If your parents are of 60 years of age or above this plan will ensure that they are covered for a higher sum assured as well as unique healthcare benefits.
- Super Top-up Health Cover: It is a type of health insurance that your parents can have to supplement their existing coverage by offering a higher sum on the existing policy.
Understand the health and financial needs of your parents well before choosing a medical insurance plan for them. Remember to compare the features and benefits of different policies to select the best coverage plan for them!