Comprehensive Medical Insurance Plans for Parents: What You Need to Know

Imagine both your parents are in their 60s. With each passing year, the ailments start to get worse. Without a secure life insurance plan, taking care of all expenses becomes impossible. You will be in debt and incur a lot of out-of-pocket costs. Therefore, it is essential to have the right medical insurance to ensure the health and well-being of your parents. Explore how to cover medical insurance for parents and how a family mediclaim policy will provide security and help navigate during tough times.

Why Medical Insurance for Parents Matters

With advancing age, health issues become more common. Rising medical expenses make it essential to have an adequate insurance plan to protect your savings while ensuring your parents receive the best healthcare.

Here’s how a medical insurance for parents plan can help:

• Cover hospitalisation charges: It includes room rent, doctor's fees, and diagnostic tests.

• Help With Cashless Treatment: Most insurers partner with networks of hospitals for seamless cashless services.

• Help With Pre-and Post-Hospitalisation: It generally includes expenses incurred before and after hospitalisation.

• Annual Health Check-Ups: These help in the early detection of diseases.

Family Mediclaim Policy vs Individual Policies

A family mediclaim policy offers collective coverage for all family members under one plan. Let’s compare this with individual medical insurance policies for parents:

Key Factors to Consider When Choosing a Plan

To choose the best plan among the available options, the following things have to be taken into consideration:

• Age and Health Conditions: Older parents or those with pre-existing conditions may require specialised plans.

• Network Hospitals: Check if the insurer's network has good hospitals around the place where your parents live.

• Clause for reimbursement settlement: Prefer the ones bearing a high claim settlement ratio; they will ensure trouble-free reimbursement.

• Policy premiums versus benefits: Compare the premiums carefully to coverage benefits to know whether the investment is worthwhile or not.

• Period of waiting: The waiting periods must be looked into for already existing conditions.

Suppose Amrit’s parents are both 65 and 62 respectively. One has a pre-existing health condition, and the other one is diagnosed with a recent illness. To invest in a comprehensive plan, You will:

• Check the age and select a plan for both pre-existing conditions as well as one with a shorter waiting period. Shorter waiting periods are useful in case of recent illnesses.

• Check the nearest network hospitals based on the illness including cardiology, geriatrics, etc.

• Check the sum to be insured and look for what will be covered during the process. You will also look for other benefits.

Additional Benefits of Medical Insurance for Parents

Here are some lesser-known benefits of parental health insurance that include not just money but quality health care:

• For the purpose of tax benefits, any premium paid for health insurance of parents is deductible, subject to conditions, under Section 80D of the Income Tax Act.

• Cover up Alternate Treatments: Some policies provide cover AYUSH treatments (Ayurveda, Yoga, Unani, Siddha, and Homoeopathy).

• Renewable for Life: Choose policies that offer no age-limit coverage.

Conclusion

Getting the right health insurance for parents is not a financial decision alone but also a step toward ensuring health and happiness. There are a couple of options while purchasing a health insurance plan for your family, like standalone plans or family mediclaims. But one thing that all such plans feature in common is their promising comprehensive coverage based on their requirement. This saves your family's future from burdening medical costs. Visit today for the best plans and arrange insurance for your parents, thus getting them what they deserve.

(No Hans India Journalist was involved in creation ofthis content)