- 1 What is health insurance for parents?
- 2 Types of Health Insurance for Parents
- 3 Why is Health Insurance for Parents Important?
- 4 What is Covered in Health Insurance for Parents?
- 5 What is not Covered in Health Insurance for Parents?
- 6 Bajaj Health Insurance Plan for Parents
- 7 Why Choose Parent’s Health Insurance?
- 8 Tax Benefits
- 9 What all cover under parents’ Health Insurance?
- 10 Claim Policy for Parent’s Health Insurance
- 11 For a claim of reimbursement
- 12 Things need to be Check When Buying a parent’s Health insurance
- 13 Conclusion
An aging population necessitates high healthcare facility costs, which puts a strain on the family’s primary provider.
Even though the government invested over Rs. 1.58 trillion in the nation’s healthcare system to subsidize healthcare, high costs were frequently associated with high-quality care.
The best approach to deal with such unforeseen costs is to get a bajaj health insurance plan for parents in India, which gives comprehensive benefits designed to cover all medical conditions brought on by advancing age.
One of the needs is health insurance, especially if one must pay for the older person’s medical care.
What is health insurance for parents?
Our parents suffer from many age-related medical conditions as they age. They must undergo specific therapies frequently. Additionally, they are more likely to experience several medical issues.
A type of insurance known as health insurance or medical insurance covers all or a portion of the risk associated with a person needing medical care. The risk is distributed among several people, just like with other kinds of insurance.
The costs of treating these conditions are also very high. When our parents are hospitalized for any reason, a health insurance plan for parents covers almost 70% of the related medical costs.
Types of Health Insurance for Parents
There are three different types of health insurance coverage you can choose from that will pay for your family’s medical expenses, including your parents. Which are:
1. Individual Health Insurance
Only those who are insured by this sort of insurance coverage are covered. Your parents and other members of your immediate family may be included in this plan.
In this case, the insured person can profit from a fixed sum assured rather than a variable sum, which makes it more favorable if your insurance policy covers your parents.
2. Family Floater Health Insurance
The total sum assured under this plan applies to each member protected, unlike an individual health insurance plan. Looking for family floater coverage for your parents is generally not a good idea. It is due to the fact that the insured individual making subsequent claims must make do with the reduced sum assured under the cover when several claims are raised under this cover in a single year.
Several additional health insurance policies for parents in India offer protection against a wide range of illnesses that mostly affect people over 50. They are consequently the ideal choice for taking care of your parents.
Hold on! You can also get your parents a senior citizen health insurance plan if they are older than 60.
3. Senior Citizen Health Insurance
Regardless of the ailment present, such insurance policies are created to meet the medical needs of elderly folks. It is advantageous since, through the large claim payment, it satisfies the needs of every person falling within this category.
Additionally, benefits like home hospitalization and AYUSH coverage make this insurance policy the best option for paying for medical expenses for people over 60.
Why is Health Insurance for Parents Important?
Parents should have health insurance since it compensates for;
- Cashless Treatment: Only available at network hospitals; offers cashless hospitalization
- Hospitalization costs when your parents are admitted to the hospital.
- Ambulance Fees: Emergency medical transportation costs.
- Medical expenses are covered up to 30 days prior to admission.
- After Hospitalization: A portion of medical costs for up to 60 days following hospitalization.
- Medical Consultations: Medical consultative fees fall within a predetermined range.
- Health Check-up: Costs associated with a health check-up are within a predetermined budget.
- Specific diseases: Coverage is provided for certain conditions within predetermined parameters.
What is Covered in Health Insurance for Parents?
Parents should have health insurance since it compensates for;
- Hospitalization Costs: Fees for the doctor, the ICU, and the nursing staff.
- Hospitalization costs are associated with the treatment of some mental diseases.
- Pre- and Post-Hospitalization: All medical costs incurred during 30 days of admission and within 90 days following discharge.
- Day Care Treatments: Costs associated with medical care necessitating less than a 24-hour hospital stay.
- Specific diseases: Coverage is provided for particular conditions within predetermined parameters.
- Home healthcare: If medical treatment must be administered at home with a doctor’s clearance due to a lack of available beds.
- Cover Amount Recharge: When your current health insurance coverage amount expires, you must recharge.
- Organ Donor Costs: The policy will pay the organ donor costs if a qualified organ donor can be found.
- Recovery Benefit: The coverage covers financial losses incurred as a result of your absence from home if you are hospitalized for more than ten days.
- Free Health Checkup: Receive a free annual health examination.
- Lifetime Renewability: You can continue to do so indefinitely after purchasing the parents’ health insurance.
What is not Covered in Health Insurance for Parents?
Parent health insurance plans do not cover the following facilities.
- Existing conditions before the waiting time
- Self-inflicted injuries
- Any illnesses within 30 days of insurance purchase
- Use of drugs
- Getting dental care
- Glasses or lenses
- War-related injuries
- AIDS treatment
- Cosmetic procedure
Bajaj Health Insurance Plan for Parents
A parent’s health insurance policy is an exceptional program created especially to take care of the medical requirements of parents. It offers complete protection against illnesses that could develop as people age and have high medical expenses. It also includes a larger insured amount. It offers alluring features, including annual health exams, cashless treatment, and more, enabling users to manage their medical costs effectively.
- The second year of the policy includes coverage for pre-existing conditions. It occasionally happens to be from the third or fourth year.
- Not allopathic, cosmetic, aesthetic, or related treatments are not covered.
- Any illness acquired within the first 30 days of the policy’s purchase is not covered.
- AIDS and associated illnesses are not included.
- Expenses connected to self-inflicted injuries are excluded.
- Expenses resulting from a drug or alcohol addiction or a mental or psychiatric disorder are not covered.
- A waiting time is typically required for a few disorders, including benign prostatic hypertrophy, cataracts, piles, hernias, and piles.
- There is a waiting time for joint replacement surgery, except for accidents.
- Cosmetic surgery is not covered.
- War-related injuries are not covered.
Why Choose Parent’s Health Insurance?
To guarantee that their parents receive the greatest medical care without worrying about cost, people must buy enough health insurance for them.
These days, a health insurance plan is not a cost you can ignore; rather, it is a necessary component of your insurance portfolio. Investing in a health insurance plan is crucial due to the sharp increase in healthcare expenditures both domestically and internationally. Regardless of how much money you have saved, if you don’t have a solid health insurance plan to fall back on in the event of a medical emergency, you may end up using up all of your savings to pay for the essential medical bills.
To be completely honest, the crisis extends beyond merely medical emergencies. These days, the range of ailments has expanded much too much, and with it the cost of accurately diagnosing each. But if you have a solid health insurance plan, you won’t feel the pinch; in contrast, if you don’t, you’ll be struck in the face with sky-high rates.
Section 80D allows policyholders to deduct the premiums they pay for their parent’s health insurance.
What all cover under parents’ Health Insurance?
Pre & Post Hospitalization: Obtain coverage for all hospital-related costs, such as room and board, ICU fees, medication costs, etc.
- Daycare Procedure: Get coverage for daycare treatments such as varicose vein surgery and cataract surgery that do not require a 24-hour stay in the hospital. The amount of daycare treatments required is determined by the plan selected.
- AYUSH Benefits: These medical insurance plans also cover treatments such as Ayurveda, Yoga, Homeopathy, Unani, and Siddha.
- Majore Surgery’s: Most parents’ medical insurance plans often cover major surgeries that incur high medical costs, like open-heart surgery and bariatric operations. As a result, the policyholder can get their parent’s treatment at the top hospitals in India or abroad (if the plan allows it) and meet with renowned surgeons.
Claim Policy for Parent’s Health Insurance
To make a cashless claim
1) Complete the pre-authorization form at the network hospital to obtain cashless permission.
2) After receiving notification from the hospital, the insurance provider updates the status.
Hospitalization is possible based on the prior authorization’s permission.
4) The business settles the claim with the hospital directly at discharge time.
For a claim of reimbursement
1) The insured must pay the invoices and save the original receipts.
2) The insured will submit to the business all of their invoices and treatment records upon hospital discharge.
3) Next, the business examines the bills and treatment records relating to the claim.
4) The firm deposits the authorized claim amount into the policyholder’s bank account.
Things need to be Check When Buying a parent’s Health insurance
The following factors should be taken into account when purchasing parents’ health insurance:
Health Insurance Coverage: People must study the available coverage alternatives in the policy. Among other things, be aware of the policy’s terms, pre- and post-hospitalization coverage, critical illness coverage, daycare procedures, in-patient hospitalization, AYUSH treatment, and domiciliary hospitalization.
Adequate SUM Assured Insurance: To cover their parents and make sure their medical requirements are met, the policyholder must select a plan with more coverage. Regardless of their financial condition, it will guarantee that people receive the best care available.
Pre Existing diease Cover: If the policyholder’s parents already have a medical problem, they won’t be covered until the waiting period, typically between two and four years, has passed. Depending on the plan chosen and the insurer, it can be different. Check the waiting time to determine when they can start using the parents’ health insurance plan’s coverage advantages.
Co-Payment clause: The percentage of the whole cost that the policyholder will bear responsibility for is its name. The health insurer pays for the remaining medical expenses. The policyholder’s contract may also contain a “no co-pay” condition.
No Sub Limits Help: The room type and illness typically affect the cost of medical care. As a result, the buyer is advised to select the best health insurance for parents with no sub-limits on the cost of a hospital stay. The policyholder will be assisted in selecting the hospital room that best meets their needs. Additionally, most insurance does not have an illness cap; this is important to keep in mind.
Purchasing health insurance is now required. People are still uninformed of what makes a health insurance policy successful despite rising medical care expenses and growing awareness about purchasing health insurance. How much do we actually know about policies and how to select the best health insurance plan based on your needs, even though we enjoy the tax benefit that comes with purchasing a health insurance policy? We have tried to cover these questions in this article and hopefully that was helpful enough to take a effective decision regarding Health insurence for your parents.
A health insurance plan significantly lessens the financial strain in the event that your parents experience a medical emergency. You may completely focus on your loved one’s recuperation without worrying about the costs incurred.
Also, you can receive tax waivers on total income allocated towards premium payment of such insurance products. A rebate of up to Rs. 50,000 is paid on your entire taxable income if your parent is older than 60. You can request a rebate of up to Rs. 25,000 for parents who are younger than 60.