Health problems can increase with time and age, which is why we often see our parents struggling with age-related complications. In order to reduce the pain and effects of such ailments, proper treatment at an early stage can help.
However, rising healthcare costs can create a delay in treatment and lead to a medical emergency. One must have a solid financial safety net with health insurance plans designed for parents to avoid this.
You can choose different options when buying a health insurance policy for your parents, such as a senior citizen health plan, family floater health insurance, individual health insurance policy, etc.
In this article, you will learn about the details and benefits of having health insurance for parents and how Aditya Birla Health insurance for parents should be your first choice!
What is health insurance for parents?
A health insurance policy for parents is a tailored plan designed specifically to give medical coverage to parents. It provides full coverage against medical illnesses that may emerge as a result of old age and result in hefty medical bills. It gives a more significant sum insured and valuable features such as annual health check-ups, cashless treatment, and so on to help them properly manage their medical expenses.
Types of Health Insurance for Parents
You have three options for health insurance coverage that will cover the medical expenses of your entire family, including your parents. These are:
1. Personal Health Insurance
Only individuals who are covered by this type of insurance are protected. This plan may include your parents and other members of your immediate family.
In this instance, the insured can benefit from a set sum assured rather than a variable sum, which is more advantageous if your insurance policy covers your parents.
2. Family Floater Health Insurance
Unlike individual health insurance plans, the total sum assured under this plan applies to each member insured. It is not a smart idea to look for family floater coverage for your parents. It is due to the fact that when multiple claims are made under this insurance in a single year, the insured individual must make do with the decreased sum assured under the cover.
Several extra health insurance policies for parents in India provide coverage for a wide range of illnesses that primarily afflict persons over the age of 50. As a result, they are the ideal choice for caring for your parents.
Please be patient! If your parents are over the age of 60, you can also buy them senior citizen health insurance coverage.
3. Senior Citizen Health Insurance
Regardless of the condition, such insurance policies are designed to fulfill the medical demands of the elderly. It is advantageous since the substantial claim payout meets the needs of everyone in this category.
Furthermore, perks such as home hospitalization and AYUSH coverage make this insurance policy the greatest alternative for paying medical bills for persons over the age of 60.
Characteristics of health insurance for parents
Parents’ health plans, which provide medical insurance to parents over the age of 60, have various distinguishing characteristics. These characteristics are as follows:
Restricted sum insured
Parents’ health insurance policies have a maximum sum insured. Because insurance companies are aware of the significant health risks connected with elderly people, the coverage amount is limited. Most parents’ health insurance plans provide coverage up to a limit of Rs.10 lakhs, with other plans providing coverage up to Rs.25 lakhs.
Co-Pay Ratio
Every health insurance plan for people over the age of 60 has a co-pay ratio. Co-pay means splitting the cost of the claim. A portion of any claim made under the plan would be payable by the policyholder. The co-pay ratio represents the policyholder’s share of the claim. If the ratio is 10%, the policyholder must pay 10% of the claim amount out of pocket.
Waiting period for pre-existing illnesses
Pre-existing illnesses are covered in parents’ health insurance plans after a short waiting time. Because the plan is intended for parents over the age of 60, the waiting time is kept short so that coverage is offered as soon as possible.
Discounts
You can get various discounts on your parents’ insurance policies for:
- Selecting long-term coverage
- Including the spouse in the coverage
- Buying the coverage online
- Pre-entry medical examinations
- The insurance provider may ask the insured to undertake pre-entry medical examinations before issuing the policy.
The policyholder pays for these medical examinations. When the policy is issued, the insurance company reimburses 50% or 100% of the expenditures for the check-ups.
Sub-limits on coverage benefits
You can get various discounts on your parents’ insurance policies for:
Although health insurance for parents covers hospitalization and medical bills, there are limitations to the amount of coverage offered. These constraints are known as sub-limits, and they can be found under the following coverage heads:
Sub-limits on room rent
- Cataract therapy limitations
- Knee replacement surgery restrictions
- Restriction on other specified treatments
- Restrictions on coverage for domiciliary and AYUSH therapies, among other things.
- Long-term protection
- Long-term coverage is provided by health insurance plans for parents. You are permitted to purchase insurance for a period of two or three years.
With recent modifications mandated by the IRDAI (Insurance Regulatory and Development Authority of India), you are now permitted to pay the premiums for your parent’s health insurance policy in installments. Monthly, quarterly, and semi-annual installment premiums are accepted.
Tax benefits
For Indian parents, a tax break is available on the premium paid for health insurance. By paying the premium for supplemental health insurance coverage for parents, you can receive an additional deduction of up to INR 25,000. If you purchase health insurance for parents above the age of 60, the deduction limit rises to INR 50,000. So, if you purchase one coverage for yourself and your family and another for your elderly parents, you can claim a maximum deduction of INR 75,000.
Why you must buy health insurance for your parents?
Let us delve deeper to learn why you should purchase health insurance for your parents:
Rising Healthcare Costs: Medical research and technology advancements have increased the cost of modern medical care and services. This, combined with medical inflation, is enough to deplete your savings in the event of an unexpected medical emergency. To avoid such situations, it is best to begin saving for your parents’ health insurance when you are young.
Comprehensive Care: A decent health insurance policy covers more than simply hospitalization costs. It also covers pre- and post-hospitalization charges such as ambulance coverage, daycare surgery, and periodic health check-up coverage, among other things. Some comprehensive health plans will cover the expenses of diagnostic testing and medications as part of the concept.
Insufficient Benefit From Employers: People with some form of health insurance from work have an easy justification for not purchasing a comprehensive health plan. However, most workplace mediclaim policies provide insufficient benefits. Given the rising cost of medical treatments, a defined coverage under the group mediclaim may not be sufficient to provide your parents with best-in-class and comprehensive medical care. As a result, obtaining a supplement health plan for your employer’s group medical or a separate medical insurance plan for your parents with broader coverage and greater sum insured is advantageous.
Increasing Lifestyle Illnesses: There was a time when health insurance was only regarded as necessary beyond the age of 60. Certain lifestyle changes in today’s world have intensified the stress and demands of modern living. As a result, the probability of problems has increased, leading to a variety of health complications that catch up quickly as age increases. As a result, investing in a health insurance plan early on is critical to protect our loved ones.
Let us now discuss why Aditya Birla Health Insurance for parents is a must-buy for you!
Aditya Birla Health Insurance: Health Insurance for Parents
The Activ Care Plan health insurance coverage provides the best health insurance advantages for parents. The plan provides a 60-year entry age and a lifelong renewability option, making it ideal for everyone’s parents. The plan provides fitness assessment exams for insured participants, allowing them to earn health returns based on their healthy heart scores. These health returns can be used to pay the premium when the insurance is renewed.
Key Features
1. There is a sum insured of up to Rs. 25 lakh accessible.
2. The plan includes health check-up coverage.
3. Pre and post-hospitalization expenses are reimbursed.
4. There is the opportunity to reload the sum insured amount.
5. The availability of inpatient admission for Ayurvedic treatment.
6. A 10% no-claim bonus on the sum insured
7. Ambulance service by air
8. Optional coverages such as room upgrading and PPN discount
Scope of Coverage
1. Protection for 586 childcare practices
2. Nursing at home expenses are reimbursed.
3. Discounts on diagnostics, pharmacy, and OPD consultations, among other things.
4. For significant or critical disorders, the second e-opinion option is offered.
5. Portable and modern medical equipment coverage
6. Health returns of up to 21% are possible for insured individuals.
7. Coverage for cashless home treatment for listed disorders
8. Life support and portable medical equipment costs are reimbursed.
Eligibility
The insurance policy’s entrance age is 60 years because it is designed for parents. The plan also has the option of being renewed indefinitely.
Exclusions
1. The cost of therapies for congenital illnesses, for example.
2. Medication and treatment of injuries caused by self-inflicted acts
3. Injuries sustained as a result of warlike actions, invasions, and so on.
4. Plastic surgery procedure, unless advised by a physician
5. Medication and therapies for mental disorders or illnesses
If you have any questions about the product description or exclusions, you can consult the brochure or policy wording.
What’s included and what’s not?
Inclusions
Hospitalization expenses incurred by your parents as a result of a disease or unintended harm. These expenses include hospital room rent, physician, ICU, nursing, and pharmaceutical and prescription rates.
Costs linked with your parents’ medical treatment, babysitting, such as radiotherapy, chemotherapy, dialysis, and so on.
1. The costs of treating a known pre-existing condition (after the completion of the waiting period).
2. Pre-hospitalization and post-hospitalization expenses for up to 30 and 60 days, respectively.
3. Fees for in-home or domiciliary care for your parents.
4. The cost of treating serious illnesses such as cancer, heart disease, kidney failure, paralysis, etc.
The expense of treating a coronavirus contracted by your parents while the coverage was in effect. In a medical emergency, the cost of ambulance transport to the nearest hospital. Costs of inpatient hospitalization for organ donors (if required).
Exclusions
1. The costs of treating recognized pre-existing conditions until the waiting period expires.
2. Treatment costs for illnesses identified within 30 days of the policy’s inception.
3. The price of treating self-inflicted wounds.
4. The costs of treating illnesses caused by excessive alcohol, cigarette, or drug use.
5. Medical expenses incurred as a result of a civil war or terrorist assault.
Costs associated with cosmetic surgery.
7. Dental care charges, unless they are the result of an accident; hospitalized expenditures without a doctor’s referral.
Important things to look at while buying health insurance for parents in India
A variety of factors influence the ideal health insurance plan for your parents. Here are a few things to think about when looking for parent health insurance:
1. While some insurers in India provide health insurance for parents, the insured person is usually limited to a certain age. The maximum duration for the bulk of insurance policies is frequently 70 or 80 years. Before obtaining the coverage, ensure that your parents are eligible for it.
2. Typically, a waiting period is required. These programs are designed to provide comprehensive family health insurance coverage. A single-family floater plan that you purchase can cover all of your family members, including your parents. Two to four years before pre-existing legal conditions are covered by health insurance. You should select the policy with the least waiting period.
3. It is critical that your parents have coverage for serious illnesses such as heart attack, cancer, stroke, kidney failure, and so on. The costs of hospitalization for certain diseases are often covered by insurance policies. You can also select a critical diseases add-on to receive a lump sum payment.
4. Few insurance companies restrict the ability to renew health insurance coverage to a specified age. Option for perpetual renewal. It is better to obtain a policy with a lifetime renewal option.
5. The insurer’s claim settlement ratio: The insurer’s claim settlement ratio demonstrates how successfully it can resolve policyholder claims. Choose the insurer with the highest claim settlement ratio to avoid issues when making a claim.
Conclusion
As people age and have more medical issues, we typically see our parents dealing with these worries. Early detection and treatment can reduce the discomfort and consequences of this illness.
A medical emergency could occur as a result of a treatment delay caused by rising medical costs. To avoid this, one must create a solid financial safety net, including parental health insurance coverage. These schemes differ slightly from traditional health insurance policies. Health Insurance for Parents refers to health insurance schemes designed to meet the needs of aging parents. These health policies are tailored to the needs of persons over the age of 45 or 50.
An aging population needs high healthcare facility costs, putting a hardship on the family’s primary provider. Despite the fact that the government has committed more than Rs. 1.58 trillion to the country’s healthcare system to subsidize healthcare, high expenses are typically connected with high-quality care.
The simplest way to deal with such unanticipated charges is to obtain Aditya Birla health insurance for parents in India, which provides comprehensive benefits tailored to cover all medical ailments caused by aging.