The health of our parents is the foremost problem we should take seriously, as the likelihood of becoming ill increases with age. The greater the number of ailments, the greater the medical expenses. As a result, the Wellsurance Family Policy allows you to discover better health insurance for your parents without incurring any financial strain. The health insurance plan is offered as a family floater and provides your parents with all necessary medical coverage.
Key Features of Parent’s Health Insurance
- A diverse choice of sum insured options is accessible.
- Coverage is available to anybody between the ages of 18 and 65.
- Children from 6 months to 18 years can participate.
- The premium is calculated based on the age of the oldest covered member.
- Guaranteed lifetime renewability
- A large sum of money is provided for ICU/ICCU admissions.
- A 15-day free trial period is available.
- Tax advantages under Section 80D of the Income Tax Act
Scope of Insurance Coverage
- In-patient hospitalization care
- Protection against the 11 critical ailments specified.
- Cashless hospitalization in nearly 3,000 listed institutions
- The daily hospital cash payable for each day of hospitalization
- Post-hospitalization convalescence benefit is provided.
- Ambulance fees during hospital admission and discharge
- Education coverage for children in the event of the breadwinner’s disability or death. 8. Value-added advantages such as a free health helpline, a comprehensive health site, and so on.
The Wellsurance Family Policy is available to people aged 18 to 65.
- HIV infection, AIDS, or other sexually transmitted diseases
- Ayurveda, homeopathy, naturopathy, or weight loss techniques
- Costs incurred as a result of alcohol or drug abuse, addiction, or overdose
- Treatment of any mental, nervous, or anxiety illnesses, stress, or depression
- The cost of cosmetic or plastic surgery, unless caused by accident.
Why Do You Need Health Insurance For Parents?
You must obtain comprehensive health insurance coverage for your parents in order for them to receive the best medical treatment possible while being financially stress-free. As a result, when deciding on the best health insurance option for your parents, you should examine the following factors:
Rising Medical Costs: The cost of modern medical care and services has risen as a result of advances in medical research and technology. It, together with medical inflation, is sufficient to exhaust your savings in a medical emergency. To avoid circumstances like this, start saving for your parent’s health insurance when you are young.
Increased Risk of Illness With Age: Health insurance was once thought to be only necessary beyond the age of 60. Certain developments in today’s lifestyle have increased the stress and expectations of modern living. As a result, the likelihood of issues has increased, resulting in a variety of health complications that catch up swiftly with age. As a result, early investment in a health insurance plan is important to protecting our loved ones.
Pre-existing Disease Cover: If your parents have pre-existing conditions, they will not be covered until the waiting time has expired, which is usually between two and four years. It may differ depending on the chosen plan and the specific insurer. Check the time frame after which your family’s health insurance plan will cover pre-existing diseases.
Tax Savings: Section 80 D allows you to deduct from your taxable income the expense of your parent’s health insurance. If you pay for yourself, your parents, and any other dependents under the age of 60, your total tax advantage on health insurance premium payments is Rs 50,000. If your parents are over the age of 60, the maximum amount increases to Rs 75,000. It may change depending on the applicable tax constraints.
Protect Your Savings: By selecting an appropriate health insurance plan for parents, you may offer them adequate medical support should they require it without jeopardizing your savings. In exchange for a reasonable premium, you receive a slew of benefits, including health insurance coverage for your parents, tax breaks, money protection, and, most importantly, peace of mind.
What Is Covered Under A Health Insurance Plan For Parents?
Without a doubt, medical costs can burn a hole in anyone’s wallet. A health insurance policy can provide coverage for the following expenses:
Hospitalization Expenses– A serious sickness or accident might result in high hospitalization costs. The cost of hospitalization is skyrocketing, and with a comprehensive health insurance policy, your insurer can pay for medical treatment up to the coverage level.
Pre and post-hospitalization expenses– Medical expenses paid before and after hospitalization are also covered by health insurance programs. It is usually between 30 and 60 days, but this can vary from insurer to insurer.
Day-care procedures– The insurer also covers day-care treatments such as varicose vein surgery and cataract surgery that do not require 24 hours of hospitalization. The amount of day-care treatments is determined by the plan chosen.
Ayush Benefits– Nowadays, most medical insurance policies include Ayush treatment costs such as Ayurveda, homeopathy, Unani, Siddha, etc.
Pre-existing Illnesses– After a waiting period, pre-existing illnesses are also covered. However, you can select a plan with a shorter waiting period and coverage for the most common conditions, like heart disease and diabetes.
Major Surgeries– Most health insurance policies cover significant surgeries with substantial medical costs, such as bariatric surgery, open heart surgery, etc. You can get your parents admitted to some of the greatest hospitals in India and even abroad (if your insurance allows) and treated by famous surgeons.
Renewability– When it comes to health insurance, most plans offer a lifetime renewal option, which is preferred when it comes to your parents.
Consumables Benefits: If your parents are hospitalized as a result of one of the medical conditions covered by the chosen health insurance plan, they will be reimbursed for the cost of consumables directly related to the treatment. This feature is included in the Tata AIG MediCare, MediCare Protect, and Medicare Premier Health Insurance policies.
No Room Rent: With an appropriate health insurance plan in place for your parents, neither they nor you will have to worry about paying the room rent while they are hospitalized. This cost is covered by the chosen health insurance plan. You can opt-out of room rent limits or set your own with Tata AIG health insurance coverage.
Domiciliary Treatment: If your parents require Domiciliary hospitalization, or in-home care, the Tata AIG MediCare, MediCare Protect, and Medicare Premier plans are excellent options. You can ensure that your parents receive necessary medical attention even at home by selecting appropriate mediclaim for them.
In-patient Dental Treatment: Dental treatments are often brief and do not necessitate hospitalization. Should your parents’ dental treatment need hospitalization, the Tata AIG MediCare Premier plan would offer them adequate insurance coverage.
Free Health Check-up: Regular health check-ups are essential for your parents, and our Medicare, Medicare Protect, and Medicare Premier plans can assist you in covering the costs associated with those check-ups. With these plans, you can earn 1% of the sum assured or $10,000, whichever is less, for a routine preventative health check-up.
Restore Benefit: If the sum assured under your parental insurance plan is depleted and they require more financial assistance for their medical treatments, the restore benefit function can assist them. The total sum insured under the plan for a policy year is restored using this function. This benefit is included in our MediCare, MediCare Protect, and Medicare Premier Health Insurance Plans.
In-patient Treatment: With Tata AIG’s well-designed health insurance plans, your loved ones can be reimbursed for all medical expenses related to in-patient treatments.
Renewability: It’s usually a good idea to get long-term health insurance for your parents to avoid the headache of annual renewals. Furthermore, you might receive discounts on long-term health insurance coverage. The longer the duration of the Tata AIG health insurance coverage, the greater the savings you might earn.
What Is Excluded From A Health Insurance Plan For Parents?
As important as it is to understand what is included in your parent’s health insurance plan, it is also critical to understand what is excluded from the plan. The following are some of the exclusions in a health insurance policy.
- Plastic or cosmetic surgery is not recommended unless it is required as part of the therapy for an accident, burns, or cancer (as suggested by the attending Medical Practitioner).
- Long-term nursing care, rehabilitation treatment
- Unless specifically specified in the plan, preventive interventions such as vaccines;
- Hospitalization for enteral nutrition;
- External counterpulsation and hyperbaric oxygen therapy are examples of experimental treatments that have not been certified by the appropriate medical authorities.
- Diagnostic charges, including X-rays and laboratory tests, unless they are part of the diagnosis of a specific ailment that necessitates hospitalization;
- Items essential for personal comforts at a hospital, such as television, telephone, and Internet access;
- Hygiene-related items, body-care products, cosmetics, and other items needed during hospitalization;
- Treatment from a Medical Practitioner outside of their specific medical discipline;
- A fee is paid to a doctor who lives in the same house as the patient or is related to the patient.
A detailed list of includes and exclusions from the Tata AIG Medicare Health Insurance Plan should be found in the policy wordings.
What To Look For While Buying Health Insurance For Parents
When choosing a medical insurance policy for your parents, there are numerous crucial factors to consider. These are some of the parameters:
Choose the Adequate Sum Insured- It is critical to select an appropriate amount. Insured medical insurance for parents in order to give adequate coverage against a wide range of health-related hazards. Ideally, you should choose a health insurance plan with a high level of coverage and a reasonable premium.
Choose the Right Plan and Coverage- You wouldn’t buy a domestic item like a television or an office item like a laptop without doing an extensive study, would you? So why deviate from that principle while getting health insurance for your parents?! Before choosing medical insurance for your parents, you must conduct extensive research, analyzing and comparing several health insurance plans before deciding on the one best suited to your parent’s medical insurance needs.
Check the Flexibility of the Plan- A flexible health insurance plan that permits you to expand your coverage in the future is always preferable to one that is set in stone. You can’t foresee how much health insurance your parents may require in the future. As a result, it is prudent to select a health insurance plan that allows you flexibility.
Check the Waiting Period- You must investigate the waiting time of the health insurance plan you have chosen for your parents. It is the time when the coverage for pre-existing illnesses is not active. The waiting period for pre-existing disease coverage is typically two to five years. In addition to a waiting time for pre-existing conditions, you should be aware of the plan’s initial waiting period, during which non-accidental health insurance claims cannot be filed.
Check the Maximum Renewal Age- It’s a good idea to double-check the maximum age for renewing a health insurance policy. While this check is important for any health insurance policy, it is especially important if you buy health insurance for parents over 60. Choose a health insurance plan with a high maximum renewal age to give your parents continuous medical insurance coverage. Getting a health insurance plan that allows for everlasting renewals is always best.
Choose an Insurer with a Good Claim Settlement Ratio and Credibility- Trust and trustworthiness are vital when purchasing any goods or service. You can be certain of quality products, and service delivery since the ideals of trust and customer satisfaction have been deeply ingrained in the Tata brand for decades. Furthermore, our claim settlement ratio provides quantifiable evidence of our reputation for offering high-quality services.
Select an Insurer with a record for a smooth claim settlement process- By choosing an insurer with a simple claims process, you may ensure that your health insurance claims experience will be relatively painless. That is what you will get if you choose a Tata AIG health insurance plan. Your health insurance claim will be filed and processed without any blockages thanks to our streamlined and customer-friendly claims process and our 24*7 support service. You can submit an online health insurance claim with us by clicking here.
Opt for an Insurer that offers Cashless Hospitalisation and has a Wide Hospital Network- The larger an insurance provider’s hospital network, the easier and more practicable it is for you to take advantage of the cashless claims feature of your health insurance plan. Tata AIG health insurance support is never far away, thanks to a nationwide network of more than 7,200 facilities. There is also no need to be concerned about medical costs if you are unable to attend a network hospital. You can quickly file a reimbursement claim with us, and we will reimburse the charges.
Check the Premium of the Plan- The premium is one of the most significant aspects to consider when choosing a health insurance plan for parents. You can use our health insurance premium calculator to estimate the cost of our various health insurance policies. The premium for a health insurance plan is determined by numerous criteria, including the policyholder’s age, the sum assured under the plan, the policyholder’s health condition, and the health insurance add-ons chosen.
Peruse the Policy Exclusions- You must ensure that you understand all of the exclusions in the health insurance plan chosen for your parents. This understanding is critical for selecting a health insurance plan that is compatible with your parents’ medical problems and insurance needs.
Include the Adequate Health Insurance Riders- As strange as it may sound; there is one thing in common between a health insurance plan and a pizza. By adding the necessary add-ons or toppings, you can customize the components and flavor of both. You can supplement your parental insurance plan’s coverage with appropriate health insurance add-on riders, such as critical illness coverage.
An aging population needs high healthcare facility costs, putting a hardship on the primary provider of the family. 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 Tata AIG health Insurance for Parents in India, which provides comprehensive benefits tailored to cover all medical ailments caused by aging. One of the necessities is health insurance, especially if one is responsible for paying for the medical care of elderly parents.