A medical emergency does not give a warning before it arrives. It can occur anytime, regardless of your disciplined lifestyle and good health. Further, medical costs for treatment are increasing rapidly. Hence, it is better to think ahead to secure your family from unexpected happenings. It is even more necessary if you have elderly parents at home. Old age, in particular, invites several illnesses that may fall out of your budget, making it crucial to buy health insurance for parents.
So what is health insurance? Additionally, what benefits does it bring for parents? Read the article to find out!
What is Health Insurance?
Health insurance plans are there to provide financial support in medical emergencies. It is a contract between an insurance provider and a policyholder to reimburse the medical expenses that treatment requires. They prove to be advantageous in various aspects. For instance,
- Allows you to seek alternative forms of treatments
- Protects your hard-earned savings
- Helps in combating medical inflation
- Covers transportation charges of ambulance
- Provides comprehensive medical coverage against expenses
Benefits of Health Insurance for Parents
Here are a few benefits of health insurance plans for senior citizens or parents:
1. Coverage for healthcare emergencies
The basic purpose of healthcare insurance is to provide optimal medical care without denting your wallet. It offers security against high medical expenses and comprises hospitalisation costs, daycare procedures, and ambulance charges, among others.
You can purchase health insurance for parents above 60 or less to prioritise speedy recovery instead of stressing over the high bills. The policy terms and conditions lay down the benefits for parents at the time of purchase.
2. Tax benefits
You and your parents can enjoy the tax exemption on premium per section 80D of the Income Tax Act 1961. The Government of India allows insurers to reduce their tax liability when they buy a health plan. It means that any premium you pay is eligible for exemption.
Although the maximum deductible amount is Rs. 50,000, it varies depending on the age group. Family health insurance for parents above 60 and other members with less age allows young policyholders to and parents can avail of up to Rs. 75,000.
3. Cashless Hospitalisation
Health insurance plans give you financial security to deal with an uncalled medical emergency. Reimbursing sky-high bills can be as much a hassle as paying them during that time. Health insurance offers a cashless claim feature. Cashless treatment implies that the insurance company directly pays the expenses to the hospital, subject to the terms and conditions of your policy.
Insurers partner with multiple hospitals to avail of the insured cashless hospitalisation. They mention the networked hospitals in the policy so you know where you can leverage the benefits your insurance accompanies. Parents can easily access a hassle-free treatment without waiting for you to make payment first.
4. Domiciliary Cover for Home Treatment
Several senior citizen health insurance plans offer domiciliary cover. It means that you can seek treatment at home without paying extra costs. It is feasible when you have a severe illness that limits your mobility. Elderly individuals can take advantage of it by availing of the finest medical care at home without getting hospitalised.
5. Coverage for Pre-existing Diseases
The health insurance for parents includes coverage for pre-existing conditions. Illnesses that exist from the time of insurance purchase come under pre-existing diseases. It might be possible that your parents are suffering from an ailment given the old age when you insured them. Insurers shoulder the expenses of these diseases and future treatments for specified illnesses.
You don’t need to pay from your pocket for treatments. However, you must check the waiting period the insurer levies before buying. The best health insurance company in India only pays medical expenses for such ailments after the waiting period ends.
6. Annual Health Check-Ups
Health insurance plans for senior citizens come packed with advantages. They facilitate regular and annual health check-ups to ensure the elderly members are fine. It allows them to have timely health evaluations and seek treatment at an early stage in case of severe diseases.
A common misunderstanding is that you don’t need health insurance if you are healthy. The rise in common health issues like diabetes and high blood pressure highlights the need for health insurance plans for senior citizens. Many families don’t understand the necessity of medical insurance, while some hesitate to invest due to high premiums. Niva Bupa Health Insurance presents some excellent health insurance for parents at reasonable rates to meet the requirements of everyone.
