One constant worry we children have about our parents as they grow older is their health. Advancing ageleads to typical concerns of frail physical state and vulnerability to accidents and illnesses. And, as we all know, the cost of medical treatments is higher than ever before, and lower than it ever will be. The last thing we would want to do when tending to an ailing parent is to stress over sourcing the money to fund hospital bills, when instead we would much rather be nursing them back to good health.
Take care of them like they took care of you.So much is asked of parents. So little is given!
Give them the gift of peace of mind. Good health insurance.
They don't call them the "Golden Years" for nothing!
Our parents dedicated their whole life and youth caring for us.
Now it's time for them to enjoy, relax and live stress-free.
Isn't it our responsibility to ensure this?They made sure all our needs were met.
Now it's our turn. And parents health insurance is one such important need. There are so many plans available these days. Which one would be the best fit for our parents? Maybe add them to our family floater plan? Or else buy a separate one? These are good questions. And we've got the best answers! SANA Insure will help you compare various options, map them to your parent's needs and choose the right one for them.
How about we start with the basics?
Maybe first get convinced on why you need to buy the best health insurance for parents…
If it seems right, we could go ahead with selecting and comparing some plans that are best for them. OK? OK!
What's the big deal? Why is health insurance for parents so important?
So, the deal is - there are a couple of reasons -
- FACT: we get weaker as we age. It's no rocket science; just the cold, hard truth. Sure, our folks might seem more fit compared to the rest at their age. But they are still prone to ill-health and accidents, particularly as they inch closer to age above 50.
- Parents deserve to spend their retired lives happily. If and when they need medical care, it should be comforting and healing. They shouldn't be troubled by the treatment costs. Let's take the this burden off their shoulders.
- Health insurance offers financial protection to our parents in times of poor health. All they need to do is get well soon. Their policy will take care of the rest.
Caring children benefit too!
"What's in it for me?", you ask?
The core benefit of health insurance is protection of financial loss. It allows us to focus on our parents' treatment and recovery, and not worry about expenses. Oh yeah, there are tax benefits too. In India, it's up to Rs. 50,000 on their total taxable income, if premiums paid are for parents above 60 years age. For parents above 50 (i.e. aged less than 60 years), the tax benefits are up to Rs. 25,000.
Makes it worth your while, doesn't it?!
Points to remember
When you buy health insurance for parents
- Accidents or illnesses are sudden events. They are financially exhausting so always look for insurance providers who allow coverage in such emergencies
- Look for parents health insurance plans that cover pre- and post-hospitalization expenses. Those are pretty hefty too
- Annual health check-ups are a must for the elderly. Verify that all related expenses can be covered under your desired plan
- Any major operations that are connected with high-value expenses should be covered
- Select an insurance policy without a hospital room rent cap. Our folks deserve to recuperate in comfort, right?!
- Senior citizens plans carry a certain percentage of co-payment, usually at age above 60 and it varies between 10 to 30 percent depending upon the plan and the insurer. It would be more economical to opt for a plan with lesser co-pay to ensure your out-of-pocket expenses are minimum.
Word of caution . . .
What is not covered in these plans?
Let's look at the exclusions and situations where claims can't be made. Like:
- Medical charges owing to present illnesses can't be treated through a health insurance policy until the waiting period is over
- If your parents are hospitalized without a doctor’s advice/prescription, you will not be eligible to avail privileges granted under your cover
For everything else, they pretty much get covered!
There are many insurance companies in India, such as Star Health, HDFC Ergo, Niva Bupa, ICICI Lombard and many more that offer good health insurance plans for parents. We at SANA.Insure can help you select the one that suits your parents’ needs the best.