Friday, September 6, 2019

Things To Know About Health Insurance For Your Parents

In India, a significant number of men and women are not covered under any health insurance plan. Studies done as recent as 2017 show almost 70% of the population are unaware of the benefits of such programs. Further, 82% living in the rural parts of the country never considered health insurance for themselves and their families.

However, with the rising cost of hospitalisation and an increased lifespan, health insurance policies have become an essential part of everyday life. It is especially true for seniors; health insurance for parents and senior citizens have grown in popularity as an increasing number of young professionals opt to cover themselves and their loved one against any unforeseen incident.

All you need to know about health insurance

Health insurance is a general insurance scheme that offers financial assistance in case the insured individual faces any illness or accident. The insurer pays a certain amount towards the expense of the medical treatment and hospitalisation cost, which eases the financial strain on the insured.

A seamless and quick application, approval, and disbursal process ensures that customers get the proper medical attention whenever required. Most insurance companies associate with a large number of healthcare providers to offer services for their customers.

Senior citizens health insurance, is a tailor-made policy to tackle the unique requirement of elders. Usually, medical treatment cost increases as individuals age; these policies are designed to carry the expenses associated with the medical cost of older citizens.

There are several benefits of availing such an insurance policy; let’s take a look at some of them.

Features and benefits

·         These insurance policies usually cover pre-existing diseases as elders are more susceptible to such conditions than others. Usually, most insurance schemes offer coverage after the second or 3rd year of the policy, but some of the best health insurance schemes can offer coverage after the 1st year itself.

·         A health insurance policy for parents usually cover pre and post-hospitalisation expenses under the same scheme. One can also benefit from the cashless facility and ambulance charges to easily settle their medical claims.

·         The premium paid towards these policies is tax exempted, helping seniors preserve their life’s savings effectively. Insurers may also offer No Claim Bonus on renewal for every claim-free year, which further reduces the financial strain of paying a premium.

·         Any individual above 60 years of age can avail these insurance schemes. Its premiums are usually lower than other insurance policies, and insured individuals can select a sum assured according to their choice. Bajaj Finserv also offers the facility to port the policy to any other insurer of one’s choice.

These features are ideal for someone looking to insure their parents against any emergency medical insurance. Moreover, the facility to apply and renew such health insurance online makes them a convenient option for people with a busy lifestyle. A hassle-free application process and easy to meet eligibility criteria also makes the entire process simple and timesaving.

Eligibility criteria

·         An insured individual should be above 60 years of age at the time of application.
·         They will have to undergo a complete medical check-up and present the documents while applying for a policy.

     Insurance policies for parents and senior citizens are the ideal financial product to battle the constantly rising cost of healthcare. One can benefit from its wide coverage by paying only a small premium over the years. Health insurance for parents can guarantee that the best treatment will be available for them without a hefty charge that might otherwise drain their savings.

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