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.
·
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.
