5 Reasons to buy health insurance for mother
Are you looking to help protect the financial and medical health of your parents? That is a wise decision to make, especially when you start to look at the increasing prices of medical services and treatments. Health insurance plans for parents above 60 years of age are being offered by several insurance companies, allowing you the flexibility of making a decision as per your preferences.
To help you choose the best health insurance for your parents, we will discuss the many reasons you should select health insurance for your mother. The benefits and the limitations of the many policies that are available for your pursual.
Important aspects of health insurance for senior citizens
Health insurance plans for parents and senior citizens often provide coverage for the many ailments that are part and parcel of old age. The treatments for these ailments are equally as expensive as they are numerous. Moreover, a health insurance policy for parents offers a variety of enticing perks. These perks include regular health check-ups, cashless transactions at network hospitals, easy management of the cost of medical treatment, and much more.
It is crucial for you to remember that old age is not the only factor at play here. The COVID-19 pandemic has brought the fact that elderly people are more vulnerable to significant injury and suffering to the forefront of our minds. Having a health insurance policy ensures access to quality health care services without compromising the financial safety of you and your family.
Need of health insurance for senior citizens
To accommodate the need for health insurance for mothers, insurance providers offer many individual policies for your parents' health insurance. These insurance companies also provide family floater plans that include senior citizens. This option allows your entire family to be covered under one health insurance plan instead of forcing you to buy multiple health insurance policies.
Senior citizen health insurance plans offer the maximum medical and financial coverage for the elderly. Additionally, your parent's health insurance policy will help you meet the needs of your parents efficiently.
Before you start to consider these policies, there are a few things to keep in mind. After the age of 50, the options for the health insurance policies that you can avail yourself of start to become limited. Age increases the risk factors of diseases, and as such, elderly people have fewer options and higher premiums. Therefore, you must do adequate research to find the health insurance plan which best suits you and your family.
Reasons To Buy Health Insurance for Your Parents
Sufficient health insurance coverage is the best way of relieving some of the stress of medical treatment and its financial strain. In the end, a good health insurance policy will ensure that you do not have to turn down medical assistance due to its cost. Buying a health insurance policy for your parents allows them to secure for themselves this financial and medical security, as well.
The reason why you should buy a senior citizen health insurance policy for your parents, ultimately, boils down to these five:
- Coverage for standard medical procedures and treatments. Like any good health insurance policy, senior citizen insurance should provide you with certain benefits - for example, policy duration, pre-and post-hospitalization cover, daycare procedures, domiciliary hospitalization, critical illness cover, and much more. Make sure to look out for these when you are scoping out potential insurance plans for your parents.
- Ensuring the adequacy of the sum insured and the co-pay clause - Elderly people are more vulnerable to complicated health problems. So, you must ensure that the sum insured is high and can be used for a variety of medical conditions. In this same, vein ensure that the co-pay amount you have to pay is as low of a percentage as you can make it. Doing so ensures the long-term safety of your parents' health.
- Pre-existing disease coverage - Many people start developing or have already developed chronic medical problems by the time they reach the age of 60 years. Here having health insurance is very beneficial. As it helps cover the costs of ongoing treatment and provides a financial failsafe in case of medical emergencies.
- Tax benefits - Under Section 80D of the Income Tax Act, those who own health insurance plans are eligible for tax exemptions. This includes you paying the premiums for your parents, making you qualified for this rebate. If your parents are below the age of 60 years? Then you are eligible for a benefit total of ₹50,000, maximum. If your parents are above the age of 60, you qualify for the benefit total of ₹75,000 maximum.
- Renewability - Most health insurance plans will allow you to renew your policy to provide lifetime coverage. Some stop at the age of eighty, but others will provide lifetime coverage. The lifelong renewal is preferable as it will allow you to have additional security for your parents' lifetimes.
Treatments Covered by Senior Citizen Health Insurance
- Hospitalization Cover - Hospitalization costs are currently soaring. A hospitalization cover helps you handle the cost of room rent, nursing fees, doctor consult fees, and much more. Almost anything that happens under the hospital roof for medical treatment is covered by this cover - that is, up to the sum insured.
- Pre- and Post-Hospitalization Cover - This helps you cover the costs of treatment or diagnosis before or after a period of hospitalization. This cover applies if the medical problem being treated is the same. This usually is bound to a time limit of a month or two before and after hospitalization. But the time limit is subject to the insurance company's policy. So, do be careful to check it out.
- Daycare and Outpatient Cover - This provides coverage for treatments that happen in the hospital but takes less than a day. For example, dialysis, cataract surgery, etcetera. Each policy covers a different number of daycare procedures during a policy period. Pay attention to this as it can be crucial to know in the future.
- Ayush Treatment Cover - Insurance companies have started providing cover for treatments administered through ayurvedic, homeopathy, Unani Siddha, etcetera, methods. But often, the allowance made for these are strict, so read the terms and conditions carefully. For example, the insurance company may only provide you with coverage for treatments using these methods if the treatment is taking place in verified institutes that have been approved by the insurance company.
- Pre-existing Illness Cover - Pre-existing medical conditions are often only covered after a certain waiting period is over. But this can be easily compensated by choosing health insurance plans with short waiting periods and designed to provide financial coverage for the illness you have.
- Major Surgery Cover - Most health insurance plans will include this coverage, as it is a very beneficial feature to have. This financial coverage aims to provide relief from the monetary burdens of things like heart surgeries, organ transplants, and other procedures like them. Having this coverage ensures that you can have your parents treated at reputable hospitals under trustworthy doctors.
The Limitations of Health Insurance Plans for your Parents
Senior citizen health insurance plans have a ton of benefits. But they are not without limits. You should familiarize yourself with these to ensure maximum benefits and prevent yourself from being blindsided:
- Not all pre-existing ailments or injuries are covered. Often only the more common ones like diabetes are included.
- Often, insurance companies will have time limits for the diagnoses that are covered. This means that if your parents are diagnosed with a medical problem 30 days after you bought the insurance policy? It will not be covered. This time limit varies from policy to policy.
- Often most non-allopathic treatments are not included. There are a few exceptions to this. But if the exception is not explicitly stated as being covered by the policy? Then it is likely not included.
- Treatment of self-inflicted injuries is not included.
- Medical problems caused by alcohol consumption, drug abuse, tobacco abuse, etcetera are not included.
- The purchase of external aids like spectacles, contact lenses, hearing aids, etcetera is generally not covered. There are very few exceptions to this - if the exception does occur? It is likely to be included under an accidental cover add-on - which is a very specific situation.
- Dental treatments are also not covered. There are a few exceptions to this. For example, dental treatment is required due to accidental injury.
- Any medical expenses accrued due to the treatment of HIV or AIDS are not covered by this health insurance policy.
- Joint replacement surgeries are only covered after a certain waiting period. This waiting period is subject to change depending on the health insurance policy. However, expect a number in the ballpark of 2 years after purchase of health insurance policy.
- Plastic and cosmetic surgeries for non-medical reasons are not covered. The only circumstance under which such surgery may be approved is if the lack of the surgery negatively affects the patient's quality of life.
- The expense of treating injuries caused by war, terrorist activity, civil unrest, or other such violent situations are not covered by most health insurance policies as they are directed towards the day-to-day medical needs of a person.
Things to Remember When Choosing a Health Insurance Policy
Here are some of the most important things that you should remember while choosing a health insurance policy for parents: -
- Coverage Limits - Here, you should check the total sum insured, the benefits of the policy and, more importantly, the conditions in which the coverage under the health insurance policy is not available. You should ensure that the benefits cover all the medical needs of your parents - as their age is a considerably important factor, pay heed to coverage options for critical illness care and day-procedures in particular.
- Age Limits - Check the maximum and minimum age your parents become eligible or ineligible for a senior citizen health insurance policy. You must think of the long term here. Many senior citizen health insurance plans offer coverage between the ages of 55 to 80 years. But some will only cover people above the age of 60 years, and others will extend the health insurance policy for the entirety of their lifetime.
- Waiting Period - This is the period after the purchase of the health insurance policy in which the insurance company starts accepting insurance claims. This often applies to pre-existing illnesses in particular, as the pre-existing ailments are only covered after waiting periods of up to four years long.
- Network Hospital Proximity - This ensures that the network hospitals are in close and accessible places in case of medical emergencies.
- The Suitability of the Plan - You must ensure that your parents' medical needs are covered and the premiums fall within your budget. You must compare with other insurance plans to ensure you are getting the best deal.
- The Fine Print - Read all the rules and exceptions and the by-laws of the policy. Go over the documents with others, ask for explanations if you do not understand the convoluted wording. You must review each aspect of the insurance policy closely to be best prepared for the future.
Frequently Asked Questions
Q. How can I get health insurance for my mom?
A. You can do this by purchasing a senior citizen health insurance plan for your mother. Or by adding her to a family floater plan that allows the inclusion of elderly people. The final choice is dependent on the age of your mother and her unique medical needs.
Q. How do I choose health insurance for my parents?
A. You must do this by comparing different health insurance policies. The benefits and the limitations of each in comparison to what you need for yourself.
Q. Is it good to have health insurance for parents?
A. It is! A health insurance policy helps you protect the future financial and medical needs of your parents. These needs become more and more prevalent as they age.