Best Health Insurance Add-ons For Securing Parents’ Future

Understanding Health Insurance for Parents

Health insurance designed specifically for parents and seniors provides financial protection against hospitalisation costs due to illnesses or accidents. These policies ensure cashless treatment at quality hospitals during medical emergencies without families having to dip into savings or take loans.

Coverage Offered

A health plan for parents generally provides coverage for:

• Inpatient Care: Hospital charges, medicines, diagnostics etc.
• Pre-Hospitalization: Costs incurred before admission
• Post-Hospitalization: Expenses incurred after discharge
• Day-Care Procedures: Medical treatment does not need an overnight hospital stay
• Domiciliary Treatment: Medical treatment taken at home

Some policies also cover OPD costs up to a certain limit, which is advantageous.

Types of Health Insurance Policies for Parents

There are various types of health insurance plans in India offering distinct benefits. You can choose the correct option based on your parents' age, health status, and budget.

• Individual Health Insurance Plans: Separate health policies for each parent allow customising coverage per their unique medical histories.
• Family Floater Health Insurance Plans: Floater plans to cover parents and other family members under a single health plan are more economical. The sum insured limit can be used by any or all members insured.
• Senior Citizen Health Insurance Plans: Specialist health insurance plans catering to retirees above 60 include no medical check-ups, low waiting periods, etc.
• Critical Illness Insurance Plans: These supplement plans offer lump sum payments on diagnosis of listed critical illnesses like cancer, stroke, paralysis, etc., to pay for treatment.
• Top-Up Health Insurance Plans: Once the base policy amount is exhausted, top up plans offer additional cover up to higher sum insured limits.
• Group Health Insurance Plans: Employer-provided plans often cover parents at lower premium costs as part of group policies.

Essential Features and Benefits

While the base hospitalisation cover protects against big expenses, some beneficial features and add-ons can greatly aid during emergencies.

• Cashless Claims: This facility at network hospitals avoids paying upfront and then claiming reimbursement. The insurer instantly settles the bill with the hospital.
• Personal Accident Cover: Indemnifies insured persons in case of disability or death due to accidents by providing corpus.
• Critical Illness Cover: The separate or in-built rider pays a lump sum on being diagnosed with a listed critical illness.
• Hospital Daily Cash Benefit: Daily allowance for extra expenses incurred during hospitalisation without needing to submit bills.
• Restoration of Sum Insured: Restores the entire sum insured once during policy tenure if the previous limit gets exhausted due to the claim.
• Lifelong Renewability: Health plans can be renewed continuously without upper age limit constraints. This ensures continuity of coverage.
• Income Tax Benefits: Premiums paid towards health policies can be claimed for tax deductions under Section 80D, subject to limits.

Abha Card

The Ayushman Bharat Digital Mission initiated by the Government of India aims to provide citizens with a unique 14-digit Ayushman Bharat Health Account ABHA card number. This health ID is a single digital gateway to access and share medical records across India seamlessly.

Benefits of having an ABHA card include:

• Consolidated health history access.
• Connecting with verified healthcare professionals and health facilities via national registries.
• Claiming insurance with ease.

Key Steps to Choose the Right Health Insurance

Follow this checklist while purchasing health insurance for parents:

• Assess Current Health Status: Consider any pre-existing diseases, frequent medical consultations, previous claims, etc., to determine ideal coverage.
• Emergency Needs Evaluation: Account for regular medication, preferred hospitals in emergencies, critical illness history in the family, etc.
• Financial Capability: Evaluate affordability to set an appropriate budget for premium payment towards desired policy and riders.
• Compare Insurer Options: Check claim settlement ratio, network hospitals, pricing and features across insurance providers to find the best fit.
• Tailor Add-Ons: Based on needs analysis and budget, customise plans using riders and benefits like Critical Illness Cover, Personal Accident Cover, etc.
• Review Policy Documents: Read policy wordings thoroughly to understand exclusions, co-pays, sub-limits, waiting periods, etc., before purchasing.

Claims Process and Settlement

A streamlined claim processing and settlement procedure can make all the difference during medical emergencies.

Here are some key aspects insured patients and families should know:

• Cashless Facility: Network hospitals coordinate directly with insurers, avoiding any payment by insured members.

• Reimbursement Facility: In non-network hospitals, original documents must be submitted for processing the claim once discharged.

• Documents Required

• Claim Form with a medical history, diagnosis, etc.
• Original hospital bills and payment receipts
• Medical reports, prescriptions and investigation invoices
• Photo ID proof

• Claim Settlement Ratio: The percentage of approved claims against the total claims filed indicates the insurer's reliability.

• Claim Settlement Turnaround Time: Insurers commit to settling claims within fixed days through efficient claim management.

Key Eligibility Norms for Parent Mediclaim Policies

When purchasing mediclaim for ageing parents, certain key parameters determine eligibility. Being aware of these norms allows for seamless policy purchase.

Essential Criteria

• Age Limits: Most insurers offer parent mediclaim between 18-65 years. Some have customised brackets; hence, specific age limits must be verified.
• Legal Relationship: The child or legally adopted/stepchild can buy policies for parents after proving the relationship formally.
• Financial Documents: Basic income proof establishing financial independence may be required during underwriting.
• Medical Screening: Parents above 45-50 years must undergo basic medical check-ups for insurers to assess health risks and premiums.

Conclusion

Purchasing adequate health insurance for family ensures peace of mind, allowing families to spare no expense in treatment decisions for ageing parents during medical emergencies. Careful assessment of needs and diligent research help identify ideal policies suiting budget and requirements.