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Gift That Special Health Cover On This Father’s Day

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Gift That Special Health Cover On This Father’s Day
PC Kandpal - 21 June 2020

Parenting, as we all know is an important facet in our lives. All parents aim to give best possible life to their children and children always cherish and acknowledge their parents in terms of gratitude. With Father’s Day, it’s the best time to acknowledge all that they silently do for us. Many of us must have already started weighing meaningful gifting options and what could be a better gift than securing his and the family’s health. Generally, when it comes to health, we think of gifting a health gadget, fitness watches or yoga session subscription but one such gift that will stay for longer with your father and protect him is a health insurance cover.

Opting for a comprehensive health insurance policy is helpful as you get extensive coverage and it can cover outpatient as well as inpatient treatments like consultations, medical tests and hospital stay. It acts as a financial cushion in case of medical emergencies. The role of health insurance is to help you meet the cost of medical expenses during hospitalization and thereby protect your savings. In addition to expenses directly associated with hospitalisation a comprehensive health insurance plan provides benefits like pre and post hospitalisation charges, ambulance covers and critical illness. There’s nothing more satisfying than having peace of mind at an affordable price, as a good plan can secure your family with a lifelong comprehensive medical cover.

Things to keep in mind before the purchase:

Location: First point to note is the city in which you are buying the insurance. For example, if you are living in a Metro then you should consider a higher sum insured since medical/hospitalisation costs are likely to be higher.
Family members: Before buying health insurance plan keep in mind the number of family members and their age. Entry age for most health insurance policies is 65 years. Buying a health insurance plan for the entire family on a floater basis will be cheaper than buying individual policies.
Extent of coverage: While selecting a plan, one should ensure to pick the one which provides coverage around the critical illness particularly pre-existing ones. Pre-existing diseases are the one that the insured has suffered from in the past or is currently suffering from.
Sum assured: Sum assured is the total health cover. This is the amount insurer reimburses against the medical treatment expenses. While buying health insurance for the elderly it is always preferred to go for a higher sum insured, as you may receive a larger amount for medical emergencies.
Hospital network of the insurance provider: While selecting an insurance company choose one which has a wide network of hospitals which helps you in cashless claim settlement in case of emergencies. It is always advisable to check the network area for convenience and better treatment.
Declare pre-existing disease: Never hide your past ailments history from the insurers while opting for the insurance plan as failure to do so could lead to complications in the event of a claim. Most insurance policies cover pre-existing conditions after a certain period provided you renew your policy on time.

Do your best research and consult experts before opting for any health insurance policy. It is best to get a thoughtful gift and make the day special for your father.

The author is DCEO, SBI General Insurance

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