How to Know That Your Parents Need Insurance.

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It is a boon in the Indian society that your ageing parents are an intrinsic part of your family. Unlike other developed societies, our tradition prompts us to look after our parents in their old age, when they have no one else to depend on other than you as their children. They have spent the best part of their lives protecting and nursing you so that you have the best education and have a good professional life after that. The natural ageing process gives rise to health issues in the normal. It is incumbent upon you to ensure that your parents are adequately protected with health insurance to cover for medical emergencies, that is bound to happen sometime or the other. The ever-rising health care costs and the relative advantages of buying health plans for you and your parents have become primary necessities in the present day world. 

Insurance for parents:

Your parent may be on the verge of retirement or have retired. Age is certainly going to takes its toll, as growing old is as tough as growing up. The major concern during the old age is keeping good health. There are bound to be medical emergencies, which make preparedness for such an eventuality, a compulsion rather than an option. The primary reason for this is the increase in healthcare costs which is seeing an upward movement at 15 to 18% per annum. The allocation of funds towards health insurance both for self, dependants and parents is a necessity to counter the ever-rising costs. There is a host of insurance plans in the market geared to meet the needs of varied preferences that cover for medical emergencies of different kinds of ailments. The features are also as varied as the plans are.

Key indicators to decide on insurance for your parents:

There is no dearth of insurance plan for the aged, including from Kotak Life Insurance, the category into which your parent falls. The plans to choose and the quantum of cover will depend on the signs and indications that your parents show. They could be already afflicted with ailments when you opt for a cover for them. Most plans have provisions for several possibilities that may be of great import to you. It is logical to choose a plan with the indicators that your parents show in they are adequately covered in the envisaged purchase of a suitable plan. 

Features of Health Insurance for your parents:

The range of features to consider in health insurance for your parents is elucidated below:

  • Senior Citizens are eligible for health coverage, making it a prime feature.
  • Pre-existing diseases are covered after a variable waiting period depending on the company.
  •  Unbroken policies allow for lifetime renewals, which is a boon for your parents.
  • The provision for ambulance expenses is an important feature in most plans for parents. 
  • The choice of sum assured is flexible, decided by you upon assessing the pros and cons according to the requirement of your parents. 
  • All features of health insurance like cashless hospitalisation and reimbursement are allowed. 
  • The offer for cover for self and spouse is an added advantage.
  • If there is an option of co-pay, the premium is reduced proportionately. 

Special features you should look for:

In the light of mounting health care costs, especially for the aged category in which your parents fall, special care should be taken in the choice of a worthwhile health plan.

  • Covering Age: The age factor of health insurance is crucial in respect of senior citizens. Many companies exclude entry into health insurance after a certain age. It is wise to opt for a plan that will allow you to keep the health coverage of your parents active for as long as you can, preferably till they live. 
  • Pre Existing Illness: As already understood earlier, pre-existing diseases is admissible after a particular gestation period. However, check for the list of diseases that comply with such a feature. A smaller list of exclusion is to your advantage, as medical conditions have no predetermined time to surface. 
  • Critical Illness cover: Many of the critical illnesses that are most likely to affect aged parents like cardiac ailments, cancer and organ failures are damaging in more ways than one, one of the primary being economical. When you are looking for a quality health cover for your parents, the normal basic health plan may not suffice for the treatment of these critical illnesses. In such a scenario, you need to opt for top-up for these illnesses to add value to the basic cover for your parents. 

Benefits of Health Insurance for your parents:

Health insurance for your parents could be one of the best gifts that you can think of for them. However, they also come with some added benefits that could be of interest to you. 

  • Coverage: Health Insurance for your parents comes with a cover for hospitalisation expenses, including bed charges, doctors fees, nursing, cost of medicines, ambulance etc.  Included are pre and post hospitalisation expenses, daycare expenses, domiciliary hospitalisation, etc. under the purview of coverage. 
  •  Financial Independence: With health insurance in hand, they enjoy a certain amount of financial freedom that will cover their medical conditions, should they arise. 
  • Cushion for rising Heath care costs: Sufficient cover sum will absorb the rising health care expenses. 
  • Tax Benefits: The premium contribution for your senior citizen parents will fetch you tax savings of up to Rs.50000 in the FY under Section 80D of the Income Tax Act, 1961. 

Ways to purchase Health Insurance for parents:

The best way to buy a health insurance policy for your parents is online. The cardinal points to remember is that never buy health insurance without comparing and a plan that is cheap. It is better not to have a policy than to have a cheap health policy. The steps to buying a policy online are:

  • Choose a reliable aggregator or a company like Kotak Life Insurance.
  • Fill in all the details about your parents, check for the cover, fine print for renewal, inclusion and exclusions. Do not forget to mention about pre-existing diseases to obviate future complications. 
  • Check the quote and compare with some plans, especially on the parameters which you have understood so far. 
  • Buy the best possible health insurance policy on offer. Remember, your parents deserve the best. 

Health insurance for your parents is wise, as your parents deserve to be protected against illnesses and the cost of treatments that they may not be able to meet on their own. The advantage with the health insurance for your senior citizen parents come with additional features not offered to all, at special rates. This all about emphasises why there is no better way to acknowledge the pains your parents took to bring you up.

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