Why your parents need a separate health insurance plan
A health insurance plan is not an expense you can overlook these days, rather it is an inevitable part of your insurance portfolio. With the steep rise in healthcare costs both at home and abroad, investing in a health insurance plan becomes extremely important. No matter how much you save, if you don’t have a good health insurance plan to back you up in case of medical emergencies, you might end up depleting those very savings to meet the necessary healthcare expenses.
To be honest, the situation is not just limited to medical exigencies either. The ambit of diseases has grown too far these days, and so has the cost for proper evaluation and diagnosis of each. But a good health insurance plan will not let you feel the pinch, whereas its absence will hit you right in the face with exorbitant costs if ever a medical exigency was to arise.
Awareness is the key
Many of us opt for an affordable health insurance plan that covers the whole family, including our parents. But what most of us skip on is reading the fine print; it is important to understand the terms and conditions associated with it. Only then will you have complete clarity on how your parents are actually covered under the insurance plan.
Also, once you factor in the rising costs of medical care and the increased incidence of ailments in the later years of life, you come to realize the need of having a separate health insurance cover for your parents.
So, what is the wise thing to do?
It is always advisable to go for an individual health insurance plan for your parents. Yes, you will have two premiums to pay, but it will help you save on the incremental costs that you would have incurred over the years for a consolidated health insurance policy. Moreover, the separate health insurance plan will also offer better coverage for your parents since it will be a lot more specific to their healthcare needs.
As many of us have to come to witness first-hand, the cost of medical care matters a lot more in the later years of life. When choosing a healthcare plan for your parents, don’t just factor in the medicines and diagnosis charges, but aspects like constant care and supervision as well.
Make the right choice for your parents
Services of a supervision nurse or a healthcare professional are required for older adults who suffer from major ailments, to lead a smooth and comfortable life in an age where even the smallest of movements can cause discomfort. So, skipping on a health insurance plan for your parents in favour of a family health cover is not at all ideal.
Have a long-term view, and look for different health insurance plans for yourself and your parents, one which comprehensively covers their healthcare expenses, including their post-treatment expenses. Think of it not as an additional expense, but a well-planned safeguard when the actual expenses come knocking.
Factors to consider when buying health insurance for parents
Special consideration is required when buying medical insurance for parents. This is because healthcare needs change with age and a plan that suits you, might not be the optimal choice of your parents. Keeping this in mind, we have highlighted some factors to look out for when choosing a mediclaim for parents. These pointers should help you choose the right plan and ensure your parents get the coverage they need.
Coverage: The best mediclaim policy for parents will go beyond hospitalization cover. It will also offer pre & post-hospitalization cover, consumable cover, domiciliary hospitalization cover, dialysis cover, OPD cover, etc. Of course, not all of these covers will be a part of the base plan and maybe offered as add-on covers. However, the important thing is to have access to this sort of coverage, you can then pick and choose the add-ons you want and get optimal coverage for your parents.
Sum insured: The next most important factor to keep in mind when looking for a mediclaim policy for parents is the sum insured. You need to choose a sum insured that matches your parent’s needs and that will be sufficient in case of a medical emergency. Set the sum insured of the plan based on your family’s health history, your parents fitness levels, their age, etc. It also make sense to opt for a higher sum insured in case you live in a metro city as medical expenses tend to be higher in such cities.
Waiting periods: All health insurance plans will have waiting periods, especially for pre-existing illnesses and few named diseases. However, the length of these waiting periods will vary across insurance providers. It goes without saying that the best mediclaim policy for parents will have shorter waiting periods.
Network hospitals: It is important to look for a plan that offers easier access to cashless hospitals. In this regard, the best mediclaim policy for parents will have 5000+ cash hospital all across in India. But you shouldn’t just look at the number of network hospitals; you should also look for a plan that has a few network hospitals in and around your parent’s residence. This will enable them to get speedy treatment without much of a hassle in case of a medical emergency.
Cost: Of course, the best mediclaim policy for parents will tick all of the above boxes and will also be light on your pocket. Some individuals make affordability the main concern when comparing their options. While this can help you get affordable coverage, it might not provide your parents with the protection they require in their golden years.
Helpful features to look for when buying a mediclaim policy for parents
Complementary health check-ups: Pre-emptive medical check-ups are extremely important, especially as your parents get older. Keeping this in mind, the best medical insurance for parents will offer complimentary check-ups at regular intervals. This will help your parents stay on stop of their health & fitness levels. It will also aid early detection of illnesses, if any, and ensure timely medical intervention.
Option for 0% co-payment: Some health insurance plans come with a co-payment clause. This means that the policyholder has to pay a certain percentage of the treatment costs in case of a claim. This can result in significant out-of-pocket expenses, especially in the case of your elderly parents. Keeping this in mind, it is best that you look for a plan that offers a 0% co-payment option.
Fewer sub-limits: Sub-limits restrict the amount of compensation you receive for certain head of expenses. Some plans will have sub-limits on room rent, ambulance charges, and so on. This means that, in case of a claim, the amount of compensation you receive against these expenses will be capped at a certain limit. Therefore, when buying health insurance for parents, you should look for a plan that has lower/no sub-limits. This will ensure that you get maximum compensation in case of a claim.
Critical illness cover: The chances of life-threatening illnesses increases with age. Keeping this in mind, it vital that you find a mediclaim policy for parents that offers critical illness cover, either as part of the base plan or as an add-on cover. This will provide your parents with coverage against several critical illnesses such as stroke, cancer, diabetes, etc. It will ensure that they can get the treatment they need for such medical conditions without ever worrying about the cost.
Entry and coverage age: If your parents are advanced in age, it would make sense to look for a policy that allows a higher entry age. A good insurer should allow you to buy plans at least up to the age of 65 years.
Why choose IFFCO-Tokio?
We at IFFCO-Tokio provide complete protection for your parents. Our plans offer affordable & comprehensive coverage against medical emergencies and their financial impact. This ensures that you and your family members have complete peace of mind from life’s ups and downs. Here are some more good reasons why you should buy a mediclaim policy for parents from IFFCO-Tokio.
5000+ Network Hospitals:
With health insurance for parents from IFFCO-Tokio, you have hassle-free access to quick treatment and cashless claims at thousands of hospitals across India.
20,000+ Branches & Authorized Agents:
You can buy medical insurance for parents and get expert assistance at more than 20,000 touchpoints across the country.
Smooth Claim Experience:
We have settled more than 8.60 lakh claims in the 2018-19 financial year at a settlement ratio of 92.65%.
We have more than 20 years of experience in the insurance industry. This helps us develop better insurance products for your need and the needs of your parents.
Winning the hearts of our customers has also helped us win many awards too! Therefore, if you are looking to buy a mediclaim policy for parents, why not put your trust in our award-winning protection?