All you need to know about Health Insurance for Parents
At a constantly growing age, your parents are in constant need of medical assistance. Be it daily check-ups or major/minor surgeries all they need is uncompromised and quality medical attention. Hence it becomes crucial to secure their medical expenses in such a way that they never fall short of finances. These days with development in medical sciences most of the illnesses are treatable, however the cost for treating ailments are rising each day. This means you need to have a strong financial planning to secure the soaring medical expenses for your parent’s future. By getting a comprehensive health insurance plan you can secure your parent’s future and ensure quality medical attention all the time without hampering their lifelong savings.
Why do you need a specific health insurance plan for parents or senior citizens?
Health insurance plans these days are designed portfolio wise a set of coverage which may seem apt for a 24 year old individual may not fit well for a senior citizen; hence it’s important to have a health insurance plan for your parents which gives them maximum coverage. For example, a plan that covers extended hospitalisation, gives a larger pre and post hospitalisation coverage etc. In a nutshell a health insurance plan for parents needs to be much more exhaustive as compare to the coverage designed for young adults or families.
Benefits of having a separate health insurance plans for your parents
HDFC ERGO has launched my:health Suraksha plan which also caters to the medical requirements of parents seamlessly. It offers cashless home health care, which means in case your parents feel like undergoing treatment from the comfort of their home they can avail it easily if recommended by the Doctor. Along with this, my:health Suraksha offers pre and post hospitalisation for 60 and 180 days respectively, which keeps you tension free. You must also look at buying a health insurance plan with lesser waiting period, so that their major illnesses get covered soon. Let’s look at the premium how it works for your parents and on what basis it gets calculated.
What are the factors that affect premium calculation for parent’s health insurance?
Age: It is always advisable to buy a health insurance plan when you are young as your policy matures it gives you a larger coverage and gets rid of all waiting periods too. However, while buying a health insurance plan for your parents you need to understand that the premium will be a bit on the higher side. With health insurance the premium raises with age, hence the premium would be on the higher side. So we recommend you look at the coverage rather than making premium a deciding factor for buying the policy.
Pre existing illnesses: There could be a possibility where your parents are already suffering from an ailment or diseases which is either partially covered under the health insurance plan for parents or its completely excluded. If your policy does not cover their pre existing illnesses then you will have to bear the medical expenses whenever that particular excluded illness occurs. However, we at HDFC ERGO cover pre existing illnesses post applying for a waiting period of 3-4 years. Your parent’s pre existing illnesses may also increase the premium.
Why buy a separate health insurance for parents and not cover them under employer health plan?
Your parents must be having a health insurance plan from their employers or you might have got them covered under your employer’s health insurance plan. In both the cases it will not benefit them in the longer run. In the first case if your parents are covered under their employer’s health insurance since a long time then there are chances that the coverage may not suit today’s trends where medical expenses are sky rocketing. There could be a possibility that certain much needed coverage is not enlisted under their health insurance plan. If you have covered them under your employer’s health plan then if you take a chance of job then they too will lose on the continuity benefit and you have to enrol them into a complete new health insurance plan altogether. Remember they need a much higher coverage as compared to the other family members, hence instead of adding them to a floater plan get a health insurance plan on individual sum insured basis.
We recommend HDFC ERGO’s newly launched my:health Suraksha plan offers the below benefits:
- Free health check-ups every year while renewing your policy
- Cashless home health care facility
- No room rent capping, so you can choose the room of your choice
- Sum insured rebound, as you will get your lost sum insured in case it gets exhausted
- **90% cashless claims gets settled within 20 minutes
- We also cover mental health care, which was previously an exclusion
- Recovery benefit is also paid if you remain hospitalised for over 10 days
- If your parents lay faith in non allopathic treatment, then even that gets covered
- Pre existing illnesses get covered post 2 years
- 10000+ Cashless Network Hospitals
If you make a wise decision of buying a health insurance plan from HDFC ERGO then you get the above benefits. This is highly recommended to cover your parents from soaring medical expenses and protect their finances in a much better and planned way.
Some exclusions of my:health Suraksha plan for parents
Self inflicted injuries: Any suicidal attempts made due to which if they insured falls sick it does not get covered.
Adventure sports: If you participate in adventure sports and get injured then that doesn’t get covered under the plan
Any cosmetic treatment :If your parents decide to undergo surgeries for correction or weight reduction it will not get covered in this plan.
These are a few inclusion exclusion of this policy, there are several more on the list which is mentioned on the brochure or policy wordings.
The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.
*T&C apply. my:health Suraksha HDFHLIP20049V041920, UID No: D2HI418. **Average time taken for approval of our cashless health claims is less than 20 minutes. Based on the data from April 2019 to September 2019. Subject to satisfactory submission of all relevant documents and information(s) to the Company. TAT for approval of pre authorization requests 60 minutes. Cashless hospitalization available only in HDFC ERGO network hospitals. Visit www.hdfcergo.com for your nearest network hospital"