Tag: Health Insurance Plan

How to Pick the Best Health Insurance Plan for Parents?

  Purchasing adequate health insurance plans for parents is important to ensure that they have the best medical treatment without financial burden. Currently, the insurance market of India is flooded with health insurance plans for Insurance seekers who want to buy plans for parents. Moreover, many of these plans are specifically designed for elderly parents and senior citizens above the age of 60 years.

However, with an extensive range of plans available in the market, choosing the most appropriate plan can be a bit confusing. Thus, to help our readers know how to choose the best health insurance plan for parents, here we have discussed in detail the certain parameters to consider.

Factors to Consider While Purchasing Health Insurance for Parents

The following are the factors that one can consider while purchasing health insurance for parents:

Adequate Sum Insured Amount

Since parents are more vulnerable to health-related problems considering their age factor, an individual must choose a higher sum assured. Having adequate coverage will ensure that they get the best treatment in case of any medical emergency without getting worried about finances.

Health Insurance Coverage

Before zeroing in on a plan, it is very crucial to go through the benefits and coverage offered by the policy. Look for some important features like critical illness cover, pre and post-hospitalization cost, policy tenure, in-patient hospitalization, daycare procedure, domiciliary hospitalization, Ayush treatment, etc.

Co-Payment Clause

A co-payment clause in a health insurance policy means the percentage (%) of the amount that the insured will pay on his own. The remaining expenses of the medical treatment are paid by the health insurance company. Suppose, if a policy has a co-payment clause of 20%, then for a claim of Rs.20 lakh the policyholder will need to pay Rs.2 lakh on his own and the rest Rs.8 lakhs will be paid by the insurer. So, while purchasing the policy, make sure to check the co-payment clause. You can also choose for no co-pay clause.

Pre-existing Diseases Cover

In case the policyholder’s parent suffers from any pre-existing illness, then it is only covered after the completion of the waiting period of 2-4 years. However, the policy’s waiting period may vary from insurer to insurer as per the plan opted. Thus, make sure to check the time period after which the pre-existing diseases will be covered in the health insurance plan for parents.

Tax Benefit

The premium paid towards the health insurance policy is applicable for tax deduction under Section 80D of the Income Tax Act. If an individual is paying a premium for himself and his parents, then the maximum limit on health insurance premium is Rs. 50,000. If the parents are above the age of 60 years then the maximum limit on the premium that can be claimed for tax exemption is Rs. 75,000.

Compare Different Health Insurance Plans

To choose the best health insurance plan for parents make sure to compare the quotes of various plans online and choose the one that offers maximum coverage at a lower premium rate.

Network Hospitals

An individual must go through the list of network hospitals that are in collaboration with the insurance company they are picking. Make sure that the reputed hospitals in your surrounding are mentioned in the plan so that in case of emergency it is convenient to take them to the hospital.

What is Covered in a Health Insurance Policy for Parents?

Let’s take a look at what is covered under the health insurance plan for parents-

  • Hospitalization Expenses- Any eventuality or illness can lead to excessive hospitalization costs. With a comprehensive health insurance plan, the financial burden of hospitalization expenses is taken care of by the insurer up to the coverage limit
  • Daycare Procedure- Daycare treatments like a cataract operation and varicose veins surgery that does not need hospitalization for 24 hours are also covered by the insurer. The number of daycare procedures depends on the plan opted by an individual
  • Pre and Post Hospitalization Cost- The health insurance policy provides coverage for the expenses that occurred pre and post-hospitalization. Generally, it is 60 days and 30 days however, it may vary from insurer to insurer
  • Pre-existing Illnesses- The health insurance company covers the pre-existing illness after completion of the waiting period. However, one can choose a plan that comes with a lower waiting period and provides maximum coverage for critical illnesses like diabetes, heart ailment, etc.
  • Major Surgeries- Most medical insurance policies offer coverage for major surgeries, which involves high medical expenses like open-heart surgery, bariatric surgery, etc. In case of any such medical emergency, the policyholder can get their parents admitted to some of the best hospitals in India and get the operation done by renowned surgeons
  • Ayush Benefits- Nowadays, Ayush treatments are covered by almost all health insurance companies, which include Ayurveda, Homeopathy, Unani, Siddha, etc.
  • Renewability- Health insurance plan for parents generally comes with a lifetime renewal option.

Wrapping it Up!

You can consider the above-mentioned points while purchasing a health insurance plan for parents. However, make sure that you compare the benefits and features of various plans and choose the best plan as per your requirement and suitability.

Top 7 Benefits of Health Insurance Plan

  The outbreak of COVID-19 indeed has forced financial as well as medical security to the minds of individuals in an unprecedented way. In these times of uncertainty and with the skyrocketing cost of the health care sector, having a health insurance policy has become a necessity more than a choice. The health insurance policy not only takes care of the medical needs of the individual in case of any eventuality but also provides many different benefits. Read further to know the benefit of a health insurance plan.

Benefits of Health Insurance Policy

The following are some of the benefits of the health insurance plan:

Coverage against medical expenses

In case of any medical emergency, the last thing that a person would want to worry about is the cost of medical treatment. One of the major perks of having a medical insurance policy is that it offers coverage against any type of medical expenses that may/may not arise during an emergency.

Thus, a comprehensive health insurance policy covers all the medical costs like pre and post-hospitalization costs, ambulance charges, doctor’s fees, etc. are all covered. Many insurance companies offer rider options along with the base plan to enhance the coverage of the policy.

These riders offer the benefits that are not covered in the base policy like personal accident insurance, critical illness cover, maternity benefits, etc. With all these costs covered by a medical insurance policy, one does not need to worry about financial loss in case of any medical emergency.

Cashless Mediclaim Facility

In case of any medical emergency, if the insured undergoes any treatment in a hospital, then it might get difficult for the family members to immediately pay the hospital bills. To avoid such a situation, many insurers offer the facility of cashless mediclaim at network hospitals.

The cashless mediclaim facility ensures that the policyholder gets the best treatment without worrying about the finances. One just needs to fill the mediclaim form offered by the insurance company to avail of the benefit of cashless mediclaim at network hospitals.

Tax benefits

Another benefit of a health insurance policy is that it offers an opportunity to save on taxes. An individual can claim up to a maximum of Rs. 25,000 of tax exemption on the premium paid towards the policy under Section 80D of the Income Tax Act. 1961. Moreover, one can also claim an additional tax exemption of Rs. 25,000 for the premium paid for parents.

Financial protection against critical Illness

Most health insurers provide coverage against critical illnesses such as cancer, stroke, heart attack, kidney failure, etc. The critical illness cover either comes inbuilt in a plan or is offered as an add-on cover to the health insurance policy. In case the insured person is diagnosed with any critical illness as stated in the policy documents, a lump-sum amount is paid by the insurer so that the insured can fulfill their financial obligations.

Buying a comprehensive medical insurance policy helps an individual to be prepared for the worst. Moreover, buying the best health insurance plan at a young age not only provides the advantage of lower premiums along with comprehensive coverage but also helps to contribute towards savings in the long term.

No claim bonus

A No-Claim Bonus is a special incentive given by the health insurance company for every claim-free year. If the policyholder completes a year without making any claim for medical expenses then the insurance company offers a no-claim bonus to the policyholder in the form of premium discounts.

If a person does not file a claim for a consecutive tenure of the policy then he/she can enjoy up to a 50% discount on the premium amount. Moreover, some of the insurers also offer an increase in the base amount of the policy for every claim-free year. This not only benefits the insurance holder but also adds to their savings.

Protects the long-term savings

A health insurance plan acts as a safety net and protects the individual and his family against any type of financial crisis due to any medical eventualities. In case, a policyholder requires any medical treatment or a lifesaving surgery then he/she does not need to compromise on their children’s education fund or retirement savings. With a quality, health insurance policy one can ensure the right financial protection to themselves and their family without burning a hole in the pocket.

Free health checkup

After every 4-5 claim-free years, the facility of free health checkups is offered by the insurance companies to their policyholders. The insured can avail of the facility of free health checkups at any of the network hospitals.

The Bottom Point!

So, these are some of the benefits of health insurance plans. To choose the best health insurance policy for your family and yourself, make sure you compare the plans available and make an informed choice.

Top 7 Benefits of Health Insurance Plan

 The outbreak of COVID-19 indeed has forced financial as well as medical security to the minds of individuals in an unprecedented way. In these times of uncertainty and with the skyrocketing cost of the health care sector, having a health insurance policy has become a necessity more than a choice. The health insurance policy not only takes care of the medical needs of the individual in case of any eventuality but also provides many different benefits. Read further to know the benefit of a health insurance plan.

Benefits of Health Insurance Policy

The following are some of the benefits of the health insurance plan:

Coverage against medical expenses

In case of any medical emergency, the last thing that a person would want to worry about is the cost of medical treatment. One of the major perks of having a medical insurance policy is that it offers coverage against any type of medical expenses that may/may not arise during an emergency.

Thus, a comprehensive health insurance policy covers all the medical costs like pre and post-hospitalization costs, ambulance charges, doctor’s fees, etc. are all covered. Many insurance companies offer rider options along with the base plan to enhance the coverage of the policy.

These riders offer the benefits that are not covered in the base policy like personal accident insurance, critical illness cover, maternity benefits, etc. With all these costs covered by a medical insurance policy, one does not need to worry about financial loss in case of any medical emergency.

Cashless Mediclaim Facility

In case of any medical emergency, if the insured undergoes any treatment in a hospital, then it might get difficult for the family members to immediately pay the hospital bills. To avoid such a situation, many insurers offer the facility of cashless mediclaim at network hospitals.

The cashless mediclaim facility ensures that the policyholder gets the best treatment without worrying about the finances. One just needs to fill the mediclaim form offered by the insurance company to avail of the benefit of cashless mediclaim at network hospitals.

Tax benefits

Another benefit of a health insurance policy is that it offers an opportunity to save on taxes. An individual can claim up to a maximum of Rs. 25,000 of tax exemption on the premium paid towards the policy under Section 80D of the Income Tax Act. 1961. Moreover, one can also claim an additional tax exemption of Rs. 25,000 for the premium paid for parents.

Financial protection against critical Illness

Most health insurers provide coverage against critical illnesses such as cancer, stroke, heart attack, kidney failure, etc. The critical illness cover either comes inbuilt in a plan or is offered as an add-on cover to the health insurance policy. In case the insured person is diagnosed with any critical illness as stated in the policy documents, a lump-sum amount is paid by the insurer so that the insured can fulfill their financial obligations.

Buying a comprehensive medical insurance policy helps an individual to be prepared for the worst. Moreover, buying the best health insurance plan at a young age not only provides the advantage of lower premiums along with comprehensive coverage but also helps to contribute towards savings in the long term.

No claim bonus

A No-Claim Bonus is a special incentive given by the health insurance company for every claim-free year. If the policyholder completes a year without making any claim for medical expenses then the insurance company offers a no-claim bonus to the policyholder in the form of premium discounts.

If a person does not file a claim for a consecutive tenure of the policy then he/she can enjoy up to a 50% discount on the premium amount. Moreover, some of the insurers also offer an increase in the base amount of the policy for every claim-free year. This not only benefits the insurance holder but also adds to their savings.

Protects the long-term savings

A health insurance plan acts as a safety net and protects the individual and his family against any type of financial crisis due to any medical eventualities. In case, a policyholder requires any medical treatment or a lifesaving surgery then he/she does not need to compromise on their children’s education fund or retirement savings. With a quality, health insurance policy one can ensure the right financial protection to themselves and their family without burning a hole in the pocket.

Free health checkup

After every 4-5 claim-free years, the facility of free health checkups is offered by the insurance companies to their policyholders. The insured can avail of the facility of free health checkups at any of the network hospitals.

The Bottom Point!

So, these are some of the benefits of health insurance plans. To choose the best health insurance policy for your family and yourself, make sure you compare the plans available and make an informed choice.

How to Pick the Best Health Insurance Plan for Parents?

 Purchasing adequate health insurance plans for parents is important to ensure that they have the best medical treatment without financial burden. Currently, the insurance market of India is flooded with health insurance plans for Insurance seekers who want to buy plans for parents. Moreover, many of these plans are specifically designed for elderly parents and senior citizens above the age of 60 years.

However, with an extensive range of plans available in the market, choosing the most appropriate plan can be a bit confusing. Thus, to help our readers know how to choose the best health insurance plan for parents, here we have discussed in detail the certain parameters to consider.

Factors to Consider While Purchasing Health Insurance for Parents

The following are the factors that one can consider while purchasing health insurance for parents:

Adequate Sum Insured Amount

Since parents are more vulnerable to health-related problems considering their age factor, an individual must choose a higher sum assured. Having adequate coverage will ensure that they get the best treatment in case of any medical emergency without getting worried about finances.

Health Insurance Coverage

Before zeroing in on a plan, it is very crucial to go through the benefits and coverage offered by the policy. Look for some important features like critical illness cover, pre and post-hospitalization cost, policy tenure, in-patient hospitalization, daycare procedure, domiciliary hospitalization, Ayush treatment, etc.

Co-Payment Clause

A co-payment clause in a health insurance policy means the percentage (%) of the amount that the insured will pay on his own. The remaining expenses of the medical treatment are paid by the health insurance company. Suppose, if a policy has a co-payment clause of 20%, then for a claim of Rs.20 lakh the policyholder will need to pay Rs.2 lakh on his own and the rest Rs.8 lakhs will be paid by the insurer. So, while purchasing the policy, make sure to check the co-payment clause. You can also choose for no co-pay clause.

Pre-existing Diseases Cover

In case the policyholder’s parent suffers from any pre-existing illness, then it is only covered after the completion of the waiting period of 2-4 years. However, the policy’s waiting period may vary from insurer to insurer as per the plan opted. Thus, make sure to check the time period after which the pre-existing diseases will be covered in the health insurance plan for parents.

Tax Benefit

The premium paid towards the health insurance policy is applicable for tax deduction under Section 80D of the Income Tax Act. If an individual is paying a premium for himself and his parents, then the maximum limit on health insurance premium is Rs. 50,000. If the parents are above the age of 60 years then the maximum limit on the premium that can be claimed for tax exemption is Rs. 75,000.

Compare Different Health Insurance Plans

To choose the best health insurance plan for parents make sure to compare the quotes of various plans online and choose the one that offers maximum coverage at a lower premium rate.

Network Hospitals

An individual must go through the list of network hospitals that are in collaboration with the insurance company they are picking. Make sure that the reputed hospitals in your surrounding are mentioned in the plan so that in case of emergency it is convenient to take them to the hospital.

What is Covered in a Health Insurance Policy for Parents?

Let’s take a look at what is covered under the health insurance plan for parents-

  • Hospitalization Expenses- Any eventuality or illness can lead to excessive hospitalization costs. With a comprehensive health insurance plan, the financial burden of hospitalization expenses is taken care of by the insurer up to the coverage limit
  • Daycare Procedure- Daycare treatments like a cataract operation and varicose veins surgery that does not need hospitalization for 24 hours are also covered by the insurer. The number of daycare procedures depends on the plan opted by an individual
  • Pre and Post Hospitalization Cost- The health insurance policy provides coverage for the expenses that occurred pre and post-hospitalization. Generally, it is 60 days and 30 days however, it may vary from insurer to insurer
  • Pre-existing Illnesses- The health insurance company covers the pre-existing illness after completion of the waiting period. However, one can choose a plan that comes with a lower waiting period and provides maximum coverage for critical illnesses like diabetes, heart ailment, etc.
  • Major Surgeries- Most medical insurance policies offer coverage for major surgeries, which involves high medical expenses like open-heart surgery, bariatric surgery, etc. In case of any such medical emergency, the policyholder can get their parents admitted to some of the best hospitals in India and get the operation done by renowned surgeons
  • Ayush Benefits- Nowadays, Ayush treatments are covered by almost all health insurance companies, which include Ayurveda, Homeopathy, Unani, Siddha, etc.
  • Renewability- Health insurance plan for parents generally comes with a lifetime renewal option.

Wrapping it Up!

You can consider the above-mentioned points while purchasing a health insurance plan for parents. However, make sure that you compare the benefits and features of various plans and choose the best plan as per your requirement and suitability.