Our parents spend their whole lives earning and taking care of us. When they retire, they deserve to enjoy the rest of their life. They should have a routine that would be relaxing, they also need to follow their hobbies that they could not follow earlier due to busy life, also, they should go on vacations at different places. If there is any situation where your parents need medical treatment then the affordability factor should not come in between and their experience should be comfortable. In such a case, you will get to know the benefits of parents’ medical insurance. They may or may not have subscribed to a health insurance scheme during their younger days. In a case, where they do not have insurance cover, being their kids, it becomes your responsibility to get medical insurance cover for them. So that they can claim the insurance whenever they would need it the most.
Nowadays many insurance companies have introduced medical insurance schemes for parents. However, the main reason for getting this insurance cover is that your parents can enjoy the rest of their life with comfort without any financial worry. To ensure that all these reasons are being fulfilled, you need to ensure that you have chosen the right insurance cover for your parents. But how will you ensure the same? There are many factors that you need to consider or take care of.
The points given below can be referred to as the points that you need to take care of while choosing medical insurance for your parents:
- Coverage: It is one of the most important points that you need to properly take care of. You need to take care of the cover amount. Cover amount means, in case of a contingency, how much claim your parents will receive. The premium amount that you will be paying and the claim that will be received are directly related to each other. Depending on the scheme, some companies will provide you with basic hospital expenses or medical expenses. On the other hand, some schemes will also let you enjoy consumable allowance, allowance for the companion, domiciliary hospitalization, or dialysis cover, etc. All these things need to be considered so that your parents can properly have financial assistance. These points will also help in ensuring that you are getting the full value of your money.
- Sum insured: You would also agree that your parents are more vulnerable to different types of diseases. In such a case, it becomes very important to have sufficient sum insured so that they won’t have to face any financial problems during their treatment. You can also have recommendations from the medical insurance agents, they can suggest to you the best insurance schemes. Nowadays, medical expenses are already very high and have to be paid on time to get the proper treatment. It is another reason why there is a strong need to have a sufficient amount insured. If they will have a sufficient amount then they won’t have to worry about the finance of hospital expenses.
- Pre-existing disease cover: You also need to consider or take care of the pre-existing medical problems of your parents. If your parents are already suffering from any sort of health issues then it has to be informed to medical insurance companies as well. Because you will have to comply with the waiting period conditions that can be from 2 to 4 years. Once the waiting period is over, you can get your parents medically insured. However, the waiting period can be different from company to company. After the completion of the waiting period, you need to confirm that the pre-existing medical conditions are also being covered in the medical insurance cover.
- Co-payment clause: Another point to be considered is the co-payment clause. In this clause, a fixed portion of the cover amount will be paid by you and the rest of the part shall be paid by the health insurer. However, there are policies with no copayment covers. You can choose as per your convenience and conditions.
These are a few points that you can take care of or consider while planning to get medical insurance cover for your parents. Care Insurance can help you in getting the best medical insurance cover for your parents. It properly analyzes the needs of the persons and then provides the best of its services.
However, apart from the financial assistance to your parents in case of need, these insurance schemes also provide you with tax benefits. You may or may not know but you are allowed to take a deduction under section 80 D while filing your income tax refund. The amount of deductions would depend upon the seniority and super-seniority of the parents. If your parents are senior then the aggregate deduction you can take is 50000 or if your parents are super senior then the amount of deduction increases to 75000.
