A health insurance policy is necessary for all, especially for the old-aged as they are most susceptible to illnesses. Read on to know more about the importance of a health insurance cover for parents.
Old age brings with it a new set to life experiences and challenges. As you go through the transition, you must take care of your well-being and secure your future with a robust health insurance policy. Today, many insurance companies in India offer plans that cater to senior citizens’ specific needs and old-aged parents.
Like the regular health care plans, health insurance for the elderly provides coverage against medical treatments, surgeries, and hospital expenses that your parents may undergo. Thus, these policies help you keep your savings intact and take care of your parents’ healthcare needs. In the purview of the rising treatment cost, health insurance for parents plays a significant role; the treatment for some diseases can spiral quickly and may leave you financially drained.
Let us look at some of the important reasons why health insurance for parents is crucial:
- Financial savings
One of the primary reasons you must purchase a health cover for your parents is to secure your finances against medical emergencies. As parents grow old, they are at high risk of getting ill and may need surgery or other complex medical procedures. If they are covered under an insurance policy, they can access high-quality medical care without depleting their hard-earned savings.
- Get coverage against miscellaneous expenses.
Apart from getting coverage for the hospital expenses, which constitutes a significant part of the treatment cost, depending on the type of health insurance plan you have, you can get coverage for other expenses like ambulance fees, doctor consultation fees, post-hospitalisation expense, etc.
- Cashless hospitalisation
This is one of the significant benefits of having health insurance for the elderly. During an emergency, the last thing you would want to do is run around from banks and ATMs to get cash for paying the hospital bills. With most insurance companies offering cashless hospitalisation services, you can get treatment from any hospital that is part of the insurer’s network, and the insurance company will directly settle the bill with the hospital.
Even if you don’t get admitted to the network hospital and miss out on cashless hospitalisation, post-discharge, you can submit the bills and receipts to the insurance company and get reimbursement.
- Coverage for pre-existing conditions
It is a general belief among people that medical insurance for parents does not cover any pre-existing illness. But it is not true. Yes, there are some diseases like AIDS, HIV, and STDs that are permanently not covered under insurance. For other illnesses, there may be a waiting period during which you cannot file a claim. After the waiting period is over (which may differ from one insurer to the other), you can get coverage for the same.
- Quick approval and settlement process
Today most insurance companies offer online services to their customers, making filing a claim a quick and efficient process. You can fill the claim form online and submit the relevant documents. Upon verification of the bills, the insurers settle the bills immediately.
Additionally, with online services, you can also request other value-added services like getting a copy of the premium receipt for taxation purposes, renewing the policy, adding or dropping riders, etc. and getting a quicker resolution.
Thus, you can avail more than one benefit by purchasing a health insurance policy for your parents. It is the most definitive way to get financial protection against medical emergencies.