Are Your Parents Adequately Insured?

Having elderly parents in the family signals that you need to review your insurance policies to evaluate if they are adequately covered. There are several factors that come into play here, to determine if your parents need more insurance or they are cushioned well against any unforeseen situations.

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      There are several relevant questions raised here: Do you have an employer’s insurance that covers them? Should you include your parents under a family-floater policy? Should you buy a separate insurance cover for them? We will delve deeper into all these aspects in this article.

       

      Should you invest in a specialized plan designed for senior citizens?

      India, is yet to wake up to the pressing need of introducing insurance policies to specially cater to people who are aged over 60. However, gradually insurance providers are making a foray into offering health insurance plans for senior citizens. Several major companies like Bajaj Allianz, National Insurance Company, New India Insurance Company, United India Insurance Company, etc.

      have introduced policies which provideinsurance against hospitalization and other medical expenses for any ailments,sickness and accidents. Most of these plans come with a lifelong tenure or a tenure that extends to 80-90 years. These plans are slightly restrictive and not as flexible as a health insurance policy bought early, as they have sub limits and co-payments.

      What should you do if your employer provides a cover for your parents?

      It is advisable tonot solely depend on the mediclaim policies provided by your employer. The coverage provided by the employer is usually not sufficient to take care of the entire medical expenses when an emergency arises.Also, many employers are imposing restrictions on insurance for parents, making it unreliable.

      Although many shirk away from buying insurance policies for elderly family members fearing higher premiums, it can cost you more in the long term.  Thus, it is wiser that you evaluate the amount of mediclaim offered by your employer and buy a policy that would act as an additional cushion.

      Are critical illnesses covered under the insurance policy?

      One of the major checks that you must conduct before judging if your parents are well insured, is to check if their insurance policy covers critical illness. Critical illness cover provides protection against life threatening conditions like heart attacks, strokes, tumors, cancer, paralysis etc., all of which can lead to permanent disability and pose a major financial burden for the entire family.

      You can invest in a separate cover for critical illnesses over and above the regular health insurance policy as these are restrictive in nature and only cover around 15-20 diseases.

      Are pre-existing diseases covered?

      Another important aspect of buying insurance for your parents is to check the policy’s take on covering pre-exisiting diseases. Usually most insurance providers does not cover existing diseases for up to four years, following which hospitalization expenses are paid for. Additionally, in the first four years, hospitalization for new ailments and accidents are covered.

      Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer. 

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      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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      *All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

      **All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

      *₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

      *₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

      *₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

      *₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

      *₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

      *No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

      *The values taken for effective cost calculation are indicative values and may change as per the selected plan.

      *Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

      *Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

      *The scope of coverage may vary from plan to plan.

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