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Mediclaim Policy for Parents above 60 Years

All the members of Bharadwaj family were gathered in the hospital lobby praying for the successful bypass surgery of Mrs. Sunita Bharadwaj who is an elder woman in her 70s. Well, the story here goes around two months ago when on a fine Sunday morning during the routine yoga workout, Mrs. Sunita in her late 70s fell on the ground, after which she was taken to the nearest hospital and the doctors there recommended to her son Vishal that she needed to get a bypass surgery of her heart. Mr. Vishal took to the doctor’s advice seriously and started to get advice from more doctors and made up his mind to get the surgery done within the time span of a month.

After a lot of research, Vishal got to know that the total budget of the process would come out to be around half a million. Well, if we talk about a middle class family five million is a very big amount to arrange for and Bharadwaj family was no different. But the good news amid this group of tensions was that Vishal already had a mediclaim for his family and his elderly parents. Since his adulthood, Vishal had a great skill in finance and expenditure management and thus, only with a family income of 70k with a family size of six members, he was able to handle all the expenses very well along with paying premiums for the mediclaims and the insurance for his family.

Even though Vishal’s story had a happy ending but not every real life story has a happy ending by default, instead, you have to arrange for a happy ending. Imagine, how difficult it would have been for Vishal if he hadn’t bought the mediclaim for his elderly parents in the first place, from where he would have arranged the money and on how much interest rate. The situation could have been worse if not worst and the only thing that saved Bharadwaj’s from a real big cloud of tensions was one wise decision made by Vishal. So, what is there for you to get from this story?

Why in the first place are we discussing this story right now? The answer is simple, today we are going to talk about the mediclaim policy for elderly parents. It is worth noting that a big part of families that can easily afford a mediclaim for elderly members are not having one. Lack of awareness and few myths keeps a lot of people from buying a mediclaim. Luckily today, we are going to bring up this particular issue to the light and will help you realize the importance of a mediclaim for elderly parents and along the way will also burst some of the popular myth that surrounds the mediclaim policies. So without any further ado, let us get started.

What is a Mediclaim Policy?

Mediclaim is a short term used for the Medical insurance. it is an insurance policy that provides reimbursement for the medical bills during a medical treatment for the people covered under the particular mediclaim plan. Almost all of us are well aware of the skyrocketing prices of treatment in a private hospital and the quality of services available in the government hospitals. A layman in this kind of situation has only two choices, either he can settle with the government hospital treatment or can sell his kidneys to pay the private hospital. But that is not the complete story, a wise layman in this case would opt for a mediclaim policy that will enable him to afford the private hospital treatment without having to pay the complete bill. Isn’t it a delight to hear, well, it is not a lucky draw, but instead, it is made possible by the mediclaims.  In simple words, you have to pay the regular premiums to the mediclaim provider and in case, you need to get the medical treatment, they will pay for it in return. That’s how it goes. Let us explore more about mediclaims in the further sections.

Types of Mediclaim Policies

There are broadly two types of Mediclaim policies available in the market. Let us talk about them:

1. Individual Plan

This is the basic form a mediclaim where the number of individuals covered by the plan for medical reimbursement is only one. For example, if a mediclaim policy provides a cover of rupees 5 lakh, then only the policy owner is authorized to get a maximum cover of rupees five lakhs.

2. Family Floater Policy

A family floater plan allows each member of a family to get a reimbursement equal to the maximum sum assured or they can together use the reimbursed amount as long as it doesn’t cross the limit of maximum sum assured.

Let us compare these two types of mediclaims with an example. Consider a family of four where they first buy an Individual plan for each member worth rupees one lakh and then they buy a family floater plan for the entire family together worth rupees four lakh. In the former case, the maximum reimbursement any member can get is equal to the sum assured which is rupees one lakh but in the latter case of a family floater plan, a family member in case it is needed, can get a reimbursement of more than one lakh, in fact, he can get a maximum reimbursement of rupees four lakh. Or they can get the reimbursement for different family members upto the amount equal to the max sum assured amount.

Why does One Need a Mediclaim Policy?

There is a great need to spread more and more awareness amongst the people regarding Mediclaim Policies. There are a lot of purposes that are served by a mediclaim like paying for your regular checkup bills, providing cover for an unforeseen situation like the one we discussed in the start of the article about Mr. Vishal. Above all, it makes you financially independent in your old age as you need not depend on any one from your family to pay for your medical bills. Not only for the old age, it lets you live worry free even in your young age too. Several Mediclaim policies even provide you with Tax saving benefits. Let us take a deeper dive into the benefits of mediclaim policies in the next section of this article. Have a look.

Benefits of a Mediclaim for Elderly People

  1. It Makes You Financially Independent: Usually, it is the case that elder members of a family tend to be considered as a liability on the family earners. It is not that the children do not care for their elderly parents but their Medical bills starts to become a major part of the income which eventually turns them into a liability. If you don’t want your parents to turn into a liability for you, then you will be better off if you arrange for their medical bills now via a mediclaim plan. There are a lot of plans available which are flexible enough to suit the medical condition of tour parents in their 60s.
  2. Regular Health Checkups and Other Coverages: Even if your parents are healthy enough and do not suffer from a major critical illness, then even it is recommended to get regular health checkups done at time. This is not only a healthy advice for your elderly parents but holds true for the entire family too. It is proven that regular health checkups help a lot in keeping an individual healthy and disease free as it makes them more aware about their health status and inspire them to work for the betterment of their health. A mediclaim provides you cover for regular health checkups and other relevant coverages too at the network hospitals.
  3. As You Age, You are More Probable to Suffer from a Critical Illness: With the old age comes vulnerability to a lot of major critical illnesses. Diabetes, cancer, heart problems, kidney problems etc. are some of the examples of critical illnesses. Although these diseases are not related to the age but their chances of occurrence become more in the old age. Above all this, the expenses for the treatment of these conditions can break the bank of any middle class person. A mediclaim provides cover for these major critical illnesses too.
  4. Tax Benefit under Section 80D: Following are the tax exemptions allowed under section 80D on buying a mediclaim:
    • If the premium is paid for the policy owner, children or the spouse, then a maximum tax deduction of rupees 25,000 is allowed.
    • Rupees 5000 can be claimed as tax deductions for medical health checkups.
      For an uninsured senior citizen in a family over 80, medical expense of rupees 30,000 is allowed as deduction under section 80D.
    • Bmediclaim premium paid for the parents, a maximum tax deduction of Rupees 25,000 is allowed under section 80D.
  5. Your Savings are not Enough: Everyone build their saving to be used for their post retirement life. But are your savings really large enough that you can rely on them for every need. Do not under estimate your medical bills and medicine bills, they can eat up a big chunk out of your savings. If you want to really only enjoy your life from your saving money, then having a mediclaim is going to take care for your medical expenditure while you will live your life worry free.

Myths Regarding a Mediclaim Policy

Until now, we have talked a lot about the benefits and the importance of a mediclaim policy especially for your elderly parents but remember that we mentioned in the start that Myths also plays a great role in keeping people away from a mediclaim.  And therefore, to leave no leaks here, we are not going to leave this topic untouched. Below, we have busted through some of the popular myths regarding a mediclaim policy:

  1. Pre-Existing Medical Conditions: See, there are a ton of options available in market for a mediclaim policy and they cover different preexisting diseases. So, it is all a matter of research before making up your mind for which plan suits your parents or your family. There will always be a mediclaim that will suit your needs, you just have to find it out.
  2. My Parents are too Old to be Covered under a Mediclaim: Similar to the last one, here also you just have to increase your efforts a little bit and you will certainly find a mediclaim policy that will cover your parents age. There are in fact a lot of options available in the market that is made particularly for the super senior citizens i.e. the people above 80 years of age.
  3. Online Mediclaims are Different from the ones Bought from an Agent: If you are well aware of the terminologies of a mediclaim, the you can definitely find out a better deal online than in the market. Plus, you don’t need to worry for the services provided, since, they are more or less similar in both the cases.
  4. Reimbursement is a Great Hassle to Deal with: See, it is not a complete truth that you don’t have to make any effort to claim your sum assured but it is not that far from the real story either. The efforts are minimal for the reimbursement process either it is cashless mode or the cash mode. You just have to submit the hospital reports and the relevant medical bills in order to claim the sum assured and done, you will get your claim in a specified period of time. It is not that complex what you have been thinking of it, Right?

Conclusion

So, we talked about everything related to mediclaim Policies.  From their importance to their types to the common myths that surrounds them. Our prime objective with this article was to make you realize the importance of a mediclaim policy for your elderly parents and your family too and we hope that we achieved it. See you again.