Decoding Insurance

4 Useful Add-ons to Consider For Health Insurance For Parents

Parents brave all the challenges in their lives to give us the best upbringing and guide us through various phases. They give us the best of everything and when they age, we should give them the same in return. One of the prime responsibilities towards them should be buying a health insurance plan. A health insurance plan not only provides a financial backup in case of health emergencies but also offers best medical treatment and care. Sometimes, a basic health insurance plan for your parents may not cover all requirements for your parents. If you think that your parents’ current health insurance is insufficient, you can go for add-ons to enhance coverage. Some of the useful add-ons are listed below:

OPD care: Outpatient department comprises all health care expenses that do not need hospitalization such as consultation of a medical practitioner for minor treatment. It is of prime significance because chances of OPD is slightly more than hospitalization. Moreover, outpatient department related expenses such as dental treatment, diagnostic tests, periodic doctor consultation can disturb your savings routine significantly. Visiting a general physician costs Rs 500-1000 per visit. Since older people need routine check-ups, having an OPD add-on becomes an advantage.

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Critical illness: Critical illnesses such as cancer, heart stroke, kidney failure etc are on a rise in India. Senior citizens are more susceptible to contracting a critical illness as compared to young people. Moreover, the cost of such illnesses is also exorbitant. Treatment cost for cancer can go beyond Rs 20 lacs and lung transplant can range between Rs 20-25 lacs. In addition to hospital costs, there are other costs like doctor visits, medical expenses too. To cover all of these costs, you can purchase a critical illness add-on for your parents that pays a lump sum amount to the insured in case he/she contracts a specified critical illness.

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Domiciliary hospitalization: There are times when your parents need medical care at home. Domiciliary hospitalization is a situation where the insured is considered or treated as hospitalized even when he is at home or at a makeshift hospital. Coverage for Domestic hospitalization happens only when no medical facility is available at the hospital, and when the patient is not in a condition to physically visit the hospital. A doctor’s prescription for home isolation and treatment is also required. Medication, nurses and doctors' visits at home to measure vitals and tests such as CT scan X-ray, COVID treatment, home ICU charges are covered.

Daily hospital cash benefit: This rider offers a fixed amount for covering medical expenses each day when a policyholder gets hospitalized. Although your parents health insurance plan might cover all hospitalization expenses, certain expenses won’t be covered. These are called inadmissible expenses and include surgical accessories, X-Ray charges etc. The amount paid under daily hospital cash benefit is fixed at the time of buying the policy. Another benefit of this rider is that it can activate even without supporting bills and a valid hospitalization of 24-48 hours is a proof for availing this benefit. Through this rider, the policyholder gets a lump sum amount daily at the time of hospitalization and that can be used for his/her needs. There are many additional expenses that may arise if a senior citizen is admitted into the hospital, in such situations, this rider will be very useful.

To sum up, you can avail these add-ons to enhance the scope of coverage of health insurance for your parents. As your parents age, managing their health is going to get tougher due to multiple reasons. Healthcare costs and premiums get more expensive with each passing year. It is detrimental to have an adequate health cover that provides a financial cushion in case of a medical emergency.

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