Earlier, parents and grandparents hardly ever felt the need to have health insurance for several reasons. For one, living in joint families meant that large hospital bills could be managed collectively. Also, their lifestyles were much healthier. Nowadays, things are quite different. A lot of people still don’t purchase a Mediclaim policy for their parents for various reasons. Let us bust some myths around getting a Mediclaim policy for senior citizens.
My employer's Mediclaim policy is enough for my parents
The premiums for best health insurance plans covering parents under group insurance have increased rapidly in the last few years.This increase is forcing the employers to either transferthe premiums of such group plans to the employees or discontinuing parents’ health cover altogether.The employers have a reason that it’s not financially viable for them. It wouldn’t be wise to depend on your employer’s Mediclaim policy and you should get your parents an individual health insurance.
Since my parents have an existing disease they cannot get a health cover
An insurance company will evaluate the health condition, consider declarations, check medical history and then take a decision on a case-by-case basis. If the ailment is not critical or terminal, it is highly likely that the insurer will grant a cover under a Mediclaim policy for senior citizens. Most proposals for parents with a medical condition or two are accepted by insurance companies.
Since existing diseases are not covered, what is the point of taking an insurance policy?
Existing diseases are usually not covered for about four years and after that all hospitalizations for existing diseases are also covered. Some health insurerseven cover pre-existing illnesses after just 24 months (2 years) instead of 48 months. In the first four years, your parents will be covered for hospitalizations because of any new diseases as well as for accidents. Hence, it would be wise to look for the best health insurance plans and get your parents covered.
Getting claims for parents' insurance is very difficult
If you’ve been honest and given complete information about the medical history of your parents and any current conditions and have understood the exclusions and waiting periods under the Mediclaim policy, you’re not likely to face any difficulty in getting claims accepted. Look for a Mediclaim policy for senior citizen and get your parents insured.
It is true that getting a Mediclaim policy for senior citizens can be more expensive for some. It is advisable to buy health insurance for senior citizen as at the time of hospitalization, the bill could be far more than the insurance premium. There are health insurance plans for senior citizen that won’t burn a hole in your pocket and offer sufficient health coverage at a minimum coverage.
Additionally, the tax benefit on health insurance for parents allows you to claim higher tax rebate under section 80D. Thus, every penny spent on health insurance for parents gets you additional savings from tax. The rebate increases if your parents are senior citizens; i.e. above 60 years of age.
Healthy and fine
Many people argue that their parents are absolutely fit and fine and do not need a health insurance plan at all. But while your parents may be in the best shape today, having no pre-existing illness, any number of unforeseen situations like age related illness or any particular disease can impose a threat to their fitness any time. Hence, it is very important to buy a Mediclaim policy for senior citizen for your parents even if they are perfectly fit and fine right now.
Health insurance is one of the essential insurance covers to buy, and the older generation is at a disadvantage because of several reasons. Since the options and features now offered by insurers are more cost effective and useful for this generation, it is the right time to offer them the umbrella. Plus, you can now compare and buy the best health insurance plans online with just few clicks.
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