With advancing age and compromised immunity, our old-aged parents experience health issues more frequently. Often, these health issues can become severe and need immediate medication or medical attention, and sometimes, there also emerges a condition of prolonged illness that needs frequent hospital visits. In both cases, we need sufficient funds to make sure we provide the best medical support to our parents. To make sure we provide them everything essential without compromising, buying the right mediclaim policy for parents can be a wise decision. This can support in times of need and can place us in a better position while taking care of our parents.
What is a mediclaim policy for parents?
Parents, when towards an older age are prone to a variety of diseases. There emerges a probability of getting acute and chronic diseases frequently. To provide insurance support to such individuals, there is a need to design special insurance keeping in mind emergency conditions and specific needs of parents.
Thus, insurance specifically designed and drafted for parents is recommended. These are known as mediclaim policies for parents. These provide various benefits and amenities that can ensure complete support in times of medical emergencies for our parents.
Why buy a mediclaim policy for parents?
No matter how convincing it may sound, people can still be unsure while purchasing mediclaim policy for parents. But, to ease your decision, here are a few things to look for before you finalize a mediclaim policy for parents-
- Immediate support
As medical emergencies are immediate and unforeseen, support has to be immediate as well. When parents get sick in the middle of the night or at times when cash flow is not flexible, mediclaim policies can become a savior. In addition, these also provide some added benefits that make them worth a buy.
- Wide coverage
Policies with wide coverage give an added reason to buy mediclaim policies for parents. Though the coverage generally varies according to your provider and plan, almost all cover hospitalization charges, pre and post-hospitalization expenses, previous illness cases, etc. In addition, the claim once settled never pushes you to a disadvantage in terms of amenities.
According to IRDA, once a claim is settled, only the coverage amount reduces, never the amenities and benefits associated with it.
- High sum insured
Due to progressing medical inflation, getting a medical policy for parents with higher sum insured always keeps you in a safe position. It makes sure you get stabilized support even if medical inflation occurs.
- Support in recurrent and frequent hospital visits
If your policy doesn’t cover critical illness cases, then it is not the right one for you. Due to associated health risks for parents, having a mediclaim policy that covers recurrent and frequent hospital visits is a must.
- Tax Benefits
If you are unaware of the amazing tax benefits of mediclaim policies, it’s time you brush up on your knowledge. This can be clearly understood by reading through the income tax 80d Act. Also, comprehend the inclusions, exclusions, and deductions carefully under the 80d act of income tax.
What all to expect from mediclaim policy for parents?
Once you know why you need a mediclaim policy for parents, the next step is shortlisting the ideal one. Here is a list of factors you can consider while buying ideal insurance for your parents-
- High claim settlement ratio of provider
- Coverage for a pre-existing illness
- Pre and post hospitalization coverage
- Balanced inclusions and exclusions
- Daycare treatment inclusions
- Lifetime renewability
- Wide hospital network
- Cashless Facility
And much more.
Get it from the right insurance provider!
Are you ready to purchase a mediclaim policy for parents? Going through the process of buying a mediclaim policy for parents would need you to compare various plans available. While buying, you would encounter hundreds of providers as well. But always look for factors such as IRDA registration, high claim settlements ratio, cashless facility and other important amenities you want to prioritize. One such provider with beneficial plans is Care Health Insurance. Get complete information from its official website today.
