Best Health Insurance for Parents
Have you ever noticed the broad canals around some historical forts and castles? Yes, the ones that would have a drawbridge to cross over to the main gate.
Every important fort, castle, or fortified city had these moats around them. They were built to protect the inhabitants from external attacks.
Modern Day Threats
The threats during those times were from other kingdom’s attacking armies. Today, an accident, disease or ailment are threats to our castles of well being.
On the one hand, we have to face the high incidence of lifestyle diseases like blood pressure, cardiac conditions etc. And, then, on the other hand, we have situations like the pandemic, such as the COVID-19 pandemic.
A loved one going through disease and possibly seeing them being hospitalised is the threat. The condition in itself is bad enough. But what’s worse is that it may also burn a huge hole in your families’ finances.
Have you noticed how expensive hospitalisation is getting these days? Ask yourself, what is your best assessment of hospitalisation expenses at the present moment? Have they stayed the same over the years? Or have they risen? If yes, by how much? If you really ask around, you might be surprised by how expensive good hospitalisation has become.
The cost of hospitalisation now is way higher than what it was a few years ago. This increase in medical expenses over time is called medical inflation. This is another threat that comes along with diseases, physical and mental conditions.
Health Insurance, the Modern Day Moat for your Family
If diseases are the modern-day threats, health insurance is the moat. Health insurance or medical insurance covers the medical expenses of the insured. It protects your family like the moat protects the castle.
Everyone in your family—self, spouse, children and parents—need to be covered by health insurance.
Understand the Current Health Cover
Before you dive into the deep end of purchasing health insurance for your family, you need to check first.
Does your family have any health insurance cover? If yes, how much health insurance does your family have? When was it purchased?
Inspect and assess your families’ health insurance moat. Is it strong enough? Or is it dated and rusty?
If you have health insurance, is the coverage adequate? Especially given the recent rapid medical inflation.
Build or Upgrade your families’ Health Insurance Moat
Suppose your family does not have any cover. Or if the health insurance does not have adequate cover. You will need to build or upgrade your families’ health insurance moat.
The good news is that the modern health insurance market is teeming with options. Here is what most health insurance policies cover:
Daycare treatments need less than 24 hours of hospitalisation—for example, dialysis or cataract surgery. Most policies cover daycare treatments.
Before you are advised to be hospitalised, you would have consulted with doctors and undergone tests. These are pre-hospitalisation expenses if they lead to hospitalisation. Most policies cover pre-hospitalisation expenses.
Expenses incurred while being hospitalised are called hospitalisation expenses. Examples are room rent, cost of medicines or cost of medical procedures like surgeries. Most policies cover hospitalisation expenses.
Post Hospitalisation Expenses
Expenses for any tests, medicines, consultations etc., performed after the hospitalisation are called hospitalisation expenses. Most policies cover post-hospitalisation expenses.
Most policies cover the expenses incurred for the ambulance services. These are subject to the terms, limits and conditions specified in the policy.
Most policies cover the expenses incurred for oxygen. These are subject to the terms, limits and conditions specified in the policy.
Most policies cover COVID-19 related expenses.
Most policies provide cashless hospitalisation in network hospitals. You have to carry your cashless hospitalisation identity card. Consult with the hospital’s insurance team right before you get admitted. They will send a claim intimation to the insurer and obtain approval for the expenses.
Senior Citizen Health Insurance for Parents
As you grow older, the health risks increase. So does the health insurance premium. Not everyone can afford very high premiums. Hence, most insurers offset the high premium cost with a copay clause.
A copay clause involves paying a portion of the hospitalisation expenses. For example, your health insurance policy could have a 20% copay clause. For an expense of ₹5 Lakh, you will need to pay ₹1 Lakh, and the insurer will pay the rest, i.e. ₹4 lakhs.
Adding senior members to the insurance plan may result in a copay clause for all members.
You might need to examine the copay clause for senior citizens closely. Most of the time, it is a good idea to purchase separate policies—one for senior citizens and another for non-senior citizens.
Secure the castle of your families’ well being with the moat of health insurance.