As we grow older with time many changes take place with us, so do with our parents. With age comes wisdom, but it also brings health concerns that require proper care. An older adult is more likely to face health complications, and they need timely treatment. A well-organized Mediclaim policy for parents guarantees financial security during medical emergencies and allows them access to quality healthcare without any stress, offering peace of mind to individuals and their families.
What is Mediclaim for Parents
Mediclaim for parents is like a shield for their health. It is a unique type of insurance designed for parents that covers hospitalization, ambulance charges, daycare treatments, diagnostics, medical expenses, and more. Mediclaim policy for parents provides cashless hospitalization facilities to parents at network hospitals during any medical emergency. An older adult is more likely to face health complications. Furthermore, one can benefit from a mediclaim deduction for parents, lowering their taxable income.
What is covered in Mediclaim Policies for Parents
A wide-ranging and well-structured mediclaim policy for parents covers the following expenses:
- Hospitalization Expenses – A mediclaim policy for parents acts as a safety net as it covers the medical expenses (room rent, ICU charges, nursing fees, surgeon costs, etc) incurred by your parents.
- Daycare Procedures: Many treatments, like varicose vein surgery, cataract surgery, etc do not require overnight hospitalization. A good mediclaim policy for parents offers these daycare treatments.
- Pre- and Post-Hospitalization Expenses: These cover the costs incurred before and after hospitalization, such as doctor consultations, diagnostic tests, medications, and more are covered for a specified period, depending on the plan the individual opted for.
- Ambulance Charges: In emergencies, ambulance services are vital. Many policies offer coverage for ambulance charges, ensuring timely transportation to the hospital.
- Modern Treatments: Policies cover the bills of many modern treatments like Ayush Ayurveda, Homeopathy, Unani, Siddha, Yoga, and other traditional treatments.
- Health Check-up Benefit: It covers the medical expenses of your parent’s preventive health check-ups.
- Pre-existing Conditions: Some health insurance pays for the treatment of your parents’ pre-existing diseases after a waiting period of 1 to 3 years. However, some policies now offer pre-existing disease coverage from day one. However, it is important to select a plan that fits your parents’ health history.
Exclusions of Mediclaim policy for parents
Mediclaim policies for parents provide several advantages. Knowing the benefits of this policy, as well as its exclusions, is important. Some of the things not covered in mediclaim policies for parents are as follows:
- Self-inflicted injuries
- Non-prescribed medical supplies
- Plastic treatments
- Non-allopathic behaviour
- Dental Treatments
- Venereal diseases
- Dietary supplements and substances
- Treatment for substance abuse (overconsumption of drugs, alcohol, etc)
Mediclaim Policy for Parents’ Benefits
- Cashless Hospitalization: Some plans offer cashless treatment, where the insurance company directly pays the hospital.
- Extensive Coverage: With broad range coverage, you can be tension-free, from routine check-ups to serious care; mediclaim policies for parents provide comprehensive coverage.
- Annual Health Check-Ups: Some policies provide free yearly health check-ups, which can help in early diagnosis of the disease and preventive care. These check-ups usually cover tests for diabetes, cholesterol levels, blood pressure, and more.
- Smooth Premium Payments: It offers smooth and hassle-free premium payment methods. Individuals can set up automatic payments online and never miss a payment deadline.
- Financial Safety: Healthcare costs are rising every day, and a mediclaim policy for parents is a necessity. Mediclaim for parents helps manage high medical costs without draining savings, ensuring that parents receive quality healthcare.
- Tax Benefits: Premium paid to purchase a mediclaim policy for parents are eligible for tax deductions as per Section 80D of the Income Tax Act.
Ways to Choose the Right Mediclaim Policy for Parents
Choosing the best Mediclaim Policy for Parents is important and requires scrutiny. While trying to make a choice, some key points to look into are their health requirements, the age factor, the sum assured, premium costs and the ability to bear premium costs, comparing policies available in the market, understanding the exclusions, and reviewing terms and conditions and extra benefits.
Summing Up
Mediclaim policy for parents is not simply an option but a necessity that needs to be prioritised in life. Apart from being a financial instrument, they have become a medium to express our love and gratitude towards our parents. Some medical diseases have a high chance of ageing people who are in their 60s. However, we must protect them with an appropriate medical plan, and they also deserve to be regarded as one of the best mediclaim policies for parents to ensure their health and bring them peace of mind.
