As insurance firms work to enact restrictions, sublimit, and co-payment clauses on corporate group medical insurance schemes to reduce the mounting losses on these plans, many people are prepared for a life without comprehensive medical insurance cover for their family. Naturally, some family members, particularly the elderly parents, are in serious danger. They have two options for altering the circumstance. through securing individual health insurance for each family member. They might be able to obtain a family floater plan that would cover the entire family if money is a concern.
A health insurance plan is a crucial tool. However, its application is greatly expanded in the case of your parents. Age-related illnesses also increase. This puts your parents in a precarious situation because it increases their likelihood of getting unwell and visiting the hospital. After retirement, it could be difficult to afford routine tests and physicals. This is why it’s so crucial to have your parents health insurance. But getting health insurance for parents is not the same as getting it for yourself.
As mothers age, the incidence of diabetes, thyroid, other immune system diseases, even tumors can crop up. As per reports published on the Cancer India website, more women in India are prone to malignant tumors than men. Women are prone to and are at a higher risk of heart diseases. Hormonal issues add to the woes with menopause.
Reasons to buy health insurance for your stay-at-home mother is important:
- Accessible Treatment at Network Partner Hospitals: You can take your mother to a network hospital or clinic for treatment since they have a relationship with the company. These are large, multispecialty medical facilities scattered throughout urban areas. These facilities are extremely helpful in times of need since there, medical care is provided free of charge. Your treatment begins as soon as you provide your insurance information, and the insurance companies manage the payment.
- Coverage for Pre-Existing Diseases: Although it can take some time to obtain coverage for pre-existing conditions, regular medication, specialist visits, hospital stays, dialysis, and treatments are necessary for the treatment of conditions like diabetes, hypertension, loss of motion, heart illnesses, and disease. In such circumstances, you must spend a lot of money on the treatment. It is quite helpful to employ a selective medical coverage approach. After the waiting period, it pays for any ongoing medical expenses, allowing your mum to continue her treatment without worrying about running into financial difficulties.
- Coverage for Pre-Existing Diseases: Although it can take some time to obtain coverage for pre-existing conditions, regular medication, specialist visits, hospital stays, dialysis, and treatments are necessary for the treatment of conditions like diabetes, hypertension, loss of motion, heart illnesses, and disease. In such circumstances, you must spend a lot of money on the treatment. It is quite helpful to employ a selective medical coverage approach. After the waiting period, it pays for any ongoing medical expenses, allowing your mum to continue her treatment without worrying about running into financial difficulties.
- Benefits Not Mentioned: With a medical coverage strategy, you can also choose extras. These are the extra benefits that come with your medical coverage. The No Claim Bonus, second opinion, shorter waiting period, OPD treatment, daily compensation, and other benefits are a few extra perks that can be very beneficial to your mother’s health insurance.
- Stress Buster: Medical insurance is a great stress reliever because it protects you from unforeseen medical emergencies. They cover every facet of managing a health issue, from transportation to paying for medical expenses.
- People who receive certain benefits for health insurance through their work have a simple justification for not purchasing a comprehensive health plan. However, the majority of group Mediclaim policies offer insufficient benefits, and given the rising cost of medical treatments, a defined coverage under the group Mediclaim may not be sufficient for your parents to receive comprehensive and best-in-class medical care. It is advantageous to obtain a top-up health plan in addition to the group Mediclaim offered by your company or a separate medical insurance plan with a wider cover and a greater sum insured for your parents.
- Tax Benefits: Under section 80D of the Income Tax Act, the health insurance premium you pay for your parents is free from taxes. Save up to Rs. 50,000 in tax savings on health insurance premiums for you and your parents who are under 60. If your parents are older than 60, the cap increases to Rs. 75,000. However, depending on the applicable tax restrictions, this might alter.
Thus, as listed above, there are a multitude of reasons as to why you should get health insurance for your mother. It is an investment which will help you equip your loved ones from unforeseen illnesses in the future.
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