Mediclaim or Medical Insurance is a type of health insurance plan that provides coverage for one’s medical and hospitalization expenses up to the amount of sum insured by the policy. The insured can either opt for a cashless policy or claim for a reimbursement. There are various types of mediclaim policies available in the market- Individual Mediclaim Policy, Family Mediclaim Policy, Senior Citizen Mediclaim Policy, etc.
Parents are regarded as caregivers. However, tending to their needs and taking care of their health is of utmost importance. Parents must plan their health insurance before it is too late. As one grows older, the premium costs keep surging higher and the coverage keeps shrinking.
There are a number of factors that need to be taken into account to determine the best mediclaim policy for parents in India-
1. Pre-Existing ConditionsIt is important to check for any pre-existing conditions as the mediclaim plan might exclude coverage for those diseases. IRDAI’S recent guidelines highlight that expenses related to the treatment of any illness within 30 days from the first policy commencement date shall be excluded except claims arising due to an accident, provided the same are covered.
2. Family Floater PlanSince parents are responsible for the sustenance of their children was well, a family floater plan that provides a blanket coverage to every member in the family may seem like a favorable option for parents. However, such plans come with their own cons.
If one family member makes a large claim in a year surpassing the yearly limit, other members shall not be able to make any claims in that year. Therefore, it isn’t the most suitable plan for elderly parents as it is best to have separate coverage for senior citizens.
3. Maternity Cover for WomenIn India, a growing trend has been witnessed towards mothers opting for delivery through C-section rather than normal delivery. Pregnancy is a period filled with frequent visits to the gynecologist, huge medical expenses and a shortfall in monthly income in case the furlough exceeds the stipulated maternity leave period. This makes it important for young parents planning for another child or prospective to look for maternity cover in their health insurance policy.
With the healthcare inflation on the rise, an unforeseen illness can easily burn a hole in one’s pocket. To add to this, the unregulated private sector is crushing the public sector in healthcare. The public sector offers treatment at marginal costs, but the services rendered are perceived as questionable. In such a scenario, being insured by a mediclaim policy proves to be a blessing.
Learn more about different Health Insurance Plans here.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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