Post-retirement is the relaxing period in parents’ lives; it is the phase when they can give time to themselves. Back pain, diabetes, cataracts, high blood pressure and whatnot, all these issues require medical attention, which leads to medical expenses.
However, you can ensure your parents have access to the best healthcare services even after retirement. With health insurance for parents, their healthcare needs are fulfilled without putting a strain on their finances. Here, you will learn about the health insurance provision for parents after retirement.
Can Parents Get Health Insurance After Retirement?
Yes, parents can get health insurance after retirement. Several health insurance companies offer special health insurance plans for parents over the age of 60. These health insurance plans are often referred to as senior citizen health insurance, which helps ageing parents access medical treatment during any illness or injury without depleting their bank account.
Importance of Parents’ Health Insurance
Provides Protection In Old Age
Although retirement is often considered the time to relax, at this age, the body also starts to become more frail. Having parents’ health insurance provides them with financial security against the rising medical costs associated with age-related issues.
Comprehensive Coverage
Unlike regular health insurance, a parent’s health policy provides coverage specifically for senior citizens’ health issues. That is why it includes cover for critical illnesses like heart disease, diabetes, kidney failure and other old-age-related issues.
Coverage for Preventive Checkup
Health insurance for parents also includes coverage for preventive checkups, which helps in the early diagnosis of any critical illness, allowing parents to take precautionary steps.
Tax Benefits
Investing in parents’ health insurance is not only beneficial for their health, but also provides them with tax benefits of up to ₹50,000 for paying insurance premiums.
Inclusions of Parents’ Health Insurance
Inpatient Treatment
Health insurance for parents covers expenses incurred in the treatment of illnesses, injuries, or diseases that require hospital admission as an inpatient.
Road Ambulance Cover
The parents’ health insurance policy also covers the cost of an ambulance that is used to transport them from one hospital to another for better healthcare services.
Pre-Hospitalisation Expenses Cover
Having health insurance for parents is also beneficial in covering pre-hospitalisation expenses, such as consultations, medicines, and investigations that occur before hospitalisation.
Post-Hospitalisation Expenses Cover
The policy also provides for the medical expenses post-hospitalisation, including post-treatment doctor’s consultations, medications and investigations.
Day Care Procedures
Health insurance for parents also includes coverage for daycare treatments done due to illness, injury or disease at any hospital or daycare centre.
AYUSH Benefit
If your parents receive treatment with an alternative method, such as Ayurveda, Unani, Siddha, or homoeopathy, then their health insurance also includes an AYUSH benefit for them. Under this, they can receive coverage for inpatient and daycare treatment at any AYUSH hospital or daycare centre.
Exclusions of Parents’ Health Insurance
Obesity Control Treatment
The parents’ health insurance plan does not provide coverage for weight control treatments unless required due to any medical condition and is approved by a certified doctor.
Cosmetic or Plastic Surgery
Senior citizens will also not get coverage for any cosmetic or plastic surgeries done solely due to aesthetic reasons unless reconstruction is required due to medical reasons like accidents, burns or cancer.
Gender Change Treatment
Expenses related to gender change surgeries and treatment would not be included in the parents’ health insurance plan.
Factors to Consider While Buying Parents’ Health Insurance
Sum Insured
Your selected health insurance for parents must have an adequate sum insured to provide coverage for all your medical expenses, including hospitalisation, medications, treatment, preventive check-ups, and any medical emergencies.
Waiting Period
A waiting period is another factor to consider when buying health insurance for parents; the policy must not have a long waiting period for treatment-specific coverages. Having to wait for treatment for a long duration at an older age can be dangerous for them.
Maximum Age of Entry
Some health insurance plans provide coverage for people above the age of 61, while the minimum entry age of senior citizens is 61 and above. Thus, it is important to confirm the entry age of the policy and know whether or not you are eligible to buy it.
Policy Renewability
Not all health insurance for parents has a policy lifetime renewability feature. However, it is beneficial to buy a policy with lifetime renewability to avoid the hassle of buying a new policy every year.
Parents’ Health Coverage With TATA AIG
Purchasing health insurance for parents is an excellent investment; it not only keeps them medically secure but also saves their hard-earned money from being exhausted on medical expenses. However, it is essential to ensure that the health insurance provider you choose offers the best benefits. Someone like TATA AIG, their Elder Care plan is curated specifically to meet the coverage needs of ageing parents. It includes policy benefits such as inpatient treatment, home care treatment coverage, AYUSH benefits, high-end diagnostic coverage, and pre-and post-hospitalisation coverage.
