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TMI BlogWhy Should Everyone Consider Parents Health Insurance?X X X X Extracts X X X X X X X X Extracts X X X X ..... Why Should Everyone Consider Parents Health Insurance? X X X X Extracts X X X X X X X X Extracts X X X X ..... s a way out. Medical insurance can alleviate these fears and protect against unexpected expenses. This blog explores the need for a health insurance policy for parents, its features, benefits and tips for choosing the best plan for them. So, without further ado, let’s get started; Need for Health Insurance for parents In a fast-paced world, it’s easy to neglect our own health. However, securing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the health and well-being of our parents should always be a top priority. Here are some top reasons why securing a medical insurance policy for your parents is essential; Medical Inflation Medical Inflation in India has significantly increased in recent years, surpassing the general inflation rates. In 2024, it reached 11% and is further anticipated to reach 13.2% this year. The rising costs of ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spitalisation, diagnostics, and medical treatments make healthcare highly unaffordable, especially for middle-class families. Securing parents health insurance can significantly alleviate this financial burden. Insufficient Insurance Protection While some corporate employees get an option to cover their parents under a group health insurance policy, this coverage may not address specific treatme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts required based on their individual health conditions and medical history. Thus, a senior citizen health insurance policy that provides comprehensive coverage against pre-existing conditions. Increased incidence of Age-Related Diseases Senior citizens are more susceptible to chronic illnesses such as diabetes, hypertension, cancer and cardiovascular diseases. Effectively managing these condit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions requires regular medical consultations and expensive treatments. With constantly rising healthcare expenses, health insurance for parents ensures proper medical attention without the added burden of out-of-pocket expenses. Top Features of a Parents Health Insurance Policy Here are the significant features that health insurance for parents include; Cashless Treatment When the policyholder re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceives treatment at a network hospital, the insurer pays the medical bills upon the approval of a pre-authorisation request raised by the hospital's TPA desk. Pre-existing conditions Parents health insurance covers pre-existing diseases after a specified waiting period. This is particularly beneficial for individuals with chronic illnesses requiring ongoing treatment and care. No Claim Bonus W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hen no claim is made by the policyholder, the insurer increases the sum insured at no additional costs. Hospitalisation Expenses These expenses include costs for pre and post-hospitalisation, in-patient care, daycare procedures, ambulance charges, diagnostic tests and medical treatments. Advanced Medical Treatments Most health insurance plans for parents offer coverage for advanced technology ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... methods such as stem cell therapy, oral chemotherapy, deep brain stimulation, etc. Benefits of Buying Medical Insurance For Parents Here are the key benefits of having health insurance for parents: Financial Security Parents health insurance protects unexpected medical expenses that may arise due to their increased susceptibility towards developing diseases. It ensures that you don’t burn a hole ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in your pocket while paying for expensive medical treatments. Peace of Mind Health insurance for parents provides financial safety against expensive medical treatments and ensures access to quality healthcare. Tax Benefits You can avail of tax deductions on premiums paid for parents health insurance under Section 80D of the Income Tax Act. Tips to Choose the Best Health Insurance Plan If yo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u’re thinking of buying health insurance for your parents, here are some tips that will guide you in the process and simplify your journey; Evaluate their Coverage Needs Assess the coverage needs of your parents based on their medical history and present health conditions. This will help you choose plans that offer comprehensive coverage for specific diseases and treatments. Compare Health Insur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance Policies Using online tools compare various health insurance policies based on coverage, premiums, network hospitals and claim settlement ratio. Choose the policy that best aligns with your healthcare needs and budget. Check Waiting Period Check the waiting period specified for existing conditions and specific treatments. Opt for one with the shortest waiting period to get quick coverage fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r necessary medical treatment. Wrapping it Up! Given the current rate of medical inflation, securing a medical insurance policy for your parents acts as a protective shield against unannounced medical expenses. It also gives you peace of mind, knowing that in times of health emergencies, your parents have a safety net to fall back upon. Choosing the right plan helps you safeguard their well-be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing and ensure that the sudden medical expenses don’t become a financial burden. Take this vital step today towards a healthier and worry-free tomorrow.
(Disclaimer: The above press release comes to you under an arrangement with HT Syndication and PTI takes no editorial responsibility for the same.). PTI PWR PWR PWR X X X X Extracts X X X X X X X X Extracts X X X X
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