I’m planning to purchase medical insurance for my dad and mom. Both are above 60 years of age. I’ve come throughout medical insurance plans centered on diabetes/cardiac circumstances. How are these plans completely different from regular plans? Are they costly in comparison with regular plan? My father has diabetes however my mother doesn’t have any points now.

Dhruv

The urgent want for medical insurance for the aged can’t be overstated. It’s a accountable step that you’re planning, to protect your dad and mom in opposition to the sudden blow of medical bills, particularly with a situation like diabetes. It is of utmost significance to decide on a plan that casts a strong security web for them, and likewise supplies them with entry to a variety of medical companies.

Coming to your query, your father has diabetes, which falls below a pre-existing illness class. If a person has had a sure situation like diabetes or hypertension for 48 months or extra, it’s categorised as PED (pre-existing illness).

• Also Read: Insurance query: Supplementing life cover with critical illness rider

Earlier, medical insurance plans for senior residents got here with sure limitations, like ready interval or capping on protection. However, now there are extra complete plans that present ample protection for pre-existing illnesses from Day 1. India has a severely excessive variety of diabetics with over 100 million sufferers within the nation at this level. It is now extra essential than ever to protect them with ample protection that components of their situation and related bills too. You ought to go for a plan to your father that covers pre-existing illnesses proper from day 1.

While your mom doesn’t endure from any such situation, you’ll be able to nonetheless go for a senior citizen plan for her to guard in opposition to any medical bills even sooner or later. These new-age plans additionally cowl OPD bills as a rider, day-care therapies, pre- and post-hospitalisation bills, and ambulance companies. Some senior citizen insurance policies even supply the precious function of cumulative bonus, by which a share of sum insured will get added to the protection yearly.

• Also Read: Insurance query: Comprehensive covers in motor insurance fortifying against road risks

On high of this, some plans even supply no discount of bonus on account of declare. This signifies that even when the policyholder makes a declare, this won’t impression their bonus which is able to proceed to get added to their protection each coverage 12 months, as per phrases and circumstances. The plans now additionally supply greater flexibility of option to senior residents. They can select the room sort they need, they will additionally improve or scale back their co-payment or different voluntary deductions as per their premium paying capability.

However, when deciding on the plan, it’s advisable to go for a excessive sum assured of no less than ₹1 crore, particularly in a metro metropolis. Fortunately, these plans include no restriction on protection and the aged can select a excessive sum insured plan to cowl themselves. This will shield them in opposition to expenditures brought on by issues which will come up on account of their situation. Just just be sure you disclose all the small print to the insurer earlier than buying the coverage or the declare can later get rejected on the grounds of non-disclosure.

• Also Read: Insurance Query: Pocket-friendly policies for senior citizens

Also, earlier than going for any coverage to your dad and mom, all the time evaluate the advantages and premiums and evaluation the inclusions and exclusions of various coverage suppliers on-line. This can be helpful on the time of submitting claims. 

The author is Joint Group CEO, PB Fintech