National Parents’ Day: Focus On A Secured Future For Your Parents Through Health Insurance

National Parents’ Day: Focus On A Secured Future For Your Parents Through Health Insurance - Sakshi Post

By Subramanyam Brahmajosyula, Head - Underwriting & Reinsurance, SBI General Insurance.

National Parents’ Day 2022: The uncertainties brought on by the pandemic have made people the world over more conscious of the importance of safeguarding their own and their loved ones' health and future. People understand that health emergencies and accidents cannot always be foreseen and the need for access to quality healthcare is vital. On this National Parents’ Day, it is important to understand why it’s essential to have a good health insurance plan in place which can, not only protect your loved ones but also prevents a financial crisis in the face of a health emergency.

A health insurance policy for our parents can provide several advantages and ensure that their health is taken care of. Early planning is imperative to protect your financial future and take care of your parents from the beginning. Additionally, it also brings along long-term rewards like cumulative bonuses which can be used throughout the treatment process and can serve as an additional financial safety net. Tax savings are yet another benefit of purchasing health insurance.

There may be times when your corporate insurance or your parents' corporate insurance does not cover every aspect of healthcare and treatment. Purchasing separate health insurance for them is a great way to secure their health while also supplementing their existing financial coverage. It is, therefore, essential to buy comprehensive health insurance for a seamless treatment process. There are many different types of health insurance options available in the market today. The plan you select must be suitable for the purpose of the adequacy of sum insured, coverage provided, as well as the network of hospitals with which your insurer has a tie-up. In addition, examine the health insurance plan from the perspective of add-on features such as daycare procedures, pre- and post-hospitalization services, and options to backup and recharge depleted health covers.

Some other factors to be considered are inclusion and exclusion of certain illnesses, ambulance cover, free medical checkups, and out-of-pocket options. In case your parents are already covered under a basic health policy also consider the possibility of purchasing a top-up cover which will trigger once the sum insured under the primary policy is exhausted. This is an extremely cost-effective way of ensuring that your parents have optimum medical coverage.

A well-laid financial plan for your parents will allow you to secure your parents’ future and live without any financial burden. This National Parents’ Day, evaluate their health risks and get them a cover which is best suitable to their health and wellbeing.

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