Health Insurance Blogs

Helping you to make informed decisions about insurance
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Why Should You Buy Health Insurance for Your Parents Now?
published on March 14, 2022

To best the growing rates of medical care, possessing a medical insurance policy becomes quite significant. It’s been frequently observed that medical crises do not wipe out your entire life savings and make the stress of organizing for extra funds if needed. 

Not having health insurance not only simply contributes to a financial drain but also impacts the whole family emotionally.

But if you’re insured under a group health insurance plan, regardless of how sudden the medical crisis is, financially, you wouldn’t need to fret about the hefty medical bills. At precisely the same time, you can focus on restoration.

That is because you know that the insurance company will take Care of their financial burden. By paying a small amount for health care, you make sure access to the best medical center at the hour of need.

Characteristics of Health Insurance for Parents

  • Claims for specific illnesses and pre-existing ailments are coated post conclusion of the expected waiting period.
  • Health insurance for parents provides health cover to senior citizens; in other words, people over 60 decades old are also qualified.
  • Health insurance plans for the family usually cover medical facilities such as ambulance services for parents.
  • Several medical insurance coverages for parents include attributes like lifetime renewals. Nonetheless, this is important only when the insured hasn’t taken a break involving policy years.
  • Modern attributes like cashless therapy and maintaining compensation through settlement are being supplied by virtually all health insurance companies to health insurance plans for families.
  • Health insurance for parents typically permits policyholders the flexibility to pick the amount insured according to their taste, which they believe is sufficient coverage for their health conditions.
  • The health care facility is appropriate for particular health insurance for parents. It makes policyholders entitled to reduced premium payments also, in some instances, also offers attractive discounts.
  • Health insurance for parents provides the policyholder with the accession of their spouse to the identical policy.

How Can Buying Health Insurance for Parents Gain You

Insuring your parents is probably among the very best things to present to your parents. Their old age, they might need medical care, and the expenses may liquefy your (or their) relatively little vegetable cart. Listed below are the advantages of purchasing group health insurance plans:

Financial Independence: When there’s ever an unfortunate demand to hospitalize your parents, they do not need to rely on anyone or you for expenditures. You will be helping them lead a dignified life to get a relatively small annual cost by minding them.

Cover against Pre-Existing Conditions: nobody likes to believe about their parents’ sickness. You may be one of these individuals. It is also possible to be among those men and women who understand the need of the hour and assure your parents against the slight decrease in their health from diabetes, hypertension, heart problems, etc.

Tax Benefits: If your parents are older citizens, you receive a Tax advantage of Rs. 30,000, aside from the tax advantage of Rs. 25,000. Should you insure them, you can avail a tax advantage of overall Rs. 55,000 annually. So the Policy nearly pays for itself.

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Why Buying Health Insurance Online is more Transparent.
published on February 28, 2022

Health insurance is a type of insurance in which the medical and surgical expenses of the insured person are covered. These expenses can either be hospitalization expenses, the cost of medicines, or consultation charges of doctors. Sometimes dental expenses are also covered. Either the person insured pays the expenses from his pocket and later gets reimbursed by the insurer or the insurance company directly settles the bills.  Private Health Insurance is also available. Insurance brokers and insurance companies come under this category.

With the constantly expanding costs of medical care in our country, and with the consistently rising instances of diseases, health insurance today is a need. Health insurance provides individuals with much-needed financial support in times of medical emergencies. Health-related risks are a part of life. One can’t plan and become ill yet one can absolutely be ready for the financial aspect. One of the approaches to be financially prepared is by purchasing medical insurance. It is a fact that medical care is an expensive affair. There are many reasons why one should purchase medical insurance like Change in Lifestyle, Rise in Medical costs and Benefit in Income Tax.

Another benefit of having health insurance is that you get cashless treatment. Many insurance companies work in collaboration with various hospital networks. Some policies also cover the amount paid to the ambulance for the transportation of the insured. If the insured does not file any claim for any treatment, he gets a No Claim Bonus (NCB). Free health check-up is provided by some companies on the basis of previous NCBs. The insurance policy also covers room rent depending on the premium paid by the insured.

Many types of health insurance plans are offered by different companies.

  1. Individual Health Insurance plan: This plan covers the medical expenses of the insured individuals.
  2. Family Health Insurance plan: This plan covers the entire family i.e. spouse, children, and parents. Any family member who is covered under this policy can claim for medical or surgical expenses.
  3. Group Health Insurance: This type of insurance plan is bought by an employer for his employees and is standardized in nature.
  4. Health Insurance for Senior Citizens: These plans are designed to meet high medical expenses at old age. Premium is higher in these types of insurance plans.
  5. Critical illness policy: Under this policy, a lump sum amount is paid to the insured person on the diagnosis of some serious disease.

Buying insurance policies online is the most transparent, convenient, easy, and secure method. It also saves time and money. You can compare different plans, features, and costs. You get complete information online and also get adequate time to read all terms and conditions. You can get Health Insurance quotes online on the health insurance premium calculator. It is more or less like getting a car insurance estimate. You need to provide your age, the number of family members to be covered, any pre-existing illness, etc. to calculate your health insurance premium. You get the results calculated immediately by the health insurance premium calculator.

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Alliance Insurance Brokers Pvt. Ltd.
8th Floor, Gold Crest, 10th Road, Juhu, Vile Parle (W), Mumbai 400 049, India
Email
Monday - Saturday
9:30 am - 6:30 pm IST
CIN: U67200MH2003PTC141621
IRDAI Registration No.: 217
Valid from : 13/10/2021 to 12/10/2024
Category : Composite Broker
Principal Officer Name: Mr. S. V. Thakkar
*All discounts provided by insurers as per IRDAI approved insurance plans. Standard T&C apply.
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