Gifting an individual comprehensive health insurance policy is the best option for our fathers on this special day. Buying comprehensive health insurance for a father is a good way of securing his life and finances in case of any serious medical condition.
Fathers are the unsung hero of our families. With growing age, our fathers are more prone to critical illnesses and require timely treatment. Also, medical inflation is rising day by day and hence it is very important to be financially prepared. However, we must make sure that the plan we buy, offers enough coverage, and should not drain our father’s lifelong wealth.
For instance, people opt for a Family Floater plan to cover all family members including parents instead of an individual policy, whereas opting for Individual plans for your father with dedicated cover will provide him comprehensive and extensive protection in case of medical emergency and will be available on a lesser premium than a floater policy.
Rakesh Jain, ED & CEO, Reliance General Insurance, says “Gifting an individual comprehensive health insurance policy is the best option for our fathers on this special day. Buying comprehensive health insurance for a father is a good way of securing his life and finances in case of any serious medical condition.”
How to choose the right health insurance cover for your father?
Industry experts say insurance should be an essential part of any sound financial plan because it covers risk liabilities.
Jain says, “Some situations could be very expensive for the ones with no insurance coverage and may drain one’s all hard-earned retirement funds. Insurance will act as a shield to protect our parents existing wealth during any emergency and will a give peace of mind to parents at their elderly age.”
Industry experts say a good health insurance policy for a father must include critical illness cover, cashless hospitalization, and a no sub-limit policy option that builds useful flexibility.
Additionally, experts say while choosing a policy for a father, there are various features/benefits one should look at as per the age bracket – such as OPD plans to minimize out of pocket expenses, claim protector cover, etc.
Sanjay Datta, Chief-Underwriting, Claims and Reinsurance, ICICI Lombard General Insurance, says “Senior citizen fathers need to purchase an OPD plan to minimise their out-of-pocket expenses and receive out-patient care to maintain their health. Additionally, one can also opt for claim protector cover which will reduce the out of pocket expenses by minimising deductions in the event of an in-patient claim.”
There are also rewards aligned to the wellness programs that can be utilised by the customers. For instance, the wellness programs- for middle-aged fathers, by ICICI Lombard encourages one to participate and complete marathon/ various other fitness activities.
Datta further adds, “One can also opt for sum insured protector, which increases the sum insured as per prevailing inflation rate, which is a pertinent feature for a middle-aged person looking to have adequate cover with advancing age.”
According to one age requirements, a higher sum insured with Restore Benefit is also advised to help one in critical needs of a regular claim. Jain adds, “Looking at policies which offer lower waiting periods on Pre-Existing illnesses are recommended for them along with covering Day-care Procedures, Pre and Post Hospitalization expenses, which will pay for miscellaneous items as well.”
Also, make sure that the policy gives a comprehensive coverage for alternate treatments like AYUSH (Ayurveda, Unani, Siddha and Homeopathy), Domiciliary Hospitalization, Organ Donor Expense or modern technologically advanced options like Robotic Surgeries, Stem Cell Therapy etc.