This Mother’s Day, Gift Your Mom The Boon of Health Insurance!

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No matter how old you are, or you have become a parent yourself, you can never remain detached from your mother: the single identity in your life that is responsible for your existence and keeps worrying about you day in and day out. Now, since you are grown up and have taken up the charge of your own life and of those around you, it’s time you bring a meaning to it.

This Mother’s Day, which commemorates on 8th May, gift your mother a health insurance policy and make her free of her health worries. It goes without saying that as your mother is ageing, her body is going feeble and will start getting prone to ailments. Therefore, it is the right time to buy a sound health plan, which can cover her for minor or major health care expenses.

To help you find your way through the tedious process of buying a health insurance product for your mother, we have gathered here all the vital information which will definitely come in handy while you make your final decision.

Health Insurance Exclusions

While buying a health care product for your mom, you must check for Important Exclusions if any in the policy wordings. You may ask for Policy Wordings for the product that you shortlisted. Most insurance companies stipulate a medical test for senior citizens health insurance policy. The diseases that are detected in the test are usually excluded in the policy.

Waiting Period for The Diseases That Pre-exist

Some of the insurance companies do cover the pre-existing diseases but that happens only after a stipulated time of buying the policy, which is called waiting period. You may want to select the one which has the least waiting period.

Appropriate Amount for Health Cover

With growing age, medical expenses grow too. You must consider that and opt for a cover that gives you a substantial return, when in need. Ideally, a cover of at least 1.5 lakh is a must.

Insurance Provider’s Claims Settlement Records

Before you zero in to a health cover policy for your mom, you must make a thorough research on insurance provider’s past records of claim settlements. This is very important as your mother will need immediate attention in case of a medical emergency.

Renewable Age Provided by the Insurance Company

Keeping in view your mother’s age, you must check the maximum policy renewal ceasing age as most of the insurance providers do not allow renewals on senior citizen health plans, after the age of 70-75.

Co-payment Clause Offered By Many Insurance Providers

If your mother is working, then this clause makes sense. It means that your mother will bear a specified percentage of the total medical expenses, for which the claim is being made. For example, in an 80%-20% clause, the policyholder, which is your mom, will bear 20% of the cost and the remaining amount (80%) can be claimed.

Stipulated Sub-limits for Various Treatments

Almost all insurance providers specify sub-limits for certain ailments and making a claim for their treatments. Supposedly, if your mother has to go for an eye-sight operation, she may be entitled to a claim of INR 20,000/- only, whereas, the policy sum assured could be much more than that. Hence, the policies without sub-limits are always better, but they of course come at higher premiums.

Alternative Treatments

Some health policies do cover alternative treatments as well. If your mother prefers Homeopathic or Ayurvedic treatments over Allopathic ones, then there are health covers that provide insurance against such expenses too.

Here are some of the Insurance Companies that you may look for while deciding a health plan for your mom. We have listed their prominent features here, to help you select the most suited one.

Star Health’s Red Carpet Plan:

  • This covers all pre-existing diseases except those that were diagnosed or started treatment for 12 months prior to commencement of the policy.
  • It has a co-payment clause under which the insured’s share is 30% in case of all claims except for pre-existing diseases and 50% for pre-existing diseases.
  • Getting medical tests done and submitting the lab reports can earn you a 10% discount on premium.
  • At the time of renewal, the insured can enhance the sum assured subject to conditions of the policy.

Apollo Munich’s Optima Senior:

  • This plan covers both husband and wife individually under the policy giving individual sum assured while also offering a 5% discount on the premium.
  • Even though pre-screening medical tests are necessary, the insurer offers to reimburse 50% of the expenses.
  • As many as 140 day-care expenses are covered that do not require 24 hours hospitalization.
  • At the time of renewal, the insured can try for enhancing the sum assured as per their needs.
  • Every claim-free year earns you a 5% cumulative bonus.
  • The waiting period for pre-existing diseases is set at 3 years.
  • For certain specific diseases like cataract, hernia, joint replacement surgeries etc. the waiting period is fixed at 2 years.
  • The plan offers co-payment clause with the insured’s share at 30% in case of specific surgeries like cataract (each eye), hysterectomy, arthroscopy etc. and 15% for all day-care procedures.

Max Bupa’s Heartbeat:

  • The best feature about this plan is the reduction of co-payment clause. 4 continuous claim free years will lead to co-payment becoming zero for senior citizens.
  • It covers all day care procedures.
  • At every renewal, sum assured can be increased by 10%.
  • Except in a case of accident or emergency, the plan will not cover treatment during the 90 days after the commencement of the policy.
  • This also offers free health check up every year.

ICICI Lombard’s iHealth Plan:

  • This plan has no sub-limits. To enjoy lower premiums, the insured can limit the expenses pertaining to some pre-defined medical and surgical treatments.
  • It is the insured’s decision whether to have a co-payment clause or not.
  • Every claim-free year can earn you a cumulative bonus of 10% on sum assured.
  • Few specified diseases are not covered for the first 2 years of the policy.

National Insurance’s Varishtha Mediclaim:

  • This plan offers the insured two options: Either get a discount of 5% on premium for every claim-free year till it reaches 50% or he can opt for a cumulative bonus.
  • Co-payment clause is capped at 10% with an additional 10% for all pre-existing diseases.
  • The sum assured is fixed at Rs. 1 lakh for mediclaim and Rs. 2 lakhs for critical illness cover.

New India’s Senior Citizen Mediclaim:

  • This plan offers renewals till 90 years of age with the following condition: for age group 81-85years, the premium will increase by 10% and for age group 86-90 years, it’ll increase by 20%.
  • The insured can claim for the reimbursement of medical check-up costs once every 4 claim-free years.

United India’s Senior Citizen Plan:

  • This plan offers free medical check-up once at the end of three claim-free years.
  • Covering the family under this plan including spouse or dependent children can earn you 5% discount on premium.

Bajaj Allianz’s Silver Health:

  • The plan offers coverage on pre-existing diseases after a waiting period of 1 year. The insurer will reimburse only 50% of claim amount on such diseases.
  • Every claim-free year earns you a cumulative bonus of 10%.
  • If the insured gets admitted to a non-network hospital, 20% co-payment clause will be applicable
  • 130 day-care procedures are covered.
  • The insurer pays for the pre-medical tests’ cost.

The health insurance that you buy for your mother won’t be hard on your pockets too, as you would get a tax break under section 80D for up to Rs. 20,000.

Hope the above information will help you in deciding the best health insurance plan for your mother, as per your requirement.

This mother’s day, present to her the most meaningful gift ever!

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