Father's Day: Gift your dad a health insurance policy

Our Fathers are often our role models and rightly so because of the selfless love, care and commitment they show towards the family. They silently toil to provide the best for us. And we all take an opportunity to acknowledge all these on Father’s Day. Many of us must have already started looking for a meaningful gifting options, and what could be a better gift than securing his and the family’s health with a comprehensive Health Insurance plan.

Health is increasingly becoming a priority for a lot of us, especially with the current times, it’s imperative to focus on health and the well-being. However, health emergencies and accidents never come with a warning, so it is advisable to be prepared with the right and adequate health insurance cover.

Gifting your father a comprehensive health insurance policy is a good idea not just for him but it can also be extended to the entire family. Today, health insurance policies come with manifold features and structured to address today’s lifestyle related expenses also. For example, apart from the basic hospitalisation expenses cover, a health policy also covers pre and post hospitalisation expenses i.e. any cost incurred for medicines or diagnostic tests.

Further there are many more covers like OPD expense, Daily Hospital Cash, etc. along with various add-ons. A right health insurance for your father will ensure him to avail quality treatments without suffering a financial strain, in case of any unforeseen medical emergencies.

Here are some benefits offered by a health plan:

• Comprehensive coverage
Health insurance plans allow a comprehensive scope of coverage; right from the time individuals are advised hospitalization until they recover. Health insurance plans can cover all the medical costs incurred during this period. Moreover, individuals can opt for optimal coverage levels at affordable premiums to cover even the expensive treatments under the plan.

• Cashless treatments
Health insurance plans allow cashless treatments if insured members get treated at a hospital from the network. The cashless facility allows policyholders to get the best treatments without worrying about the underlying financial costs. The insurers directly pay the medical bills, thus relieving policyholders from bearing the financial brunt.

• Tax benefits
Policyholders can get additional tax benefits when they invest in a health plan for their father. Besides the tax benefit on own premium, premium paid for parents is allowed as an additional deduction under Section 80D. The limit is Rs.25,000, which increases to Rs.50,000 if the parent is a senior citizen.

• Pre and post hospitalization cover
Medical costs are incurred both before and after hospitalization. The cost of doctor’s consultations, medicines, medical tests, etc. can accumulate in considerable amounts. Thankfully, health plans cover these costs both before and after hospitalization providing financial relief.

Here are some important checkpoints that you should keep in mind when buying a health plan for your father:

• Sum assured: Sum assured is the total health cover. This is the amount insurer reimburse against the medical treatment expenses. While buying health insurance for the elderly it is always preferred to go for a higher sum insured, as you will receive a larger amount for medical emergencies.

• Extent of coverage: While selecting a plan, one should ensure to pick the one which provides coverage around the critical illness particularly pre-existing ones. Pre-existing diseases are the one that the insured has suffered from in the past or is currently suffering from.

• Hospital Network of the insurance provider: While selecting an insurance company choose one which has a wide network hospital this helps you in cashless claim settlement in case of emergencies. It is always advisable to check the network area for convenience and better treatment.

• Declare Pre-existing disease: Never hide your past ailments history with the insurers  while opting for the insurance plan as failure to do so could lead to complications in the event of a claim. Most insurance policies cover pre-existing conditions after a certain period provided you renew your policy on time.

Our father hustles hard everyday to secure our family’s future, reciprocating this with a gift of health security will definitely lessen his load and shall bring a smile on his face.

(The author is Head – Underwriting, SBI General Insurance. Views expressed are personal)