Which Add-On Covers Should I Buy Along With My Parents' Health Policy?

You should buy add-on covers with your parents' health insurance policy, depending on their medical history. Some of them are critical illness cover, personal accident cover, OPD cover, and so on. Let us explore the top 6 add-ons you can buy with your parents’ health insurance.

6 Add-Ons to Buy With Parent Health Insurance Plan

1. Critical Illness Cover

Critical or life-threatening conditions, including cancer, stroke, renal failure, and paralysis, are common among older parents. When a covered critical illness is diagnosed, the insurer will provide a lump-sum payment under a critical illness policy. This sum is independent of the actual expenses spent.

As for example, you have ₹5 lakh for your health plan and ₹12 lakh for critical illness coverage. Even if the total cost of your treatment is ₹8 lakh, the insurer will reimburse the entire amount if you are diagnosed with a serious disease covered by your healthcare plan and file a claim.

2. Room Rent Waiver

Hospital room rent is subject to a cap under a standard mediclaim insurance policy. If you select a room that costs more than this amount, you will have to pay the difference out of pocket. However, you may either raise the sub-limit or eliminate it by adding a room rent waiver add-on to your parents' health insurance policy.

3. Personal Accident Cover

The insurer will pay for any injuries or disability sustained by the insured in an accident with this add-on. This covers disabilities that are either whole, partial, temporary, or permanent. The insured's family will get a lump sum payment in the event of an accident-related death.

4. Reduction in PED Waiting Period

Before paying for costs associated with pre-existing diseases (PED), including diabetes, hypertension, high blood pressure, and heart conditions, the majority of health insurance policies require a waiting period of 2 to 3 years.

This implies that the policy will not pay for your parents' medical care if they conduct a diagnosis of a condition relevant to a PED during this waiting period. Some insurers offer a reduction in the PED waiting time as an add-on to prevent this coverage gap. You can guarantee faster access to PED coverage by paying an additional fee.

5. OPD Cover

Outpatient department (OPD) consults are necessary for parents, and frequent OPD visits can get costly. However, normal health insurance policies do not cover them. Choosing this add-on can help cover these expenses. Therefore, you should check when purchasing or renewing the insurance, as not all insurers provide this coverage.

6. AYUSH Benefits

You can choose this add-on for coverage against treatment expenses if your parents practise alternative therapies such as Ayurveda, Yoga, Unani, Siddha, and Homoeopathy (AYUSH).

Final Thought

You should choose a large sum insured for elderly parents to reduce their out-of-pocket costs, since they are more susceptible to age-related illnesses. In addition, for PEDs and certain conditions, look for policies with reduced or exempt waiting periods.