BTN News: Fatherhood – A Journey Full of Love, Guidance and Many More From the first time a child walks to momentous occasions, a father has an important place in a child’s life. While boomers need to take on financial responsibilities they also have to work for their own financial safety as they age. Central to this security is health insurance, which guarantees that young and old fathers alike receive the medical care they require without financially unrestricted access.
The importance of health insurance only grows as fathers age. Covering them is not only a must but a great deed of care. This Father’s Day, why not think about giving your father the best gift — health insurance — it assures you of peace of mind and a healthier life for your father. Recent amendments in the regulations issued by the Insurance Regulatory & Development Authority of India (IRDAI) will benefit the elderly the most and will be a valuable alternative in the time of need for their health care needs.
Health Insurance Reforms for Fathers
1. Removal of Age Cap
One of the crucial reforms by the IRDAI is the removal of the age cap of 65 years for health insurance policies. This would guarantee that dads of ALL ages can continue to by health insurance without having to jump thru age related wrinkles. This would be an especially helpful reform for aging fathers, which would allow them to receive medical assistance in their twilight years.
2. Reduced Waiting Periods
Allowing the consumer to opt for lower waiting periods in health insurance policies for pre-existing conditions. The IRDAI passed the directive to reduce these from four years to three years, along with some policies which even permit waiting periods as low as 30 days for male policyholders in their 30s. This makes it easier to get treatment of chronic conditions like diabetes or hypertension which means less expense out of pocket and timely medical intervention.
3. Mental Health Coverage Included
In the past, medical insurance in India covered all kinds of physical ailments. In view of the importance of mental well-being, the IRDAI has made it mandatory to cover mental health and mental illnesses in all health insurance policies. This reform helps all fathers, particularly those who are seniors, by insuring mental health treatments.
4. Critical Illness Cover
It IS a life saver by providing a cash sum should you be diagnosed with a serious ailment (cancer being but one of them), and is almost mandatory in my opinion. This cover covers the high cost of treatment and acts as a replacement for loss of income during recovery, thus ensuring financial stability of the family.
5. Wellness Benefits and Preventative Health Screenings
Contemporary health insurance plans also offer wellness benefits and regular preventive health check-ups ensuring a healthy life while diagnosing the root causes of any possible disease at an early stage that helps in better cure. These are important benefits, especially for older fathers who might have more routine healthcare needs. Examples: OPD cover for disposable illness services and routine health check-ups ensures lifelong medical support.
The Perfect Father’s Day Gift!
This Father’s Day, give your dad the gift of insurance or upgrade his existing plan. This act shows the father’s care and concern and secures a peace of mind and a better health for the future, such as the persistent and selfless love that a father exercises in his life.
By keeping up-to-date with health insurance reforms, and selecting the right policy, you can be sure that you will help to secure not only your father’s health, but also his financial well-being making a significant difference to his quality of life.
