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Gift her a policy

Tuesday, May 08, 2018

With Mother’s Day around the corner, Abhay Gadiyar suggests an unusual gift for Mom

“You loved me before seeing me;
You love me in all my mistakes;
You will love me for what I am.”


What a lovely quote by Luffina Lourduraj. Mother is someone who loves us even before we enter this world and continues to love us irrespective of all our mistakes and accepts us with all our shortcomings. We celebrate Mothers’ Day honouring the spirit of motherhood. While it is celebrated in different months across the world, in most countries, including India, it is celebrated on the second Sunday of May. This is the day every child wants to make mother happy by giving her something she loves—anything ranging from a candle-light dinner to a purse to a ring. These are all traditional gifts one gives nicely packed in a gift cover.

This year, 2018, every working child can gift an unparalleled gift to her mother. Something the mother will always cherish and show with pride to her friends. Gift her a health insurance policy.

There is no need to share any data to impress on the need of health insurance for senior citizens. Lifestyle diseases like diabetes, hypertension and various other diseases invite other complications and hospitalisation. As we all are aware, medical inflation is increasing at a galloping speed of more than 15% per annum. With medical advancement, as  treatments improve, so does the cost of medical treatment. Any major illness like cardiac, knee replacement or kidney ailment can take back your savings by a few lakhs. Hospitalisation expenses of dependent parents is the biggest factor affecting the hard-earned savings of youngsters.

There are many companies in the market who offer Mediclaim policies for senior citizens. If the age at entry is more than 60 years, then the policy has a co-pay clause of 10%. This means that in case of claim, the policy holder has to bear 10% of the cost of treatment and the rest 90% will be paid by the insurance company.

Some companies have different percentage of co-pay clause for pre-existing and non-pre-existing diseases. Pre-existing diseases are—any condition, ailment, injury or related condition(s) for which you had signs or symptoms, and/or were diagnosed, and/or received medical advice/treatment, within 48 months before taking your first policy.

Some insurance companies have a waiting period of minimum 12 months for pre-existing diseases like diabetes and hypertension.  This means that any claims arising out of pre-existing conditions and any complications thereof are covered after completion of the first policy year. Some policies have disease specific limits on the claim; particularly for cataract.

Considering the above points, it is necessary to compare features of various products available for senior citizens in the market and select the one with the most suitable features for one’s need.

Nowadays there is the culture of return gifts. So in addition to blessings, one gets tax benefit on premium paid. Section 80 D of Income Tax Act, 1961 now offers tax benefit of `50,000 on medical insurance premium paid for dependent parent.

So what are you waiting for? Instead of ‘Google uncle’ who will confuse you, better to consult any professional health insurance advisor to select the best Mediclaim insurance for your mother. In addition to advice, the advisor will be of importance in case of any eventuality of claim.

Abhay Gadiyar is an investment consultant based in Thane.
 

Short Takes

  • Medical inflation is increasing at a galloping speed of more than 15% per annum.
  • Any major illness like cardiac, knee replacement or kidney ailment can take back your savings by a few lakhs.
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