7 Reasons to Buy the Best Health Insurance Plan for your Father on this Father’s Day

2024-08-02

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A father is a constant support ever since we are born. He raised us, gave us a better life and ensured that we received a good education to protect our future. However, after a certain point in life, our fathers need to be cared for and need good medical care when they get older. This is why it is important for them to buy the best health insurance plan.

What is a Health Insurance Plan?

A health insurance policy covers the medical expenses incurred as a result of an accident, illness, or injury. A person can apply this policy if they pay a monthly or annual fee at a specific time. During this time, if the insurer meets with an accident or is diagnosed with a serious illness, the costs incurred for medical purposes are borne by the insurance provider.

7 Reasons to Buy the Best Health Insurance Plan for your Father on this Father’s Day

Buying a health insurance plan will help your loved ones financially when they are diagnosed with any life-threatening diseases. Let us understand how:

1. Medical expenses

Any medical condition that requires treatment in an emergency hospital is covered under the general health insurance schemes. However, claims are only appreciated as long as the disease has not been diagnosed before the policy was active.

The medical costs incurred under the following conditions are also covered by reputable insurance providers:

Critical illness treatment

Some insurance providers offer prices that are equal to or greater than the guaranteed cost to cover all medical expenses, including hospitalization, diagnosis and medication, etc. These expenses are covered by most insurers.
Hospital risk and disease diagnosis

Medical costs incurred during a hospital stay due to illness or accidental injury is also covered under health insurance plans. Comprehensive medical premiums amounting to more or less the amount covered by insurance are provided by major insurance providers. Such coverage helps you to stay financially secure in the event of unforeseen circumstances.

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2. Pre- and post-hospital expenses

Pre-hospital expenses such as diagnostic expenses, medical bills, etc., can be paid through the health insurance scheme. Post-discharge costs such as medications, routine tests, injections, etc., are also covered. Compensation funds aside from these may be disbursed as a lump sum.

3. There is no charge for ICU rooms

Health insurance policies also deal with ICU sleep cases. An insured person may also choose to live in a private room. The cost of this room can be charged to the insurer up to a certain amount at the discretion of the insurance company.

4. Cost for surgery

Only certain insurance providers agree to bear the full cost of surgery intended to help people overcome their obesity problems. Obesity often leads people to develop other health conditions like heart problems, diabetes, high blood pressure, etc. Thus, procedures like bariatric surgery improve the overall well-being of people over time.

Such aspects of a comprehensive health insurance policy are able to cover all major medical expenses that a person may incur. With slightly higher fees, additional benefits in the form of high availability are provided by larger institutions.

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5. No claim bonus

Throughout the non-monetary year, insured people are offered discounts or higher guaranteed amounts (without additional costs) in subsequent years. This can help reduce their annual premiums or extend their insurance coverage. Remember that the benefits provided by each of the health insurance plan may vary. Hence, rather than believing in anything you hear, it is better to check the benefits online on your own.

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6. Helps managing daily hospital expenses

Daily cash or hospital money is an amount that an insurer offers under its health insurance. This cash acts as a daily stipend for covering the expenses of hospitalization. Today, most health policies come with this cover.

7. 0% co-payment

Well-known insurance companies cover all medical bills generated during the insured person's medical treatment, up to the amount of the insurance premium. Zero co-payment reduces the patient's financial burden, making him or her more focused on recovery.

Canara HSBC Life Insurance's First Health Plan is an unparalleled policy that provides you with payments in the event of heart disease, cancer, and 26 other major serious illnesses. The program offers many customization options to suit your father's needs. A lump-sum payment can help you meet your immediate medical expenses without compromising your lifestyle.

Why Buy Health First Plan for your Father?

This father's day, gift your father Canara HSBC Life Insurance's Health First Plan. Here are a few benefits of this health insurance plan:

1. The option to cover yourself with heart disease, cancer conditions or previously described serious illnesses

2. High covers on economical premiums

3. Extending cover of choice to care for the growing medical needs

4. Payment of a lump sum at the initial diagnosis of the disease regardless of the actual amount used for treatment

5. Release of all future premiums on preliminary screening for minor cases included within Cancer and Heart Cover

6. Monthly income option if there is a diagnosis of any serious illness

7. Tax Benefits under Section 80C and Section 10 (10D) of the Income Tax Act, 1961 as follows

8. For self and family (spouse, dependent children) upto ₹25000

9. For self, family + parents (below 60 years of age) upto (₹25,000 + ₹25,000) = ₹50,000

10. For self and family (where the eldest member is below 60 years of age) + parents (above 60 years) upto (₹25,000 + ₹50,000) = ₹75,000

11. For self and family (eldest member is above 60 years of age) + parents (above 60 years of age) Up to (₹50,000 + ₹50,000) = ₹1,00,000

Father's day is just around the corner. This year, give your father extensive health coverage with the right policy. However, ensure that the health insurance plan is chosen based on the age and medical history of the person. Also, look at the coverage benefits extended by the insurance provider, as well as the waiting time before any claims can be made. When the right health insurance policy is chosen, your father can enjoy the same security he offered you when you were a child.