Father’s Day Special: No Age Cap, Reduced Waiting Periods And More Reforms In Health Insurance

Fatherhood is a constantly evolving journey. From a child’s first step to their first big achievement, fathers play a crucial role in shaping the child’s life. Apart from the love and guidance, there’s a sense of security that only a father can offer. While fathers have been shouldering financial responsibilities for decades, eventually they reach a stage when they also need financial security.

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Health insurance is a must for everyone; and when it comes to safeguarding the financial stability of a family, health insurance for fathers is vital. Irrespective of the stage of life a father is at, a health insurance plan is crucial. But it becomes especially crucial once age is no longer on your side. So, health insurance is not only for a father whose children depend on him. It is also an important lifeline for elderly fathers who may be independent or may depend on their children.

In this case, their children must ensure that their fathers have adequate health coverage. Moreover, it can be the perfect gift for them this Father’s Day. The good news is that the IRDAI has recently come up with a series of reforms in the health insurance space for senior citizens.

Reforms in health insurance that benefit fathers

The insurance landscape in the country has been evolving through the positive interventions of the Insurance Regulatory and Development Authority of India, coupled with the enthusiastic response shown by the insurers. Many of these reforms have made health insurance better for fathers.

• No age cap: One of the most landmark reforms is the IRDAI’s decision to do away with the age cap of 65 years for health insurance policies. This will ensure that no matter the age, one is eligible to buy health insurance and get covered. It will allow elderly fathers to not only secure but also to continue health insurance coverage without worrying about age restrictions. This will translate to their accessibility to the necessary medical care in their twilight years.
• Reduced waiting periods: Health insurance policies now come with reduced waiting periods for pre-existing diseases. IRDAI has already mandated insurers to reduce this waiting period from four years to three years. But in many cases, especially when it comes to young fathers, this waiting period could be as low as 30 days. So coverage for chronic conditions such as diabetes or hypertension will come with shorter waiting periods. This would mean quicker access to necessary treatments, reducing out-of-pocket expenses and ensuring timely medical intervention.
• Inclusion of mental health coverage: Most health insurance plans in India used to cover only physical ailments. So those with mental health issues had to cover the costs of their medical treatment out of their own pockets. The IRDAI acknowledged the importance of mental well-being and has now mandated the inclusion of mental health coverage in health insurance policies. This reform benefits all fathers, but especially the senior ones.
• Critical illness cover: This cover provides a lump sum payment upon diagnosis of life-threatening health conditions such as cancer, heart attack, or stroke. This is a crucial add-on because the treatment of these illnesses can cost a fortune. Moreover, one may not be able to work during the treatment and the lost income may jeopardise the family’s future. This cover can be used not only for treatment but also to replace lost income, thereby supporting the family in their time of need.
• Wellness benefits and preventive health check-ups: Wellness benefits and preventive health check-ups are now integral parts of health insurance policies. These benefits not only encourage one to maintain a healthy lifestyle but also ensure early detection of any health issues, thereby facilitating timely medical interventions. Moreover, OPD cover and health check-ups are crucial for aged people as they may need routine healthcare interventions from time to time.

This Father’s Day, consider securing a health insurance policy for your father or enhancing an already-ongoing one. It’s a gift that promises peace of mind and a healthier future, reflecting the love and care that fathers so selflessly provide.

-The author is the business head, health insurance, Policybazaar.com. Views expressed are personal.

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