Planning to buy Health insurance for parents? Here's what you must keep in mindread
Feb 19 202017666 Views
Our parents have raised us with the utmost love and affection. Remember those childhood days when you used to ask for a toy and your dad had bought it immediately? Remember whenever you had a craving to eat something special; your mom used to start preparing it quickly? Wish we could forever stay in those good-old-days.
Today, with the increasing age of our parents, it is our duty to show them how much we value all that they’ve done for us. This can be done simply by looking after their health needs. You can buy health insurance for your parents to ensure that they don’t need to face a financial crisis if there are any medical emergencies during the sunset period of their lives.
Today, you can choose the best suitable plan for your parents from the plethora of senior citizen plans available in the market.
Here are some pointers to help you make the right pick:
Buy Right Now
Health is the most precious ornament life! Buy health insurance for your parents while they’re still relatively young. The premiums rise along with increasing age. Simultaneously, senior citizens have a higher risk of contracting ailments. Buying the plan early helps your parents in several ways as- this will reduce the chances of claim-rejection under pre-existing disease, that too at lower premiums.
As your parents become older, they need protection against a large number of diseases including critical illnesses. Whenever you buy Health insurance for parents, make sure it provides coverage for the broadest range of ailments. Carefully study the exclusions. Consider the diseases and surgeries your parents are likely to undergo. If you settle upon a particular plan where critical illness coverage is missing, you always have the option of choosing a rider.
Policy Renewal Age
There is always a specific age capping for health insurance coverage. Always make sure that you choose the plan with a possibly higher age limit so your parents are protected for the longest possible period.
Pre-existing Medical Conditions
Some illnesses, such as sickle cell anemia, are hereditary. The occurrence of such genetic diseases is often unnoticed. Therefore, always check the stance of the insurer towards pre-existing diseases. If your parents are already suffering from certain illnesses that the policy permanently excludes, opt for another plan. Some plans cover pre-existing conditions after a specific waiting period, usually between two to four years. It is always better to get a plan with a low waiting period for a pre-existing condition.
Many times, insurers call it for co-payment from you in case of hospitalization of any of your parents. This amount is a pre-determined percentage of the hospitalization costs. However, some insurers offer senior citizen plans where co-payment is optional. It is beneficial for you to avoid plans with higher co-pay amounts.
Avoid Family Floater Plan
Insurers usually push their family floater plans as premiums are higher towards them. Though a family floater plan protects your entire family, you must understand that it is a single cover. If one member makes a huge claim, the other members may not avail insurance benefits within that year. The old-age run a higher risk of contracting severe ailments that are expensive to treat. Thus, you should get an individual senior citizen health insurance plan for your parents instead of a floater plan.
You can avail cashless treatment benefits under the senior citizen policy you purchase for your parents. The insurers have tie-ups with a chain of hospitals, and your parents can get cashless treatment near your area. Thus, make sure that your provider has an extensive network, so access is easy especially in case of emergencies.
To conclude, quality healthcare would be a perfect gift for your parents that minimizes financial risk in case of medical emergencies. Choose a suitable insurance plan for your parents, keeping in mind the factors discussed above and put worries about their health to rest.