We should purchase health insurance plans for parents since, as they age, the responsibility for their health rests on our shoulders. In addition, following retirement, their regular, independent income tends to decrease. As they get older, they become more prone to serious illnesses. Given the high costs of medical care, it is essential to have them covered by a health insurance plan.
Why buy separate health insurance for parents?
It should also be understood that the health insurance plans for parents should be different from your family floater policy. The main reasons for this are –
- Family floater plan generally calculates the premium amount on the basis of the oldest member in the policy, so your premium would be high if you include parents in the family floater.
- The probability of parents claiming is higher, which can mean a loss on the cumulative bonus.
- Claims made by parents would not leave sufficient sum assured to be utilized by other members in case of an emergency.
* Standard T&C Apply
Several companies offer tailor-made health insurance for senior citizens but choosing one that meets your needs is essential.
If you are looking for health insurance policies for your parents who are 60+ years of age, here are a few points that you should keep in mind –
- Look for comprehensive coverage: Our immune system weakens with age, making us susceptible to a variety of deadly infections. The likelihood of an underlying medical problem aggravating our health cannot be ruled out, and policies geared for senior citizens give comprehensive coverage alternatives in recognition of this crisis.
- Examine pre-existing illness coverage: In general, health insurance plansdo not provide coverage for any underlying or pre-existing medical condition, nor do they provide financial support for the diagnosis of any serious illness prior to the beginning of the policy term.
Typically, these illnesses would be covered after a waiting period ranging from a few months to nearly two years. However, health insurance policies for older citizens do provide coverage for pre-existing conditions, and you should definitely check for this option when purchasing health insurance for your loved ones.
- Consider transportation fees: Ageing is accompanied by numerous obstacles, one of which might be diminished mobility. Our parents may find it difficult to travel to the hospital as they grow older. It becomes important to check for a health insurance policy that includes ambulance coverage or transportation expenses.
- Should have a broad age range: The health insurance policy for your parents should ideally have a higher eligibility age cap. Choose a policy permitting beneficiaries between the ages of 60 and 80. It would ensure comprehensive coverage for their escalating medical bills for an extended length of time, as it would also alleviate your financial insolvency.
- Select a higher sum assured: When purchasing health insurance for your parents, you should always choose a plan with a higher sum assured. In accordance with the general principles of health and life insurance, the amount of coverage promised increases with age and can typically be lower for younger individuals.
* Standard T&C Apply
This checklist would assist you in choosing comprehensive health insurance for your parents. However, these pointers are pure suggestions. The plan you choose should be compatible with your budget and your parents’ medical needs in general.
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.’
