The likelihood that our parents become ill or injured increases as they age. In such a circumstance, the cost of their medical care may exceed your expectations. Moreover, a strong backup plan becomes vital if they are travelling alone. Most individuals who understand the benefits of travel insurance, prefer buying one for their parents to mitigate mainly the emotional risks.
You should always do your own research and then buy travel insurance for your parents to cover any unexpected health or travel-related crises and any travel-related help they may require. Buying a policy like Bajaj Allianz travel insurance can give you much-needed peace of mind when your parents are travelling.
What elements should you consider when purchasing insurance for your parents?
Here are some important things to keep in mind before you purchase travel insurance for them –
- Location: You should choose travel insurance for seniors based on their trip. Expensive healthcare and a high cost of living necessitate adequate coverage. For instance, the travel insurance from India to the UK would be higher than a trip from India to Nepal.
- Choose a high sum insured: Purchase senior travel health insurance with a high sum insured if it is within your budget. Depending on your parent’s overall health, you may always choose an adequate amount of insurance so that they avoid incurring expensive medical expenses.
- Plans that include medical tests: Always choose travel insurance plans requiring medical tests since these would give your parents enhanced coverage and lower the likelihood of claim denial. Especially if your parents are travelling for an extended period, you should undertake medical tests to avoid claim conflicts in the future.
- Examine for any PED: Pre-existing diseases might typically not be covered by insurance. Knowing the PED of your parents can allow you to identify travel insurance options that cover pre-existing diseases.
- Be aware of deductibles: Deductibles would be charges that an insured individual has to pay before their insurance pays anything. If you purchase a plan with a large deductible, you may be responsible for the initial payment in case of an issue.
- Avoid buying restrictive plans: Insurers would be aware that seniors pose more significant risks. As a result, they end up charging more premiums before issuing coverage. However, you should only purchase a package after verifying that it has reasonable restrictions and prohibitions.
- Compare premiums: After finalising two or three travel insurance policies for your parents, compare their final premium costs. Using a travel insurance premium calculator, you can get an idea of the travel insurance premium estimate of Bajaj Allianz travel insurance policies and how much they may cost.
- Know the CSR: The claim settlement ratio (CSR) is crucial when buying insurance. Similarly, visit public forums for genuine consumer reviews to learn about their experiences.
* Standard T&C Apply
To sum up: Travel insurance providers view most parents in their 50s and 60s as a risk. This is simply because elderly individuals might be more likely to file a claim. In such a case, you must carefully review the policy’s T&Cs and ask for clarifications in case of any doubts.
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.