After spending their youth years building careers, tending to the needs of the family, and spending their golden years fulfilling responsibilities, the least that we can do for our parents is to provide them with a sorted, tension-free old age. However, the rising healthcare costs can become a major cause of worry. Especially, if we have not taken enough care to keep our parents covered under a comprehensive health insurance policy.
In the pursuit of a relaxed indulgent old age, the parent’s health insurance becomes a necessary condition. It is because the higher the age, the higher the likelihood of medical attention. In case they need medical treatment, the process should be all-encompassing, smooth, nurturing, and without the tension of affordability. This can be ensured by buying a health insurance plan for them. Also, the IRDAI has permitted and instructed insurance companies to cater to the health insurance needs of senior citizens up to the age of 65 years.
Thus, several insurance companies offer plans that are perfect fits for parents.
Below is a list of factors that you should keep in mind while choosing health insurance for your parents:
Age Limit – You must buy a health insurance plan with a higher entry age so that your parents can be included, or else the whole purpose of buying the parent’s health insurance would be defeated. Issuance of health insurance is significantly dependent on age. So, you should try to buy your parents’ health insurance policy at the earliest.
Coverage – Old age is inherently prone to higher medical risks. With reduced immunity, any healthcare issue can quickly become a complicated one. Hence, it is advised that, for your parents, you go for a health insurance policy with maximum coverage and inclusions. Also, keep in mind to buy a policy with a higher insured sum for the costs of healthcare are not going down any time soon.
Specific disease or condition covered – The pandemic has increased the significance of health insurance even more. However, it was seen that many people could not reap the benefits of their health insurance during pandemic waves as COVID-19 was not covered under several policies. While buying parents’ health insurance take a note to buy policies like ICICI Lombard’s Corona Kavach policy which covers hospitalisation expenses for COVID-19 treatment including hospital room rent, nursing expenses, surgery costs, specialist fees, and more.
Network hospitals – The hospital network outlined in the policy offers cashless treatments. Look for the network of the hospitals before buying a parent’s health insurance. In case of a medical emergency, you would want to go to a hospital that is easily accessible. Also, while you are taking care of your parents, you would be better off if you don’t have to shell out money from your pocket.
Pre-existing illness and waiting period – This is maybe one of the most important factors that you should take into consideration while buying your parent’s health insurance. Many health insurance plans come with a waiting period before covering the pre-existing illness. There are some which do not cover pre-existing illness at all. Buy insurance that comes with the lowest waiting period and/or covers pre-existing illness eventually after a waiting period. For example, the Corona Kavach policy covers the cost of treatment of co-morbidities as well.
Renewal limit – Usually there is a maximum age of renewal called the exit age limit of the health insurance policy. In general, the exit age is around 70-75 years post which the insurance policy cannot be renewed. While buying parents’ health insurance, look for options that have the highest possible exit age.
Co-payment clause – Co-payment clause requires the insured or the policyholder to pay a certain percentage amount of the total treatment cost. It is advised to choose a health insurance policy that has a lower co-payment clause.
Covering day-care expenses – Several medical procedures such as cataract surgery do not require the patient to be admitted to the hospital. Now, some health insurers do not cover the costs until hospitalised. Go for a policy that covers the expenses of daycare procedures as well.
Buying health insurance for your parents is a smart decision. Let us see why:
Rising medical inflation – With a constant rise in the cost of healthcare, it is becoming more and more important to keep your parents covered under a comprehensive health insurance policy.
Sufficient coverage – You may have a family floater plan that extends to your parents, but the same might not be enough for the whole family. In that case, it is better to buy health insurance for the parents.
Pre-existing illness coverage – If one has some pre-existing ailments, chances are high that the same would aggravate in old age. Dedicated health insurance for parents will cover the costs of treatment of pre-existing illnesses.
Stress-free medical planning – You can take care of other financial planning and your own medical planning if you have in place your parents’ health insurance. This would allow you to focus on other aspects without fretting about their healthcare needs.
Buying medical insurance for your parents is a prudent and effective way of keeping your parents guarded against medical emergencies in their fragile age. Buy health insurance for your parents at the earliest and let them enjoy their old age without any worry.
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