Mumbai: Health insurance for parents in India is part of coverage plans that fall in the purview of group health schemes of salaried individuals. However, with the rising cost of healthcare, these coverage schemes may not ensure complete coverage.
Moreover, healthcare in India is rising in cost at around 18% per year. Furthermore, with cost-cutting by most employers, total coverage is paving the way for co-pay methods.
As senior citizens are more vulnerable to illness than the youth, in general, it is a good idea to opt for group plans. Individual or family plans, opted for independently give you extra safety. Health coverage for your parents is absolutely mandatory and this coverage should guarantee quality healthcare, covering a wide variety of conditions/ treatments.
Moreover, the sooner plans are bought, the better the chances of getting good coverage are. Several plans of health insurance for parents who are seniors do not offer coverage for pre-existing conditions. For instance, some insurers have a clause for lifelong co-payment in case an individual has crossed the age of 65 years.
If you wish to ensure that your parents are insured in the right way with the maximum possible advantages of healthcare, then you should consider the following while choosing medical insurance for parents:
● Buy Extra Cover - In case you are salaried and your employer provides you with a healthcare plan that covers your parents, you may want to inquire whether you can buy extra coverage at an additional cost. If you can do so, you should do this. Furthermore, health insurance that is given to employees for their parents’ healthcare needs cover pre-existing conditions.
● Health Insurance For Parents - In case your parents are senior citizens, there are a lot of schemes that offer coverage focused on senior citizen requirements within family health plans. For example, plans available from Bajaj Allianz Health Insurance provide coverage for senior citizens if you opt for a family health insurance plan. Not only do such plans have lower premiums than those of individual plans, but under a family plan, the age limit for coverage is less restricted. ● Senior Citizen Plans - Most plans that cater to senior citizens specifically do offer benefits, but they come with restrictions such as copay policies. For instance, in case a parent who is a senior citizen has a pre-existing condition, the insurer may foot only 50% of the claim amount. However, you should still consider such health insurance as it is somewhat of a challenge to purchase health insurance once individuals cross the age of 65 in India. Also, consider the waiting period that comes with a health insurance policy. This means that cover for illnesses kicks in only after the period is completed. Hence, pick a policy with a minimal waiting period. ● Add-On/Top Up Policies - Medical insurance for parents gets a boost with a top up policy. If you already have a policy for your parents with certain limitations and want more cost coverage, you may consider an add-on policy to broaden the cost cover.
● Health Insurance For Parents - In case your parents are senior citizens, there are a lot of schemes that offer coverage focused on senior citizen requirements within family health plans. For example, plans available from Bajaj Allianz Health Insurance provide coverage for senior citizens if you opt for a family health insurance plan. Not only do such plans have lower premiums than those of individual plans, but under a family plan, the age limit for coverage is less restricted.
● Senior Citizen Plans - Most plans that cater to senior citizens specifically do offer benefits, but they come with restrictions such as copay policies. For instance, in case a parent who is a senior citizen has a pre-existing condition, the insurer may foot only 50% of the claim amount. However, you should still consider such health insurance as it is somewhat of a challenge to purchase health insurance once individuals cross the age of 65 in India. Also, consider the waiting period that comes with a health insurance policy. This means that cover for illnesses kicks in only after the period is completed. Hence, pick a policy with a minimal waiting period.
● Add-On/Top Up Policies - Medical insurance for parents gets a boost with a top up policy. If you already have a policy for your parents with certain limitations and want more cost coverage, you may consider an add-on policy to broaden the cost cover.
At Finserv MARKETS, you can select the health insurance that takes your parents’ healthcare costs and treatment requirements into consideration. You get to pick from partner health insurers like Bajaj Allianz Health Insurance and Aditya Birla Health Insurance.
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