Are you working for a big firm and are living away from your parents? We understand that how difficult it must be for you to take care of your parents while staying away and how you must be constantly worried about their health. One way to ensure that your parents’ health care needs are taken care of when you are away from them is to buy for them an adequate health insurance policy.
With health care costs are on a rise, it is very important to ensure that your parents are covered extensively. Unfortunately, most people delay doing this as they feel their employer’s group health policy might be enough. But, what if the employer stopped covering dependent parents or if you switched to a new job where the group policy does not cover dependent parents? Thus, you need to buy a separate health insurance for parents to cover their health care needs. And, here are some things that you should keep in mind while doing so.
Things to Consider While Buying Health Insurance for Parents
Senior Citizens Health Policy
Based on IRDA guidelines, insurance companies now offer special health insurance plans
for senior citizens and have niche products to cater to pensioners. These plans are meant for citizens in the age group of 45 to 75 years and provide hospitalization expenses, day care expenses, pre & post hospitalization expenses, ambulance charges and many other benefits. You can opt for plans such as Bajaj Allianz Silver Health Insurance for covering your parents’ medical care.
Family Floater Policy
Other than a separate insurance plan for senior citizens, your parents can also be covered under a single family floater plan. Family floater health insurance policies provide medical cover for you and your family. This can include your parents as well.
While opting for a health insurance policy, it is important to consider the waiting period for pre-existing diseases. In the old age, many people usually suffer from certain diseases. It is important to note that most health insurance policies catering to people with pre-existing diseases have a waiting period of 2 to 4 years. It is best to zero in on a policy with a lesser waiting period for pre-existing diseases.
Entry Age and Renewal Age
There is a restriction on the entry age for the senior citizens' health policies. For example, the entry age of Bajaj Allianz Silver health policy
is 70 years. Similarly, there is also a certain renewal age for these health insurance policies. So, if your parents fall in this category make sure to check the entry age and renewal age before you buy a health insurance policy.
There is also a co-payment option for health insurance policies. If the age of your parents is above 45 years, then you should purchase Bajaj Allianz’s Silver health plan, which offers a 20% co-payment the admissible claims. Also, a waiver of co-payment is available on payment of additional premium.
Sum Insured and Premium
The amount of insurance cover that you take at the time of buying a policy is known as Sum Insured (SI). You should check the sum insured at the time of purchasing health insurance for parents
. Also, you should keep in mind the premium that you have to pay. Usually, the premiums are higher as the additional premium is to compensate for the additional risk taken by the insurance company to cover a policyholder who has a pre-existing disease.
Your parents have been your support for life. It is important to ensure that you find the right health insurance policy so that they get the best quality medical care when they need it the most. Read the fine print, especially the exclusions while opting for a health plan for parents. To find the best cover for your parents, check out our health insurance plans