Having financial cover in the form of health insurance is necessary in current times. With the pandemic taking over the entire world, it has become necessary to ensure a Plan B for all your medical needs. However, these needs do not apply to you exclusively. As an earning member of your family, you have dependants that you need to be provide for. These include your children and your parents.
In the case of your parents, as they grow older, they may need frequent medical care. Buying health insurance for parents can ensure the required medical support is available at the right time. Moreover, the higher frequency of medical issues also means more need for medical treatments. More treatments means more medical expenses. In such a situation, purchasing a medical insurance
policy for parents is the smart choice to make. Let us look at some benefits of buying health insurance plans for parents.
#1 Adequate coverage
Investing in a health insurance policy for parents helps in managing the cost of hospitalisation including daycare expenses, ambulance charges, domiciliary expenses and more. These are necessary aspects of medical care. Hence, you should focus on what the insurance plan offers in regard to these features.
#2 Pre-existing ailment cover
As the human body ages, it is prone to illness and ailments. Some might be concerning whereas others can be treated. In the case of your parents, it is highly likely that they deal with some ailmentsalready. When you buy health insurance plans for parents, the policy should cover pre-existing ailments as well. So if your parents are enduring one such illness, you need not worry about it. Moreover, you should look at the waiting period that an insurance plan has for these pre-existing illnesses.
#3 Cover against rising medical inflation
With a steady increase in the cost of healthcare treatment, it has become necessary to create a financial backup. By availing health insurance for parents, you can stay assured that any immediate medical help can be sought without worrying about the finances.
What should you consider when buying health insurance for parents?
Since health insurance forms a crucial part of your financial plan, it is best to make an informed decision. Here are a few tips that will guide you in selecting suitable health insurance for parents in India.
#1 Check the age limit
Purchasing a policy that offers a higher entry age is advisable. Although there is no mandate of maximum entry age for all policies by the regulator, opting for a plan that offers higher entry age can help secure health insurance for parents above 60 years. Health insurance for senior citizens
is one such option.
#2 Policy coverage
Frequent medical aid might be required as your parents age. That’s when income sources are limited and savings are their only resort. To avoid strain on monetary resources, purchasing health insurance for parents makes a prudent financial choice.
#3 Network hospitals
An affiliation between the insurance company to specified hospitals is termed as the hospital being in the insurance provider’s network. These network hospitals offer the benefit of cashless treatment among many other advantages. In these hospitals, you do not need to pay any part of your medical expenses yourself. It is covered by your insurance company.
#4 Copayment clause
Copayment clause is where the insured is required to bear a specified percentage of the treatment cost. Opting for a policy with the lowest copayment
clause can be handy when buying health insurance for parents.
An insurance policy always comes handy to insure the health of your loved ones especially your parents. Availing a coverage earlier can not only help save premiums, but also get over with waiting periods before age-related ailments start to creep in. Take full advantage of the various plans and purchase the best policy for your parents.