Aged people are more prone to health-related illnesses like stroke, cardiovascular disease, hypertension, cancer, diabetes, dementia and so on. Your parents are no exception. If your parents are wealthy, it may not be a problem for them to take care of themselves, even in their 60s and 70s. (They can afford good medical treatment).
What if they are not financially secure? Do not worry. Buy a health insurance plan instead of being helpless during medical emergencies.
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Group insurance policies cover a group of people. It means your entire family is covered under a single group insurance plan. They are of two types:
1) Employer-sponsored group insurance policies
2) Individual policies.
While working professionals enjoy the benefits of employer-sponsored group insurance policies, non-working people do not. Employers usually pay the premium on your behalf and offer health cover to you, spouse and children (up to two children). The premium is generally higher when employees include dependent parents. The sum assured for group insurance policies ranges from Rs 2-4 Lakhs.
Given current medical expenses, the health cover offered by employers is inadequate. Therefore, it is essential to purchase separate health insurance policies for elderly parents, as the possibilities of claims are higher. In case your parents are covered under both group and separate health insurance plans, you do not have to worry about pre-existing illnesses.
Standalone health insurance policies are offered with a waiting period of 2-4 years to people with pre-existing medical conditions. When you do not make a claim on standalone health insurance policy, you enjoy the No Claim Bonus or NCB.
Avail health cover for your parents as early as possible as a majority of products impose restrictions vis-a-vis cover for aged people. Insurers also have a co-payment clause, while issuing health insurance plans to senior citizens.
Bajaj Allianz, Oriental Insurance, Star Health and Apollo Munich do offer health insurance policies exclusively for senior citizens. For senior citizens with pre-existing illnesses, these health insurance policies offer a shorter waiting period.
This plan is for senior citizens and covers pre and post hospitalization expenses, ambulance charges, daycare expenses and so on. It also offers reimbursement or cashless benefit towards hospitalization costs.
The minimum entry age is 46 years whereas the maximum entry age is 70 years. While the maximum sum assured is Rs 5 Lakh, the minimum sum assured is Rs 50,000. The tenure of the policy is a year. The policy excludes dental and aesthetic treatment.
This plan is offered by the Star Health and Allied Insurance Company. The entry age is between 60 and 75 years. The plan is offered for 1-3 years and can be renewed. The treatment is offered at network hospitals only. Pre-existing illnesses are covered after a year of continuous renewal. The sum assured ranges from Rs 1 Lakh to Rs 10 Lakh. A 5% discount is given when you meet certain criteria.
You can enhance the cover for parents by availing a top-up policy at a lower cost, in addition to the health cover offered by your employer. The maximum cover offered under top-up policies, is more than that of senior citizen health insurance policies. These policies impose no restrictions and sub-limits on hospitalization expenses like room rent, consultation fees and so on. They cover pre and post-hospitalization expenses, organ donor’s expenses, domiciliary treatment expenses, emergency ambulance expenses and so on.
See Also: Health Insurance Benefits
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