alexa
Indianmoney.com Missed Call Number

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
Home Articles Health Insurance for Parents

Health Insurance for Parents

IndianMoney.com Research Team | Updated On Saturday, July 20,2019, 05:57 PM

5.0 / 5 based on 1 User Reviews

Health Insurance for Parents

 

 

Are you worried about the health of your aged parents? If yes, how well are you prepared to manage skyrocketing medical expenses? You must be financially ready to look after your parents in their 60’s.

With increasing age, your parents are prone to different types of diseases. If you do not have adequate savings, it will be very difficult to bear skyrocketing medical expenses. Why not take an exclusive health insurance policy for your parents to be on safer side?

Want to know more on Health Insurance? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice/education to ensure that you are not misguided while buying any kind of financial products.

Health Insurance For Parents

Why Health Insurance For Parents?

If you are a working professional, you get a health insurance policy sponsored by your employer. These policies may not cover parents, but only cover your spouse and children.

Getting a health insurance policy for senior citizen parents is a necessity. If your parents are below 60, there are many choices vis-à-vis health insurance. When parents cross the age of 60, there are limited options to choose from. Sometimes, it becomes very difficult to get a health insurance policy for senior citizens.

Parents need health insurance as medical expenses are increasing each day. Parents may be financially dependent on you. As they are not working, they do not have an employer-sponsored health insurance policy.

In a family floater health insurance plan, the age of the eldest family member is taken into consideration to determine the premium amounts. This makes it difficult to avail a family floater and senior citizen health insurance plans are the way out.

See Also: Why Does One Need Health Insurance Policy?

Important Factors to Consider While Buying Health Insurance for Parents

Pre-Existing Medical Conditions

Health insurance policies are offered with a waiting period of 30 days. Diseases are not covered in the waiting period, but an accident is covered. The waiting period is 2-4 years for people with pre-existing diseases.

Some insurance companies offer the facility of paying a higher premium, to reduce the waiting period. If you have parents who are already suffering from some disease, bring this to the attention of the insurance company. They will help you avail the right health insurance plan for senior citizens. Choose a health insurance policy with least number of exclusions. Take the help of a financial advisor to pick the best health insurance plan for parents.

Co-Payment

Health insurance policies for parents include the co-payment clause. According to this clause, an insured must bear a portion of his/her medical expenses in case of medical emergencies. The clause has to be analyzed carefully as it differs across insurers.

Let’s assume that the total medical bill is Rs 30,000 and your father has agreed pay 30% of the bill while availing health insurance. Your father has to pay Rs. 3,000 from his pocket.

See Also: Exclusions of Health Insurance Policy

Entry Age                                                                                

Fortunately, a majority of insurance companies, especially the public-sector companies, offer health insurance policies for people in the age group of 60-80 years. When it comes to the entry age, insurance companies have their own norms. Understand the entry age of health insurance plan.

Compare health insurance plans available in the market. Check the renewal age, which is the age up to which a health insurance policy may be renewed.

See Also: Health Insurance Benefits

Hospital Network

Choose a hospital nearby for parents, and make sure it’s part of the network hospital. In case of medical emergencies, they can be hospitalized quickly and enjoy quality medical care. If the hospital is very far from your place, say 30 kilometers, you are forced to settle for a non-network hospital. This is a problem vis-à-vis cashless health insurance.

See Also: Types of Health Insurance Plans in India

You May Also Watch

Keep your Financial Cognizance up to date with IndianMoney App. Download NOW for simple tips & solutions for your financial wellbeing.

Have a complaint against any company? IndianMoney.com's complaint portal Iamcheated.com can help you resolve the issue. Just visit IamCheated.com and lodge your complaint. If you want to post a review on any company you can post it on Indianmoney.com review and complaint portal IamCheated.com.

Be Wise, Get Rich.

Related Articles

 

Did you find this article useful? You can Rate us
5.0 / 5 based on 1 User Reviews
Article Author

IndianMoney.com Research Team

The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.

What is your Credit Score? Get FREE Credit Score in 1 Minute!

Get Start Now!
CIBIL Meter
Get It now!
Attention!

This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.