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?
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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.
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.
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
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
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
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