Purchasing health insurance plans for your aged parents is the best gift to ensure your parents have a safe and happy retirement. A health insurance plan is the best way to keep them in good care. If your parents have crossed the 60-year mark then they are more susceptible to health disorders. It is more likely to counter health issues at this age and the need for serious medical intervention cannot be completely evaded. This is the reason why health insurance is a must-have for senior citizens.
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 is a must have for the senior citizens as with rising age, the risk of contracting diseases also rises significantly. Most of the people are insured by the health insurance provided by their employers throughout their service years. However, after retirement, they are left with no medical insurance. In this scenario, most of the buyers look for an insurance cover but are discouraged by the price and terms of the health insurance policies.
Insurers are also reluctant to offer insurance schemes to senior citizens, despite high premiums. Insurers believe that medical contingencies are common during old age and as such the insurers have to face high claims. Insurers have also implemented underwriting checks to filter out cases that are more prone to claims. Insures also rejects the applications of insurance buyers who are suffering from health issues like high diabetes, high B.P or cholesterol.
If you are looking to secure your parents then a good way is to port their existing group policy to an individual plan. This way the coverage period of the group health plan gets counted towards the waiting period of the individual plan. Individual plans provide policyholders with lifelong renewability along with other benefits like no-claims bonus and wellness benefits. Porting can be done to an individual plan of the same insurer as the group plan.
If your parents are not covered by a group plan then you need to look for new health insurance for your aged parents. The main benefit here is that you are not tied to a single insurer and thus you have a lot of options to choose from.
A few insurers are now offering health plans, especially for senior citizens. You can choose these plans for your parents as they come with lower waiting periods, especially for pre-existing diseases. These plans come with co-payments and disease-wise limits. Some plans also come with 1-year waiting period along with 50% co-payment for claims related to pre-existing conditions.
Health insurance plans ensure your parents get good medical care at old age without spending much. The above options are a good way you can secure your parents and help them lead a dignified life. These plans can be good options if you are unable to get standard health insurance plans due to your parent’s existing health condition.
See Also: Health Insurance Plans
Statistics reveal that only 27% of the Indian are covered with health insurance plans. Therefore, very few senior citizens are covered through existing individual or family floater plans. Even if your parents are covered under health plans, the coverage may not be sufficient to take care of their healthcare requirements.
If your parents are enrolled under such plans then you have the scope of leveraging their coverage through top-up health insurance plans. Top-up health insurance is additional coverage for individuals who have an existing health insurance plan. However, top-up plans come with deductibles. The claims up to the deductible amount are not paid. Medical bills over and above the deductible amount are reimbursed by the top-up plans.
If you are deciding to purchase a top-up plan for your parents then a top-up of Rs. 10 lakh with a deductible of Rs. 5 lakh will cost you no more than Rs. 10,000. But while investing in such plans check the waiting periods and consider buying a plan that comes with a minimum waiting period and co-payment.
See Also: Can I Use Health Insurance Immediately?
If you are buying a new plan then the premiums will be high. You may have to spend a considerable amount to cover the premiums. But given the chances of medical contingencies, it is wise to invest in a health insurance plan. Through the annual premium may be a considerably high, an absence of health plan may lead to financial losses during a medical emergency. While your parents grow older, health insurance becomes a priority for them. It will give them a sense of security and the peace of mind they require after years of service and struggle.
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
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.