Are You Sure You’ve Taken The Right Health Insurance Plan for Your Parents?

Seeing you grow up is a joy and blessing your parents have cherished forever. Now it is your turn to reciprocate for their toils by insuring their health. There can be no greater wealth than the health of your near and dear ones.

Healthcare costs are only rising by the day. You will only end up paying for the huge hospital bills from your hard earned savings if a health emergency pertaining to your parents crop up.

Medical emergencies do not arrive with a knock. The old and the elderly folks are more prone to health emergencies. Buy Health Insurance for your parents and stay worry-free.

Why it’s important to insure your parents’ health at the earliest?

• Healthcare costs are spiraling by the day. It is not viable for senior citizens to pay such high bills in case of an emergency.
• Your parents may be retired or dependent on you and hence financially incapable of meeting sudden medical emergencies.
• As one grows old, one is more prone to diseases. With a right Health Insurance plan, parents stay financially prepared to meet any health crisis.
• If they are employed with Health Insurance benefits, it will lapse post-retirement.

There are special Senior Citizen Health Insurance Plans designed specifically for people who are aged 60 years or above. These plans come with basic or comprehensive options with higher sum insured, critical illness cover, cashless hospitalization, pre-existing disease cover and more. Choose a plan that best meets their healthcare goals.

How to choose the right Health Insurance Cover for parents? 

Insurance premium

Higher the age, higher is the premium. It is because health risks are higher as age advances. Opt for a policy where premiums are lower.

Benefits and illnesses covered 

Policies offered by different insurers may vary in terms of benefits and illnesses covered. Choose one that is the best in terms of benefits and covers maximum illnesses (specifically related to elder age).

Entry age

Consider the entry age of the healthcare policy you are going to buy for your parents. If the entry age is not low enough but comes with other benefits, it may not be the best for them.

Age limit

You will certainly want that the mediclaim policy covers your parents for as long as it is possible. When picking a policy, do check the age limit until which the policy can be renewed. It should come with guaranteed renewal till maximum age.

Pre-existing illness

Health insurance for senior citizens comes with numerous clauses. Ensure that it covers certain pre-existing ailments and the exclusion list is smaller.

Critical illness coverage

Normal mediclaim policies may not cover critical illnesses like stroke, cancer, renal failure, coronary artery surgery, etc. These diseases are not only life-threatening but may also take a huge toll on your financial health. Do buy critical illness top-up, which comes at a small price.

Sum assured

Consider the health coverage, i.e. the amount up to which the policy will reimburse expenses. Opt for a policy that comes with a larger sum assured and a host of other benefits.

Network hospitals

Buy senior citizen Health Insurance that comes with a wide network of hospitals specializing in a range of treatments. Do ensure that the hospital in your parents’ neighborhood is empanelled with the insurer.

A research online will help you buy the best policy. Visit a one-stop trusted online financial services portal like mymoneymantra.com for more queries on Health Insurance.