Our needs for healthcare change as we become older. Hospitalisation and chronic disease risk are higher in the presence of parents. Because of this, getting comprehensive medical health insurance is an essential investment for both your financial stability and your wellbeing. It will give your parents coverage for medical treatment and ensure they don’t have to bear the burden of heavy expenses. However, it may be confusing to navigate the world of medical insurance alternatives.
In this blog, we will cover the meaning of parents’ health insurance and the options you can choose from.
Why Consider Health Insurance for Parents?
A parents’ health insurance provides coverage to your parents. It covers the cost of their medical treatment and other expenses related to it. Thus, it provides financial and medical safety to your parents. Some key reasons why getting a medical insurance plan for your parents is necessary are:
- Mitigates Financial Burden
- Covers Age-Related Issues
- Pre-Existing Disease Coverage
- Peace of Mind
Types of Health Insurance for Parents
Some of the types of health insurance plans you can buy for your parents are as follows:
● Individual Health Insurance
It covers only 1 person. With it, you can cover either one of your parents and take care of their individual medical needs.
● Family Floater Health Insurance
Under this type of insurance plan, you can not only cover your parents but all other members of your family as well. The insured sum is distributed among all the members of a family.
● Senior Citizen Health Insurance
It is aimed at senior citizens in a family. Often, they come with coverage for pre-existing diseases and free health check-ups.
● Critical Illness Insurance
This type of insurance provides coverage to parents for critical illnesses such as cancer and stroke. As such treatment requires very high expenditure, such insurance will ensure you don’t suffer any losses because of medical treatment.
● Hospital Cash Insurance
With this type of insurance, your parents can get a daily allowance for each day that they are hospitalised. It will help them with daily expenses such as food and transportation.
● Pre-Existing Condition Cover
It will provide coverage for pre-existing conditions that your parents may be suffering from. Before buying such coverage, ensure that you check the waiting period for the coverage.
● Top-up Health Insurance
This type of insurance comes into life when your existing insurance is exhausted. By using this insurance, you can add to the coverage of your parents without having to buy a new insurance plan.
Features to Check in Health Insurance for Parents
Here are some of the features to look for in health insurance for parents:
● Cashless Treatment
With cashless treatment, you can simply visit a hospital and get cashless treatment for your parents. At a network hospital, the insurance company will directly pay the fees.
● No-Claim Bonus
If your parents don’t make any claims throughout the policy year, they will be eligible for a no-claim bonus. Under it, they can get a discount or have the insured sum raised when they renew the insurance plan.
● Lifelong Renewability
You would want to keep your parents insured for life. Lifelong renewability gives you the option to renew the insurance plan for the rest of your parent’s lives.
● Waiting Period
The waiting period is the duration for which you have to wait before coverage for a particular treatment or process begins. You must ensure that the waiting period is as low as possible while buying health insurance for parents.
● Premium
Premium is the amount you have to pay to buy health insurance. Ideally, you would want to minimise the premium and maximise the coverage you can get for your parents.
Final Words
Giving your parents full health insurance is a sign of your affection and concern. You may select the finest coverage to guarantee their financial stability and well-being in the event of a medical emergency by being aware of the many plan types that are available and carefully evaluating their demands.
This post was published on November 16, 2024 6:16 pm