Even the healthiest person can develop increased medical issues in their old age. It’s therefore not unusual to see our elderly parents struggling with poor health or age-related complications as they get older. In many instances, the correct treatment will reduce the pain and associated symptoms of illnesses and conditions.
Continued increases in medical costs can often delay access to the best medical treatment. For this reason, investing in health insurance plans for parents is the best way to provide your parents with access to quality medical care. What is the difference between these plans and regular health insurance policies? Read on to find out.
Health insurance for parents is important because it pays for the necessary costs associated with elderly healthcare. Some of the more significant factors that are covered are discussed below.
This covers pre-hospitalization treatment costs for up to 30 days. A pre-determined percentage of medical expenses will be covered for up to 60 days after hospitalization.
It’s no secret that medical costs are on the rise, especially for senior citizens. With that in mind, it’s a good idea to opt for health insurance for parents that covers these costs.
Health check-ups in later years can be quite costly. This is especially the case if they are also on pension and earning limited funds. Choosing the best parental health insurance will enable your parents to have access to the health check-ups they need.
This refers to the costs associated with transporting your parent to the necessary medical facility. It also involves transporting them from one hospital to another if that becomes necessary.
There are three major types of health insurance for elderly parents, as discussed below.
For the most part, a family floater refers to a group coverage where all family members are insured. This essentially includes your spouse, children, parents and/or parents-on-laws.
Senior citizen health insurance is a mediclaim policy for parents that is specially designed to provide healthcare cover for ageing people. This type of policy features a few benefits to elderly policyholders that aren’t on regular healthcare plans. Two common examples are lifetime renewability and less waiting period.
If the policyholder’s parents are slightly younger, it might be a good idea to consider individual health insurance for parents. Ideally, the advantages of this type of plan will benefit parents below the age of 60 years. Alternatively, to build up their financial corpus within the required policy, you may consider a policy that allows them to join at a younger age which then just gets renewed when necessary.
When you’re reviewing the best medical insurance for senior citizens, it’s important to consider factors such as qualifying criteria. The most important factor is without a doubt the age required. What’s the required age and is there a maximum age limit for elderly people applying for a mediclaim policy? Keep reading to find out.
Generally, the entry age of policies for parents is 60 years. The maximum age for taking out a policy for parents is 80 years. It is wise to check the age eligibility of the product, before shortlisting one. Elderly people above the age of 65 years are recommended to choose the Senior Citizen plan is 65 years. This is because these plans have life-long renewability and shorter waiting periods.
The documents required to purchase health insurance for parents in India are listed below.
Generally, a health insurance policy for the family including parents has specified inclusions, as highlighted below.
Any bills incurred while your parents are in the hospital will be taken care of under the policy. This is because most parental insurance policies are set up with cashless claim benefits.
These types of costs refer to any specified treatments before and after hospitalization. This may also include certain prescribed medications.
This refers to costs that are incurred for treatments at the hospital but doesn’t require the person to stay in the hospital. It’s often referred to as “out care” treatments and an example of this would be weekly physiotherapy sessions.
Many parents’ health insurance plans also serve as a critical illness policy which means that any specified diseases will be covered. These could include illnesses related to cancer and heart disease.
This refers to any charges incurred during a stay in the hospital’s ICU to treat critically ill patients. Patients will also have access to specialised life-saving machinery.
Doctor’s visits that are covered under the parental insurance premium include general physicians, anesthetists, specialists as well as nutritionists and oncologists.
It’s important to note that every health insurance plan for parents has certain exclusions. The most common are listed below.
When reviewing family health insurance with parent’s policies, the following pointers should be considered.
Some health insurance plans for parents above 60 offer treatment at hospitals within their network coverage. Be sure to check what this coverage is and if it’s accessible to your parents.
Medical insurance premiums for parents should be easily affordable since they’re most likely going to be paid in conjunction with other policies. Don’t be afraid to compare options to find the best parental insurance premium.
When checking the medical insurance for senior citizens, it’s crucial to consider the policy waiting periods. This is important because elderly people may need more urgent care.
Some policies may have limits on the cost of hospital rooms that are covered. This might limit the time your parent can spend in the hospital. This in turn might hamper their recovery. Or require additional costs to be paid out of pocket.
One of the more important factors to consider when researching mediclaim for parents is the coverage amount. A parental insurance policy should have adequate coverage for your parents.
One of the top health insurances for the whole family is without a doubt the Mera Mediclaim Plan. Some of the stand-out features on offer from this claim include the following:
The last thing anyone wants is to see their parents struggling in their old age. By investing in health insurance for the whole family, you’ll be able to include your parents or parents-in-law. This in turn will give you the peace of mind that they are taken care of should a medical issue arise.
Many of the best parental health insurance policies require medical tests before policies can be issued. In some cases, the insurer will only ask for the latest medical reports.
Yes. With a family floater health policy, you can add your parents or parents-in-law to your existing policy. This will mean that the sum insured can be shared among all the people listed on the policy.
For the most part, a waiting period is required for pre-existing diseases. The best health insurance for parents will only allow you to claim after a certain number of renewals.
Essentially, a family health insurance plan covers the insured, their spouse, their children and their parents. This is a common choice for policyholders who don’t want a separate policy for their parents.
A Senior Citizen plan features as one of the health insurance plans for parents. The only real difference between the two is that the Senior Citizen Health Insurance Plan is geared toward people above the age of 60 years.
Disclaimer:
The aforesaid article presents the view of an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability or medical complications incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ health advisor before making any decision.
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