The face of insurance has changed in 2021 after the pandemic debacle. Now, it is no longer is just any other way to safeguard health but a must-have investment. As the human body ages, it requires more medical support for various ailments. At such time when the dependence on medical support is increasing, it is best to you choose a health insurance plan that protects against all age-related requirements. That’s when you must consider health insurance for parents.
As their age increases, your trips to the emergency room might go up. But the cost of these treatments, even minor ones, can disturb your finances. At such a time, the medical insurance coverage is the best way to ensure a financial shield.
When looking for health covers, there are different policies to choose from. Each policy is designed keeping in mind the requirement of different age groups. There is no one-size-fits-all approach. Hence, a senior citizen cover is the perfect way to secure the health of your parents. While you parents can be included in your family floater plan, such policy tends to increase the premium based on your parent’s age for all other beneficiaries. Thus, a separate insurance cover is better alternative. Here’s what you must look for when buying health insurance for senior citizens:
- Policy features
The number one factor to check are the policy features at the time of choosing an insurance plan for your parents. It is essential to know the different features of your insurance plan as not all policies are same. They have a few differences that can be the key reasons for choosing one above the other. For instance, all plans offer hospitalisation benefit, some plans even offer pre- and post-hospitalisation cover. This, way you can not only ensure financial protection for the treatment costs, but also for those expenses before and after the treatment. In addition, other features to look for are day-care procedures, in-patient hospitalisation, domiciliary treatment, and cover for alternative treatments like AYUSH. *
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- Adequacy of insurance coverage
As the trips to medical facility increase with age, it is essential to opt for a policy with adequate insurance coverage. The sum assured of the insurance policy must be purchased considering the future cost of treatment as the plan is not just for the present, but also to provide financial coverage for future treatment costs. With these future estimates about medical inflation, you can tackle medical inflation without having to buy a top-up policy. *
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- Inclusion of pre-existing diseases
As age increases, health ailments start to grip. At such a time, choosing a policy that includes coverage for pre-existing ailments is essential. This way, you can ensure the treatment of any existing diseases is a part of your insurance plan and need not worry about funding for those treatments in the future. Some insurance companies may levy a waiting period before such pre-existing coverage is part of the policy scope, but ensuring the coverage is important. *
- Lower co-pay terms
As the risk for the insurance company is higher in case of an elderly individual, co-pay clause is levied as part of the policy terms. This clause specifies that the policyholder must bear a certain percentage of the claim amount and the balance shall be paid by the insurer. With a plan that offers a lower co-payment requirement, a lesser out-pf-pocket expense can be required which can be useful in case you are sponsoring the insurance cover for your parents. *
* Standard T&C Apply
With these considerations in selecting a health cover for your parents, you can ensure an all-round coverage in terms of features as well as the sum insured amount. To compare the insurance premiums at this time, you can make use of a health insurance premium calculator too. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.