Why Do Your Parents Need Their Own Health Insurance?
A comprehensive health insurance policy is one of the most important investments that a person can make. As senior citizens are prone to higher health risks due to their age, they need to have a health insurance plan that covers all their needs. Medical treatment costs can eat away your parents' retirement funds, leaving them financially vulnerable at an old age. These days, most insurance companies have introduced health insurance plans specifically geared towards senior citizens. You can consider buying these specific health insurance plans for your parents or adding them to your existing family health insurance plans.
Types of Health Insurance Plans for Parents
Let us understand the three main types of health insurance for parents:
Family Floater Health Insurance Plans
You have the choice to add your parents to a family floater insurance plan. Many insurance companies allow you to add your parents to their family health insurance plans as dependents. However, your family plan premiums could go up in case of multiple health insurance claims due to your parents’ medical conditions. In such a situation, individual health insurance for your parents is a good option.
Individual Health Insurance Plans
If you want to buy health insurance plans for your parents, you can get individual health insurance plans. Individual health insurance plans are a good option if your parents are below the age of 60. This will ensure your personal insurance plan premiums do not go higher due to their insurance claims.
Senior Citizen Insurance Plans
If your parents are between the age of 60 to 80, they will be eligible for the various senior citizen insurance plans specifically tailored for them. Getting a senior citizen insurance plan for your elderly parents is one of the best options to protect your parents against unexpected medical costs.
What is Covered Under Health Insurance for Parents?
We are sure you want to understand the inclusions before making a purchase decision. Hence, here’s a quick view of what’s covered under health insurance plans for parents:
It is no news that hospitalisation costs are going through the roof. So, severe illnesses and accidental injuries could burn a big fat hole in your pockets. Well, don’t fret! A comprehensive health insurance plan protects you against such unexpected and exorbitant medical expenses up to the coverage limit.
Pre and Post-Hospitalisation Expenses
In case of hospitalisation, a health insurance policy covers pre and post-hospitalisation expenses, i.e. medical costs incurred before hospitalisation and after being discharged. The number of days covered varies from insurer to insurer.
Multiple health treatments like varicose veins surgery and cataract surgery take up to 24 hours of hospitalisation at max. A comprehensive health insurance cover ensures you are financially covered for daycare treatments as well.
Earlier, Ayurveda, Unani, Siddha, homoeopathy, etc., used to be a part of exclusions. However, comprehensive health insurance plans have now started covering AYUSH treatments.
Pre-Existing disorders are covered under healthcare plans. However, you cannot seek compensation for these illnesses right after the policy commences. The waiting period for such claims varies from one insurer to another.
You are covered against medical expenses arising from critical surgeries like bariatric operations with a health insurance plan. You can consult renowned surgeons for your parents without worrying about arranging finances.
What is Not Covered Under Health Insurance for Parents?
Now that you know what is included in a comprehensive health insurance plan for parents, let us explore what isn’t!
Any pre-existing diseases and injuries
Health conditions diagnosed within 30 days from the policy commencement date
Self-inflicted injuries and mental disorders
Medical costs related to HIV/AIDS treatment
Overconsumption of drugs, alcohol, and intoxication
Dental surgeries (unless due to an accident)
Expenses incurred on purchasing external aids like spectacles and lenses
Plastic and cosmetic surgeries
Injuries due to war, terrorist attacks, nuclear weapons, etc.
Essential Factors to Consider When Buying Health Insurance for Parents
Here are a few factors you should keep in mind when choosing a health insurance policy for your parents:
The most important factor to keep in mind when buying health insurance for your parents is the total sum assured in the policy. The higher the sum assured, the better protection your parents will have. Look for a plan with a higher sum assured so that your parents are financially covered when faced with hefty medical bills.
Most health insurance plans have a waiting period where the insurance companies are not liable to pay for any medical expenses arising from pre-existing conditions. Look for an insurance plan with the lowest waiting period, so your parents get the coverage they need as soon as possible.
Another factor to consider when buying health insurance is the cost of the insurance policy. You can save money on insurance costs by browsing through various insurance plans offered by companies online and choosing one with the best features at a lower price. Make sure you buy a plan that fulfils your requirements.
Senior citizens are at a higher risk of contracting critical and life-threatening illnesses. Make sure you opt for a health insurance policy that provides critical illness cover for most critical diseases such as cancer, heart attack, diabetes etc.
Most insurance companies partner with hospitals around the country, enabling you to get a cashless treatment under your health insurance plan. When buying health insurance for your parents, make sure you buy a policy with the maximum number of reputed hospitals under the insurance company network to receive the best medical treatment.
When choosing a policy for your elderly parents, try to get one that provides comprehensive coverage with features such as pre and post-hospitalisation cover, ambulance coverage, room rent and other necessary covers your parents may require. However, you might not get all the additional covers you need under one insurance plan. In that case, you have the option to buy add-on covers on top of your parent’s health insurance plans.
Some health insurance policies have a co-payment clause where the policyholder needs to pay a percentage of the medical costs. Try to look for a policy with zero co-payments or lower co-payments compared to other plans.
Many insurance policies offer free yearly or semi-yearly health check-ups to the policyholders. Regular health check-ups are necessary for senior citizens to detect diseases or ailments before they become health concerns. Try to select a plan that offers frequent and regular health check-ups as part of the policy.
Exclusions refer to diseases or treatments that the insurance company is not liable to pay coverage for. When buying health insurance for your parents, go for a plan with the least number of exclusions.
You need to keep all the above points in mind to choose a health insurance policy that provides the best coverage for your elderly parents. It is best to compare and browse all available plans online. Bajaj MARKETS has a Senior Citizens Health Insurance plan that may be perfectly suited for your requirements. You can also look at the various individual and family health insurance plans available at Bajaj MARKETS.