About 65% of Indians are under 35, giving the country a substantial demographic advantage. Our brilliant youth are making great strides in all fields and contributing to the nation’s development. To pursue improved education and employment opportunities, many young Indians are leaving their home country. One of the most pressing concerns of these children is the health of their elderly parents, and among their top worries is how to manage a medical emergency involving their parents.
The insurance industry recognises the significance of ensuring one’s parents are healthy and active. To address these concerns, the health insurance industry offers plans and enhancements catering to senior citizens’ specific needs. This article discusses the considerations that must be made when purchasing health insurance for parents.
A comprehensive policy with an adequate amount of coverage:
The risk of numerous diseases and medical problems increases with age, and medical inflation is rising at an unprecedented rate. Comprehensive health insurance for individuals allows you to manage medical emergencies without draining your savings or those of your parents. You should ideally search for a policy with broad coverage and a sufficient amount insured. *
Please remember that a policy with a low sum insured would not be helpful in the event of an unfortunate occurrence. When determining the quantity insured, you should also consider the cost of inflation. A certain amount of insurance coverage may seem good today but may not be sufficient in a few years. Increasing the insured amount every few years is recommended to accommodate medical inflation.*
Beware of waiting periods and sublimits.
The other essential consideration is the waiting period for pre-existing conditions. Pre-existing diseases refer to afflictions or health conditions the policyholder possessed before purchasing health insurance. Typically, insurers impose a waiting period on such conditions, and the insured can only submit a claim once the waiting period has ended. A policy designed specifically for senior citizens has shorter waiting periods than others. You should seek insurance policies with significantly shorter waiting periods using a health insurance premium calculator.
Search for hospitalisation at home.
This refers to the circumstance in which insurers cover the cost of home treatment when the insured cannot be admitted to the hospital, or there are insufficient hospital spaces. Certain conditions apply to the coverage, which may differ from insurer to insurer. This coverage benefits senior citizens, as they are likely to develop a condition that makes hospitalisation challenging.
Why should parents choose a separate health insurance plan?
The age of the eldest member determines the family health insurance plan premium; including parents will considerably increase the premium.
Remember these essential considerations as you search for health insurance for your parents. A comprehensive health insurance policy is likely one of the finest gifts you can give your parents. It will prevent them from spending their life savings on medical expenses. Health insurance will give them peace of mind, improved access to quality medical care, and a worry-free existence.
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* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
