Days go by and our parents grow old and this time it’s our turn to take care of them. As our parents age, it is our responsibility to show them how much we appreciate everything they have done for us. Simply by looking after their health needs, it can be sufficient. To ensure that they don’t need to face a financial crisis if there are any medical problems during the sunset period of their lives, you can obtain health insurance for your parents.
The health insurance market has a variety of options. How do we choose right? Here are some tips to help you make the right decision.
Health is life’s most valuable gift! Buy your parents health insurance when they’re still relatively young. Along with rising age, the premiums increase. Around the same time, senior citizens are at greater risk of developing illnesses. Buying the plan that benefits the parents in a variety of ways early, as it decreases the risk of claim-rejection under pre-existing illness, even at lower premiums.
Next, It is important to also pay attention to hereditary and genetic diseases. some disorders are inherited, such as sickle cell anemia. There is also an unnoticed incidence of such genetic disorders. Therefore, always check the insurer’s attitude towards pre-existing illnesses.
If your parents already suffer from such conditions which are indefinitely excluded by the scheme, opt for another package. After a particular waiting period, some plans cover pre-existing conditions, typically from two and four years. For a pre-existing illness, it is often easier to get a package with a low waiting period.
Insurers generally drive their family floater policies against them as premiums are higher. While your entire family is covered by a family floater plan, you must realize that it is a single cover. If one participant makes a big claim, insurance coverage will not be applicable to the other members during that year. The elderly face a greater risk of developing chronic diseases that are costly to treat. Thus, instead of a floater package, you can get an individual senior citizen health insurance plan for your parents.
More than that, Under the senior citizen scheme that you buy for your parents, you can make use of cashless care benefits. Insurers have tie-ups with a hospital chain, and near your area, your parents can get cashless care. Therefore, make sure that your provider has an extensive network, so in case of emergencies, access is easy.
In conclusion, for your parents, quality healthcare will be a great gift that minimizes financial burden in the event of medical emergencies. Choose an appropriate insurance package for your parents.