If you’re not familiar with the medical insurance for parents, here’s what this type of health insurance is and what does it cover.
Parents who are in their older ages require a specialized insurance plan. Due to their advancing age, they need regular medical attention, and they suffer numerous health-related problems.
Additionally, their age puts them at risk of critical illnesses. With medical treatment costs escalating steadily over the past couple of years, paying expensive medical bills for your parents can put stress on your finances.
Moreover, they might not be able to afford medical treatments or health insurance independently the older they get.
Thus, you should purchase health insurance for parents. Then, if any medical emergency occurs, the insurance plan would cover the expenses incurred.
What Is A Medical Insurance For Parents?
Regular health insurance plans have a maximum entry age up to which the policyholder can purchase the plan. Usually, the maximum entry age ranges between 60 and 65 years.
However, this is not the case for medical insurance for parents since the minimum entry is generally 60 years.
There are a few renewability factors in this type of insurance, which depend upon the insurance provider chosen. Some providers offer lifelong renewability, while others have a maximum age limit of 80 or 90 years.
Medical insurance for parents is usually indemnity-based plans, i.e. the plans cover the cost of the medical treatment incurred.
Such insurance plans also offer greater tax benefits as compared to regular health insurance plans. Just check your local laws if you can claim tax benefits on the premium paid towards the health insurance of your parents.
When deliberating on which insurance plan to choose, carefully choose the sum insured. The amount chosen should match your parent’s requirements and be sufficient to combat the high medical bills.
Base your sum insured on your parent’s age, fitness levels, and medical history, as this would help you choose the appropriate amount.
Coverage Under Medical Insurance For Parents
Here is what this type of medical insurance can cover:
1. Pre And Post-Hospitalization
Medical insurance for parents usually covers pre-hospitalization expenses incurred 30 days before being admitted and post-hospitalization expenses incurred within 60 days of being admitted.
This includes expenses for surgical follow-ups, OPD visits, and diagnostic tests.
2. Illness And Accidental Hospitalisation
Illnesses and accidents are unexpected emergencies that are usually accompanied by huge financial bills.
Therefore, having a medical insurance plan in place would be extremely helpful since it would cover the medical expenses incurred due to the accident or illness.
3. Major And Minor Surgeries
What is one of the first things that come to your mind when you hear the word surgeries? It’s expensive, isn’t it?
Surgeries have become associated with high medical bills for quite some time. Hence, whichever medical insurance for parents you purchase includes coverage for minor and major surgeries.
This would allow them to get the best treatment without any compromise, and the insurance plan would cover the expenses.
4. Treatment For Psychiatric Illness
This is a relatively new addition to such health insurance plans.
With the stigma surrounding mental disorders decreasing and the significance of mental health on the rise, this coverage can prove valuable.
5. Critical Illness
Some medical insurance plans for parents offer critical illness cover as part of the base policy or in the form of an add-on.
However, the chances of being diagnosed with critical illnesses such as heart problems and strokes increase with age, and the treatment costs for such illnesses are expensive.
Hence, get medical insurance that includes a critical illness cover.
6. Annual Health Check-Up
Most health insurance plans for parents include expenses for annual health check-ups.
This is because these annual check-ups help ascertain the general health condition and check for early signs of any fatal or critical illnesses.
Aspects To Remember
As you might have witnessed by now, medical care matters more in the advanced years of life. Thus, when choosing medical insurance for parents, do not just consider the diagnosis charges and medical treatments.
Instead, focus on aspects like:
- Overall coverage;
- Adequate sum insured;
- Range of network hospitals for cashless treatments;
- Waiting period;
- Renewable age limits;
- Claim settlement ratio;
- And the reputation of the insurance provider.
Hopefully, this article will help you consider medical insurance for parents as an option for your family’s health.