As the cost of medical treatments rises, investing in good medical insurance becomes a necessity. Health insurances these days are not expensive and can give you many benefits. You can save yourself from depleting your savings during a medical emergency. Some policies also offer a no-claim bonus if the insuree does not require a claim in a specified period. In contrast, others increase the cover amount as an incentive without any added premium cost.
Our parents, who are steadily growing older, need good medical insurance to cover their health expenses. Usually, people buy family health insurance with a smaller premium covering all family members. However, because parents are at a bigger risk of developing medical problems, you should opt for separate parents medical insurance policies.
Why get separate Health Insurance policies for parents?
Senior citizens are one of the vulnerable classes that need medical insurance to protect themselves. When our parents were young, the concept of health insurance wasn’t much prevalent. However, with a wide variety of medical insurance policies available in the market, there is no time better than now to get good parents medical insurance. Now, although you can include your parents in your family floater plans, here are some reasons why you should consider getting separate medical insurance for your parents:
- High premium-. If you have a family floater plan, you can add your parents to the same medical insurance policy. However, note that all the insurance companies will increase the premium if your parents are over 60+ years. Hence in this case, again a separate parents’ medical insurance will be a better idea. Since you will already be paying a bigger premium by adding them to the family floater, paying a separate amount to get suitable plans for their specific needs will ensure complete protection for your parents.
- Prone to iIllness- Older people are more prone to getting ill. If your parents have specific co-morbidities, buying separate insurance plans is a good option. The reason for it is simple. Imagine a scenario where both your parents need medical treatment simultaneously, but one treatment depletes the entire insured amount. In this case, you or your parents will have to pay the hefty hospital bills. With separate policies, each of them will be able to get the treatment without any shortfall.
- Need specialised services- The family floater plans do not cover all the diseases with growing age. The senior citizen medical insurance will be specialised to cater to your parents’ needs. This way, they will be able to get insurance for all of the ailments, including critical illnesses.
How to find your fit?
When looking for parents’ medical insurance, you should consider a few things so that the insurance plan you buy is the perfect fit for your elderly parent. You must consider some pointers while buying parents insurance. These include:
- Age of parents – The policyholder’s age determines the cost of the premium they have to pay. If your parents are over 55 or 60 under the senior citizen’s category, note that you will have to pay a higher premium for their medical insurance. It is important to get parents medical insurance as soon as possible to avoid this situation. The rule of thumb with insurance companies is that the higher the age, the higher the premium.
- Pre-existing medical conditions – Pre-existing medical conditions will also determine the cost of the premium and a waiting period. It is essential to mention all pre-existing medical conditions to the insurance companies to avoid miscommunication with the insurance providers. Many insurance providers put up long waiting periods in their policy terms. Hence the best way to find the right insurance is to get the ones that have the least waiting period. Note that it can be anywhere between 1-2 years.
- Compare the available options – Do not blindly buy insurance without considering the other options in the market. Currently, there are hundreds of medical insurances available for the elderly with different benefits. Always compare these and then select the best ones that suit your parents. Do your research and ask questions. Always read the terms and conditions, so there is not an issue when one of your parents needs hospitalisation.
To sum up
In conclusion, buying a parents medical insurance separate from family floater medical insurance is very important because they need customised care and attention. Also, since the chances of them needing medical care are higher, each of them should be insured separately. You should always aim to get insurance as early as possible to avoid high premium amounts and get over the waiting period before it’s too late.