Aarohi worked for a multinational company in Mumbai. Staying away from her ageing parents, her fast-paced hectic lifestyle left her with hardly any time for herself and for her parents. One day, out of the blue she got a call from her panicked mom informing her that her father had to be rushed to the hospital due to a stroke. Not only did she have to rush to Pune but also arrange for the hospital bills which ate away into her savings and even left her in a huge debt. This is when she regretted not having a health insurance policy for her parents.
With health care costs on a rise, it is important for us to ensure that our parents are covered. It is the only way to secure the health and happiness of our elderly parents. Unfortunately, most people delay doing this as they feel their employer’s group health policy might be enough. But what if the employer stopped covering dependent parents or if you switched to a new job where the group policy does not cover dependent parents? You need to buy a separate health insurance for parents to cover their healthcare needs. Here are some things that you need to keep in mind while doing so.
Things to Consider While Buying Health Insurance for Parents
Senior Citizens Health Policy
Based on IRDA guidelines, insurance companies now offer special health insurance plans for senior citizens and have niche products to cater to pensioners. These plans meant for citizens in the age group of 45 to 75 years, provide hospitalization expenses, day care expenses, pre and post hospitalization expenses, ambulance charges and many other benefits. You can opt for plans such as Bajaj Allianz Silver Health for covering your parents’ medical care.
Family Floater Policy
Other than a separate insurance plan for senior citizens, your parents can also be covered under a single family floater plan. Family floater health insurance policies provide medical cover for you and your family. This can include your parents as well.
While opting for a health insurance policy, it is important to consider the waiting period for pre-existing diseases. Parents usually get covered under senior citizens policy after the age of 50 years. At that point they might be suffering from certain diseases. It is important to note that most health insurance policies catering to senior citizens have a waiting period of 2 to 4 years for covering such pre-existing diseases. It is best to zero in on a policy with a lesser waiting period for pre-existing diseases.
Entry Age and Renewal Age
There is a restriction on the entry age for the senior citizens health policies. For example, the entry age of Bajaj Allianz Silver health policy is 70 years. Similarly, there is also a certain renewal age for these health insurance policies.
There is also a co-payment option for the health insurance policies for senior citizens. The Bajaj Allianz Silver health plan has a 20% co-payment the admissible claims to be paid by the member if treatment is taken in a hospital other than a network hospital. Waiver of co-payment is available on payment of additional premium.
Sum Assured and Premium
The amount of insurance cover that you take at the time of taking a policy is known as sum assured. Check the sum assured at the time of taking health insurance for parents. Also, keep in mind the premium that you have to pay. Usually the premiums are higher as the additional premium is to compensate for the additional risk taken on by the insurance company to cover a policy holder who has a pre-existing disease.
Your parents have been your support for life. It is important to ensure that you find the right health insurance policy so that they get the best quality medical care when they need it the most. Read the fine print, especially the exclusions while opting for a special senior citizen health plan for parents.
There are different types of health insurance policies to suit the needs of senior citizens. To find the best cover for your parents, check out our health insurance plans.