Medical Insurance For Parents

How to choose medical insurance for your parents’ health needs

We live in a world where the medical expenses are sky high and almost everyone needs medical treatment at some point or the other. With age, our body grows old and gets more vulnerable to diseases and infections. So, the elderly need more medical attention than young folks. However, the source of income for the elderly, especially the retired ones are but very limited in most of the cases. So, it becomes all the more important for them to have a plan for their medical expenses upfront. When your parents are dependent on you for their financial needs, it becomes a necessity for you to take medical insurance for your parents.

How does taking medical insurance for parents help? – The benefits explained

  • It is very important for us to cover our parents under a good health insurance plan for a simple reason that they are more prone to health issues. Nobody wants their parents to get ill but it is the truth of life that the later stages of life are more prone to bad health.
  • Insurance gives you the assurance that your parents get the best treatment with the best possible medical facility without you or them having to fear much about the high expenses.
  • For this to happen, however, you need to keep paying a premium every year to the insurance company.

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How can you get your parents insured and what are the different eligibility criteria for the same?

Everyone does not have the same health and so the eligibility for getting health insurance cannot be the same for all. One has to check certain criteria to be eligible for a health insurance plan and based on these criteria, a good insurance plan can be chosen for an individual.

1) Age factor is important when looking for a fresh insurance plan for your parents

  • Age plays an important role when considering a fresh health insurance plan for your parents. The more they age, the more is the premium and the lesser is the diseases covered in the given premium.
  • So, it is always advisable to enroll for health insurance at an early age and reap the benefits of lifelong low premiums. Also, in case of an emergency at an early age, your parents have proper insurance coverage and so it is easier for you to manage the expenses.
  • Typically at the age of 60 and more, the chances of getting new health insurance with proper coverage and low premium are very limited.

2) Past health issues and coverage of any major past illness

  • This is another important criterion to check before going for any sort of health insurance. If your parents had an illness in the past which is now fine, but is repeatable, then it becomes important for you to get it covered in the new health insurance plan as well.
  • Moreover, if your parents are suffering from a major disease in the present, there are chances that you don’t get any health insurance for that disease for the next couple of years.
  • So, it is important to start your parents’ insurance as early as possible in order to prepare for a situation when they fell ill.

3) The health cover eligibility for the elderly – the higher it is the better

  • Usually, for older folks, the health insurance cover is quite low. This is because they are more vulnerable to diseases and the insurance companies charge a high premium for a bigger health cover.
  • But, for you, it is important to choose a medical insurance plan which provides the best cover for important diseases.

4) The premium that is applicable for a selected plan – the lower it is the better

  • As you grow old, the premium for new insurance starts going higher and higher. So, it is important to check the premium that your insurer is offering before choosing a health insurance plan.
  • Sometimes the first year’s premium has discounts but the premiums thereafter are very high, so ensure you verify this factor as well.
  • We should try to keep the premium within our budget so that we can pay it timely and avoid missing the premium payment.

5) The hospital network coverage of your health insurance plan- review it thoroughly

  • A health insurance plan with a higher cover and a lower premium may seem to be the best deal, but there is one more thing to be considered before locking in the deal.
  • This is the network of the hospitals the insurer has tie-ups with and is a very important factor you need to consider.
  • The plan should not only cover the good hospitals in your city but also throughout the country so that wherever you are at the time of emergency, you have a back up ready in that place.

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Timely renewal of the insurance to keep your finances safe in case of an emergency

  • It is very important to renew your medical insurance plan timely in order to keep the insurance benefits active. If you do not pay your premium, your plan may get null and void based on your health insurer’s terms and conditions.
  • Also, next time you will need to apply for new insurance and that will cost you a higher premium than before.

Conclusion

  • It is now clear that health insurance is a must for your parents and you should enroll for one for your dependent parents. If your parents are still working and have insurance provided by their office, you need to ensure that once they retire, they remain covered under another health insurance plan.
  • There are different criteria you need to check before enrolling in a plan and once the enrolment is complete; you need to ensure that the plan is renewing timely.
  • Medical insurance not only helps you in an emergency, but it also allows you to plan your finances well and helps in tax rebates as well. So, get your parents insured with a proper plan and let them enjoy their lives while you keep enjoying yours without the fear of any financial stress.
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