As your parents grow old, they have a high risk of contracting illnesses. These illnesses can be long-term and can incur huge costs. health insurance is the solution. Discussed below.
In such situations, it is best to have a health insurance plan in place that covers all the financial, medical needs of your parents and provides them with a sense of self-dependence and security during their old age. It also helps them to save on their pension money which they otherwise tend to spend on their hospital expenses.
There are several medical insurance plans for parents that can be availed to provide extensive coverage for all their medical needs. Some of these are-
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Know Family Health Insurance Cover
A family health insurance plan also known as a family floater health insurance plan primarily covers you, your spouse, and your kids, but certain insurance providers also offer the option for add-on benefits wherein you can include your parents in the insurance cover.
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Know Senior Citizens Health Insurance Cover
Under this plan, your parents above the age of 60 can get extensive cover for several illnesses and medical needs. The age limit for the insurance cover can go up to 80 years. Some insurance providers also offer the benefit of covering pre-existing ailments after a waiting period of 1 year. However, the waiting period is higher in certain plans offer by different insurance providers.
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Know Critical Illness Health Insurance Cover
This medical insurance for your parents provide them with extensive benefits cover even the most serious illnesses such as cancer, heart diseases, tumor, liver problems, etc., that are otherwise exempted in other health insurance plans.
you can choose from any of the above health insurance plans, you must also know what benefits must be included in your health insurance plan so that you do not end up wasting your money.
What should a health insurance plan for your parents have?
Your plan must necessarily cover pre-and-post hospitalization costs. This is the time when the insured individual is not in the hospital but incurs medical cost in the diagnosis and recovery from the ailment. With this benefit, even this costs are cover by the insurer.
- Your plan must provide a cashless transaction/treatment facility wherein you do not have to pay the hospital bill at the time of treatment.
- Rather the insurance provider pays for the same. This means that it excludes the process of reimbursement and helps in easy claim settlement on the spot. However, this facility can only be avail in the chain of insurer’s network hospitals.
- Your plan must cover ambulance expenses incurred for the movement of the insured individual to the hospital.
- The plan must provide added benefits such as a No Claim Bonus for the year in which you do not claim the policy. This can help in availing of lower premiums on the same plan.
- Your plan must provide high coverage in affordable premium amounts.
- your insurer must offer the flexibility of choosing a sum insured of your choice based on your needs and requirements.
In case you are looking for any of the above health insurance plans with similar benefits for your parents, you can visit Bajaj Finserv’s website and get details about all of these.
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