Health problems have become a common concern for people of all ages, as stress levels are increasing and environmental conditions are decreasing. In any family today, ailments such as diabetes and hypertension are common.
However, there are other critical illnesses in which medical and financial emergencies can arise at any moment, without any prior warning. In such a situation, the only hope is a health plan.
As age increases, our parents are often susceptible to various health conditions that are increasingly common in old age. In order to ensure that our parents have a stress-free retirement life, it is important that we ensure that parents have the best health insurance plan. So, there are certain things you should know while opting for the best health plan for your parents, and they are listed below in this article..
5 Things You Should Know Before Buying the Best Health Plan for Parents
- Purchase a Plan at an Early Stage
To avoid age-related restrictions, purchase a health plan for your parents at an early stage. Premium increases with an increase in age and the policy coverage to be provided for diseases is also very limited with an increase in age. When you buy a health plan early, you can ensure that your parents are covered comprehensively.
- Select a Health Plan with Maximum Coverage
The insurance plan that costs less is not enough for your parents. It is important to purchase a plan that provides maximum coverage so that the treatment expenses can be covered. Also, it ensures that the expenses of frequent medical assistance that your parents might require due to age-related problems can also be covered sufficiently.
- Age Limit of the Plan
If you are buying a normal health insurance policy for your parents, the entry age might be restricted to 65 years. If your parents are older than the entry age limit, you can opt for senior citizen health insurance plans. These plans are developed specifically for senior citizens aged 60 years and above and would be suitable for covering your parents.
- Check Co-payments Clause
A co-payment clause is included in the health plan for senior citizens, which means that the insured must bear some portion of the claim amount (as stated in the plan). This co-payment ratio can range from 10% to 50%. You must, therefore, seek a plan that provides the best deal, i.e. has a low co-payment ratio so that your out-of-pocket expenses are minimized. In short, a health plan with a high co-pay amount should be avoided.
- Scan the Exclusions and Waiting Period for Pre-existing Diseases
The waiting period on pre-existing diseases is a major concern in choosing your parents’ health plan. You must check the terms and conditions related to pre-existing diseases as they are important. Pre-existing diseases can only be included in the health plan after a specific waiting time. However, it may happen that your parents may need treatment for a pre-existing disease before the waiting period is over. In such a situation, the health insurance provider will not approve your claim and you would be in trouble. Therefore, it is very important to opt for a policy with a low waiting period if your parents suffer from pre-existing conditions. Moreover, you should check the exclusion list of the policy to know what is covered and what is not covered by the health insurance policy for your parents.
Points to Keep in Mind
The question is “Should you include your parents in your family floater health insurance plan or opt for a separate plan for your parents?”
Answer
Ideally, you should prefer to buy an independent health plan for your elderly parents rather than including them in your family floater plan i.e. health cover to the whole family.
Reasons
- If you include your parents in your family floater coverage, the premiums would increase considerably.
- Moreover, given your parents’ old age, there might be frequent claims in the policy and you would not be able to enjoy no-claim bonuses.
- If your parents make frequent claims in the floater plan, the sum insured for other family members might prove insufficient if they make subsequent health insurance claims.
- So, including older parents in your family floater plan would be a risky choice.
It is, therefore, advisable to purchase an independent senior citizen health plan for your parents which would meet their specific coverage requirements.
Conclusion
There have been so many challenges that your parents must have faced to give you the life that you have today. So, now it’s your job to make their life pleasant and smooth. One of your biggest moves in giving your parents a comfortable retirement life is a decent health plan with maximum coverage. So, buy a health plan for your parents and keep in mind the above-mentioned points when choosing the best policy.
