Guide To Buy Health Insurance For Parents
Updated On May 10, 2021
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Buying health insurance for our parents becomes an essential part of or responsibility as their caregivers. With age, our immune system diminishes and we are more susceptible to chronic, critical illnesses, requiring frequent visits to the doctor and rigorous medical screening. The cost associated with such medical supervision comes with high costs of treatment that open pierces a hole in our long term savings and hence it is necessary to buy the right kind of medical insurance for your parents. However, you need to choose the plan that provides optimum coverage at an affordable rate and in this article we are going to guide on how to buy the health insurance plan for parents. Read on to find out more.
Guide To Buy Health Insurance For Parents
The following is a list of pointers that you should check for buying a health insurance plan for your parents.
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Comprehensive Coverage
When you are buying a health insurance cover for your parents you must select a policy that comes with comprehensive coverage.It is advisable to select a plan that covers both pre-existing diseases and critical illnesses. Furthermore, choosing a plan that guarantees a monthly income for your parents in their post-retirement lives and an added advantage would be the incorporation of daycare procedures such as cataract surgery, dialysis or chemotherapy would complete a full circle for your parents’ medical needs.
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Pre-Existing Illness Coverage
When you are buying the same for your parents you must select a plan that comes with this cover. Pre-existing diseases remain latent and asymptomatic but have the capacity of aggravating other illnesses, especially in old age. Such diseases are generally covered after a waiting period, ranging from a few months to 2 years. But health insurance plans for senior citizens do not have these appendages and offer all round coverage and protection to your loved ones.
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Transportation Coverage
As we scale up the age ladder, our mobility is affected and it interferes with our ability to move faster. Hence, it is always advisable to look for a health insurance plan that comes with transportation or ambulance coverage. It will help in swiftly transfering your parents to a hospital or a medical clinic, ensuring no delay in receiving medical attention.
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Lifetime Renewability
The health insurance policy that you want to buy for your parents must come with a lifetime renewability feature. While most health insurance plans come with coverage upto the age of 65 years, a lifetime renewability feature ensures that your parents continue to receive an insurance cover till their death. You need not worry about investing in a new plan or updating your existing plan for continued protection.
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Select A Higher Sum Assured
Be sure to select a plan that comes with a higher sum assured for your parents. While the standard rate of sum assured should be equal to 10 times your annual income, a higher sum assured is generally provided to people who are older. Therefore, the plan that you buy for your parents should already come with a higher sum assured and you are advised not to settle for a plan with a lower amount.
Take Away
These steps will hopefully guide you to buy a comprehensive health insurance plan for your parents. However, this list is only suggestive and the plan that you buy will ultimately be dependent upon your financial and medical requirements.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
