Health Insurance for Parents
When we talk about health insurance, majority of people think that it is not of much use to them. But in reality, everyone should take care of their health and buy health insurance for safeguarding their future from the unforeseen events. Health insurance simply helps you to manage your budget in case of medical emergency and also saves your tax.
Parents and the need for Health Insurance
When it comes to the family, every one of us wants their family members to be safe from illnesses and accidents. These things not only harm the person involved but also disturb the entire family both in terms of health and finances. The common family structure considered involves yourself, your spouse, parents and kids. In this article, we will discuss about the health insurance for your parents.
Parents are the senior most members of the family. In majority of the cases, they are above 60 years of their age. So, when you consider their health condition, they need some safety against the possible health issues. During their early life they might have some history of medical problems. Along with these issues they are more prone to the other common health issues which are faced by the people of similar age.
Different Types of Health Insurance for Parents
Health insurance plans are of many types on the basis of the benefits they provide and the cost of premium. Some of the common health insurance plans are as follows-
- Individual Health Insurance Plan
This plan provides medical coverage to an individual person on the basis of sum insured. Customised solo coverage is the key advantage of this policy. This insurance plan covers the healthcare expenses of the insured person only and not his/her entire family.
Wider coverage and better sum insured make this plan useful for parents.Lifetime renewability and no claim bonus are some of the other benefits of this plan. Each family member needs to be covered separately under this policy.
- Family Floater Insurance Plan
If you are the person having the responsibility of your family, then this is the plan you can prefer. This insurance policy provides coverage for the multiple members of a family against a common premium paid. This is a cost effective option and the sum insured gets divided among the family members.
You can easily secure your entire family by availing this policy than handling multiple policies for each member. You can easily add your immediate family members to this plan.Covering parents under this plan is a cheaper option.
- Senior Citizen Insurance Plan
As we are discussing the insurance for parents, this is the policy which is specifically designed for the age group above 60 years of age. People in this age group are more prone to suffer from variety of diseases and fall ill.
This insurance plan takes care of the needs of the elderly people and covers their healthcare expenses.The long term high costs of the treatment of senior citizens can be managed aby availing this plan.
- Group Health Insurance Plan
Even though this plan provides coverage for a group of people together, it is different than family floater plan. Basically it is not purchased by you, this policy is provided by the employer to the employees in their organization.
But yes, you can cover your parents under this insurance policy. No medical check-up and cover for pre-existing diseases are the key benefits.These pre-existing diseases are covered without any waiting period.
- Health Insurance for Critical Illness
The prolonged diseases which are serious in nature are considered as the critical illnesses. These type of diseases require expensive treatment and in such situation health insurance plays important role.Parents with critical illnesses should prefer this plan.
These life-threatening health issues are covered under this insurance plan by charging you an extra cost for premium. The exorbitant hospitalization and the cost of treatment gets covered under this plan.
- Top Up Insurance Plan
Unlike the above types, this is not a basic insurance plan, but can be availed as a complimentary to the basic plan. Top up insurance plan is mostly purchased to avail extra coverage by paying extra premium for the same and with a specific deductible limit.
When the healthcare expenses go beyond your base sum insured, top up plan helps you to cover them. Even though it is considered as complimentary to basic plans, it can be purchased as a basic plan. Only you need to pay the deductibles amount in such case.
Before making a choice for your Parents
Now we have gone through the types of health insurance plans available for your parents. For making a choice among them you must analyse the advantages and disadvantages of these types. Once you are done with this analysis, make a suitable choice and secure your parents.
Every health insurance plan mentioned above has its own benefits and drawbacks. The benefits are already mentioned above in each type. The main part is to understand the drawbacks of these types. The common drawbacks of these types of plans are as follows.
Some health insurance plans offer limited coverage. There are some permanent and temporary exclusions for which the coverage is not provided. There are some sub-limits assigned to the expenses covered under the policy. For all the pre-existing diseases, a specific waiting period is applicable. There are some other case specific restrictions applied at the time of availing the policy.
Which Insurance will be the best for Parents?
Now that you have understood the both sides of these available options, you can make a choice which suits your requirements. Take into consideration the needs of your parents, their health condition, the possible future threats for them and accordingly choose the right health insurance plan for them.
If your parents are health conscious and have maintained a good fitness, then you can just cover them under family floater policy or group insurance policy from your employer. This will save your expenses and provide cover for your parents.
In case your parents already have some history of health issues, and they need to be taken care of, then you can avail senior citizen insurance plan. This will help you to secure them from their diseases and manage your finances in case of any emergencies.
If your parents are suffering from some critical illness, the best choice for you will be to avail critical illness insurance plan. It will take care of the cost of their treatment, hospitalization if needed and other expenses as well. You can be worry-free about managing finances and the cost incurred for the health of parents.
Apart from these options, there is one other alternative which will be slightly costly than these. You can simply buy individual health insurance policy for your parents and also avail a top up plan. This will be a good choice if you are financially sound and want to take care of your parents without compromising anything.
In which scenario insurance can get rejected?
Following are some of the situations in which the health insurance claim can get rejected.
- If you raise claim after the expiry of policy period.
- If your parent’s hospitalization date is prior to policy start date.
- If you raise claim during the waiting period assigned in the policy.
- If your claim is related to the exclusions in the plan.
- If the amount claimed by you is higher than the sum insured.
- If your claim does not fit the terms and conditions of the insurance plan.
- If you have done some misrepresentationor non-disclosure of material facts.
- If you have followed wrong claim procedure for health insurance.
- If the amount claimed is higher than the sublimit assigned in the insurance plan.
Make sure you understand the terms and conditions of the policy and avoid such mistakes to enjoy benefits of your insurance plan.
Now that you are aware of all the important things before availing the health insurance for your parents, make a smart choice and secure your parents. For all further details please contact us. Buy health insurance for your parents and get better service from Money Spring.