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No amount of money in the world can repay all that our parents do or have done for us all their lives. But there is definitely something we can do to make them feel loved and special. Read more to find out the ultimate gift you can give your parents to secure their old age.
When it comes to gifting our parents, we can often fall short of ideas because there literally isn’t much that can express our eternal love and most importantly gratitude for them. But there’s one thing that every child can do – care enough for their parents to secure their golden age (retirement). This is why most children prefer buying health insurance for their parents as a token of their love, care and gratitude for the latter.
This blog discusses why health insurance plans are indeed the best choice for any parent – a gift that is the most precious above all others.
As our parents get older, all they want and expect from us is a little bit of care and concern for their needs. Their needs are very limited too. As they age, their prime requirement is taking care of their health – physically and mentally. And to ensure this, they often end up incurring huge expenses on healthcare.
In times like these, a health insurance policy for seniors comes in handy, providing financial coverage for their medical costs. This means that your parents can now live their retired life without worrying over how to meet expensive healthcare needs and avail the best treatment for common health conditions without shelling out huge money from their pocket.
Health insurance provides the perfect answer to all these and much more!
Let’s look at some of the best advantages that a health insurance plan can provide to the elderly:
Sum insured is the amount of money promised to the policyholder under a health insurance policy. In this case, when you buy a mediclaim policy for your parents (policyholders), they would become entitled to receive a considerable amount of sum insured which would further guarantee that they can comfortably meet all their healthcare needs without a worry.
As their age progresses, your parents might get exposed to certain immune disorders or diseases. It is quite possible that they might have some pre-existing diseases or health conditions at the time of buying an insurance plan. The advantage of a health insurance policy for parents is that it provides coverage for pre-existing diseases. However, a waiting period of 2-4 years may exist for such coverage.
This is one of the most important benefits of health insurance plans for parents. They provide financial protection to the elderly to meet their healthcare needs for the entire life. Senior citizen plans generally feature lifetime renewability, meaning that the plan can be renewed upon its term expiry up to the death of the policyholder (lifetime).
In case your parents are unfortunately diagnosed with a critical health condition, such as heart attack, cancer, stroke, and the like, health insurance for parents above 60 would generally cover the financial cost of availing treatment for these conditions. The cost is usually higher so financial assistance from a health insurance policy would come of great help at these times.
You would only want the best health insurance for your parents because they only deserve the best. This is why it would help to keep a few important points in mind before buying a mediclaim plan for your parents:
Most health insurance plans for seniors come with a mandatory waiting period to claim coverage for pre-existing health conditions. This is done to help prevent loss to the insurer because the policyholder might purchase the policy to cover cost for a planned treatment for a pre-existing disease. This is why several senior citizen plans have a waiting period of at least 2-3 years wherein no pre-existing condition claim would be covered by the insurer. It’s therefore important to choose a policy with a minimum waiting period to avoid inconvenience to the insured.
While you may want to consider adding your dependent parents under a family floater insurance plan, if you already have one active for other members of the family. However, please note that in the case of senior citizens, with growing age, the rate of premium increases on the family floater plan. This would add further burden on your pocket. Therefore, the ideal situation would be to buy a separate individual health insurance plan for your parents. The policy would exclusively cover healthcare costs for only your parents, without burdening your finances.
Your health insurance plan would have an entry and exit age limit. The entry age means the age at which the policyholder can apply for the plan and the exit limit refers to the maximum age at which the policy is permitted to be renewed, in case of term expiry. In general, most health insurance policies would have an exit policy between 75 and 80 years of age. This means that the policy would not be allowed for renewal in case the age of the insured is beyond this age range. This is why try and always look out for the age limit defined for each policy at the time of purchase. It’s a good idea to seek the ones that offer protection for as long as possible (until the death of the parent).
Your parents deserve the best gift that they can cherish for a lifetime. This is why getting the best health insurance policy for parents makes all the more sense. In order to make the best informed choice for your parents, check out the Khushi ka Tohfa plan offered by PayBima Insurance, the best health insurance company in India for parents. This plan aims at offering a host of insurance plans to gift to your loved ones on their special occasions like birthday, anniversary, and the like. Give your parents the gift of health insurance and secure their future financially for a lifetime.
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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