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Health insurance for parents

 

Parents are responsible for you for most of your growing years. Even after you become independent, you depend on your parents for moral support. However, when you are financially independent, your parents might be financially dependent on you for their lifestyle needs. Even for any medical needs of your parents you have to bear the costs. A health insurance plan is, thus, advised for your parents. The plan covers the health-related expenses of your parents.

Why health insurance for parents is required?

Older people have higher probability of falling sick

As age advances, so does the probability of falling ill. Older people are more prone to contracting health ailments and needing medical assistance. As such, a health insurance plan is a wise choice to combat the higher probability of medical assistance.

Medical expenses are very high

Coupled with the high probability of health ailments, the medical expenses are also very high. In the absence of a health insurance plan for parents, bearing the high and frequent medical expenses is difficult. Such expenses also pose a threat to your savings and might end up disrupting your financial goals.

How you can avail health insurance coverage for parents?

Health insurance for parents can be availed in two ways which are described below:

  Under a family floater plan

 Through a separate senior citizen health insurance plan

Under a family floater plan

Dependent parents are covered under many health insurance plans under family floater. However, there might be a maximum age up to which the family floater plan would allow parents to be covered. Beyond this coverage ceasing age, parents might be excluded from the scope of coverage.

Under a senior citizen health insurance plan

Senior citizen health insurance plans are health insurance plans which are designed specifically for covering older individuals aged 50 or 60 years and above. These plans can be taken on a floater basis covering both your parents or on an individual basis as per requirement.

Which option is more suitable?

Parents can be included in a family floater health insurance plan only if you have a young family. If your parents are quite old, including them under family floater plan would not only be expensive, it would also restrict the coverage for the whole family. Moreover, since many family floater plans have a restricting age on renewing health insurance for parents, buying a separate senior citizen plan is a better alternative. Senior citizen plans are, usually, renewable for lifetime. Thus, they provide coverage for your parents till they are alive. Moreover, senior citizen plans have a lower waiting period for pre-existing illnesses and provide a coverage which would be suitable for your parents. They are, thus, the best option to cover your parents under a health insurance plan.

Points to remember

Though senior citizen plans are better for your parents’ health insurance needs, there are some points which you should know about such plans. These points include the following:

 The Sum Insured is usually limited.

 Co-pay feature is applicable in all plans where a portion of the claim is to be borne by you.

 Premiums are slightly higher.

When choosing the best medical insurance, compare insurance policies to get the best coverage. You should also compare insurance policy for the best health insurance quote.

Health insurance for parents is important if you do not want to shoulder the high medical costs associated with frequent ailments that your parents are prone to. Choose the best medical insurance plan for a comprehensive cover and renew health insurance for parents regularly for lifelong coverage.