Health Insurance for your parents is equally important as it is to you. It carries more weightage due to high probability of falling ill in that age. For finances sake, it is wise to transfer the risk of medical expenses to insurance company, due to the reasons like
· Increasing Medical expenses · Low surplus left after saving for other important goals. · Increasing Life expectancy and deteriorating health A person's medical needs increases with old age. With health expenses increasing exponentially, any treatment could easily wipe out your parent's savings kitty. Even if your parents are financially independent it is advisable to buy them a health insurance plan, which ensures that medical expenses should impact there savings kitty to the least. It ensures that your parent's health care is secured and they can enjoy their savings too. Don't wait for any emergency as it may cost you hugeThough most of you are actually sensitized towards this but even then could not buy any mediclaim with the reason of not finding a Suitable or BEST policy . Many of corporate employees feel that they have added the name of their parents in the employer provided coverage so there's no need to buy a separate Health Insurance policy for Parents. But this is not wise to depend on the employer's policy only. Reasons are same
This post is all about the various health insurance policies available in the market which you can buy for your parents. With coming up of standalone insurers, this health insurance segment is flooded with many innovative products. Which are quite similar with each other but suitable to your requirements.
Specific Health insurance policies for parents or Senior citizen.
If your parents has crossed 60 years of age then the options becomes specific. Following companies has got special plans for Senior citizens
1. Star Health Insurance – Star Senior citizen Red carpet plan.
2. Bajaj Alliance General Insurance – SILVER Plan
3. Apollo Munich Health Insurance – Optima Senior
4. National Insurance – Varishtha health Insurance.
5. United India Insurance – Senior citizen plan
Small comparison of the Health Insurance plans available for parents
As you can see that with the various options available for health Insurance for parents, you are bound to get confused. Below I have shared few pointers which will help you in selecting the suitable one.
1. Always go with the policy with Maximum Renewal age.
2. Work on your expenditure and buy the maximum possible coverage. Believe me; you just have to reduce your expenses by Rs 1500-2000 per month.
3. Check out for the First Year, Second year, special and permanent exclusions if any in the plan.
4. If there's any Pre-existing Illness, and you are more worried on that front then you should go with the plan with least waiting period on Pre-existing illness, like select between Star/National/United.
5. If Parents are fit and fine then select Policy with No limits on room rent .This is because the total hospitalisation expenses depends on the room rent only.
6. If Parents are diabetic then one should go with nationalised insurances like National/United, to get easy coverage. As they cover these cases with some extra premium.
Some other options for Health insurance for Parents
The options are limited in case your parents have crossed 60 years of age. But if you are acting proactively then it is wise to get them entry in this health insurance space before 60 years to take full benefit of plans that too without any co-payment, sub limits and with lifetime renewal. There are plans with Religare health insurance, Apollo Munich Health insurance and Star health (Comprehensive).where if one takes entry before 60 years i.e even at 59 years , he/she can enjoy all the benefits even after crossing 60 years with continuos renewal. Even though these plans doesn't have any entry age restrictions but still it has co-payment clause if anyone takes entry after 61 years of age.
Conclusion
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