Articles 1476 views March 6, 2020

Buying Health Insurance Cover for Elderly Parents is a Must

Parents are a crucial part of life and with age advancing, health issues tend to erupt. Therefore, Healthcare and health insurance products are crucial products for elderly parents as it is the best way to ensure that parents receive the best medical assistance at the right time. Health cover for elderly parents is designed to offer medical coverage arising during a medical contingency. Buying a health cover for elderly parents is a must as old age is very fragile both physically and emotionally. therefore, a health insurance cover for parents is the best way to cover the ever-growing cost of medical treatment.

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A recent study indicates an increasing cost of out-of-pocket expenses for the elderly. Therefore, considering factors like the rising cost of medicines, rise in the cost of treatment, etc. buying an adequate health cover for oneself and especially for elderly parents has become one of the most significant needs for each family.

Today, all of us are exposed to health hazards caused by environmental changes. Many of us will witness a steep rise in the medical ailments caused due to environmental changes but even a sedentary lifestyle contributes to health ailments. Health insurance cover is important for every individual and it is of more significance to elderly parents as they are most exposed to medical ailments or lifestyle diseases like diabetes, blood pressure, heart ailments, etc. Therefore, considering the exposure of ailments to elderly parents buying a health insurance cover for them is a sensible investment.

A health insurance cover will come handy in times of medical contingency like an emergency hospitalization, medical expenses, surgery expenses, pharmacy expenses, etc. A health insurance cover for elderly parents is designed to unburden the financial expenses incurring during a medical contingency, therefore these plans usually cover every medical expense. The following are certain pointers that you must consider while choosing health cover for elderly parents:

  1. Choice of the plan: it is important to understand which health insurance plan will best suit the needs of your elderly parents. For covering your parents adequately under health insurance, you can either buy a separate health insurance plan designed for senior citizen or you can opt for a family floater healthcare plan that provides extensive coverage to the entire family, including parents. Additionally, while selecting the best plan for elderly parents it is important to note that a family floater does not always include pre-existing medical conditions.Therefore, the choice of the plan must be made after intense research regarding the benefits either of the plans is offering.
  2. Entry age eligibility: Age is an important criterion while buying a health cover as it is a deciding factor for the premium amount. All health insurance providers in India have certain eligibility criteria for age at entry. However, this eligibility criterion varies from one insurer to another. Therefore, it is highly recommended to carry out in-depth research and compare different health insurance policies before buying health cover for elderly parents.
  3. The extent of health cover: it is important to pick a health insurance cover that offers wide and extensive health cover. Understand the key factors like terms and conditions related to the waiting period, pre-existing medical conditions, details of various critical illnesses covered, etc.
  4. Sum Insured: the cost of treatment and medicines is on a rise. Therefore, it is important to buy a health cover for elderly parents that cover all the incurred medical expenses. While deciding the amount of sum insured it is important to consider factors like inflation in medical treatment, cost of medicines, cost of diagnostic tests, etc.

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