All About Senior Citizen Health Insurance Plans For Your Parents
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As your parents are older, they may not be able to afford their own health care. Thus, as a responsible child, you should purchase health insurance for your parents so that the coverage will cover any medical expenses incurred if they have a medical emergency.
In most health insurance policies, there is a limited entry age at which the policyholder can purchase the policy. The majority of plans have an eligibility age limit of 60 or 65 years old.
All About Senior Citizen Health Insurance Plans For Your Parents
Senior citizen health plans, as previously mentioned, are specifically tailored health care plans for parents that are only available to those over the age of 65. The coverage features were created with the needs of people in their later years in mind.
Features of Senior Citizen Health Insurance Plans
Parents' health policies, which include medical care to parents over the age of 60, have a few distinguishing characteristics.
- Insured For A Limited Amount: Parents' health care policies have a small amount of coverage. Since insurance providers are aware of the high health risks associated with older people, the coverage amount is restricted. Most parents' health insurance policies have coverage up to a limit of Rs.10 lakhs, with some plans allowing coverage up to Rs.25 lakhs.
- Co-pay Ratio: A co-pay ratio is included in any health insurance plan for people over the age of 60. The term "co-pay" refers to a split of the claim payment. In the event of a lawsuit under the scheme, the policyholder will be responsible for a portion of the claim. The policyholder's share of the argument is referred to as the co-pay ration. If the percentage is 10%, the policyholder would be required to pay 10% of the claim sum out of pocket.
- Pre-Existing Illness Waiting Period: Parents' health insurance policies cover pre-existing conditions following a brief waiting period. Since the package is designed for parents over the age of 60, the waiting period is kept short so that coverage can begin as soon as possible.
- Discounted Prices: On your parents' plans, you will get various discounts for:
-Choosing long-term security
-Adding a spouse to the cover
-Purchasing an insurance policy over the internet - Pre-Entry Medical Examinations: Before the policy is released, the insurance provider will require the insured to undergo pre-entrance medical examinations. These medical examinations are paid for by the policyholder. When the policy is released, the insurance provider reimburses 50 percent to 100 percent of the costs associated with the check-ups.
- Premiums Paid In Instalments: You can now pay the premiums for a health insurance policy for parents in instalments, thanks to recent reforms mandated by the IRDAI (Insurance Regulatory and Development Authority of India). Premiums may be paid in monthly, quarterly, or half-yearly instalments.
Choose a package with the most comprehensive coverage options. You can supplement the health insurance coverage with super top-up options in addition to contrasting the various plans. This will expand the scope of your current health insurance package, allowing you to meet your parents' health insurance needs.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
