Health Insurance For Parents: What All Is Covered?
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Turning a senior citizen at 60 years of age and nearing retirement is nothing less than a milestone. As adults, we have a host of responsibilities, but with time, our roles with our parents are reversed as we turn into their primary caregivers at old age. As senior citizens, our parents become dependent on us for their well-being and we need to take control of their financial and physical well-being. With age our parents become more susceptible to certain illnesses and hence it is necessary to have health insurance for our parents, ensuring a secure financial future to meet their rising medical costs.
There are special health insurance plans designed for parents and in this article, we are going to talk about the wide coverage options provided by most insurance providers for our parent’s health plan -
1. Comprehensive Coverage
With the increase in age, our immune system diminishes, and the susceptibility to certain diseases increases. Comprehending this crisis, health insurance for parents comes with comprehensive coverage options that offer a financial cushion against any unforeseen medical emergency. It includes a monetary reimbursement of pre and post-hospitalization charges, consultation fees, nursing fees, and pharmacy costs. Several daycare medical procedures such as a cataract surgery or dialysis or chemotherapy is covered by these policies as well and it aims to offer an overall coverage of medical expenses that might be required by your loved ones.
2. Pre-Existing Disease Coverage
Health insurance plans for parents cover pre-existing diseases. Most general health insurance plans do not cover pre-existing medical conditions and this is an added benefit under insurance policies designed especially for senior citizens. Many critical illnesses or diseases might be present without a symptom as an underlying condition and their manifestation is aggravated or more visible at old age. This coverage option ensures all-round financial protection and medical attention for your parents. It can be availed by them immediately with the commencement of the policy, except for prescribed treatment made for the preceding 12 months.
3. Ambulance Coverage
Seniority in age reduces our ability to move fast. It affects our mobility and therefore, in times of a health emergency,an ambulance or any other mode of transportation becomes indispensable to help them reach a hospital or receive medical supervision. Health insurance plans for parents comprise an ambulance coverage option as an inbuilt feature that covers the complete transportation cost of an ambulance, effectively reducing any delay in medical intervention.
4. Wide Age Coverage
While most health insurance policies have a maximum age of entry at 65 years, health insurance policies for our parents have an extended upper age limit. The eligibility age or coverage for health insurance plans for parents begins after the age of 60 years and continues till 80 years of age. Such a broad age quota ensures that your parents are covered for their mounting medical expenses for a comprehensive period of time, thereby reducing your tension in amassing funds for a medical emergency.
5. Higher Sum Assured
The sum assured amount of most health insurance policies is decided by the age, occupation, and lifestyle of the policyholder. Since people are less likely to die or suffer from fatal diseases in their younger days, the sum assured amount is also comparatively less in comparison to health insurance plans for senior citizens. This is an advantage for health insurance plans for parents, as, corresponding with their seniority, the sum assured amount is much greater. This amount is sufficient and comfortably covers the medical and financial needs of your parents, who after retirement might have lost their regular sources of income.
These are the most significant coverage options for health insurance plans for your parents. Seeking to offer maximum financial protection, buying a health insurance plan for your loved ones is a wise decision in times where health expenses are at an all-time high. However, there are many more options to choose from in the market. This is only a suggestive list and the plan that you buy will be contingent upon your family’s medical, financial and personal 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.
