Republic Day 2022: Safeguard your parents by buying a good health insurance policy for them

Posted on: Nov 16, 2021 | | Written by:

Republic Day 2022: Safeguard your parents by buying a good health insurance policy for them

Published on January 25, 2022. EST READ TIME: 3 minutes

Parents are always looking for ways to make life easier for their children and are ready to do anything to fulfill their needs. But with age, parents do need a lot of support, especially when it comes to their health. Even though there has been significant medical advancement in our country for various ailments; however, the cost of healthcare is rising. Sudden health emergencies can put a huge burden on people, both emotionally and financially. So, it is always a wise decision to buy health insurance for parents. Hence, on this Republic Day, take a pledge to buy a health insurance policy for parents.

• Age

Most senior citizen health insurance can be availed upto a maximum age of 65 years. So, to get the best health insurance policy for your parents, you need to plan early and smartly. There are some insurers who also cover people beyond 65 years of age. Some insurers offer policies which can only be renewed till a certain age. Hence, you should consider a health insurance which has the option of lifelong renewability.

• Waiting period

Health insurance covers for senior citizens with pre-existing diseases are extended only after a specified time limit which is called the waiting period. It is necessary to disclose the exact state of your parents’ health while buying health insurance for them. Based on the health ailments of your parents, you need to choose a plan which best suits their requirements. Purchase a health insurance plan with minimum waiting period if you think your parents might need medical assistance in the near future.

• Co-pay

It is the cost shared by you with the health insurance provider in case of a claim. While buying health insurance for your parents you can give up the co-payment option by paying an additional premium. Check carefully with your insurance provider about the terms and conditions of the health insurance you took for your parents.

• Premium

The premium of health insurance for senior citizens will be comparatively higher than that of younger people. In case of pre-existing diseases, the premium will be higher as the insurer will charge you for the additional risk taken to cover a policy holder who has a pre-existing disease

• Sum Assured

Sum assured is the maximum amount that you can claim. Before taking a decision on the sum assured, you must think about the rising medical costs and whether you will be able to afford to pay the premium. Best health insurance for your parents is the one which you can continue to pay the premiums for year on year.

Conclusion

Purchasing the right HEALTH INSURANCE FOR PARENTS can be daunting but with little research and comparison, you will be able to figure out which plan suits their medical needs. Hence, use this Republic Day 2022 holiday productively by finding the best health insurance plan for parents.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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