For the parents, age is more than simply a number. It is a component that influences how individuals spend their golden years and how they spend their savings while doing so. Health is the first companion to abandon them, dragging their hard-earned savings with it. In such cases, a parents health insurance policy can come in handy.
The expenditures of medicine, hospitalization, and therapy are all rising at an exponential rate. Add to that the drawbacks of seniors having a fixed income with no room for development. This uneasy combination may make retirement a burden rather than a delightful second inning. In such cases, a senior citizen mediclaim policy comes in handy.
A variety of insurance companies offer health insurance for parents in India to financially safeguard them. Parent’s or senior citizens’ medical insurance policies are designed to cover all forms of medical expenses incurred by the policyholder. Gifting health insurance to your elderly parents or senior folks in your family is the most effective strategy to meet their demands.
Let’s take a look at the 8 most frequent health insurance myths:
My corporate health plan is enough for parents
Without a doubt, corporations give corporate health insurance to their employees. But that doesn’t imply you should dismiss the value of personal health insurance. To be honest, your corporate policy is only valid as long as you are an employee of the organization. You will no longer be covered by the policy if you leave your work.
In contrast, if you have your health insurance policy, you will not be reliant on your employer’s health plan.
There are no health insurance policies available for my senior citizen parents
True, mediclaim insurance for elderly citizens are not easily available, and they are not as extensive as a mediclaim policy for someone under the age of 60, but plans for senior citizens are nevertheless available. Most public-sector health insurers provide mediclaim coverage to persons between the ages of 60 and 80. It means you can approach a reputable health insurance provider to purchase comprehensive health insurance policies for your elderly parents. Some comprehensive health insurance policies provide a lifetime renewal option, which implies the policy has no upper age restriction. You can renew it and continue to be covered for medical expenses.
Since my parents have certain ailments, they will not get a mediclaim cover
One of the most widespread misconceptions about senior citizen health insurance is this. Many people avoid purchasing health insurance for their elderly family members because they worry the plan will not cover their pre-existing condition. The truth, however, is that coverage is entirely at the discretion of the insurance carrier. You can receive health insurance for your parents if the insurer you choose is prepared to cover the pre-existing sickness. Before applying for insurance, conduct extensive research on the insurance companies that give coverage for pre-existing diseases.
If pre-existing diseases are not covered, what is the use of taking health insurance?
A prevalent misperception concerning health insurance, particularly among senior persons, is that pre-existing illnesses will not be covered by the plan. As a result, many people forgo purchasing health insurance.
Pre-existing diseases are covered by the majority of health insurance plans, including those for seniors. They may, however, have a waiting time for these conditions. This means that you must wait a certain length of time before filing a claim for certain treatments or diseases. You may file a claim after the waiting time has expired. Remember to carefully read your policy document to determine the waiting period for pre-existing conditions.
Getting health insurance for senior citizens is a difficult task
It is not true that obtaining health insurance is difficult. It isn’t! To be honest, with the proper research and selection, you’ll easily find a policy of your choice.
I am an NRI and can’t buy health insurance for my parents
NRIs who live abroad are permitted to purchase a health insurance policy for their parents who live in India and can also pay the premiums through different ways of transfer.
The cost of a senior citizen’s or parent’s health insurance coverage may be slightly more than that of a conventional health insurance policy. This is because older people are more susceptible to catching diseases, and the cost of treatment is also higher than that of individuals of other ages. However, the policy is not so costly that it cannot be afforded. The plans of various insurers are designed to satisfy the needs of clients at a reasonable cost.
Healthy and Fine
Maintaining a healthy lifestyle is beneficial, but it does not protect you from unanticipated events such as illness or accidents. Malaria and dengue fever, as well as critical illnesses such as cancer, can be contracted even by the fittest of people. Premiums for healthy people will be lower, and if you are healthy, you will be able to use your health insurance to the fullest extent possible.
It is best to select your policy while keeping all of the aforementioned considerations in mind. People sometimes buy or avoid these plans without fully understanding all of their features, terms, and conditions. It is preferable to be aware of what you are getting into to stay on top of everything!
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.
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