Health / Providing the Best Health Insurance for Parents

Providing the Best Health Insurance for Parents

Updated on July 31, 2021 | by Alex Smith

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Senior citizens are usually prone to health problems such as diabetes, high blood pressure, heart problems, etc. They may suddenly fall ill and may require urgent treatment. But everybody cannot afford to meet medical expenses during emergencies. But, if they are insured the insurance companies can immediately provide compensation to the patients. Many aging parents are living with their children. The children can provide the best health insurance for parents to provide treatment whenever they require it.  They should always give medical attention to their parents. If they are insured, then they are financially secured. They can undergo quick treatment when they fall sick. 

Benefits of Health Insurance to Parents 

The senior citizens can live peacefully as they are financially secured. The health insurance policy is beneficial to the customers in several ways. The policy covers the pre and post-hospitalization expenses. It is also used to cover the hospitalization costs for COVID. During this pandemic situation, many people are unexpectedly suffering from the COVID problem. The elders are easily prone to diseases such as coronavirus. They provide the best medical insurance coverage for people above 60 years. The senior citizens can also avail of deduction on health insurance premiums under section 80D. Under the floater plan, the policyholders can be deducted up to 1 lakhs if the insured and proposer are above 60 years. The best health insurance for parents is crucial for the aging parents as they can suddenly fall ill and require treatment. Usually, the elders cannot easily recover from a disease due to a weaker immunity system. 

The health policies provide several benefits to the insured such as cashless hospitalization, pre, and post-hospitalization, annual check-up, alternative treatment, etc. The patients need not withdraw cash for treatment as the insurance company covers several costs. They provide financial protection to the customers during times of emergencies. You can choose various types of plans for your parents such as senior citizen health insurance, individual plan or family floater cover, etc. 

Benefits of the health insurance plan:

Cashless Medical Treatment 

The patients need not arrange cash to pay hospital bills. The insurance companies are associated with the hospitals and hence they make direct payments to the hospitals to cover various expenses. 

The Sum Insured is Higher

Senior citizens are provided a higher amount of insurance coverage because they are prone to various health risks. They can safeguard their finance when medical expenses rise due to inflation. 

Pre-Hospitalization Expenses 

Many senior citizens suffer from problems such as diabetes, high blood pressure, heart problems, etc. So, such patients can face serious consequences due to chronic problems. So, to prevent any serious consequences, they should constantly monitor their health and undergo treatment. So, the Care Insurance provides coverage to meet pre-hospitalization expenses also. Aging people can constantly monitor their health and consume medications essential to them for survival. 

Coverage During Coronavirus 

During this pandemic situation, we are prone to problems such as coronavirus. So, it covers the cost of COVID treatment also. The insurance companies directly pay the medical costs to the hospitals. They H3 – cover the hospitalization expenses and secure your parents.

Tax Benefits 

They provide the best tax benefits to the customers and they can claim a deduction of 50000 on health insurance premiums. 

How to Select the Best Coverage for Our Parents 

You should consider certain factors before you choose an insurance policy for your parents such as age, benefits, coverage, waiting period, etc. 

Age Criteria 

You can find the best policy for your parents that do not provide age restriction. Most of the policies have no upper age limit. Your parents should be above 61 years. 

Coverage Types 

The two types of coverages are floater and individual. You can select the best coverage depending upon your age. 

Amount of Coverage 

The amount of sum insured is usually higher and when you are selecting a policy of coverage, you should select a policy with adequate coverage. 

Benefits of the Policy 

The policy should provide coverage for availing modern treatment. It should cover the pre-hospitalization and post-hospitalization expenses. It should also cover the cost of alternative treatment to the patients. 

Co-Payment 

It is one of the most important features of the policy. The policyholder should pay a certain percentage of hospital bills. You can select a policy that covers maximum hospital costs. The patient need not pay the hospital costs. 

The Insurance Policy Should Have a Waiting Period 

If the patient is sick and not able to pay the insurance policy premium, then he should be provided with a grace period. The health plans usually provide 30 days waiting period. If the person is suffering from any specific disease, then he is even provided with a grace period of 30 days. 

The insurance companies should pay for daycare treatment and meet the expenses of chemotherapy, cataract surgery, dialysis, etc. 

You should carefully read the terms and conditions before buying a policy. The Care Insurance provides the best policies to the senior citizens so that they can avail treatment on time.

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