Parents are a blessing. The way they shower us with their blessings, guidance, and pious prayers, we all are lucky to have such souls around. But there comes a time when our parents need us too. When they age, become susceptive to many diseases, and sometimes get diagnosed with prolonged illnesses, their health needs extra intensive care.
That's where the health insurance plans for parents come into play. Health insurance plans for parents are specific plans provide extra brick of security for our parents and stabilize our financial condition in times of medical or hospitalization emergencies.
What are Health Insurance Plans for Parents?
Health insurance plans for parents are specifically designed and drafted for the elderly. Though the amenities provided by different plans are different, most of them provide support for hospitalization and hefty medical expenses. Keeping in consideration the prospective situation of parents, some health insurance plans also include reimbursements for daycare expenses, medical checkups, doctor visits, etc.
Types of Parent Health Insurance Plans
These specific plans can be of various types depending on the reimbursements allowed, coverage plans, and other factors.
● Individual Health Insurance Plan
These types of health plans provide sum insured for a single individual who is covered under the policy. It can be customized according to the individual's health and financial requirements.
● Family Floater Health Cover
Family floater health cover plans provide coverage for the primary insurance holders and immediate family members such as spouses. According to the IRDA document, these are also beneficial as these plans can provide coverage for emergency care, daycare, dental treatments, hospitalization, etc.
● Senior Citizen Health Insurance Plan
Health insurance plans specifically designed for senior citizens keeping in mind their impromptu and prolonged medical emergencies are known as senior citizen health insurance plans.
● Super Top-Up Health Insurance
These can be leveraged to boost up the existing coverage plan. These are often beneficial for emergency conditions that require hefty expenses.
What to Look for in an Ideal Health Insurance Plan for Parents?
No matter how critically you measure and research for ideal health insurance plans for parents, there always are factors you can get wrong. This often happens due to the range of options, amenities, and providers available. But it is believed that if one knows what all factors are to consider while buying health insurance plans for parents, one can get an ideal plan for them. Here is a list of such factors-
This might sound irrelevant but different providers provide their health insurance plans for parents to individuals of different ages. So, always check which all providers are considering you eligible for parents' health insurance plans.
● Type and Amount of Coverage
Choose between individual and floater family plans. Also, understand what all is covered in your insurance plans and what is the total amount of coverage.
At this point, aligning your budget with an insurance plan would eliminate and surface some options for you.
● Waiting Period
It is very important to check the waiting period clause while purchasing health insurance for parents. Sometimes, plans follow a 2-years waiting period for some diseases while some follow a brief 30-day period. This would determine whether you will be able to extract its benefits or not. Therefore, always go for the plan having the shortest waiting period time.
Talking about renewability, health insurance plans for parents having lifelong renewability are always recommended. This ensures coverage for a longer time as aging brings sudden medical emergencies very often.
● Network Hospital and Cashless Facility
The best feature of any health insurance is the associated hospital network because this is what makes it useful emergencies. An insurance plan with a vast hospital network is always preferred to mitigate the chaotic scenario of shortlisting options during medical emergencies. One such provider with a vast hospital network is Care Health Insurance.
These were some of the factors that would help you narrow down your options on health insurance plans for parents. But detailed market research and verifying IRDA registration of insurance providers always tops the list.
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