As your parents age, the roles reverse. While you were young, they took care of your needs and looked after you. Now that they have grown old, it is your turn to take care of them and provide them with the best. One way to do this is to invest in a health insurance plan for their good health.
You can choose a plan that matches their health requirements, considering their health conditions and age. But given the option of numerous insurance plans out there, you are bound to get confused and indecisive. But if you want to ensure that your parents are insured correctly, here are some key considerations to look at.
The Right Insurance for Parents: Factors to Consider
Consider Age Appropriate Plans
Most insurance providers will have age entry limits for health insurance for parents, ranging from 60-80 years. To ensure right insurance for your parents, choose age specific plans, such as senior citizen plans, in case they fall in that age bracket. However, it is always better to insure them at an early age rather than wait for them to reach an older age, as it can attract higher premiums.
Look for Independent Covers
Even if your parents are covered under family insurance, ensure you get a separate or individual health insurance for them. Under family cover, there are high chances that elderly parents may use up a high sum insured, leaving very little amount for the others.
Include them in Group Plans, Too
If your employer provides the option to include your parents under the group policy, take the opportunity and get the deal. Group covers do not exclude pre-existing diseases from their coverage and this feature can be very useful when the independent plan’s waiting period is in force. This can also benefit in terms of no-claim bonuses with the standalone plan, earning you premium discounts.
Invest in a Top-Up Plan
Considering the steep rise in healthcare costs, it is wise to add a top-up plan to your parents’ health insurance plan. It is a cost-effective option which allows you to enhance the sum insured for your parents without making any changes to the base policy. For instance, your parent faces a medical emergency requiring expensive treatment, exceeding the sum insured of the base plan. In such a situation, the top-up plan will kick in to cover the extra expenditure, saving them from out-of-pocket expenses.
Coverage for Pre-Existing Diseases
With increasing age, your parents are more likely to contract pre-existing diseases, such as diabetes, hypertension, etc. Most insurance plans provide coverage for pre-existing conditions after a waiting period of 2-4 years. Depending on your parents’ health conditions, some policies offer a shorter waiting period, but with higher premiums. Hence, considering the urgency and need, you may look for appropriate plans.
Choose High Sum Insured
Opting for a high sum insured is highly recommended if you are looking for insurance for your parents. Since they are more likely to face more health problems, they may require more medical coverage at their age. In case of senior citizens, you must consider investing in insurance plans with a sum insured of 5-10 lakhs.
Add-Ons and Riders
Elderly parents may require special assistance, such as domiciliary treatment (home treatment), ambulance services, critical illness cover, advanced treatments like robotic surgery, etc. All of these services may not fall under the scope of the basic insurance plan. Hence, you must include specific riders/add-ons to include the required services based on your parents’ health conditions. Such add-ons ensure they get robust coverage in times of need.
Co-Payment Clause
Most insurance plans for elderly/senior citizens come with a co-payment clause, requiring the insured to pay a portion of the medical expenses. While a co-payment clause reduces the premium cost, it does require payment from your pocket. Hence, it is essential to choose a plan with a reasonable co-payment clause.
Give Your Parents the Most Comprehensive Protection with TATA AIG Health Insurance
Your parents deserve the best of everything, including health insurance. So, when you set out to insure them, choosing the top-rated plan and a trustworthy insurance provider is important.
To fulfil this criterion, opt for plans offered by TATA AIG. Their senior citizen health insurance plans are comprehensive and reasonably priced to suit your budget and requirements. They are suitable for your parents if they are aged 61 and above.
The key benefits of their insurance plans include lifelong renewals, post operative care, home care treatment, wellness services, pre and post-hopsitalisation cover, AYUSH benefit (Unani, Ayurvedic, Homeopathy treatment), preventive health check-ups, etc.
Besides, you can choose from various sums insured from 5 lakhs to 25 lakhs, as per the medical condition and requirements of your parents. All you have to do is visit the TATA AIG website and choose the most appropriate plan for your parents. In a few clicks, you will be able to purchase the policy and protect your parents’ health.
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