What Are The Various Kinds Of Health Insurance Plans You Need For Your Parents?

A health insurance program for your parents is a personalised health care coverage policy created specifically to address their medical expenses. It provides extensive financial protection against costs incurred by various medical conditions that could develop as people grow older and develop myriad diseases which can then lead to high healthcare costs.

It has a high ceiling for the insured amount provided and tends to offer certain enticing perks like annual health exams, cashless treatments, etc. to help people properly manage their medical costs. Parents health insurance is therefore highly necessary.In today’s healthcare market, there is a plethora of health insurance options being offered that your parents may avail. These policies usually also cover COVID-19 case expenses as well as other, more grave illnesses which may prove to be quite expensive to treat. Thus they provide a financial cushion for such sudden infections which may pile up on your expenses. For people aged 65 and under, a number of specially designed COVID-19 plans were launched over the course of the last year, and these plans would be a valuable safeguard to your parent’s health and well-being by ensuring them good treatment should they need any. These policies do not mandate any form of prior medical screening which make them especially accessible and effective.

Why you should get a parents health insurance policy:

It is not an uncommon occurrence that we witness our parents suffering from an increasing array of medical complications as their age progresses, and their health slowly begins to decline. Proper medical care and attention accompanied by periodic check-ups at an early stage can help alleviate the discomfort and impact of age-related diseases. On the flip side, delays in recuperative medical care brought forward by the ever-increasing charges of healthcare expenditures can result in the development of further medical complications that lead to unavoidable emergencies. 

• Advances in medical technology and science have increased the price of cutting-edge medical services and facilities. In the event of an unanticipated medical emergency, that combined with medical inflation would be sufficient to significantly deplete your resources. Early investment in a comprehensive health insurance plan with credit card for your parents is advised to prevent such occurrences.

• People who receive insufficient health insurance coverage from their work have a simple justification for not purchasing a comprehensive health plan. However, the majority of group mediclaim policies offer insufficient benefits, and given the rising cost of medical treatments, a defined coverage under the group mediclaim may not be sufficient for your parents to receive comprehensive and best-in-class medical care. It is advantageous to obtain a top-up health plan that accompanies the group coverage mediclaim offered by your company or a separate health insurance plan with a wider ambit and a greater sum insured for your parents.

What kinds of parents health insurance plans are available

For the purpose of medically insuring your parents’ health, there are three main types of plans that you can subscribe to:

• Individual health insurance– As the name implies, an individual health insurance plan is a type of policy that provides financial backup for a single insured person against the economic burden incurred due to medical treatments and prolonged visits to the hospital. It is possible to avail of an individual health insurance plan for your parents as they grow older in age. Typically, the plan is personalized specifically for the particular individual, taking into account the policyholder’s age, sex, and prior history of illnesses while determining the rate of premium. With these plans, you can get more thorough coverage that is catered to your individual requirements and medical issues. Additionally, add-ons can be bought to increase the individual health insurance plan’s coverage. These health plans exclusively offer medical coverage to those who are insured, as the name would simply

• Family floater health insurance– By paying just one singular annual premium, a family floater policy allows for several members of an insured family to be economically safeguarded against expenses incurred for a sum insured. In case there are numerous illnesses in the family, more than one health claim can be made as required, and the insured finance value gets subdivided among the family members who need it. It is a more cost-effective alternative to getting individual family member a separate insurance. The vast majority of health insurance companies in India offer family floater coverage.

• Senior citizen health insurance– These particular policies were created with the health insurance coverage of elderly people in mind. If your parents fit the mandated criterion and are over the age of 60, you can purchase senior citizen health insurance for their health and well-being.

Keeping such scenarios in mind, it is imperative for one to have a strong financial safety net with parent health insurance coverage in order to avoid such extreme scenarios. Individuals these days have a variety of options when choosing a health insurance plan for their parents, including senior health plans, family floater plans, individual health insurance policies, etc.