Whenever one buys a health insurance plan for senior citizens, make sure it provides coverage for the broadest range of ailments with limited exclusions.With the uncertainty and chaotic times as is prevailing around the world for the past one-and-a-half years, our first and foremost priority should be to do all we can to protect our health and well-being of our parents. As people age, many elders may need to cope with some or the other health conditions and would need protection against any untoward hospitalization expenses on account of a large number of diseases, including critical illnesses. Also, the unexpected expense for Covid treatment can jeopardize a family’s financial security. Thus, to have greater peace of mind in these trying times, here’s where a comprehensive health insurance becomes a necessity for everyone, to ensure that we don’t face a financial crisis if there are any medical emergencies.
During the critical tenure of the ongoing Covid pandemic, our senior parents were the worst-hit across the demographics. Many were caught by the virus, and needed urgent treatment, along with oxygen cylinders. Thus, to safeguard the most vulnerable population of our society and ensure that the cost is not a barrier for them in getting the care they need related to any medical treatment, it is vital to get a comprehensive senior citizen health insurance plan with a higher Sum Insured to face any medical eventuality.
It is always advisable to buy a health insurance policy at a young age and especially when you are healthy to prepare for any unprecedented occurrences, because sometimes, the existing medical conditions may make the whole process of getting a health insurance cover a bit difficult for senior citizens. Moreover, buying the plan early helps people in several ways including reduced chance of claim-rejection. This is due to continuous coverage they would have exhausted the relevant waiting periods.
Nonetheless, whenever one buys a health insurance plan for senior citizens, make sure it provides coverage for the broadest range of ailments with limited exclusions. The old-age may run a higher risk of contracting major ailments that are expensive to treat due to ever increasing medical inflation. Thus, one should get an adequate health insurance plan to take care of their health equipping them to defend against Covid or any other medical conditions.
On this National Parents Day, let us take a pledge to shield our parents from financial worries, by gifting them a comprehensive health insurance plan. Given the current scenario of the world, giving your parents a health plan has become an absolute necessity, as it helps the elderly by ensuring their financial security by covering the hospitalization expenses when they fall ill and on the other side rewards them for staying healthy. Health insurance provides the necessary coverage for inpatient hospitalisation, pre and post hospitalisation and gives a sense of independence to the parents. Throughout their life, they have been the financial pillars of the family, supporting and managing the family budget. In their old age, when financial independence is lost, they feel like a burden, which causes them mental and emotional stress.
Having financial security in terms of health insurance, allows the parents to enjoy their retirement life. For the children too, it is a great boon. Health insurance for the parents is a tax-saving tool for the children. Therefore, the earlier you plan for health insurance for your parents, the better chances of them to enjoy a worry-free old age.
There are various kind of policies available in the market. All you need to consider is the current and future requirements of your parents. Every family is different, every parent has a different healthcare requirements. Thus, some of the key parameters that one should look at while purchasing health insurance for senior citizen are – Insured amount, premium, cover and exclusions for any particular illnesses, hospital network and co-payment options. It is beneficial in a senior citizen’s policy, if it has a broader hospital network, specializing in various range of treatments. This may be an important parameter which ensures that they have good hospitals nearby that provide a comprehensive list of treatments for various illnesses and that the Senior Citizen need not travel far from home.
Some of the other things that may need to be additionally taken into account while choosing a health insurance plan for senior citizens are ambulance cover, free health check-ups, domiciliary treatment cover and cashless home care cover to enjoy access to quality healthcare, safeguard retirement corpus, and live a happier life.
When it comes to your health and your parents, there should be no barriers in terms of healthcare financing. So to bring that additional peace of mind for our parents in these uncertain times, it is important to choose a health plan with an optimum coverage level based on our parents healthcare needs to fight the high medical costs and avail quality healthcare. Our parents have always supported us throughout our lifetime at the expense of their own financial wellness. Now it’s our time to give them the care and support they need to protect their health, well-being and peace of mind.
(By Priya Deshmukh Gilbile, Chief Operating Officer, ManipalCigna Health Insurance Company Limited)
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