Rising medical inflation is soaring the costs of treatments each day. There is an unprecedented rise in the medical bills. At such time, an inadequate health cover or absence of one shall prove to be one of the major blunders in your financial planning. You surely do not want to be in this situation.
So what is the solution?
Well, simply put, buy health insurance!
But I already have one.
Is it adequate, though?
The adequacy of a health cover plan shall differ from each individual. Moreover, it also takes into account the number of members in your family and their ages.
Earlier, group health insurance plans were a popular choice. They offered a broad range of cover, whereas now, the situation has changed. Many conditions like a co-payment clause or premium-sharing are in force, thereby restricting the coverage offered.
Why must you get independent health covers?
The current scenario makes it imperative for health covers to be available for elders, especially your parents. Growing age witnesses instances of increasing health concerns. Availing simultaneous insurance covers under a group policy, as well as a family health insurance plan, helps to treat pre-existing diseases. These ailments can be treated under either of the insurance covers depending on the policy terms.
Generally, group health plans do not exclude pre-existing diseases. They can help you pay for any medical costs until your standalone policy’s waiting period is in force. By combining the benefits of both plans, you can have insurance protection under group policy at the same time enjoy policy benefits like a no-claim bonus under your individual health policy.
Financial advisors recommend starting early. Like buying insurance in your initial working days, it holds true even when selecting for your parents. The older your parents are the higher will the premiums. In case they are over 60 years, you can buy health insurance for senior citizens too. Some insurance companies have mandatory co-payment clause at higher ages.
Now that it is evident that your parents also need to have a health cover, let us look at a few points that you need to consider if they have the right health cover.
Cover under your existing Family Health Plan
As your parents enjoy their golden retirement years, why trouble them with an additional financial cost of insurance? You can add them to your existing health plan. The process to add your parents under your corporate insurance is easy, whereas the claim process is as well smoother. Keep in mind this cover will cease to exist when you switch jobs.
Buy a Senior Citizen Policy
Most plans for senior citizens have shorter waiting periods. Also, the coverage for pre-existing ailments is more inclusive compared to your standard health policy. It will ensure irrespective of your parents’ age, an insurance cover is always available to take care of uncertain medical costs. Moreover, you can use the facility of network hospitals available with these plans to receive a standardised quality of treatment without worrying about its price.
Load it with a Top-Up Policy
Whether you’re relying on a family health insurance policy or your group plan, you must remember to gauge the adequacy of the insurance cover. A higher sum assured may also be expensive and at such times, buying a top-up plan will be an economical alternative. These top-up plans can be available even with a group cover or individual or family plans. Don’t forget to thoroughly read the terms of the top-up policy as this coverage kicks in only after the base policy is exhausted.
To conclude, various plans are available for your parents. It is for you to decide what you need and select the best plan that checks all the right boxes.