Your health requires more attention as you grow older. By 2025, India will have 158.7 million people above 60 years old. At least 21% of those seniors have at least one chronic condition. However, the younger generation is responsible for ensuring they are comfortable and well cared for during their old age. Health insurance for parents protects their finances and ensures they don’t have to face the financial burden. The insurer will cover ongoing medical costs, provided you choose the right plan. Let’s understand how to get the right coverage for them.
Medical Insurance Plans Available for Parents
Suppose you want to buy a plan for both your parents. You will consider many factors, including their pre-existing conditions and individual surgeries that they went through. This allows you to tailor a personalised approach towards the plan depending upon the coverage levels you are going forward with.
A thoughtful approach to buying medical insurance for parents now can provide long-term peace of mind and financial security. By exploring these options, you can ensure your parents receive comprehensive coverage tailored to their health needs while balancing cost and protection.
Employer-Sponsored Insurance
It is common for employer-sponsored health insurance to include employees’ families, including parents. These commonly include coverage for hospitalisations, consultations, and pre-existing conditions. Some may offer preventive care services.
These plans are relatively inexpensive as the premiums are lower for a group policy and can be used to initiate coverage for the parents. They may, however, place restrictions on coverage, hospital network, and an age limit on elderly dependents. Besides, their coverage stops when the employee leaves work. So, even if you have employee health insurance, getting the best mediclaim policy for family will ensure additional protection.
Government-Sponsored Programs
Ayushman Bharat provides medical insurance to poor families, allowing cashless treatments at empanelled hospitals. For parents, it is an excellent option to reduce hospitalisation and surgery costs.
Many states, such as Delhi and Tamil Nadu, have extra health schemes for people. For example, Delhi has a registered society called Delhi Arogya Kosh, which provides financial assistance. Depending on income criteria and other factors, these can range from low-cost to even free hospitalisation and treatment, adding more relief for parents.
Private Health Insurance
Private insurance can offer comprehensive coverage with the most extensive hospital networks. Also, it can cover unique treatments with add-ons. These plans can be customised for parents’ specific health needs, such as chronic conditions, ensuring better coverage and faster claim settlements.
Top-up and Critical Illness Plans
Top-up plans are coverage enhancers at a lesser cost, adding to existing policies to cater to higher medical costs beyond the deductible. Critical illness plans to pay a lump sum in case of critical illnesses like cancer or heart disease to help meet treatment or recovery costs.
Coverage Needs for Parents
The healthcare needs of the elderly are entirely different since they tend to be plagued with health issues that need to be continuously addressed. Some of the key coverage needs are:
- General Health Coverage: The most vital aspect that concerns ageing parents is preventive care. The insurance should cover regular check-ups, screenings, and vaccinations to manage health risks and cut future costs.
- Chronic Condition Management: Insurance should cover ongoing care for chronic conditions such as diabetes and heart disease, which helps manage treatments and reduces the financial burden.
- Prescription Drug Coverage: With rising medication costs, prescription drug coverage ensures access to necessary medications without added financial burden.
- Emergency and Hospitalisation Costs: Comprehensive coverage for emergencies, including pre- and post-hospitalisation expenses, ensures financial protection and reduces stress during critical times.
Understanding the Costs for Senior Citizen Health Insurance
The cost varies with your choices when looking for senior citizens’ health insurance plans. The goal must always be to balance coverage with the affordability of the premium. The most significant factors impacting the total cost of insurance for parents are:
- Premiums:
Premiums are the regular payments for health insurance. Lower premiums may mean less coverage, while higher premiums offer more benefits. Ensure the premium fits your budget while meeting your parents’ healthcare needs.
- Deductibles
This is the amount paid before the insurers pay the bills. A high deductible means low premiums but a higher out-of-pocket expenditure. Lower deductibles reduce out-of-pocket costs when treatment is needed but increase policy premiums.
- Co-payments
Co-payments are the amount you agree to pay while making an insurance claim. It can be a specific percentage of the medical bill. For example, if your co-payment is 20%, you must pay 20% of the bill while the insurer covers the rest. Higher co-payments lower premiums, but it can result in higher out-of-pocket expenses.
Takeaway
Selecting the right insurance plan requires strategic, long-term thinking regarding their health and financial needs. Planning and making the right choice today will protect their health while managing future medical costs. It will bring peace of mind and financial stability, thereby helping protect your family against the uncertainty of healthcare costs. It also ensures easy access to quality healthcare.
