Should Parents be added to Your Existing Health Insurance Policy?

Posted on: Jan 24, 2022 | | Written by:

Should Parents be added to Your Existing Health Insurance Policy?

Published on February 2, 2022. EST READ TIME: 4 minutes

Add Parents to Your Existing Health Insurance- Health insurance

Once our parents start aging, there is always a concern for their health that is looming in their children’s minds. So, should they include them in the same health insurance as them or get a separate one for them? The answer is that it is always ideal to choosea separate health insurance plan for your parents. Even though you have to pay for two premiums, it will help you save on the incremental costs that you would have incurred over the years for a consolidated health insurance policy. A separate health insurance for parents also means acomprehensive coverage for your parents since it will includeterms specific to their healthcare needs.

With a sharp increase in healthcare costs, buying a good health insurance plan is extremely important. While the easy choice is to opt for an affordable family health insurance plan, often there is no clarity on how your parents will benefit under the insurance plan.

Factors to remember when buying health insurance for parents

1. Coverage:

The best health insurance for parents will offer more than just hospitalization cover. It will offer pre & post-hospitalization cover, consumable cover, domiciliary hospitalization cover, dialysis cover, OPD cover, etc. It is important to have access to a wide range of coverage. Later you can choose the add-ons you want and get the maximum coverage for your parents.

2. Sum insured:

You should choose a policy where the sum insured matches your parent’s needs and is more than enough to support them in case of a medical emergency. While opting for the sum insured for the health insurance plan for your parents, do take into consideration your family’s health history, your parents fitness levels, their age, etc.

3. Waiting periods:

Every health insurance plan has a waiting period, especially for pre-existing illnesses and few other diseases. However, the tenure of these waiting periods varies across insurance providers. It goes without saying that the best health insurance policy for parents will have shorter waiting periods.

4. Network hospitals:

A good health insurance plan will have easier access to cashless hospitals. The policy not just should have a strong number of network hospitals, you should also look for a plan that has a few network hospitals in and around your parent’s residence. This will help them to get quick treatment without much of a hassle in case of a medical emergency.

Conclusion

With age, parents need a look of attention and care, especially when it comes to their health. The cost of healthcare has been on a consistent rise and sudden health emergencies can put a huge burden on people, both emotionally and financially. So, it is always a wise decision to buy health insurance for parents. If you haven’t already purchased one, keep the above things in mind while getting the best health insurance policy for your parents.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Important Things to Keep in Mind While Buying Health Insurance for Parents

Regular Health Check-ups are a Must for Your Parents

I want to buy health insurance for my parents online. How to go about it?