They need time to take care of the media parents’ cal expenses of old age. That is why buying a health insurance policy for your parents is a must from the moment you start to earn. Senior Citizen insurance plans are available on a massive scale so that they can have a secure future. Various insurance companies are providing family health plans that include senior citizens as well.
After reaching the age of 65, people are prone to fall prey to several ailments that may prove highly burdensome in financial coverage. That is why there have been provided the health insurance policies which can be brought to secure the senior citizens. The following discusses the different insurance policies.
Why do you need to have these policies?
Before you arrive to buy the health policy of your choice, you need to consider some significant points that you must not ignore before availing them:
- Entry and exit age specifications
- Renewal age limit
- Co-pay obligate option
- Domiciliary treatment availability
- Coverage of daycare treatment
- Increasing medical costs
- Your parents may have an unstable or limited income or maybe retired from their employment
- Your parents may be entirely dependent on you
- During their old age, your parents are prone to diseases, illness, and sickness
- They may not have coverage under benefits from your employer
Which features should the policies have?
The policies that you are willing to buy under the family health insurance plans must be equipped with the following features:
- Whether ambulance charges are covered?
- Whether the policies are cashless or based on reimbursement?
- Whether pre-existing diseases are covered?
- Whether medical tests are required or not?
In the family health plans, the oldest family member’s age is considered in determining the premium and the benefit for which must be available under the senior citizen plans.
Some added information related to the policies and the premium you need to pay
If you have been looking out for family health plans, which are meant for senior citizens, you need to consider the need to pay the premium. Let us check out some important and useful information related to the terms and conditions:
- Co-payment obligation which indicates as to what percentage you are supposed to bear the amount of money as a policyholder
- Applicable sub-charges as there may be a limit of expenditure on certain illness and obviously, the policies without this clause will have a higher premium
- For certain diseases, the policy may have a waiting period for the policy coverage
- There are available some alternative medical treatment other than allopathic
- You might be given the tax exemption under Section 80 (D) of the Income Tax Act
In recent times, there is a greater need to have these policies for your parents. Several reputed companies have expanded their base to extensive research in hassle-free plans with various options to pick from. There are many benefits covered under the schemes that provide individuals with financial benefits in a time of need.