Why You Should Gift Your Parents a Health Insurance Plan

by Bhargav Baweja CMO Marketing

We all love our parents and take care of our them in order to return the favour of bringing us up. One of the best gifts one can give to his/her parents is a health insurance. As they age, they become more susceptible to diseases and with medical costs skyrocketing, paying the medical bills can finish all their savings. Good health insurance plans cover the cost of hospitalization as well as the medicine bills. This way you can gift your parents financial security in the form of an insurance plan so that they can enjoy their golden years without any worry.

Benefits of health insurance plans for your parents:

·         Hospitalisation  

·         Free ambulance service

·         Day-care expenses

·         No medical test required before purchasing the policy

·         Pre-existing disease coverage with a waiting period of one year

·         Easy and quick settlement of claims

Why are health insurance plans important for your parents?

·         Medical costs are rising day by day. If it continues to rise at this pace, then it will surely become impossible for the elderly to afford simple medical costs.

·         Mortality rates are on the rise, which means people live longer than before. Parents need to be capable financially in order to take care of any medical emergency their waning health may produce.

·         The pension is the only source of income for the parents, apart from savings, after their retirement If they don’t have health insurance, one single medical bill can exhaust all their savings and can leave them with no money in their hands. Whereas health insurance will take care of their finances in the times of medical emergency.

While selecting health insurance plans for your parents, you need to keep few things in mind:

·         Insurance coverage:

 Make sure the policy you are opting for will cover most of the deadly diseases especially pre-existing ailments which means the Diseases your parents have been already suffering from should be included. Also, make sure there is coverage of critical illnesses that your grandparents may have suffered from like diabetes or cancer or maybe even cardiac diseases.

·         Chain of cashless hospitals:

First of all, check for the list of cashless hospitals associated with the insurer so that you do not need to pay anything from your end. Secondly, ensure that at least 70% of the hospitals associated with the insurer are within 5 km of your residence. So that if there is an emergency, you don’t waste much time in commuting.

·         Entry age:

Most insurers offer health insurance policies to senior citizen from the age of 60-80 years. Therefore, you need not worry that your parents have crossed the age limit for an insurance policy. However, keep in mind, not all insurance companies have that same rule. Some insurance companies have no maximum entry age, so that is an added benefit for you.

·         Age of renewal:

 Most companies have an age limit up to which you can renew your parent’s policies. Always make sure you check carefully before taking the insurance policy otherwise you will only be able to renew it until the company’s specified age.

These are a few reasons why one should choose from good health insurance plans and present a good policy to their parents so that they can enjoy the rest of their life and be safe from any kind of financial crisis.

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Created on Jun 4th 2018 07:31. Viewed 755 times.

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