Our parents took care of us, taught us valuable life lessons and watched us grow. Now that we are responsible adults, it is time to care them back. As they become old, they start getting weak and slowly age-related health issues start creeping in. Hence, one of the best gifts you can get them beside your love and affection is a health insurance policy. Read on below to know about getting a health insurance policy for your parents.
The First Option- Adding Them To Your Group Health Insurance Plans!
The first and the easiest way to offer them health insurance coverage will be to add them to your health insurance policy group. You have the facility to add any dependents in your family to the health insurance. It can include your minor kids, spouse and aged parents. You can also add them to the health insurance policy you get from your office as a part of employee health insurance schemes. But, there are some drawbacks to such health policies:
- The coverage allotted for parents might not be enough as they might have more needs than you or other family members. Since the company gives the insurance, you cannot control the coverages according to your needs.
- The premiums can be higher than getting individual health insurance.
- The insurance can stop abruptly if you decide to change your job.
- You do not get any incentives for not making any claims as the members included in your insurance policy will have to make claims now and then.
Hence, just adding your parents to your office health insurance coverage is not considered as a viable option.
Second Option- Get A Personal Health Policy For Your Parents!
This is the best and the most viable option. It might have some waiting period to assess the pre-existing health issues and may also have some mandatory waiting periods for some specific health conditions. But, still, it is the best health insurance policy your parents can get. It will be their policy and will not have any other extra members added to it. It lasts long and offers a helping hand in distress. You get to choose the coverages you need in accordance with your parent’s present health conditions. In case your parents are between fifty to sixty-nine years of age, then you can get many health insurance options that can last for a lifetime. Let us take a look at the benefits of such insurance policies:
- You get independent insurance for your parents. It won’t change just because you changed your job or decided to relocate to a different country. The policy will be your parents’ alone, and you need not alter your life to adjust to the insurance policy terms. This makes you feel at peace as you can confidently look for new job opportunities and even relocate to a new place knowing that your parents are protected and well cared for by their independent health policy.
- A personal health insurance policy lasts for a lifetime! But, don’t keep waiting for getting your parent’s insurance. As they grow older, it will be more and more difficult to get health insurance. If your parents are over sixty-nine years, then getting health insurance can be tough.
- Some health insurance policies can be applied and approved without getting any medical tests done if your parents are below sixty-nine years. There would be other terms and conditions you have to fulfil, yet it can be an easy option for those who are staying away from their parents.
- You can choose the coverages needed for your parents at your discretion. Unlike group insurance covers, here you get full freedom to select all the coverages according to the needs of your parents.
- You will get the no claim bonus if you do not make any claims in a year. The bonus helps in reducing the premiums when the insurance policy is renewed.
- You get tax benefits too when you buy health insurance for your parents.
Thus, it is always better to choose a separate health insurance policy for your parents than including them in your health insurance cover. Here are some extra tips for buying health insurance for your parents:
- Try to buy the insurance as early as possible, the earlier you buy, the lesser will be the premiums and more will be the chances of your insurance policy application getting accepted. Moreover, if you buy the insurance when they are comparatively younger and healthier, then you can get the additional benefits of no claim bonus. The reduced premiums due to no claim bonus can be a great help when your parents start getting older and need to make insurance claims.
- Check the renewal ceasing age of the insurance at the time of application itself. It is the age where the cover will be stopped, and insurance renewal won’t be possible. Some guarantees offer lifelong support while some policies, even though they provide great coverages; will cease the renewal by the time your parents turn seventy. Hence, always check it and choose according to your needs.
- Always disclose all the medical history details of your parents honestly to the insurance provider. Some people tend to hide specific ailment details. But, this can only backfire in the long run as most probably that illness will not be covered in the health insurance and hence when the need arises, you will have to meet the expenses by yourself! Therefore, being truthful is the first step in getting the best health insurance tailor-made for your parents according to their needs.