Your parents have been your strongest support system since childhood. They look after all your needs and try their best to provide you a good lifestyle and quality education. However, after a certain point in life, they need your attention and care when they get fragile with age. Consider giving them a health cover to ensure their healthy, secure life.
Many insurers provide family floater plans specifically designed to keep senior citizens in mind. However, the options tend to limit if your parent’s age is more than 60 years.
Here are 4 reasons you should invest in health covers for parents early than in their 60’s:
1. Reasonable Premium:
As our parents start getting older, health risk also rises. For senior citizen’s health insurance, the premium amount is much higher than policies meant for a younger individual. Hence, it is advisable to buy the policy earlier in life. One has to be mindful of the benefits provided and not just go ahead with a low premium option.
2. Protection against medical inflation:
Due to improved technology and infrastructure in healthcare, the cost of treatment is also increasing. The current pandemic has made us realize that medical emergencies are unpredictable and can cause a financial hole in our pocket. By paying a relatively affordable health insurance premium each year, you can reduce the burden of medical inflation from your parent’s shoulders and provide quality treatment.
3. Aids in building retirement corpus:
The rising life expectancy, increasing healthcare costs, and the absence of any social security for older people have increased the need for creating a bigger post-retirement corpus. Health insurance policies usually come with waiting periods before allowing claims for many treatments, surgeries, etc. Purchasing health insurance policies early for your parents would enable them to complete the waiting period before the probability of getting those diseases or requiring treatments becomes high.
4. Covering regular medical checkups:
The risk of various health problems increases with age. Your parents must get screened regularly so that if there is any health condition, it will be detected at the earliest. It is always good to be aware of the waiting period for your parent’s medical insurance policy to avoid any delay in the time of need. Buying the health policy early will aid in better management of medical conditions and ailments that can prove to be fatal later.
Proper financial health planning for your parents can take care of medical expenses and help them recover from illness or curb their way from turning into a critical one. Hence, read the fine print carefully and choose the best plan for your parents because they deserve it.
By, Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance