Aging is inevitable, and as people age they are prone to various Health issues. Blood pressure, thyroid, cataract, deafness, skin allergies, diseases affecting major organs, etc., are just some common ailments more likely to affect a senior citizen than a younger person. Children looking to care for their parents may not be able to prevent the illnesses, but they sure can purchase health Insurance for parents. An insurance can be considered a gift or a safety net to cover any expenses that may occur due to age, negligence or an accident.
However, before purchasing a Health Insurance for parents above 60, there are certain factors to be kept in mind. These will affect the premium paid and insurance cover received.
Know the factors affecting premium rate
No two companies or insurance policies will charge the same premium rate. The reasons are usually attributed to medical history, age of the policyholder, and incomes. Knowing these factors will help decide the cover and the premium a person is expected to pay.
Medical Examinations are a must
A health insurance for parents will not be available without a slew of medical tests. The broker or mediator will give you a list of the tests to be done for the policy being sought. Getting them done is mandatory and the results will affect the cover as well as annual premium to be paid.
Pre-existing health conditions will draw a higher premium
A pre-existing health condition will also affect the insurance cover and the premium. For example, a person with high blood pressure is more likely to suffer from a heart ailment, and therefore, an insurance company will ask for a higher premium to cover the ailment, or not cover the condition under the plan.
Affordable yet premium quality cover
A health insurance for parents offering a higher level of services is better, even if the cost is a little higher. As said earlier, illnesses are inevitable, a smaller sum paid yearly can save a whole amount of worry and cash payments at the time of hospitalization.
Patients have to pay a specific amount as copay to the doctors at the time of treatment. Copayments generally vary from one service to another even if they belong to the same plan. So, go for the plan that asks for the lowest copayments.
The conditions to renew a health policy for parents should also be taken into consideration while hunting for an effective health insurance. It is advisable to select a policy allowing for renewals without annual medical tests, or decrease in the number of ailments covered. This will cover parents’ health risks and associated expenses for a long period.
Other factors to consider
The list of hospitals accepting the policy of the insurance company long with cover for costs with regard to physician visits and home care facilities should be taken into consideration. Check if ambulance and wheelchair costs are covered by the policy.
Health insurance for parents is a necessity, and research on the above factors will help choose one that provides maximum comfort in time of need. Compare different policies on aggregator websites, check the standing of the company and the cover offered.