Why getting a critical illness insurance for your parents is a wise thing to do!
Getting health insurance cover your family is very important because most of the time illness comes unannounced. As we grow older we are more prone to falling sick, so getting health coverage for our parents, especially a critical illness cover is very important.
Getting an adequate health insurance cover for parents above 50 is a wise decision. There are many types of health plans to choose from for your parents. There are individual health plans, family floater plans, critical illness plans and many more. It is best advised to go for a critical illness cover because individual and family floater plans do not cover expenses in case of any serious illness.
We are here to tell you about different health insurance plans and why buying a health insurance is a must for parents above 50.
Individual health plans cover expenses of medical treatments like surgery, OPD and at home treatments – but these are subject to cut-offs and limits. A surgery is basically a one-time expense. Then there is the post surgery care which the health insurance may or may not cover, depending on the terms and conditions of the agreement. Post the surgical care, after the person has recovered, there is no apparent reason for any further expenses. So, an individual health plan may be perfect for our youth when we are in a better shape.
A family floater plan covers all members of the family under one floater cover. This means you have to pay one premium for a single amount and it will cover medical expenses for one or more members of the family depending on who needs it. The premium of the family floater plan is decided by the age of the senior most member of the family. So if the senior most member is 32 years, the premium is much lower as compared to a family whose senior most member is 52 years of age.
There are two ways of redeeming expenses. It is either cashless or through reimbursements. But neither of the two plans make bulk payment or pay in advance after the disease is diagnosed. Only critical illness insurance cover does that. Elderly parents can be afflicted with various forms of illness like Alzheimer’s disease, cancer, benign brain tumour etc. They may need aortic surgery or even coronary bypass surgery. Huge expenses are incurred while treating these diseases. If there is no pre-planning in the form of critical illness insurance cover, it is an absolute drain on our finances.
As we all know the more we age the more prone we are to falling sick. So, we should always make it a point to get health insurance coverage for our parents. Extending the regular health insurance cover with critical illness add-on cover makes a lot of sense as it will take care of many health-related worries.