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Ref. No. KLI/22-23/E-BB/492
Do you intend to get your parent's health insurance? The Indian insurance industry is currently overrun with healthcare plans created especially for parents older than 50.
Regardless of age, medical insurance for parents is always advantageous. However, the elderly may require it more frequently, and as people age, their bodies become more vulnerable to various health issues. The likelihood of contracting diseases and being hospitalized increases with age, increasing medical care costs.
By getting a comprehensive policy for your elderly parents, you can ensure their financial security. Continue reading to learn more about getting your parent’s health insurance.
Why Should You Take Separate Medical Insurance for Parents?
What factors affect the premium calculation for parents’ health insurance?
The basic rule is that you shouldn’t add your parents to your health insurance policy or any extra coverage you get. Always select a different health insurance strategy for your parent. The main disadvantages of enrolling your parents in the current health insurance plans for parents are:
A health insurance premium for a person with a pre-existing condition is typically quite expensive, which drives up their monthly payments. Choosing a separate coverage for someone with pre-existing conditions is therefore advised. Additionally, with growing age, susceptibility to illnesses increases; therefore, having one’s health insurance coverage proves beneficial.
Insurance policies are based on the age of the family’s senior citizen. Your premium may go up if you enroll your parents in the plan. The policy will expire when the oldest member of the plan achieves the oldest age for which it is designed. Then, you’ll need to purchase individual policies for each member of your family, which can be very expensive.
Therefore, it is wise to purchase a policy when you are still young. You will pay less for the premium and get coverage for a longer period in this way.
When a health insurance plan for parents is renewed, or additional benefits are added, the NCB is paid as a discount. But you can only use it if you do not file a claim during the course of the insurance year. Therefore, even if one of the family members files a claim under a family plan that covers many family members, the NCB is cancelled. Age or a pre-existing condition may necessitate urgent hospitalization for elderly parents. As a result, you need to have a separate strategy for them.
Health insurance premiums will be determined depending on various variables and situations. Knowing the variables that will affect the cost of your premiums will help you make the most of your coverage because knowledge truly is power.
The best time to purchase health insurance is when you are young because as your policy ages, it provides you with more coverage and eliminates all waiting periods. However, you should be aware that the price of health insurance plans for parents is slightly higher because the cost of health insurance increases with age. As a result, financial advisors suggest considering the coverage rather than the price when choosing insurance.
Your parents may already have a condition or conditions that are either entirely excluded from coverage under the parent’s health insurance plan or that the plan only partially covers.
You will be responsible for their medical costs whenever the expressly excluded illness manifests if your coverage does not cover their pre-existing conditions.
Your parents may have health insurance through their employers, or you may have secured coverage through them. But for long-term planning, it will only help them in some situations. In the first scenario, if your parents have been long-term beneficiaries of their employer’s health insurance, there is a potential that the policy may no longer be enough, given current medical spending patterns. There is a chance that their health insurance plan does not include some essential coverage.
If you have them covered under your employer’s health plan, leaving your work will result in them losing the continuity benefit as well, forcing you to enroll them in an entirely new health insurance plan. A health insurance plan for parents with an individual sum insured basis is preferable to include them in an insurance plan since they require significantly higher coverage than the other family members.
Your parents need medical care more and more frequently as they get older. They require unwavering and top-notch medical care, whether for routine checkups or big or small surgery. Hence, it is vital to cover their medical costs in a way that ensures they never run out of money.
Most illnesses nowadays may be treated with advances in medical technology, but medical care prices are increasing daily. To cover the rising costs, you must have a solid financial strategy. You may protect your parents’ financial future and ensure they always receive top-notch medical care by purchasing comprehensive health insurance plans for parents. This will not affect their lifelong savings.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
