There is no questioning the fact that our parents have invested all their time, resources, and energy to make sure that we have a good life. They have played a big role in our personal and professional growth. Now that they are getting old, it is time for us to ensure that they are comfortable and stable. With age, rising health problems are quite natural. This is why having a good senior citizen health insurance plan is so important.
With such a plan, your parent can focus on getting the best medical treatment instead of worrying about the finances. By getting a health insurance plan which gives your parents enhanced coverage, you make sure that they do not have any burden to worry about. But before you get such an insurance plan for your folks, there are few things that you should be aware of.
Let us take a look at certain aspects of a senior citizen health insurance plan that you should focus on:
- Read about the waiting period for pre-existing illnesses
Most health insurance policies come with a waiting period before you can start making claims. This is why it is so important for you to read about the waiting period of senior citizen health insurance policies before you can start making claims. In most cases, the usual waiting period is between 36 to 48 months. It is always better to go for a policy that has a low waiting period so that you can start making claims as soon as possible.
- Make sure your policy includes an adequate sum insured
This is one of the most important points that you should be focusing on while getting a senior citizen health insurance policy. You need to set an adequate sum insured so that your parents always have the right amount of coverage that they need. It is common knowledge that medical expenses can get quite high. This is why it is better to periodically review the sum insured on the insurance policy and increase it every year.
- It is always advisable to get critical illness coverage
Any individual is at a higher risk from health complications such as diabetes, cancer, heart stroke, and so on once they cross a certain age. Dealing with this is not just a financial burden, but an emotional one as well. In order to safeguard your parents from going through this stress, you should include critical illness coverage while getting a health insurance plan for them. With this coverage, you will be able to get a lump sum amount if such an illness is diagnosed. Although such news is quite a lot to deal with, you will at least have the financial support to fall back on.
These are some things that you should keep in mind before you go ahead and get a senior citizen health insurance policy for your parents. We hope that this article helps you get a great insurance plan. All the best!