Why Medical Insurance for Parents is Crucial - Greyfont

Why medical insurance for your parents is crucial?


Health insurance covers the costs of the insured, medical, surgery and medication bills. One can pay up to 8% as the insurance premium of the total income. For senior citizens, medical policies provide security against the diseases that even pre-exist. Parents and in-laws can be enrolled for medical insurance as they are dependent due to their age. Majority insurance companies in the country offer medical policies for citizens over 65 years of age. The policies are designed in such a way that maximum medical expenses are covered.


Advantages of Health insurance for senior citizens.


Medical insurances come with their own set of benefits. Some of them are:

  • The hospital expenses are covered including the medical bills and the room rent. 
  • Network hospitals offer cashless hospitalization.
  • Pre-existing diseases are covered according to the policy.
  • No pre-medical tests required based on the insurer.
  • Ambulance charges are covered.


Need for medical insurance for your parents.


The rising medical costs in the country is one of the main reasons for buying insurance for your parents. Medical costs have risen exponentially. With increasing age comes the risk of contracting diseases very easily. Children stay away from their parents due to work commitments. But with medical insurance, you can get timely treatment for them, be it in any network hospital.  Some policies have a waiting period after which they cover the insured person. Different policies have a different entry, the age limit for senior citizens. Medical insurance with good healthcare floating plans are a great option to invest in. The entire family can be insured in this particular policy. But it comes with an age limit for senior citizens. The premium is higher if the age of the parents is on the higher side because with age come health risks so the risk factor for the insurance company increases as well.


Points need to be kept in mind before opting for the policy.

  • Age: The entry age guidelines differ from insurer to insurer. Just to be eligible for the senior citizen should fit in the age limit set by the particular insurance company.
  • Amount assured: The guaranteed amount the policyholder will receive is called the sum assured. This is also called as health cover. It makes sense to opt for higher coverage as you receive a large sum for medical emergencies. The expenses are reimbursed under this assured plan.
  • Network Hospitals.: The insurance provider has tie-ups with network hospitals and allows you to have a cashless treatment across the country. It is advised to go for the best hospitals to avail treatment with these insured plans.
  • Waiting period: Most health insurance companies have a gap of 30-90 days as diseases contracted between this particular period does not get counted in the policy.
  • Cost of insurance: The cheapest mediclaim always gives minimal coverage. One needs to ensure proper health plans that give larger cover for your parents' policy in spite of the premium goes high.


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