Why your parents need a separate health insurance plan
A health insurance plan is not an expense you can overlook these days it is an inevitable part of your insurance portfolio. With the steep rise in healthcare costs both at home and abroad, investing in a health insurance plan becomes inevitable. No matter how much you save, if you don’t have a good health insurance plan to back you up in case of medical emergencies, you might end up depleting those very savings to meet the necessary healthcare expenses.
To be honest, it is not just limited to medical exigencies either. The ambit of diseases has grown too far these days, and so has the cost for proper evaluation and diagnosis of each. Whereas a good health insurance plan will not let you feel the pinch, its absence will hit you right in the face with exorbitant costs if ever a medical exigency was to arise.
Awareness is the key
Many of us opt for an affordable health insurance plan that covers the whole family, including our parents. But what most of us skip on is reading the fine print; it is important to understand the terms and conditions associated with it. Only then will you have complete clarity on how your parents are actually covered under the insurance plan.
Further, once you factor in the rising costs of medical care and the increased incidence of ailments in the later years of life, is when you come to realize the need of having a separate health insurance cover for your parents.
So, what is the wise thing to do?
It is always advisable to go for an individual health insurance plan for your parents. Yes, you will have two premiums to pay, but it will help you save on the incremental costs that you would have incurred over the years for a consolidated health insurance policy. Moreover, the separate health insurance plan will also offer better coverage for your parents since it will be a lot more specific to their healthcare needs.
As many of us have to come to witness first-hand, the cost of medical care matters a lot more in the later years of life. When choosing a healthcare plan for your parents, don’t just factor in the medicines and diagnosis charges, but aspects like constant care and supervision as well.
Make the right choice for your parents
Services of a supervision nurse or a healthcare professional are required for older adults who suffer from major ailments, to lead a smooth and comfortable life in an age where even the smallest of movements can cause discomfort. So, skipping on a health insurance plan for your parents in favour of a family health cover is not at all ideal.
Have a long-term view, and look for different health insurance plans for yourself and your parents, one which comprehensively covers their healthcare expenses, including their post-treatment expenses. Think of it not as an additional expense, but a well-planned safeguard when the actual expenses come knocking.