Parents provide encouragement, support, and love for their children. When it comes to their children, parents give their all. In giving their all in serving their children, parents do not seem to get tired. Parents do whatever is best for their children and put their children’s welfare as their utmost priority.
However, parents will grow old and the roles have shifted. It is now time for children to take care of their aging parents. When sickness strikes your parents, how prepared are you?
Thus, it is time to get your parents’ health insurance, and know these seven important things about the seniors’ health insurance!
Affordability and Efficiency
The best way to save is to prioritize saving in your life. However, it is an unfortunate reality that often, your parents in their senior years do not have enough savings to sustain them in their retirement years.
Fortunately, there is no need to worry as there are available health insurance plans for your senior parents that are affordable and that efficiently address your elderly parents’ needs. There are a lot of options that offer affordable price of health insurance for seniors. With these options, you can give your senior parents worry-free retirement years.
Critical Illness Coverage
Critical illnesses are highly associated with the health conditions of the elderly or seniors. These critical illnesses include but are not limited to the following: cardiovascular diseases, major cancers, paralysis, kidney failure, end-stage liver failure, end-stage lung disease, or Alzheimer’s disease.
Clearly, in terms of hospital expenses, these illnesses are more costly than others Hence, the health insurance plan you get for your senior parents must cover these critical illnesses to spare them and also yourself from exorbitant expenses when and if these critical illnesses will occur.
Psychiatric Care in the Coverage
Geriatric Depression is one of the mental health concerns that seniors deal with. Many individuals in the age of 60 and above suffer late-life depressions. Unfortunately, some health facilities are ill-equipped to provide treatment for seniors suffering from mental health issues.
You should choose a health insurance plan covering hospitalization expenses arising out of your elderly parents’ psychiatric illness. Considering the huge impact of this year’s pandemic on people’s lives, the best way to prepare a stable retirement year for your parents is to choose health insurance policies that cover mental health issues.
Pre-existing Diseases and their Waiting Period
Pre-existing diseases refer to those diseases that already existed even before the purchase of a health insurance policy. Most health insurance companies are cautious in granting health insurance plans for their seniors or the elderly because of these pre-existing diseases.
Fortunately, health insurance policies cover pre-existing conditions but at the same time stipulate a waiting period before the coverage commences. In choosing a health insurance policy for your parents, it is crucial to consider health insurance plans with the shortest waiting period.
Domiciliary Care in the Policy
There are cases where geriatricians will recommend treatments for your parents to be conducted at home. This type of set up or treatment is also known as domiciliary care. Domiciliary care is also what most seniors want as regards the treatment of their illnesses.
However, in domiciliary care, it does not necessarily follow that just because the treatment is done at home, such treatment is expenses-free. Domiciliary care costs depend on the kind of illness your senior parents have and even the number of needed caregivers. Hence, insurance policies must cover domiciliary care expenses.
Choose a Trusted Insurer
It is vital to get a health insurance policy for seniors from a trusted health insurance company. Since getting health insurance for your parents requires payment from you, you need to be assured that your payments must not be put to waste as your parents’ future is at stake. Ensure that you only rely on the trusted health insurance company in terms of your parents’ medical condition.
Timely Payments of Premiums
To assure your parents of lifelong coverage and avoid forfeiture of health insurance benefits, you must always remember the renewal dates and timely pay the premiums. Forgetting to pay the health insurance premiums will be a source of worry and will be disadvantageous to your parents’ medical condition in the future.