As our parents start growing old, we start getting concerned about their health too. Parents are the ones who need a health insurance the most. Health issues start increasing as they start to age. In the case of people who already have pre-existing medical conditions, their condition may even worsen. Hence, it is always better to get a health insurance for your parents. Getting a health insurance is not a costly affair as you may think.
Why Get A Health Insurance For Parents?
- The inflation rates cause a great increase in the medical bills. This makes it almost impossible to pay the medical bills of aging parents.
- The life expectancy rates are higher nowadays all thanks to the growth of the medical field, best in class amenities and qualified medical professionals. Hence, parents will live longer and will need medical care coverages to manage an illness or sudden emergencies.
- Most of the parents will be retired and will no longer have a steady source of income. Hence, they will not have money in hand to meet all their medical needs. They are often dependent on their children or other relatives.
- Even if parents have health insurance provided by the company they work for, the insurance will lapse soon after their retirement.
Here are the ways to get a cheaper Health Insurance For Parents:
Compare The Options Available
You can get a cheaper insurance if take time to compare the available options. Most of the people do not spend much time to compare the choices available. Thus, they end up choosing costly insurance. You can compare the various policies available offered by an insurance provider. You can also try comparing the quotes by different insurance providers. A detailed comparison can help you choose the cheapest health insurance for your parents.
Check The Coverages!
There are specific coverages for people with specific health issues. So, if your parents have any pre-existing health conditions like heart diseases, diabetes or cancer, then you can choose health insurance plans specifically for that. It can be very useful and will be a cheaper option than getting an insurance policy with many unwanted coverages. Choosing specific coverage insurance policy also ensures that your parents get all the needed care and medical attention for their ailment. Such a specified coverage will not be available for a wide coverage policy.
No Claim Bonus
You get a no claim bonus if you do not make any claim in any policy year. The no claim bonus will keep in increasing if you do not make claims in the coming years too. You can try getting a health insurance for your parents before they are not too old. This way they will be healthier in the beginning and you will not need to make any claims. This helps in building up the no claim bonus which can be used to get reduced premiums when your parents start experiencing medical issues. You can also pay for the small medical needs yourself and get the no claim bonus which can be used for critical care needs later.
Consider The Smaller And Regional Insurance Providers
People have a general tendency to always choose the largest and most popular insurance company. There can be many other good insurance companies who do not spend much on advertising. Hence, considering the options available can help you to find cheaper health insurance for your parents. There can be insurance companies who are based in your locality. They may offer much better insurance policies at lower premiums than the popular companies who shell out a significant amount of money for advertisements. The premium also depends on the business costs of a company. Larger companies will have larger business costs and hence can charge you higher premiums.
Enquire About The Discounts
Most of the insurance companies offer many discounts on their insurance policies. It is not necessary that they will inform all the details beforehand. You can always ask them about the discount options available. There can be certain insurance packages that offer great discounts. Take time to understand the various options available and inquire about the ways to get discounts from your insurance provider. This helps in getting a cheaper health insurance for your parents.
These are some of the ways by which you can get cheaper health insurance coverage for your parents. Another point to remember is that it is always better to get individual health insurance for your parents than including them in your family insurance policy. The individual health needs of your parents may be different and they will need much more widespread coverage than all other family members. So, there is no point adding them to the family insurance. They need individual attention, and an individual health insurance can help in providing that.