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Why to buy Medical Insurance For Parents?
If we look at the rising costs of medical treatment, buying health insurance for our parents is no longer an option, it has become a necessity. As our parents get older, they become more vulnerable to health problems and illness and it is difficult to insure them at that time. Age is important in getting your parents the attention you want. The younger they are, the more benefits they can claim for health insurance. So make sure your parents are insured no later than when they touch 50 years..
Reasons for buying health insurance for parents on time:
1. High premium longer and longer waiting times.
At an early age, our parents are more likely to have the disease. It is not unusual for our population to have health problems such as high blood pressure, heart problems, diabetes, thyroid problems, etc. The longer you wait for your parents to be insured, the more likely they are to get a condition. In this case, their premium will be very high as it would be considered an existing disease. In this case, another problem is that there will be a longer waiting time for existing diseases.
2. Mandatory co-payment function
The co-pays function in the policy means that the policyholder pays a certain percentage of the total expenses from his or her own pockets. And in most policies, co-pay is compulsory for people over 60. This increases out-of-pocket spending.
3. Expensive insurance
Insurance costs are directly proportional to age. This means that the cost of premiums for older parents increases significantly. And with higher insurance costs, you lose many other benefits. Some of them are:
- Insufficient room rent limit - For seniors, the room rent ceiling is often not fair in terms of high monthly premium costs. And if you choose a room of a higher category than stated in the policy, you will eventually be compensated by contributory deduction when settling the claim. Therefore, you will not be able to maximize your application settlement amount.
- Increase in deductible percentage - Older citizen insurance plans usually have a higher deductible percentage. This means you will have to pay a significant percentage of your own total expenditure.
Taking all these factors into account, it is clear that parental health insurance should be purchased as soon as possible. A health policy would reduce benefits with age. If you eventually come to a bad political decision, insurance may not be meaningful.
4. Risk of refusal of entry
Most insurance companies do not allow people over 65 to get into insurance. This is because the risk of most diseases among the elderly is very high compared to others.
When buying health insurance for parents, you should bear in mind the 3 most important tips:
If you decide to buy insurance for parents who are not that old, you can expect at least 3 to 4 years without claiming compensation. And if the ineligible bonus is higher, you'll be able to enjoy a higher insured amount.
1. Make sure an appropriate amount is insured
Parents, after a certain age, often start to become ill. This will require you to submit more applications and compare more expenditure. The amount insured to parents should, therefore, be higher.
2. Find the rules with a higher bonus without a claim
If you decide to buy insurance for parents who are not that old, you can expect at least 3 to 4 years without claiming compensation. And if the ineligible bonus is higher, you'll be able to enjoy a higher insured amount.
3. Check the room rental limit
As mentioned above, health insurance applies to the upper limit of room rent. So you will have to face a contributory deduction when settling claims. Before purchasing this policy, make sure the room category for your elderly parents is right for you. Because even if you have a policy, they will keep your pockets in your pocket if you choose a more expensive room anyway. Buying parental health insurance is an essential decision that should be taken seriously so that you can claim the maximum and cover the cost of treatment. As well as understanding insurance, understand how you can reap your benefits.
