For most, it’s your responsibility to look after your aging parents and the one thing that can keep them safe is a health insurance policy.
Today, different types of health plans are available that target individuals and groups. Even elders in their 60s can now buy a health insurance plan.
In such a large pool, you need to make sure that you are buying the right policy and when it comes to buying a policy for your parents, you need to be extra careful.
You know the basics such as exploring different plans and then comparing prices and coverage but what about beyond that?
This article will explore the intricacies involved with buying a health insurance plan for your parents. Let’s start:
Why You Should Buy a Health Insurance Policy for Your Parents
A health insurance plans covers all your medical expenses such as hospital bills, regular checkups, operations and surgeries, treatments and medicines. It’s one of the most basic insurance plans that everybody buys.
The benefits outweigh the cost and give you a peace of mind that your parents will have a safety net to fall back on if one other becomes ill.
Following are a few benefits of a health insurance policy:
Free of Any Worries
You already know how expensive medical bills can get. Most people are not able to afford the bet treatment, which results in prolonged treatment and double the expenses. The insurance company will cover your medical expenses and all you need to do is keep up with the premiums. When talking about parents, regular checkups are a part of life in old age, which is why a health insurance plan for them is a must. The older they get, the more vulnerable they become to ailments.
Free of the Burden of Regular Checkups
As a family man or woman yourself, you already have a lot of responsibilities. Adding your parent’s medical bills on top of your bills can become a financial strain.
By getting a health insurance policy for your parents, they become financially independent and are able to look after themselves without seeking help from you. Depending on the type of health insurance plan you have bought, regular checkups are still free in most of them.
Health Insurance Policy Types
How many people are you trying to get insured? There are different types of health insurance policies such as Preferred Provider Organization, Health Maintenance Organization, Point of Service, etc. You can discuss about these with your insurance agent and find out which one offers the benefits you are looking for.
What we are talking is whether you are looking for a single or a family plan? Individual Health Insurance is just for one person. All the medical benefits provided in this policy will cover that person whose name is on the policy.
On the other hand, a Family Floater Health Plan provides coverage for several members of a family. From your parents to your school going kids, this policy covers the medical expenses for all. The coverage provided is based on the eldest family member’s age.
Buying a family floater plan for your aging parents is a better idea because it comes with low premiums. If your parents are in retirement, you can easily split the cost and protect your old and new family both.
Types of Coverage
Let’s explore the top 3 coverages so that you can decide which one suits your parent’s needs:
Health Management Organization (HMO)
An HMO plan offers a fixed primary care physician. The policy holders can visit only this physician for free services. If the physician recommends that you visit a specialist because he no longer knows how to provide treatment, the service you will receive next will also be free. In a nutshell, you get your personal primary care physician with referrals.
Preferred Provider Organization (PPO)
The physician’s services here are based on a network. You can only visit those doctors and no one else. Referrals don’t count here. If you visit a specialist, who is outside the network, you will be subjected to annual deductible.
Exclusive Provider Organization (EPO)
The EPO plan offers emergency visits. There are a number of specialists and physicians you can visit, all that are included in the network.
Point of Service (POS)
A POS plan offers you a trade-off between the PPO plan and the HMO plan. In this plan you can choose your primary physician, one that you will be visiting for regular checkups. You can visit other physicians but there might be a small even after the deductibles and copayments.
Now, let’s come to the point where you have to make comparisons. There are number of factors that you need to consider before making the final decision:
A cover refers to the medical claims that you can make on your policy. This includes the benefits that you are being offered under a health insurance policy. Make sure to compare the benefits of all policies to find out, which one offers more substance.
This is the payment you make in exchange of the benefits. You probably know this but it’s worth repeating: a cheap policy offering more benefits is not a jackpot. There are other things you need to consider such as the following:
The waiting period is the amount of time the company takes to give you the claim. A good plan, even if it offers a few benefits compared to other plans, is one that has a short waiting period.
Covering Major Critical Illnesses
Make sure the policy you are buying covers major critical illnesses such as transplants, bypass surgery and diabetes.
We all know that as time changes, so does your health and lifestyle. A good insurance provider will offer you the benefit of renewing your policy after every few years.
Many people believe that there are no health insurance options for elders but now you know better. So what are you waiting for? Do your research online and find insurance agencies that offer family floater plans for elders. You can visit Pawson to find the perfect health insurance policy. The company offers all kinds of insurance plans for individuals and families.
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