Parents who have taken care of us throughout their lives need to be taken care of too. As time passes, our parents grow older and start suffering from various age-related health issues and injuries. As their children, it is our duty to safeguard the health of our parents. What is needed is investing in a health insurance policy for parents that protects their health in the best possible way without hurting our finances.
Health insurance for senior citizens is one of the most neglected yet essential parts of our lives. With ageing parents at home, every responsible son or daughter needs to be concerned about their well-being. The diseases or injuries that come with age may necessitate emergency hospitalisation or a planned surgical procedure for our parents. With the rising cost of medical facilities, this could turn out to be a huge financial burden for us and our parents. But buying the right health insurance can ensure peace of mind.
In this blog, we will talk about an important area associated with parents' health insurance—the add-ons. Read on to learn about the add-ons you should opt for with your parent's health insurance policy.
What are Add-Ons?
The extra coverage that can be added to the primary health insurance policy for parents is called add-ons. By opting for the right add-ons, you can optimise the coverage of a health insurance policy.
Add-On Covers for Your Parents
• Home Healthcare Cover
Ageing can make movement and travelling difficult for our elderly parents. Therefore, home healthcare services play an important role in maintaining the health and well-being of our ailing parents. With the help of a home healthcare coverage add-on, you can easily avail of medical facilities in a home setup for your elderly parents who need home-based services such as nursing care and physiotherapy. Quality healthcare at a nominal cost can be obtained in the comfort of your home with the help of this add-on. This saves your parents from the inconvenience and time wastage associated with frequent hospital visits and helps them recover in a familiar environment, surrounded by their near and dear ones.
• Disease-specific Coverage
The add-on of disease-specific coverage is highly essential if you have elderly parents at home. This coverage can offer tailored solutions for treating common age-related health issues such as diabetes, hypertension, or cardiovascular problems. You can talk to your health insurance service provider about this add-on, and it may be offered to you for a nominal fee. With the support of this add-on, you can even get coverage for consultations, diagnostic tests, and medications related to the specific health disorder. This extra cover ensures that close monitoring of chronic age-related illnesses and ongoing treatment for your parents continue unhindered without overburdening you financially.
• Critical Illness Coverage
This coverage stands out as one of the most important add-ons for a parents’ health insurance plan. The risk of chronic illnesses such as cancer, kidney failure, and heart attack increases with age, and the treatment of these chronic illnesses can drain you financially. The add-on involves the payment of a lump sum amount if your parents are diagnosed with such illnesses. The payout can be utilised to provide your parents with the best possible treatment without worrying about financial constraints. In most cases, the treatment for chronic illnesses can be unimaginably expensive, but with this coverage, you can ensure your parents receive the best treatment while maintaining financial stability.
• OPD Coverage
Some of the treatments our parents receive may not require hospitalisation. Just a few OPD visits could suffice. Therefore, seeking Outpatient Department (OPD) coverage could assist you financially in providing your elderly parents with ongoing treatment for various age-related ailments that require consistent and periodic OPD visits. If you get this add-on, you can receive coverage for doctor consultations, diagnostic tests, and minor daycare procedures. This add-on can effectively manage these recurring medical expenses, reducing the pressure of frequent out-of-pocket costs. By availing of this add-on, you can develop financial readiness to maintain the health and well-being of your parents in the best possible way.
• Personal Accident Coverage
In old age, certain accidents are quite common, such as falls and fractures, burns, choking, and motor vehicle accidents. Age-related decline in organ functions and degenerative diseases could be the main causes behind such accidents. These accidents could lead to permanent disability. If such unfortunate incidents occur with your parents, the treatment costs could be quite high. By availing of this add-on, you can receive a lump sum amount or regular payouts, thereby helping you manage the cost of hospitalisation, rehabilitation, and lifestyle modifications that may be needed post-accident. The financial flexibility that this extra cover offers can improve the quality of life for your parents even after the accident.
• Room Rent Waiver
In most cases, the health insurance policy imposes a limit or cap on room rent, thereby curtailing the options your parents may have regarding hospitalisation. By opting for the add-on of a room rent waiver, this limitation or cap will be removed, and your elderly, sick parents can then have the flexibility to choose a higher-category hospital room without requiring you to pay additional charges. This implies that the add-on can give your parents access to better health facilities and comfortable accommodations, paving the path for a smoother and speedier recovery.
Conclusion
The insurance market changes every minute, and service providers continually add features and add-ons to attract new customers. When it comes to a parents health insurance policy, there are some highly essential add-ons that can optimise the protection offered by the policy. By availing of these add-ons, you can protect the health and well-being of your parents most effectively, as well as your finances. By opting for necessary add-ons, you can receive maximum coverage for unforeseen medical expenses, allowing you to be a more responsible son or daughter by providing the best medical care for your elderly, sick parents.