Insuring your elderly parents is your way of expressing your love for all that they have done for you. There are two ways to insure your parents, namely, life insurance and health insurance. While life insurance will provide insurance cover for the parents till the end of their life or till the maturity of the policy, health insurance will provide for the cost of medical treatment and hospitalisation of your parents if they suffer from serious illnesses such as heart attack, cancer, paralysis, etc. or meet up with an accident and suffer physical injury. Here are some ways to insure your parents:
Senior Citizens Policy:
Many insurance companies offer insurance policies specifically designed for senior citizens. If your parents are senior citizens, then this is the best option to provide exclusive insurance coverage. The advantage of these policies is that they allow shorter waiting period of one to two years for pre-existing illnesses, unlike standard policies where the waiting period for pre-existing illnesses is four years. The disadvantage of these policies is that they carry co-payment clause, where the insurer may agree to pay only 50% of the bill amount, so the balance amount will have to be paid by you.
Group Insurance Policy:
Your employers may offer you the option to cover your parents under the employees’ group insurance plan or enhance your cover to include your parents at an additional cost or paying top-up premium. In both the cases, it makes sense to cover your parents as this is an easy way of providing insurance cover to your parents and also because the claim settlement process is easy and smooth. However, if you are in the habit of hopping jobs quite often, this policy is not suitable for you as the insurance cover for you and your parents ceases to exist the moment you put in you papers.