Most people today just after retiring from their job start off worrying about their well being insurance coverage particularly at the age of 60 as they are no longer covered by their business group well being insurance coverage policy.
Generally, well being insurance coverage policies have restrictions on the entry age at 60 or 65. Hence, although opting for an insurance coverage policy just after that age, there are several who are unable to get any cover.
Having stated that, today a quantity of insurers give well being policies made particularly for senior citizens. Note that a senior citizens’ policy permits entry even at an sophisticated age, which ranges from 65-74 or some even go up to 85 years of age.
Unlike typical well being insurance coverage policies, these policies do not come low-cost. Insurers charge a larger premium for these policies as the probability of obtaining any illness increases for the people today at that age.
Alternatively, for senior citizen parents, authorities advise one could also opt for their parent’s coverage below the group well being policies offered by the employer.
Shreeraj Deshpande, Chief Operating Officer, Future Generali India Insurance, says, “One must consider including their senior citizen parents under the group health insurance provided by their employer.”
Here are some of the motives why one really should take into consideration which includes their senior citizen parents below the group well being insurance coverage offered by their employer:
- No healthcare examination – No healthcare checkups are necessary for plans offered by one’s employer. The entire family is automatically insured from day one without having any hassle of documentation.
- Low premiums – The premiums provided in a group well being policy are reduce than the quantity payable for person well being policies, leaving space for more investments and savings.
- No waiting period – It is regarded as as one of the most essential added benefits there is no waiting period for any illness coverage. Deshpande adds, “One’s parents are covered right from day one. In a standard policy, cataract treatment has a minimum waiting period of 1 or 2 years. However, it is covered from day one under a group health plan. The same is the case with pre-existing diseases, which are also covered from day one.”
- Adding top rated-up or super top rated-up – While employers provide possibilities for a larger sum insured below the base group well being policies, several employers provide Group Top-up or Super Top Up policies. Deshpande says, “Even if the employer does not provide such options, one can cover their parents under retail super Top-up policies with a deductible equal to the base sum insured.”