Medical or health insurance for parents is a must, considering the rate at which the medical expenses are rising every year. On average, the medical costs are rising 15% every year. An interesting fact is that Indians pay around 75% of their medical expenses from their pockets. If you are looking for Emergency Medical Insurance for your parents, there are lots of companies are available that provide medical insurance. Insure in Canada is one of them that provide the best and more affordable medical insurance for your parents. They also provide the best idea of which plan is best for you and your parents.
Why health insurance important for parents
- The medical costs are increasing more than the average inflation rate.
- Parents may have limited income or unstable income after their retirement
- Parents may be financially dependent on their heirs
- They are easily prone to illnesses or accidents. There might be a sudden requirement for financial help.
- Their employer’s health insurance policy might be ceased to exist after retirement.
If you are living with dependent parents who are aged above 60 years then you have to buy individual health insurance plans instead of family floater plans. In family floater plans, the age of the oldest family member is considered in defining the premium rates.
Features and Benefits of Medical Insurance for Parents
Comprehensive health insurance plans for parents comprises of several features. Typical health insurance mainly provides hospitalization expenses include pre and post-hospitalization expenses. It provides for expenses like room charges, doctor and surgeon fees and the cost of medicines. Medical expenses incurred in the event of sudden illness or accidents are also covered by parent’s health insurance.