Get Medical Insurance for Parents…Know its Benefits and Live stress-free!

Alifiya Aun Ali
December 09, 2020

We cannot imagine our lives without our parents, we all think that the older we grow the more independent we would be. The more independent we are the less we would need our parents. Although we also understand that “BIOLOGY” is something none of us can win from. Yet we want to provide the best for our parents. We cannot think of anything hurting them under any circumstances ever.

Starting from the smallest to the biggest we want to provide the best for them. We believe when we grow up the tables turn and in our childhood like our parents cared for us we want to reward them with the same.

We at smartchoice believe that buying health insurance for parents at an initial age will offer you benefits such as lower payments of premiums. In this article, we aim for you to find out that how having a health insurance policy for your parents will ensure that they get all the medical attention they need and the level of care that they require.

As children, we always want the best things for our parents, be it food, living conditions or healthcare. This is all true as they begin to age and face health-related issues. Health insurance policy for parents will acts as a financial security against unpredicted medical emergencies and it is something that every individual should have.

Reasons why do you need health insurance policies for parents?

Insufficient life cover: we know that a normal family health insurance existing health insurance policy does not cover your parents, it is vital to buy comprehensive health insurance especially for your parents to cover them against expected and unexpected medical/ health emergencies.

To overcome inflation: Medical expenses will continue to rise due to inflation. Getting health insurance for parents will ensure that your parents are covered from expenses arising out of medical emergencies.

Lifestyle transmitted diseases: As modern and current life is becoming more nerve-wracking, lifestyle diseases have become more common in the parents. The lifestyle sickness such as the heart attack, stroke, diabetes, etc. strikes, a health insurance policy becomes your ultimate knight in shining armour.

Saving Money: Purchasing health insurance policy for parents at an early age will give you the advantage to enjoy lower premiums, and hence leading to spend less and avail more benefits from the health insurance policy.

Income tax benefit: If your parents are senior citizens, you are eligible to avail income tax benefit in a financial year under Section of tax ordinance 2001 by the government of Pakistan.

Here are some of the value-added benefits of health insurance for parents

Health insurance provides coverage against hospitalization expenses, be it planned (means any procedure prescribed by the doctor for instance: Cataract surgery) hospitalizations or an emergency arising out of natural calamities or an accident.
The health insurance provides coverage against illness/injury in case of an accident (under your prescribed insurance coverage).
Most of the health insurance plans available at smartchoice offer a cashless settlement in-network hospitals.

The parents’ health care policy can be renewed annually for most companies ill the age of 65 years and some companies offer coverage even up to 70 years of age.
The policy covers pre and posts hospitalization expenses up to a specific duration.

You can purchase a new health insurance policy if you want to switch from an old one or renew an existing one through online mode, without any hassle and stress.

Sometimes people ask why medical insurance is so expensive?
While the overall insurance sector in Pakistan remains a key sector for development, but especially the health insurance or medical insurance remains underpenetrated and expensive in the eyes of Pakistani consumers.

Medical insurance is an essential pillar, not just for your physical health, but also for your financial well-being. It allows access to quality health care while reducing the impact of an ill-fated health event on your family’s earning and payment capacity and capability. Smartchoice.pk in Pakistan has been working tirelessly to expand health insurance coverage and distribution and most importantly awareness. Smartchoice is leveraging new distribution models and technology to reduce the cost of covers for the consumer base.

This is in addition to the initiatives taken by the government nowadays to enhance the awareness regarding the importance of medical insurance as well as the quality of services to the consumers.
One of the reasons of a little higher value medical insurance in the country is that Pakistan stands apart from most other countries on account of its diversity, whether its age, socio-economic distribution, financial literacy, education levels in the people, wellness, and growth rates across different parts of the country.

This primarily makes it more difficult for the insurance sector to cater to the needs of each customer in a cost-effective manner. However, the acceptance and penetration of medical insurance remain low in the country.
On its measure, the health insurance sector has been leveraging the new channels to expand the outreach of the insurance and lower the cost of selling.

How to save on health insurance premium?

When unforeseen medical/health emergency takes place, it becomes quite tiresome to cope with such a situation. But if you are covered and protected with a proper health insurance policy for your parents, you are at a relief. Health insurance policies cover a wide range of health care costs such as hospitalization costs, medical bills for pre and post hospitalization expenses and the best thing is the relaxation and stress-free feeling that comes with it. Many people in Pakistan, however, avoid having a health plan because of it being expensive.

Are you one of those who look for ideas to save on health insurance premium? Here are some proven tips for you.

Buy online health insurance policy at an early age for your parents

Choosing to buy medical insurance at a young age would cost you less. Health insurance companies usually consider young people as less likely to fall sick and get hospitalized ( a general perception). Hence, they charge lower premiums to younger consumers. If you compare health plans for your parents when they are younger and healthy, you can grab a better deal in terms of premium and coverage for them.

Go for lower coverage, to begin with

In case you are on a tight budget and cannot spend much on the health insurance in one go. You can start with a health plan with relatively lower coverage or you can avail the feature via smartchoice which is “Buy now and pay later” you can avail. This refers to the idea that you can get insurance on 6 months zero mark-up plan and divide the whole amount in a few instalments and pay them as per your convenience.

You can use the health insurance premium calculator to reach the premium amount that you have to pay for specific coverage for your parents. Moreover, you can always enhance the total sum insured ( by upgrading your plan) of your parent’s health insurance upon renewal by paying an additional premium when your finances are better sorted.

Compare policies online, before purchasing

One most important thing suggested is that buy policy after thorough comparison. You can also compare policies online to find out the best health insurance plans with such options. However, it is important to choose the right policy as per your need because you have to pay the premium when you have made the decision to procure your health insurance policy.

Select long-term medical insurance

The concept of long-term health insurance in Pakistan means that you keep on renewing your health insurance policy so as you continue to ensure it the policy starts providing coverage for the pre-existing illnesses as well which leads to it becoming less than the cost of basic medical insurance policies with the annual term. Hence, you can save on premium of your health plan by picking an insurance policy with 2-3 years term renewal option.

All these measures will help you to cut down your health insurance premium. You can also compare different health insurance plans to choose the best-suited health insurance policy with an affordable premium. If you pay attention and use these tips while purchasing or renewing your health insurance policy, you can keep the premium within your budget and continue to stay covered and protected.

Remembering that vigilantly buying a health insurance policy for parents at an early age will offer you benefits such as lower premiums and longer pre-existing coverage with increasing it every time. Visit our platform today www.smartchoice.pk and see the plans and coverage available. By logging in at smartchoice find out how having a health insurance policy for your parents will ensure that they get all the medical attention they need right on time with the right facilities.

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