It is a moral obligation to provide for the financial needs of ageing parents. Medical problems, faster-than-expected depletion of retirement assets, and other financial inconsistencies plague the elderly.
As a result, specific savings and health insurance plans can assist your elderly parents in living comfortable and stable golden years.
Read on to learn a few things you should know about securing financial help for your elderly loved ones' healthcare needs through health insurance.
Where Can I Use Health Insurance For?
The Central Provident Fund (CPF) Board runs a minimal health insurance plan called Medishield Life to provide a basic security net for Singaporeans and Permanent Residents. The plan covers major hospital expenses for the rest of your life, irrespective of age or health.
It also assists seniors in funding expensive outpatient treatments, including dialysis and cancer chemotherapy. It is organise in such a way that patients pay less MediSave or cash for major hospital expenses.
Consequently, private health insurance companies in Singapore provide a variety of Integrated Shield Plans, including Medishield Life and extra private insurance coverage, to meet various demands.
Here are some of the additional healthcare benefits the private health insurance can offer:
Hospitalization
Additional coverage for hospitalization in A/B1-type wards in primary healthcare centers, public or private, is available through private health insurance. Thus, particularly for your elderly loved ones, having more excellent amenities and a higher standard of specialized nursing care may be an effective option for you to ponder.
Physician Preference
When it comes to finding a healthcare practitioner, private hospitals and private healthcare generally offer more effective alternatives. If you want to have the liberty to pick your own doctor or care provider, private health insurance could be a realistic choice for you.
Is It Too Late for My Ageing Parents to Get Health Insurance?
Being caught off guard during a medical emergency is an unfortunate situation that no one would like to be in. And that is why having health insurance is such a fundamental part of old age.
Regardless of age or phase of life, anyone can purchase health insurance. An essential thing to consider is if your current health insurance requirements are being fulfilled.
It's also a prevalent misunderstanding that health insurance premiums are much higher for the elderly.
In reality, irrespective of whenever we get health insurance or Integrated Shield Plans, rates go up as we get older. No matter which plans you pick, the older you become, the higher your insurance premium.
Hence, the only logical response to this misperception is a hard no!
Health Insurance for the Elderly in Singapore: 5 Key Points to Know
As people grow older, healthcare for elderly costs inevitably rise, thus take the appropriate precautions to safeguard your elderly parents' financial security. In this regard, educate yourself with the following points for you to advise your ageing parents prior to purchasing health insurance:
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Pre-Existing Medical Conditions
It is indeed crucial to know if your ageing parents ever had any pre-existing medical conditions. Insurance companies frequently turn down applicants with a spotty medical history. Some illnesses or health issues, like cancer and other chronic disorders, may potentially be grounds for rejection. But that is not to suggest you won't find appropriate insurance coverage. Yet, premiums are likely to be significantly higher, as anticipated.
Therefore, if your elderly parents don't have any pre-existing severe medical illnesses, it isn't too late to sign up for health insurance for them, and it doesn't hurt to try.
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Health Insurance Plan Maximum Entry Age
Generally, several insurance policies have a maximum entry age that you must be aware of. It is the latest age at where you can apply for health insurance.
In Singapore, most insurance policies put the age limit at 75 years old. It means you must file for the policy before your elderly parents reach the age of 75. It also is worth noting that although your parents' policy is for life will not imply it will end when they turn 75. It merely means that you are no longer eligible to apply for them once you reach that particular age.
Even though your parents are 75 years old, you can still enquire concerning health insurance plans with a higher maximum entry age for them.
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Coverage and Cost
Several insurance firms in Singapore offer multiple health insurance plans, often known as Integrated Shield Plans, that give different levels of coverage for various government hospital wards, whether private or public.
Choosing premium ward types will usually result in higher premiums. Therefore, you should carefully consider the scope and cost of health insurance, determining the maximum you are inclined to pay and the least coverage you're ready to receive for your elderly parent's needs.
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Exclusions
Exclusion clauses will be included in insurance policies as well. To minimise losses to the insurance firm, these provisions outline scenarios and precise conditions for which the insurer will not offer coverage and the insured will be disqualified.
Prior to signing on to the policy, pay close attention to these exclusions and make sure you understand everything. It should be clearly and accurately specified in the policy statement.
If you have any questions concerning the exclusions, don't hesitate to enquire. Also, it's worth noting that the time it takes for the policy to go into existence can be regarded as an exclusion.
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Individual Preferences
It is necessary to include your ageing parents in the decision-making stage before acquiring any health insurance coverage for them. For the elderly, mortality, healthcare, and death can be frightening matters to tackle on their own.
Open a discussion with them to find out just how they feel towards health insurance and what kinds of worries and issues they have about their health, like whether or not they think they should consider home or nursing care.
Establishing an open conversation in this manner is beneficial in ensuring that the health insurance coverage purchased for them meets their fundamental healthcare needs and priorities.
Takeaway
Always conduct your research before deciding on a health insurance plan for your ageing parents. Examine the various health insurance policies accessible and consider the types of disorders and treatments you would like your parents to be covered. To guarantee that your senior loved ones receive the care they deserve, thoroughly analyse your objectives and considerations before committing to anything.
