Medical Insurance for Elderly Parents
Over the years, medicines have made immense advancements, and that has led to an increase in life expectancy. On the other hand, there is an increase in the cost of medical treatments and medical services, necessitating the need for health insurance plans.
In the UAE, regardless of profession and age, a basic plan of health insurance is mandatory for all UAE nationals and ex-pats. The Dubai Health Authority (DHA) has defined strict regulations to ensure full compliance with the health insurance laws in the UAE.
As people age, especially after 60 years of age, the list of ailments increases and the risk of repeated hospital visits is more. Considering the rising cost of healthcare services in Dubai, it is better to buy separate medical insurance for your elderly parents.
Factors to Consider When Buying Medical Insurance for Parents and Senior Citizens in the UAE:
But before getting your parents a health insurance cover, there are a few factors to consider.
1. The Age Factor:
The age of the person insured is the biggest difference and barrier to entry between health insurance for senior citizens and health insurance for younger people. Since health insurance is mandatory in the UAE, insurance companies cannot decline coverage to any person regardless of the age of the parents. So, no matter what age your parents are, you can always buy health insurance for elderly parents in the UAE.
2. In-patient hospitalization:
In-patient hospitalization coverage is given by the insurance company, for the medical expenses incurred by the policyholder when they get admitted to the hospital. It should cover hospital expenses like medical tests, doctor fees, medicine etc.
You need to look at the sub-limits for certain expenses. Since the number of hospital stays might be higher for a senior citizen, it is essential to choose insurance for parents in UAE with strong in-patient coverage.
3. Pre-existing Illness:
The term – pre-existing medical conditions or diseases – means that an individual is suffering from a medical condition before taking a health insurance policy. If your parents have pre-existing illnesses, check for the terms and conditions regarding pre-existing conditions when looking for a health insurance policy.
The pre-existing limit depends on the underwriting evaluation of each insurance company. If a pre-existing condition was declared during the time of application, coverage will for the same depend on the approved limit.
For Dubai visa holders, the minimum limit for pre-existing and chronic conditions is AED 150,000 even if the total sum insured is AED 1 million for some insurers.
For Northern Emirates visa holders, pre-existing and chronic condition cover is not mandatory. However, it is mandatory for those living in Dubai or Abu Dhabi.
4. Waiting Period:
The waiting period will restrict your parents to get risk coverage for a certain period, especially for pre-existing and chronic illnesses. The waiting period depends on which Emirate the visa was the insurance policy issued.
For the Northern Emirates, some insurance companies require extended waiting period. Once this period is over, your parents become eligible to get the required insurance cover.
When looking for medical insurance plans for your parents, consider a policy that has a lesser waiting period for pre-existing illnesses. Insurance brokers can help you find the cheapest health insurance for parents in Dubai that comes with a shorter waiting period.
5. Sum Assured:
Senior citizens are more prone to health risks than younger people. So, you must try and get them a sufficient size of health insurance cover. When looking for medical insurance for parents in Dubai or Abu Dhabi, assess the existing ailments and future risks to determine the exact health cover requirement.
However, some companies put a limit on the maximum health cover allowed for the senior citizen which is equivalent to the minimum limit required by the relevant regulatory authority. For e.g.: the minimum limit in Dubai is AED 150,000 and in Abu Dhabi, it is AED 250,000. In such cases, one may look at more high-end medical insurance for senior citizens in UAE which provide higher covers but at higher costs as well.
You should know that there are other factors to consider when buying health insurance for senior citizens above 60 years in UAE, such as room rent allowance, out-patient expenses etc. However, to select the best health insurance policy for parents in Dubai, Abu Dhabi, or elsewhere in the UAE, you can contact us. We at New Age Insurance Brokers will be more than happy to support you with the same.