3 Hacks to Manage Senior Citizen Parents’ Healthcare Costs

Our parents hold a special place in our hearts. They’ve been there for us, guiding us and giving us unconditional love throughout our lives. Now, as time passes, it is our turn to ensure their well-being, especially when it comes to managing their healthcare costs.

Unfortunately, the cost of medical care has been rising steadily over the years, making it increasingly difficult for families to bear the burden. It’s natural to feel worried and responsible for our parents’ well-being, wanting to make sure they receive the best care without financial stress. This is a mission that every loving child takes on with determination.

To your rescue, Elephant.in is here to share three helpful hacks that will empower you to handle your parents’ healthcare costs wisely and effectively.

#Hack 1 – Buy Adequate Health Insurance Coverage

One of the most important steps in managing healthcare costs for your parents is to ensure they have adequate health insurance coverage. Explore different insurance options and select a plan that provides comprehensive coverage for their medical needs.

Consider factors like premiums, deductibles, co-payment, waiting periods, sub-limits, coverage limits, room rent limit, etc., to find the right balance. With the right health insurance, you can significantly reduce hospitalization expenses and ensure best-in-class treatment for your parents without undue financial stress.

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#Hack 2 – Build a Buffer – Maintain an Emergency Fund

Even if the health coverage is enough for hospitalization, various components like post-hospitalization expenses, day-to-day medical expenses, and a lot of out-of-pocket expenses may arrive.

Therefore, you need to put aside some money for your healthcare. Maintaining an emergency fund to meet unforeseen medical costs is crucial as your parents get older.

Make sure to choose a bank account that offers a higher interest rate and maintain its activity by conducting transactions at least once a month. Your emergency fund should ideally be around 6 to 8 times your monthly salary.

It is advisable to select a widely accessible bank for this account so that you can easily find an ATM in case of emergencies and withdraw cash when needed.

#Hack 3 – Manage Your Parents’ Investment Portfolio at an 80:20 Ratio

It might be a good idea to manage their portfolio at an 80:20 ratio to ensure your parents have enough money to pay for their medical costs.

This strategy aims for them to allocate 80% of the money in debt funds. This ensures stability, minimizes the impact of market fluctuations, and provides a reliable source of revenue for cash liquidity.

The remaining 20% can be allocated to more growth-oriented investments, which have the potential to generate higher returns over time. This balanced approach helps protect your parents’ investments while providing opportunities for growth to meet their healthcare needs.

Conclusion

By using these three hacks, you can better handle the challenge of managing healthcare costs for your elderly parents. It will give you more confidence and make things easier for you. Remember, taking care of your parents is an act of love. With careful planning and smart financial strategies, you can make sure they get the care they need without sacrificing their financial security.

To safeguard your own future, we offer various insurance options. Visit Elephant.in to explore a wide range of reliable and comprehensive healthcare insurance plans. If you have any questions or need assistance, feel free to connect with us:

Toll-Free No. – 1800 266 9693 | Email ID – support@elephant.in
Don’t wait until it’s too late!

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Disclaimer: The premium of ₹50/day i.e., ₹22,733 per year (inclusive of 18% GST) has been calculated for a 60-year-old healthy male and spouse on a family floater basis for a cover amount ₹5 lakh base health and ₹20 lakh super top-up with ₹5 lakh deductible. Discount of up to 60% has been calculated basis on the market offering taken for comparison is from Care Health Insurance Limited’s retail product ‘Care’ for the same age and sum insured of ₹25 lakh, and benefits may vary. This exclusivity is offered by Care Health Insurance Limited group product “Group Care 360” UIN: RHIHLGP20126V011920. Premium may vary as per the selection made by the customer in any part of the digital journey including the sum insured opted. Premium is subject to change by the insurance company selected by the customer. Employees can enjoy the discount by entering their Work Email ID subject to their company being a ‘Preferred Partner Organization’ at Elephant.in. All discounts are provided by Insurers as per IRDAI-approved insurance plans. Standard T&C apply. Product information is authentic and solely based on the information received from the insurer. For more details on risk factors, please read the sales brochure carefully before concluding a sale. Insurance is the subject matter of solicitation. Alliance Insurance Brokers Private Limited | 8th Floor, Gold Crest, NS Road No. 10, Juhu, Vile Parle (W) Mumbai 400 049, India | Toll Free No. 1800 266 9693 | Composite Broker | CIN: U67200MH2003PTC141621 | IRDAI Registration No. 217 | Valid till 12/10/2024 | EL/02/23-24/91