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Your parents have taken care of you your entire life. Now, it’s your turn to take care of them. If you’re considering covering your parents with health insurance, now’s a great time!
Purchasing a health insurance plan for your parents is an incredible way to support your family whenever they need it the most. Not only will this help cover some of their monthly health expenses that wouldn’t get covered under their provincial health coverage, but it will also give you peace of mind knowing your parents are taken care of.
In this post, we explore what benefits a healthcare plan can provide your parents with, answer some of your burning questions, and walk you through the necessary steps to get your parents insured today!
More of a talker than a reader? Contact us today, and we’ll help get you– and your parents– set up with a plan that is best suited for their needs.
Firstly, we want to start off by saying, Yes! You can purchase health insurance for your parents.
Both you and your parents can benefit from getting an extended health care plan. Especially if they’re over 60 years of age, knowing your parents are insured will give you peace of mind. And, if they ever need to use that insurance, it will help cover the costs of medical bills, freeing everyone up to focus on what matters most — them.
Parent health insurance provides coverage for everyday and emergency needs, like:
If your parents are uninsured and the unexpected happens, you or they could be on the hook for any expensive medical bills and associated costs. If they’re under-insured, you or they may not be able to afford to cover the essential, but expensive, additional treatment costs. These are things that aid in recovery but extend beyond what’s covered by the Manitoba Health plan, like wheelchairs, rehabilitation, and additional therapies.
Purchasing extended health coverage ensures that your unplanned health expenses are covered and that your parents get the care they deserve.
Before you start this application process, remember that the whole process can take some time. Many factors affect one’s ability to qualify for health insurance. Lots of things need to be examined, plus your insurance company may have additional questions. Be patient and honest with the information asked in the application.
Lying on the application can be seen by some as a way to “save” money upfront. However, it could actually lead to the insurance company not processing your parents’ claims or the policy being cancelled altogether. Plus, you could face additional legal issues and fines.
While applying for a health insurance policy for your parents, it’s also important to consider their unique situation. No two people are the same, so neither should their insurance policy.
Before you even start applying or shopping around for a health insurance policy, it’s important that you make sure that your parents are on-board with getting health insurance.
There may be some health questions– or in some cases, a paramedical exam– required. This isn’t always a quick process, so they should be on board before you start. That being said, the payoff of having additional support as they navigate the changes to their health will be worth it.
When it comes to getting them a policy, you have two options.
Buy the insurance policy for your parents with their consent (and participation if required). In this scenario, you’d be the payor of the policy and do most of the leg work in setting it up. You’d technically “own” the policy for them.
Your parents would buy the insurance on their own. You can then set up a payment plan with them. This is a great option for those who plan only to cover part of the insurance policy fee and split the remainder with their parent, sibling, or another family member.
You asked, we’re answering:
Yes, you can. Provide us with their full names, their dates of birth, their address(es), and a completed medical questionnaire, and we’ll take care of the rest.
Get in touch with us to start this process.
Unfortunately, no. In Manitoba, every household must have its own, separate policy for extended health coverage. What you can do is purchase a separate policy for your parents.
Get in touch with us to start this process.
Yes! You can purchase visitor health insurance for your parents while they visit Canada, as long as they’re 80 years old or younger. We highly recommend this option, because if they aren’t covered and something unexpected happens during their visit, their hospital bills will can up quickly.
Note: If your parents are Canadian citizens who are moving back to Canada, and if they don’t currently have provincial health coverage, you can purchase a Visitor to Canada policy to cover them until their provincial health coverage kicks in.
There are many health insurance options available for elderly parents. Depending on their age, needs, circumstances, and budget, your insurance company will customizable a plan that works for both you and them.
Have questions about what their policy options are? Get in touch! Know that you have options, and we are here to help support you as you find the right plan for them and their unique needs.
A health insurance policy for your parents is a gift that keeps giving. It allows them to focus on their health without worrying about the financial implications. Plus, you get peace of mind knowing your parents are taken care of.
If you’re looking to purchase health insurance for your parents, get in touch with us. We’ll answer your questions, and one of our Insurance Consultants will help you figure out exactly what’s best for your family.