Asked by Anonymous
Asked on 08 Nov 2019
Are you planning to buy insurance for them?
Might want to consider getting Personal Accident insurance as some form of coverage. Also, the elderly may be more prone to accidents because of their age.
The definite thing to consider would be healthcare and personal accident plan at this point, as mentioned by most is that as with age, one becomes more prone to accidents, so you might want to think of those..
Healthcare because with age, we might get hospitalised due to old age, however premiums for healthcare rises with age, and if it's too un-affordable, you could consider choosing public healthcare but, at least with the selection to a class A ward, so that you can get the best healthcare that the public system can offer
Well, my parents have, but my fiancee parents do not. I personally have not put in much thought to this, but it definitely something I want to do. At the very least, a basic hospitalisation plan.
I would definitely recommend a basic hospitalisation and personal accident coverage for your parents.
My dad doesn't have any insurance because he cancelled it a few years ago to "save money". And because of all his medical conditions, he has gotten rejected several times and is ineligible for coverage due to conditions involving his heart, blood vessels, diabetes, kidneys and many more. I didn't know, or I would have stopped him then. It is one of my biggest regret.
If it isn't too late for you yet, I highly encourage you to look into getting hospitalisation insurance and personal accident cover for your parents.
Unless really tough - you should at least look to have some form of health insurance to avoid financial impact of high-impact illnesses/accidents at old age.
Aside from that, the insurance needed depends on my dependent situation. My parents are 70+ and don't have any other insurance as kids are all working and home paid up.
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22 Dec 2019