Things You shouldn’t Ignore While Buying a Health Insurance for Your Parents
With the advancement of medical technologies, ageing people are living healthy with a longer lifespan. But, with the regular market inflation, the overall cost of medicines and the various treatments have also increased drastically. As it is common for parents to not be in the best of their health due to age and other health complications, it is therefore important to keep in mind all the suitable ways to save on their medical costs. This could be accomplished by opting for a health insurance for your parents.
Health Insurance for your parents is not as easily available if they have crossed the age of 60.
The Advantages of a health insurance policy for parents are listed below:
- Covers pre & post hospitalization expenses but subject to the number of days one is hospitalized.
- Offers coverage for day care expenses occurring due to the use of special equipment
- Covers most of the expenses if hospitalization is beyond 24 hours that includes medical bills, hospital room charges, doctors visiting and consulting fees, ambulance charges, etc.
- Covers any pre-existing diseases as per the terms and conditions jotted in the policy.
- Offers yearly free health check-ups
- Tax benefits under Section 80 C.
Important points one should not miss out on while buying a health insurance for your ageing parents:
The health insurance plans for senior citizens have many restrictions compared to a regular health insurance plan. Therefore, it is of utmost importance for you to read the terms and conditions carefully so that you don’t miss out on important things when you buy health insurance for your parents.
- Age factor: There are many health insurance companies in the Indian market providing health insurance policies for your parents aged between 60 to 80 years. This means that if you or your parents haven’t taken any health insurance policy for them and if they have already crossed 60 years of age then you don’t have to stress, you can still approach certain insurance firms and get them insured. But, there are certain health insurance firms that limit the entry age to 69 years, which means if your parents have already crossed 69, they won’t be eligible to opt for the insurance policy. There are few private health insurance firms that do have an exception on maximum entry age.
- Network Of Hospitals: Every health insurance company has a tie-up with certain number of hospitals. This needs to be referred very carefully since these network hospitals are the ones you would probably rush your parents during a medical emergency. Check the list of hospitals, and keep in mind the ones closer to your residence where you could also opt for a cashless treatment.
- Claim Settlement Ratio: It indicates the number of claims the insurance firm has paid out in whenever a claim was raised. To ensure a claim settlement turns out hassle free, it is recommended that you check the claim settlement ratio of the insurer you plan to opt for.
- Co-payment: In simple terms, co-pay is nothing but your share of the amount that you have to pay out regardless of the amount a plan covers especially for Doctor Visits or any prescribed drugs. There are certain insurance companies where the co-payment clause is around 10 to 20%, while some insurance companies charge 40%. It is always good to opt for a plan having less or no co-pay.
- Sum Assured: When you opt for a health insurance for your parents, make sure you verify the sum-assured amount. This is a pre decided amount of insurance cover you get when you buy a health insurance plan for your parents, which is paid to the nominee in the event of death of the policyholder Some insurance companies provide coverage to senior citizens of about only Rs.1.5 to 2 Lakhs which is extremely low. But, there are certain private insurance companies that provide coverage as high as 20 lakhs.
- Pre-existing diseases: There might be certain diseases that your parents have been suffering from prior to you purchasing a health insurance policy for them. These are termed as Pre-existing diseases. Some insurance firms have conditions that the disease diagnosed or treatment suggested should have been within at least 48 months prior to purchasing the policy. This could differ from company to company.