Everybody needs to get adequate health insurance coverage for their parents. And for an obvious purpose — to ensure they get the best medical care without any financial burden. Due to the age factor, parents may require extra medical assistance more often. It is our highest priority job to secure their wellbeing. Thankfully, some good insurance companies in India offer the best health insurance for parents. However, with an extensive range of health insurance plans available in the market, choosing an excellent option to keep our parents protected at all times can be a bit confusing.
Features of the Best Health Insurance Plan For Parents
Below, we have pointed out specific parameters to consider before getting purchasing health insurance for parents.
It is important to go through the coverage benefits offered by the insurer before zeroing in on the best health insurance for parents.
Look for essential aspects like:
- critical illness coverage,
- in-patient hospitalization,
- daycare terms,
- pre and post-hospitalization charges,
- domiciliary care,
- policy tenure, etc.
2) Sum Insured
Considering the age factor, parents are more vulnerable to health ailments. Most health insurance cover for parents comes with a limited amount of sum insured.
When choosing the best health insurance for parents, go for a higher sum assured at affordable premiums. Having adequate coverage will make sure that they get sufficient healthcare support.
Every health insurance policy, which covers persons over 60 yrs of age, comes with a co-payment ratio. Co-payment means sharing the claims.
If any claim is made under the health insurance plan, a part of it must be payable by the policyholder and the remaining expenses are paid by the insurer.
For example, if the ratio is 10-20%, the policyholder must pay 10-20% of the claim amount from their own pockets.
4) Waiting period
Insurance companies might determine an extended waiting period for pre-existing diseases in the senior health insurance policy. However, the waiting period varies from insurer to insurer as per the health insurance plan opted.
As the policy plan is meant for parents above 60 yrs, the waiting period is maintained low so that treatment can be made available from the earliest possible time. Thus, check for pre-existing illness and the waiting period duration that will cover the best health insurance for parents.
Every individual must go through the empaneled hospitals network list in collaboration with the insurance provider they are opting for. Make sure to find out whether reputed hospitals in your surrounding area are stated in the plan so that it is convenient for you to take your parents to the hospital.
Look for a cashless treatment facility in the opted health insurance plan.
It is vital to understand the inclusions and exclusions of the policy.
6) Covered benefits
The insurer takes any critical illness that leads to excessive hospitalization expenses up to the coverage limit. Daycare treatments like varicose veins, cataract surgery are also covered by the insurer.
The best health insurance plan parents provide coverage for the pre and post-hospitalization expenses.
Nowadays, Ayush treatments are also covered by most health insurance companies.
Care Health insurance plan for parents generally comes with a lifetime renewability option.
The health insurance policy does not cover medical expenses for cosmetic surgeries and general like dental care, hair-fall treatments etc.
Self-inflicted injuries and injuries that occurred during the war or strike cannot be claimed. Any surgery or diseases diagnosed within 30 days of the policy start date is not covered.
The Search for the Best Health Insurance for Parents – We Wish You Luck!
A good health insurance policy cover will enable your loved ones to manage unforeseen health crises without any financial burden. Moreover, it offers enticing features such as cashless treatment, annual health check-ups etc.
At present, the Indian insurance market is flooded with various health insurance plans for insurance seekers who want to purchase the best health insurance for parents. Moreover, these plans are specially designed for elderly parents or senior citizens above the age of 60.
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.