Buying Health Insurance for Parents: Here are 10 key points to consider
Gaurav (29-year-old) lives with his parents (father: 58 years and mother: 50 years) at Hyderabad. Gaurav works in an advertising agency and earns a decent salary from the company. However, Gaurav’s mother is a diabetic patient and also has some heart issues. Being an only son, Gaurav has some responsibilities towards his parents. That’s why Gaurav wants to purchase the best health insurance policies for his parents so that the family gets financial support during a healthcare emergency. Moreover, medical expenses are also quite high in Hyderabad. So, the best health insurance plans will also help Gaurav’s family combat medical inflation without compromising their treatment.
But Gaurav doesn’t have strong knowledge about health insurance for parents. Thus, he gets confused while purchasing the best medical insurance for his parents. Here, we are mentioning what factors Gaurav should consider before buying the best health insurance for parents. This article is beneficial for those who want to purchase various health insurance plans for parents.
10 key points to consider while Buying Health Insurance for Parents in 2021
Here we listed out the 10 important things that you should consider while purchasing health insurance for parents as mentioned below:-
- Health History
- Waiting Period
- Age Limit
- Network Hospitals
- Sum Insured
- Inclusions and Exclusions
- Claim Settlement Ratio
- Easy Payment Method
- Annual Checkups
- Cumulative Bonus
1. Health History
Before purchasing a health insurance policy for parents, take a close look at all pre-existing health conditions. Pre-existing illnesses could be blood pressure, diabetes, thyroid, and so on. So, based on your parent’s condition, choose the best health insurance in India for parents that can cover all their medical conditions and offer necessary coverage. For example, if your parents are suffering from diabetes, you should purchase a diabetes-related health insurance plan specially designed for diabetic people. Pre-existing diseases don’t mean only proven health conditions but also those conditions that are not yet diagnosed. So, after thoroughly checking all pre-existing diseases, purchase the best health insurance plan for parents.
2. Waiting Period
Most health insurance policies come with a waiting period. And health insurance companies offer coverage for pre-existing diseases after completing the waiting period (mostly 2-3 years). So before investing a single penny, acquire all information regarding this to avoid hostile situations in the future
3. Age Limit
This plays another imperative role in purchasing the best health policy for parents. Several insurance companies offer coverage up to a certain age limit. Some insurers also offer lifetime renewability options to policyholders. If you are planning to purchase health insurance for parents in India, you should choose a policy with an entry age of 60 years and above so that renewability will also increase. A health insurance policy that comes with guaranteed renewability at any age is an ideal option, even if you need to pay higher premiums. The IRDA has instructed all Indian insurance companies to provide senior citizen health insurance policies until 65 years of age. Thus, you may find a plethora of good policies that offer the best insurance for parents.
4. Network Hospitals
When selecting the best health insurance for parents in India, always choose an insurer with a wide hospital network. A network hospital is a place where you will get cashless claim settlement benefits that could be a boon in the case of an unexpected hospitalization or medical emergency. Network hospitals are partnered with insurance companies, and they embrace policyholders with cashless facilities without compromising their treatment.
5. Sum Insured
The sum assured of your health insurance policy plays an imperative role, especially in the case of a healthcare emergency. The sum assured amount will reimburse all expenses incurred for medical treatment. So, you should select a health insurance policy for your parents that offers a high sum assured. With a higher sum assured, you can stay worry-free during a medical emergency.
6. Inclusions and Exclusions
A single health insurance policy can’t cover all ailments, treatments, and diagnoses. So, before investing a single penny, read all the terms and conditions of the policy and understand all inclusions and exclusions.
7. Claim Settlement Ratio
The prime objective of health insurance policies is to offer financial assistance in the case of a medical emergency. So, your purpose of purchasing a health policy will be crushed if you can’t make use of the cashless transaction or reimbursement claim timely.
8. Easy Payment Method
This is another important thing that you should consider while purchasing health insurance plans for your parents. Check whether your selected policy offers an EMI option to pay the premium and how often you should make the payment to enjoy all the benefits under it.
9. Annual Checkups
Older people are more prone to various ailments due to their age. Thus, you should check their health conditions annually to keep them away from severe diseases. You must consider a health insurance policy that offers free annual checkups to policyholders without stretching the premium amount.
10. Cumulative Bonus
Many health insurers reward their policyholders with a bonus (cumulative bonus) for staying fit and not filing any insurance claim. The benefit enhances your sum assured amount without impacting your premium amount. The percentage of the cumulative bonus depends on the insurance company and the plan chosen. Generally, you get a cumulative bonus between 5-10% of the total sum assured amount.
Why should you purchase a health insurance policy for your parents?
- Your parents may not earn adequately after their retirement. They used to meet their medical expenses and bills from their savings or pension. In some dire situations, they need monetary assistance from their children to pay off their healthcare expenditures.
- Medical inflation is rising exponentially. Thus, it would become difficult for your parents to avail of medical services at reasonable rates.
- Health insurance policies provide coverage for pre-existing diseases. This gives you peace of mind when you are not staying with your parents.
- Offers financial support during the most difficult time
A good health insurance policy will not only offer your parents good treatment and facilities but also helps them to lead a tension-free life. Compare various policies and choose the best health insurance policy for your parents to enjoy maximum coverage.
