Several insurance companies in India offer a customised health insurance plan for elderly parents or senior citizens above 60 years. Such a policy offers comprehensive coverage against medical emergencies due to old age resulting in huge expenses.
Choosing the best medical insurance for parents can be daunting if an individual is unaware of certain aspects like coverage limit, co-payments, etc. To make this job easier, one might consider following some valuable tips mentioned in the following section.
Top tips to help you choose the ideal health insurance for your parents
Health insurance policies for elderly parents come with a higher sum insured and other lucrative benefits like annual health-up, cashless treatments etc. However, potential buyers might check out other pointers while searching for a health plan that effectively covers their parents’ medical needs. Here are some top tips for choosing an ideal health insurance plan:
1. Go for optimal coverage
The coverage received on an insurance plan depends on its premium. Therefore, one can get maximum coverage by paying more premiums based on the financial situation. When choosing a policy with maximum coverage, individuals should look for certain benefits like daycare procedures, critical illness cover, in-patient hospitalisation and the likes.
However, most health insurance companies in India do not offer standalone policies like dental health insurance. Therefore, for better coverage against expenses arising from dental treatments, one can choose a comprehensive health insurance plan for parents and raise claims against such expenses along with other reimbursements.
2. Check the flexibility of the plan
Some health insurance plans enable a policyholder to increase the sum insured amount up to 100% of the original amount if it gets exhausted. Considering the senior citizen’s age and vulnerability to risks, getting an adequate sum insured and avoiding financial constraints during medical emergencies is practical. Additionally, individuals should choose a health insurance plan that offers flexibility in coverage, tenure, sum insured etc.
Medical insurance plans come with a co-payment clause wherein a policyholder must bear a certain portion of the claimed amount. However, as per the IRDAI, insurance providers must reimburse at least 50% of the pre-insurance medical investigation cost. So, keeping this clause in mind, one should settle for the best insurance deal.
4. Coverage for pre-existing illnesses
Elderly parents can have pre-existing medical conditions covered under a health insurance policy only after a certain waiting period. The duration of this period varies across insurers. Ideally, choosing an insurance plan for parents with a minimum waiting period is practical. It will help in getting treatments and claims in a hassle-free manner.
5. Renewal process and time
The renewal process and time depend on an insurance provider. Some insurers may offer a health plan with lifelong renewability, whereas others provide an insurance plan with a fixed tenure. Before purchasing an insurance policy for parents, one should know its renewal process and duration to avoid complications.
6. Know about the waiting period
Besides pre-existing diseases several other medical conditions covers can come with a stipulated waiting period. Individuals raising claims during this period will not receive reimbursements from the insurer’s end. After the waiting period ends, they can file claims conveniently. So, it is beneficial to learn everything about the waiting period and its duration before choosing an insurer and its respective health plan.
7. Know about the claim process
A simple claim process allows policyholders to raise claims and receive the claimed amount in a short span. As elderly parents are susceptible to medical emergencies, it is practical to opt for an easy claim process and get treatments conveniently. In this regard, one can choose a technology-driven cashless claim mode wherein one can raise claims from their smartphone and need not pay anything for the treatments.
So, it is evident that health insurance for parents offers a range of benefits that reduces overall financial liability during an emergency. In addition, one can follow the aforementioned tips and choose the best insurance plan for their parents that offers maximum perks.
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