When we start getting old and facing health issues, we realise the importance of a good insurance policy. It dawns upon us that our parents’ health must be covered under a good health insurance policy. And so the hunt for the parents health insurance starts, but understandably, searching for the best health insurance plan gets confusing with so many insurance providers out there.
Mentioned below are a few points that we should consider while choosing the health insurance policy for parents:
- The insurance cover must be adequate as you might be using the policy immediately. You must decide on a plan that can meet all future medical expenses, including co-morbidities that you might have to incur. Your parents’ lifestyle and health history would be a major factor determining the sum assured amount.
- The insurance provider must be reputed and have a history of providing excellent services to its customers. Since we are buying best health insurance plan, you need an insurance provider that quickly settles claims with minimum hassle. The insurer must also provide excellent customer care service to clarify doubts and explain if there is a lag in processing.
- The premium costs usually increase with the age of an individual. Therefore, we must find a policy that offers maximum cover to our parents at reasonable premiums. You can compare the premiums of different insurers for the same sum assured amount.
- Renewability is one of the most important factors you must consider before buying parents’ health insurance. You would want a plan that offers lifetime renewability. Also, check the age entry criteria for the insurance policy as you cannot buy an insurance policy with a lower age entry criterion.
- You need to know the list of exclusions before buying an insurance policy. In the case of elders, you might want to buy a policy with fewer exclusions. Therefore, you must study the list of exclusions properly to know all about them beforehand.
- The premiums paid can be claimed as deductions while filing your Income Tax Return for the financial year.
- Knowing the details of network hospitals of your insurance provider is crucial to understand if they are located near your place of residence. It eases your decision-making process at the critical time of requiring medical treatment or surgery.
- The claim settlement ratio of a company should be considered while buying parents’ health insurance. You would want the best health insurance plan from a provider that has a great claim settlement ratio. It would make you tension free as you know that there is a greater chance that the insurance company will settle your claim.
- Every policy has additional coverage benefits. Therefore, you must check the details regarding the same before buying one. You would want a policy that covers doctor’s charges, pre and post hospitalisation costs for a maximum number of days, cost of medicines, etc.
- Your Parents health insurance should be customised according to your need and increase the cover amount. You should be able to add other plans with it, such as critical illness insurance plan, Outpatient Department Cover (OPD), Personal Accident insurance plan, etc.
- The insurance policy should have value-added benefits. These include free health check-ups, teleconsultations, health monitoring services, etc.
- Every insurance policy has a sub-limit clause. You must be aware of the sub-limit clause and not overspend on medical treatment since the sub-limit will restrict the claim amount on a specific ailment or surgery. You would want to choose plans with higher sub-limits on standard treatments.
These points are critical to be considered before buying a parents health insurance. To get the best health insurance plan for your parents, you must assess your needs and read the terms and conditions of the plan carefully.