How to Pick the Right Health Insurance for your Parents?
We all strive to provide the best care for our parents in their old age. Right from the top medical consultations to the finest hospitalization facilities, we wish to have them the best without worrying about the expenses. And the most reliable way to achieve this would be by picking the right health insurance policy at the earliest to cater to their health needs.
Parameters for buying the Right Insurance Plan for your Parents
With scores of health insurance plans available for senior citizens, you need to consider the following factors to ensure maximum coverage at affordable premium rates.
Entry and Renewal Age
Health Insurance Plans for senior citizens mostly allow entry from 60 years to 80 years of age. However, renewability of the same may become a problem as some policies are not renewable after the age of 90. Therefore, always opt for a plan that offers lifetime renewability or one that allows you to renew till the maximum age.
Comprehensive Coverage
During old age, immunity goes down, and the body is prone to diseases. At such times a comprehensive insurance plan is a must for your parents. Full coverage of prescription medicines, OPD visits, medical tests are as important as hospitalization benefits. Go for a comprehensive plan that covers most healthcare costs.
Pre-existing Illness & Critical Illness Coverage
During old age, immunity goes down, and the body is prone to diseases. At such times a comprehensive insurance plan is a must for your parents. Full coverage of prescription medicines, OPD visits, medical tests are as important as hospitalization benefits. Go for a comprehensive plan that covers most healthcare costs.
Co-Payment
Co-Payment is often a usual clause in Senior citizen insurance policies. In simple words, co-payment is the percentage of the claimable medical bill that the insured has to bear. Co-payment does bring down the rate of premium, but you may have to pay a lot from your pocket in case of hospitalization. Therefore, be sure to go for an insurance policy with the lowest co-payment rate even though it may raise the cost of premium a bit.
Single Policy Vs Family Floater Plan
A family floater plan is the one that covers all family members under one policy. Such plans work better for younger families as there are low chances of claims. However, it is best to buy separate policies for your parents as the chances of claims are much higher in the case of senior citizens.
Claim Settlement Ratio
As the term indicates, it is the ratio of the claims settled by the insurer to the total number of claims filed in a particular period. This ratio depicts the track record of the company. The higher the ratio, the better your chances of settling your claim with them.
Top-Up Plans
A plan that comes with upgrades is a good one to pick, as you can choose to upgrade your parent’s healthcare as and when required. However, be sure to read and understand the terms & conditions carefully.
Network of Hospitals
It is always good to take up a plan that offers a wider network of hospitals. Be sure to check that the policy offers good hospitals in the vicinity to take your parents in case of an emergency. However, also ensure that it includes the hospital that your parents generally visit for regular checkups.
Cashless Insurance
Be sure to check that your parents’ health insurance plan comes with a cashless facility. Cashless plans mean that the hospital settles the bill directly with the insurance company. This saves you the hassle of arranging finances in case of emergency hospitalization.
Time Limits for Pre and Post Hospitalization Expenses
Both pre & post hospitalization expenses are covered by most health insurance policies. However, the time limit for the same may wary and could be way less in the case of senior citizen health plans.
Coverage Excluded
While checking out the basic parameters for buying the right health insurance for your parents, you also need to know all the expenses not covered in such policies. These include:
- Diseases contracted or diagnosed within 30 days of receiving the parent’s health insurance policy
- Non-allopathic treatments like acupressure, naturopathy, etc.
- Expenses for any self-inflicted injuries
- Drug abuse treatment expenses
- Expenses for general dental treatment, lenses, & spectacles, unless required due to an accident
- Cosmetic Surgery
Do your research, compare various plans offered by different insurance companies, and understand the benefits & conditions completely before purchasing health insurance for your parents. Or just reach us at insurance@suraksha.seahwk.com and we shall assist you with the best options for senior citizens health insurance plans to fit both your needs & your pocket.
