Things to Consider While Buying Health Insurance Policy for Parents

To ensure your parent’s good health and financial security it is essential to choose the right health insurance. This article brings to you 10 important factors to take into consideration before obtaining your parent’s health insurance policy.

Go through each of them as they will help you make an informed decision and get the most suitable insurance package. 

10 Crucial Factors to Consider Before Purchasing Parents’ Health Insurance

It is necessary to consider various factors while buying health insurance online or offline. It is to ensure that your parents get the best available coverage out there. Check the following things to get the best value out of your investment

1.     Reputation of the Insurance Company

Choose an insurer known for quick claims processing and transparent communication. Evaluate how responsive they are to mature claimants through reviews and recommendations.

2.     Coverage of the Policy

Opt for comprehensive coverage that includes pre-existing conditions, mental illness, and age-related health issues. Ensure the plan offers preventive healthcare benefits to cater to increasing health needs.

3.     Exclusions

Get a grasp of the exclusions of the policy to avoid unexpected medical expenses. Scrutinise the policy document and clarify any doubts about coverage of pre-existing conditions and medications.

4.     Additional Coverage Benefits

Consider add-ons like Critical Illness Insurance, Room Rent Waiver, OPD Cover, and Hospital Cash Cover. Customise the policy with riders to fill gaps in coverage and cater to the specific health needs of your parents.

5.     Location of Network Hospitals

Verify the proximity of network hospitals to your parents’ residence for easy access to cashless facilities. Ensure nearby hospitals offer the best treatment options to avoid long commutes during emergencies.

6.     Value-Added Services

Look for policies offering free health check-ups, teleconsultations, and health tracking services. Value-added services promote preventive care and make healthcare more accessible for elderly parents.

7.     Affordability

Senior health plans can be expensive; try balancing costs with necessary coverage. Set a budget and evaluate plans that offer feature-rich benefits without compromising essential inclusions.

8.     Claim Process

Select an insurer that has a simple, digital, and straightforward claim process to minimise hassles during emergencies. Prefer insurers who are known for their empathetic communication and streamlined claim procedures.

9.     Renewability

Check the renewability options and age limits of the policy to ensure long-term coverage. Opt for insurers that offer lifelong renewability without difficult rate hikes, ensuring continuous protection for your parents.

10.Tax Benefits

Premiums paid for parents’ health insurance are tax-deductible under sections 80D and 80DD of the Income Tax Act. Ensure to maintain proper documentation to claim these benefits.

By considering these factors, you can select a health insurance plan that provides comprehensive and reliable coverage for your parents, ensuring their well-being and peace of mind.

Types of Parents’ Health Insurance Plans in India

Check out the following types of plans that are available in India for parents:

1.     Individual Health Insurance

This plan covers one individual, ensuring particular healthcare needs are met. It is ideal for personalised coverage for each parent.

2.     Senior Citizen Health Insurance

This plan by design is for elderly parents with higher coverage for illnesses associated with old age.

3.     Family Floater Health Insurance

Under one policy it covers the entire family. Family members can share the sum assured among themselves. It is suitable for covering both parents and possibly siblings.

4.     Critical Illness Insurance

This plan offers a lump sum amount of money on diagnosis of critical illnesses like heart disease, cancer, or stroke. It helps cover the expensive treatment necessary for these conditions.

5.     Pre-existing Condition Cover

This plan covers existing health issues of parents after a waiting period. This is essential for parents with pre-existing health conditions.

6.     Hospital Cash Insurance

This plan provides a daily remittance for each day of hospitalisation and can cover additional expenses like food and transportation during hospital stays.

7.     Top-up Health Insurance

A top-up plan activates when one’s basic health insurance coverage reaches its limit. For many, this is an affordable way to enhance health coverage without purchasing a new policy.

8.     Super Top-up Health Insurance

These plans work just like top-up plans, but they cover expenses once expenses reach a threshold. It extends coverage significantly and is very useful for high medical expenses.

9.     Government Health Schemes

It includes schemes such as Ayushman Bharat for financial protection. These plans are for families below the poverty line and offer substantial healthcare support.

10.Group Health Insurance

This is a plan that employers often offer employees providing coverage for employees and their parents. This is a beneficial and affordable option.

The Bottom Line

By considering each type of parents’ health insurance online and evaluating the factors discussed above, you can choose the most suitable plan for your parents. It will ensure they get the best healthcare for their specific needs and as a result, make the entire family experience peace of mind.

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