Why Should You Buy Health Insurance for Your Parents?
At present, the Indian health insurance market is buzzing with numerous health policies suited for the elderly and senior citizens with customized plans. So, what is health insurance for parents and why should you invest in it?
What is Health Insurance for Parents?
Health insurance for parents is a type of insurance policy which covers medical expenses of parents in case of medical emergencies. Most companies have specially designed health insurance for parents plans which caters to specific needs of an elderly. Also, most insurance companies even provide family floater plans which can provide coverage to multiple senior citizens in a family.
Should You Buy an Independent Cover for Your Parents?
Most experts suggest buying a separate individual cover for your elderly parents. Since the chances of claims are higher, the sum insured gets limited to only the parent(s) and other members of the family might not be able to avail any coverage. Also, since most group policies do not exclude pre-existing diseases, it becomes extremely helpful if the independent policy is in waiting period.
How to Choose the Best Health Insurance for Parents?
Choosing the right insurance for your parents among the plethora of choices is extremely important. Consider the below-mentioned factors before choosing:
● Coverage:
It is important to understand how much coverage the insurance company will provide in case of medical requirements and at what premium. Also, look at other factors like policy duration, critical illness cover, pre and post-hospitalization cover, daycare procedures, domiciliary hospitalization, in-patient hospitalization, Ayush treatment, etc.
● Network Hospitals:
Network hospitals are the ones wherein you can have cashless claim settlement and thus, the claim settlement process is much simpler. Thus, look for network hospitals of the insurance company in your proximity before buying a policy.
● Waiting Period & Pre-existing Diseases:
Most companies will have a waiting period clause attached with the policy. Also, most pre-existing illnesses are covered after a waiting period. So, choose the company which has a shorter waiting period so as to get the maximum benefits.
● Renewability:
Always look for lifelong renewable options in the insurance plan. It is suggested to choose an option which provides lifelong renewability to ensure they get continued coverage in the future. Most insurance companies like Care insurance provide this benefit in the plan.
● Co-payment:
Most senior insurance coverages have the clause of co-payments. This means that the insured person has to pay a certain percentage expense while the rest will be paid by the insurer company. So, it’s critical to choose a policy with lower co-payment amount.
It is important that you should opt for a separate health insurance plan for your parents. Apart from the aforementioned benefits, there is also a tax exemption under section 80D. Also, it is beneficial to check the policy details especially the exemptions before buying. For example, most companies will not cover expenses if the hospitalization is due to self-inflicted injuries, drug abuse, cosmetic surgery, result of war, diseases like AIDS, etc.