Factors to consider while buying health insurance for parents

Are you planning to buy health insurance policy for your parents? Health insurance is essential for everyone because of medical inflation and rising health care costs. Health insurance is indispensable for senior citizens as the elderly are more prone to health risks as compared to the young people.

However, adding your parents to your existing individual health insurance, family health insurance or group medical insurance is not a wise decision. Because it has the following consequences – higher premiums, lapse of sum assured, out of pocket expenses etc. Furthermore, it can also impact your cumulative bonus due to the possibility of claiming. buy separately Health Insurance Policy for Senior Citizens Provides comprehensive coverage against various diseases and ailments, ensures financial support at the time of need and secures health, wealth and well-being.

If you have decided to opt for a separate health insurance policy for your parents, keep the following factors in mind:

insurance coverage

The Sum Insured represents the maximum coverage for which the insured is entitled under the chosen medical insurance policy. Choose an adequate sum assured to reduce your out-of-pocket expenses. Elderly individuals are more vulnerable to health risks and age-related ailments and diseases, so there is a high possibility that the sum insured may lapse. Also, consider the pre-existing diseases (PEDs) or other health complications, if any, of your parents.

waiting period

Waiting period refers to the timeline the insured has to wait for a certain time period in order to receive a claim for coverage, diseases or ailments that are associated with the waiting period. Look for policies that offer shorter waiting periods. Specially designed policies for senior citizens have a shorter waiting period. If not, look for PED riders or waivers that help reduce the waiting period in exchange for additional premium.

outpatient expense coverage

Outpatient expenses of a person are often overlooked. Regular doctor appointments, pharmacy expenses, diagnostic costs, etc., can take a toll on your savings and finances. Health risks increase with age, and senior citizens may require regular hospital visits for doctor consultations. Covering outpatient expenses will cover expenses incurred subject to the terms and conditions of the policy.

Network Hospital

Networks Hospital is a hospital that works in tie-up with insurers to provide cashless treatment and quality service. You don’t have to worry about heavy payments

Medical bills if treated in a network hospital, as the insurer will settle the bills directly with the hospital. Select an insurance provider that offers a wide number of network hospitals, so that you can choose the insurance provider closest to your area.

comprehensive coverage

Make sure the policy offers comprehensive coverage and gives the insured the right to choose add-ons, if required. See if the policy offers comprehensive coverage including pre and post hospitalization expenses, home hospitalization, home care treatment, AYUSH treatment, annual health checkup, cataract treatment, etc. Comprehensive coverage ensures that your hard earned savings are protected against medical bills. ,

co-pay

Most of the health insurance plans for senior citizens are designed with co-pay features. Co-pay defines the cost sharing of the claim amount between the insurer and the insured for each eligible claim. The insured has to pay a certain percentage of the claim amount out of his own pocket, and the company will pay the rest as per the terms and conditions of the policy. Therefore, reduce the co-pay, so your out-of-pocket expenses will increase.

sub-limit

Sub-limits define pre-determined limits for a specific illness, disease, or coverage. The insurer is liable to pay the claim amount only up to the sub-limit mentioned in the policy document, and the remaining claim amount has to be paid by the insured. Ignoring the sub-limits increases your out-of-pocket expenses. The amount limit can be increased by opting for higher sum assured.

Apart from the factors mentioned above, also consider the premium. Choose a policy that offers comprehensive coverage at affordable premiums. Look for premium discounts like online discount, long term discount etc. Also, the premium paid to avail health insurance for your parents is exempt from income tax under section 80D of the Income Tax Act, 1961. Now it’s your time to safeguard the health and well-being of your parents by giving them the best gifts health insurance policy that caters to all their needs.