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How to pick the right health insurance plan for parents ?

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Published on 24th Aug 2020 EST Read time 4 Mins

We all want to ensure that in case of medical emergencies and ailments, our parents can access the required medical facilities without worrying about the expenses. This can only be possible if weprotect our savings and plan a reliable financial aid in form of a health insurance plan for parents.When it comes to purchasing health insurance for your parents there are several options available. You can choose between separate insurance for your parents or upgrade your cover to a comprehensive family health insurance policy . Each will vary depending on the premium to be paid and the benefits offered.

Let us learn more about buying the good health insurance policy for parents.    

Why buy a health insurance plan for parents?

Well, with age, our immunity gets weaker and the metabolism rate gets slower, which can lead to several serious medical issues and the cost of healthcare is only rising. The health plan given by your employer or your existing  family health insurance may not prove to be large enough to treat the ailments that come with age. Having a separate plan for parents will provide you with the financial assistance to ensure that your parents receive not just timely treatment but also the rightthe medical attention available.

So, what is covered and what’s not?

The Inclusions:

• You get Sum Insured rebound that recharges your exhausted health cover to take care of your next hospitalisation.

• Apart from cashless treatment during hospitalisation and daycare facilities, you can avail cashless medical facilities at home as well.

• The pre- and post-hospitalisation expenses up to 60 days of admission and post-discharge till 180 days are covered.

• If you want to opt for alternative therapies like Ayurveda, Unani, Siddha and Homeopathy, that treatment is also covered.

• Organ donor expenses and mental healthcare also come under its ambit.

• There is no age restriction on who can get a policy and once you get the policy, there is an option for lifetime renewability. 

• The policyholder gets Recovery Benefit i.e. a lump sum amount in cases of extended hospitalisation to meet household expenses.

• Depending on the policy, you get reimbursed for ambulances charges within the same city and also for Air Ambulance in cases of an emergency.

• You can claim tax benefits of up to Rs 75,000 with a health insurance plan (subject to change in tax laws).

Exclusions:

• Any injury caused to participation in adventure sports, war or defence operations, or any attempt to harm oneself is not covered.

• The policy does not cover venereal or sexually transmitted diseases and the treatment of obesity or cosmetic surgery.

• Certain other ailments like sleep-apnoea, Parkinson and Alzheimer’s disease, general debility or exhaustion (“run-down condition”) Stem cell harvesting, or growth hormone therapy.

• Dental Treatment, skeletal structure or for muscle stimulations.

For detailed list of inclusions and exclusions please refer to the brochure/policy wordings.

What to consider when buying a health plan for your parents?

There are several plans to choose from while buying parents health insurance and therefore, judge the plan on the following parameters to get maximum benefits at a minimum premium.

• Coverage: Look for a policy that provides not just hospitalisation expenses in cases of accident or common illnesses, but also gives something extra like annual free health check-ups, coverage for some major surgeries and mental illnesses. There should be no room rent capping so that you can afford a private room for your parents during hospitalisation.

• Affordability: Choose a plan that suits your budget while giving a high sum insured.

• Bigger network of hospitals: Make sure that your insurer has several thousand healthcare facilities in its network that provide cashless treatment. During medical emergencies, you should be able to take your parents to a reputed hospital in the vicinity. You also need to ensure that the insurance should include hospitals that your parents visit for medical treatment.

• No co-payment: Some insurance companies require the policyholder to pay a percentage of the treatment costs incurred while covering the rest. Opt for a policy without the co-payment clause as the treatment expenses for parents can be quite high.

• High claim settlement ratio: Research about the claim settlement ratio of the insurer and pick the one with a better ratio. During such situations, you simply don’t want to deal with your claim getting rejected over minor issues. Take feedback from former and present clients about how hassle-free the claim process was.

• Smaller waiting period: In the case of pre-existing illnesses, you have to serve a waiting period before you can raise a claim. So, go for the policy that offers a minimal waiting period.

• Top-up plans: See how many easy top-up plans the policy can offer that can upgrade your plan while paying a smaller additional premium. 

Conclusion

Picking the right health insurance plan for your parents can be quite tricky but with little research and comparison, you will be able to figure out which plan suits your and their medical needs aptly.

This  blog is written by Kavita Ganesh Asst. Vice President, Health & Accident Product Underwriting

About The Expert Dr. Kavita Ganesh holds over 15 years of work experience in health insurance industry. She highly recommends buying health insurance for securing finances in case of a medical emergency. Looking at the current pandemic situation, she enforces the idea of having a higher sum insured for covering the entire family.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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