For older adults, health problems are the biggest concern. It is necessary to safeguard your parents with a health insurance policy that offers maximum benefits. Read to know what the process is of buying a health cover for parents.
Living with your parents can be challenging at times. At this age, they require support physically, emotionally, as well as financially. Age-related issues tend to crop up as parents get older. Parents often need medical attention to keep a check on their well-being. The cost of healthcare is becoming expensive due to the increasing inflation rate.
In case of an unforeseen medical emergency, your savings will not suffice to compensate for the hospital expenses. Even the employers’ group insurance may not provide adequate cover if you’re a salaried individual. As a responsible adult, you would always choose the best for your parents. Therefore, it is better to invest in health insurance for parents.
You may find many family floater health insurance plans that cover parents, but the benefits may shrink as your parents get older. You need to have a standalone health cover for parents that takes care of the medical needs of the elderly at an affordable premium ranging from Rs.3lakhs to Rs.15 lakhs. Let’s get to know the process of buying a policy for the elderly:
While purchasing the plan, you should look for the following factors:
- Know the parent’s health history: The initial step in choosing a policy is to identify parents’ medical history. Often, most claims arise if a parent is suffering from an underlying health issue. When you are equipped with the information, you can opt for a plan that offers sufficient coverage
- Choosing sum assured: Once you know your parent’s health history, you can select sum assured depending on your budget and medical needs. If you’re looking for an affordable cover, you can opt for a lower sum assured protection ranging from Rs.3 lakh to Rs.5 lakhs, or you can choose a higher coverage where the maximum sum assured is Rs.15 lakhs. In case the cover gets exhausted, there is an option to recharge the health cover.
- Claim settlement: While choosing the best health insurance for parents, make sure you check for the claim settlement ratio. A low ratio means not getting enough compensation for medical treatment. Keep an eye on the service records. Like every health insurance policy, you can choose either a cashless or reimbursement option.
- Check Network Hospitals: You need to check if the health insurance for parents has listed your preferred hospital in their network. This way, you can choose cashless treatment. The best is having the network hospital closer to your home.
- Alternative therapies: Last but not least, is the option of alternative healthcare services. Select a policy that offers alternative treatment cover such as Ayurveda, Unani, Siddha, and Homeopathy.
How does the policy work?
The health insurance policy for parents begins when you purchase the policy. The insurance company decides the cost of premium considering the age and other factors. Some insurance companies stress on mandatory medical examinations.
In the case of hospitalisation, you can initiate a claim request with a Third-Party Administrator or the Insurance Company, and sum assured is released depending on the treatment. If the procedure is at the network hospital, you opt for a cashless option or get the hospital bills reimbursed. However, if there no request for a claim during the policy term, you can cash on no claim bonus (NCB).
Understanding the process of buying a health cover and how it works will help you choose the best health insurance plan for your parents.
