Once you take charge of the family, you become the ultimate guardian of your parents. So it is your duty to look after their well being. Covering them with good medical health insurance is also a part of your responsibility. Having medical insurance is not only going to help them but it will also help you to bear any kind of medical treatment and hospitalization expenditure that arises. Health issues increase with age and little injuries or diseases take longer to heal. With the expanded period of healing the treatment also goes on making it quite expensive.
Do getting a parents Health Insurance can be a matter of some difficulty but with proper guidance, you can select a good mediclaim policy for your parents. Here are a few tips that will help you to purchase the proper kind of parents health cover:
- Verify Age-Limit
The revised IRDA guidelines have made it compulsory for the insurance companies to allow citizens to buy a new senior citizen health insurance plan up to 65 years. However, you should buy a health insurance policy where the entry age is 60 years or more for your parents. Many Health Insurance plans have their entry age at 60 years which goes up to 80 years. There is also a guaranteed option for renewability but some insurers may not allow any renewability of plan after a certain age that is 90 years. When selecting a senior citizens medical insurance policy it is a good option to choose lifetime renewability.
- Check the pre existing illness terms and conditions
There are a very few health insurances that cover all types of Pre-existing diseases there are clauses that exclude some pre-existing diseases. Yet some of the senior citizen Health Insurance plans also cover pre-existing diseases but with certain terms and conditions applied to it. So you must go ahead and select the plan which has the lowest period of waiting for the pre-existing illnesses.
- Select the insurance company that asks for lowest co pay
There are very few insurance companies that ensure senior citizens without asking for a copayment. A copayment is a certain percentage or a fixed amount of claim that has to be paid by the insured that is the senior citizen themselves. The insurance company makes it mandatory for senior citizens above age to co-pay, therefore, the premiums are low on the insurance plan because of this clause. It is advisable for you to not choose a plan with very high co-pay just for the discounts on premiums. During a claim, you will be paying most of the hospital charges.
- Check if all diseases are covered
With age the chances of getting diseases like hypertension, diabetes, heart problems etc. are pretty much higher. When you purchase the senior citizen health insurance policy, it is important to check that all major diseases are covered under the plan.
- Check claim settlement ratio
Every Insurance Company is bound to produce its claim settlement ratio. If an insurance company has a very high claim settlement ratio then the chances of your settlement of claim become higher.
- Daycare treatment
Make sure the health insurance plan is best in India which covers the Day Care treatments like chemotherapy, dialysis etc.