By Shubhi Gupta
Many health insurance plans in India cover more than just the hospitalization charges. The best health insurance plans in India also cover expenses like periodic health check-ups, tests, medicines, ambulance costs, day-care surgery charges, etc. A health insurance coverage of such kind makes your healthcare aspect strong.
Health insurance coverage is more critical than ever in these times. During the Coronavirus pandemic, the health insurance sector has seen a never-before-seen plunge. The group of people that require dedicated health insurance coverage the most are elderly parents. If your parents are not covered under a health insurance policy yet, it is time you get them covered.
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Health Insurance Plans in India for Parents
Considering their age, your parents are highly vulnerable to illnesses and health issues. Getting your parents covered can make their hospitalization and treatment process relaxing for you and free you of financial constraints.
Buying one best health insurance plan in India makes sure that your parents get the best treatment possible during medical emergencies. During an emergency, you can be free of financial worry with a reliable health insurance plan for parents.
Generally, salaried people are dependent on their company’s health plans. Because of which, they do not get an additional individual health plan all their life. So, after retirement, they are left without a health insurance cover.
Senior citizens need to get health insurance coverage as they are most vulnerable to getting health problems. Also, there has been a continuous rise in healthcare costs in the past years. And without a health insurance policy under your parents’ name, it gets highly difficult to take care of their healthcare costs.
How to buy health insurance plans in India for parents
While buying health insurance in India, if your parents have any pre-existing diseases, then they will be covered for them but after a specific period. Hence, post the waiting period, you get to save on the hefty expenses that go into the treatment of pre-existing diseases. The waiting period for pre-existing conditions varies from insurer to insurer.
Also, opt for health insurance plans for parents that cover not just the hospitalization charges but also other expenses like tests, periodic health check-ups, medicines, ambulance costs, etc. Such a kind of health insurance coverage takes care of most healthcare expenses.
Again, you are eligible to save tax when the health insurance premium you pay for your parents’ plans is qualified for deduction under Section 80D.
Things to consider while buying health insurance in India for parents
You must be considering all the factors before buying a particular health insurance plan for your parents. Consider factors like selecting the apt insurance amount, checking the number of network hospitals, checking if the coverage is enough as per the age of your parents, understanding the waiting period, etc. while buying a health insurance policy.
Also, research your insurer’s claim settlement history. Check if the insurance plan comes with any additional benefits like free medical check-ups, maternity benefits, No Claim Bonus, co-payment options, etc.
Points to consider while choosing the best health insurance in India for parents:
Decide the sum insured of your policy after considering factors like the health of your parents and medical inflation. Take time to decide the sum insured because after the policy is issued, and after it comes into effect, it is hard to increase the sum insured. Experts suggest that the sum insured can be chosen, taking an annual inflation rate of 7 to 10 percent in mind.
Health history of parents:
For your elderly parents, it is suggested that you disclose all their previous health-related history along with any current health issue. Disclose information like illnesses, symptoms, and diseases not diagnosed formally.
Also, it is critically important that you have an idea of your parents’ medical state before you start looking into insurance policies for them. This way, you can get the policy with relevant coverage. Do not forget to keep your parents’ health history handy, so that when there is time to claim, it is there with you.
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While filling up the proposal form for a health insurance policy, make sure you give all the correct information. You are required to provide your parents’ details like their health status and health history while filling up the proposal form.
Once the insurer analyses your application, you will also get a call to discuss with you your parents’ health conditions. Insurers mostly ask policyholders to go for a medical check-up. Depending on its result, the insurer can issue the policy, increase the premium, or, may even decline your application. Not disclosing the health conditions of your parents’ could lead to claim rejection at a crucial time.
Evaluate health insurance policies based on parameters like treatment limits, surgery, co-pay, room rent limits, etc. You will find plans with a lower premium but make sure that parameters like the ones listed above are included in your policy before buying the policy.
Generally, policies with low premiums have many restrictions limiting the usage of the policy. So, it is better to know about the policy parameters and read the terms and conditions of a policy carefully in order to understand the limitations of a policy.
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Thus, buying health insurance plans in India requires much consideration. And buying it for parents, need you to be even more considerate as it involves many other factors like age, pre-existing disease, high coverage cost, etc.
With ManipalCigna ProHealth Select health insurance plan, you can make your customized health insurance plan. You can add or remove features that you like or dislike.
(Disclaimer: The article is sponsored, and hence promotes some commercial links.)