As much as we value the presence of loved ones in our lives, we also value the healthy presence of currency in our pockets. Distresses related to health can dent your pocket severely and can leave your life distressful for a long time. In order to avoid such an unpleasant situation, health insurance for yourself and your parents is mandatory.
Picking the right health insurance is as important as taking a health insurance all together, and when it comes to your parents, your vigilance should increase all the more. With so many variants available in the market, it is imperative that you think before you take the health insurance for your parents. But don’t worry; it’s not a herculean task.
If you follow these few tips shared below, taking the right health insurance for your parents shall not be a difficult task-
Buy Health Insurance for Your Parent Today
It is best to take health insurance for your parents when they are still young, as increase in age pushes premium and gives restricted coverage to diseases. So, the sooner you buy a health insurance, the better it is for your parents and for your finances as well.
Go for Maximum Health Insurance Coverage
There are n number of companies offering n number of health insurance plans. In case of senior citizen you might find limitations on the amount of sum insured. Intelligence is to choose the one which provides you with maximum coverage and minimum exclusions. Considering specific illness and surgeries of your parents can also be wise parameter to select the right health insurance.
At an age where your parents will be, it is highly likely that there will be some pre-existing ailments. Pre – existing ailments also includes any illness contracted within 30 days of commencement of the policy. Every health insurance policy has a ‘waiting period’ which is the time duration for which the covering of pre-existing ailments is not provided by the health insurance company. This lasts for a few years after the policy is bought, usually ranging from 1 to 4 years. There are certain health insurance plans where coverage varies with diseases.
The best health insurance policy for your parents would be with the minimum waiting period. A smooth and quick provision and coverage for your parents will certainly be desirable.
When a plan is being bought by a senior citizen, every health insurance company adds to it the co-pay feature. Co-pay refers to the percentage of the amount that you have to pay from your pocket on the claimable expenses. Let’s say a health insurance company has a co-pay ratio of 10 %, this would mean that on a claim of Rs. 30,000, Rs. 3000 will be paid by you.
A high co-pay ratio will lead to a high expense of each claim. Therefore, best to look out for plans with low co-pay ratio.
Claim Settlement Process
The health insurance claim is settled in two ways by the health insurance companies, either by cashless facility or through reimbursement. The company directly settles your medical bills in the cashless facility, but in the reimbursement facility you have to bear the costs yourself and the company would reimburse it to you later. Many a times companies settle the claim through a Third-Party Administrator (TPA) or by having an in-house claim settlement department. The best way to get your claim settled is by getting a cashless claim through the in-house department of the company, wherever such a facility is available for the insurer.
There are also senior citizen health plans launched by few health insurance companies. This can work well for your parents and can take care of all the criterions that you have on your list. The above list of parameters and tips can come handy for you while you pick that most appropriate health insurance plan for your parents. It will be great if you compare the best of the plans that you like before buying one. Make your and your parent’s future safe and hassle free by taking this wise decision of buying the most appropriate health insurance plan for your parents.