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Tips to choose the best health insurance plan for your parents

Currently, there are over 50 healthcare policies for ageing parents. Parents health insurance is a customised and comprehensive policy that provides medical coverage to parents. Due to old age, parents are prone to medical ailments, and without insurance, these costs tend to become monumental. 

Health insurance for parents provides a plethora of benefits for the policyholder like yearly health checkups, cashless treatments, and hospitalisation expenses, allowing for effective management of medical expenses. As the parent’s age increases, the health risks and the probability of seeking claim reimbursement increases, increasing the premium of the policy. 

Are you looking to buy a health insurance plan for your parents? Read ahead to know more. 

Why choose a parents’ health insurance

Parents’ health insurance is a comprehensive cover that provides the best quality of medical treatment without creating financial burdens. Consider the following factors before making the choice of a health insurance. 

  • Health insurance cover: Keep a watch for the situations and illnesses covered by the health insurance policy. Opt for a policy that covers pre and post hospitalisation costs, daycare procedures, AYUSH treatments, and critical illness cover.
  • Adequate sum insured: Older people are more prone to health risks, hence select a parents’ health insurance policy with a greater sum insured. This will make sure that they get the best treatment. 
  • Pre-existing disease cover: While this clause varies from one policy to another, generally speaking, the pre-existing disease coverage starts only after completion of the waiting period. The waiting period is 2-4 years. Check this before selecting a health insurance policy.
  • Copayment: Copayment is the amount the insured pays, and the balance and bulk amount is paid by the insurer. Select a policy with a low copayment clause or with a no-pay clause.
  • Tax benefits: The parents health insurance policy is exempt from taxes, as per Section 80D of the Income Tax Act. If your parents are below 60 years, the tax benefit is Rs. 50,000 per year. However, if your parents are over 60 years, the tax benefit is Rs. 75,000.

Inclusions of the health policy

The parents’ health insurance policy usually provides coverage for the following:

  • Cost of hospitalisation is covered under the health insurance. 
  • The health insurance policy also covers medical costs incurred before and after hospitalisation. Usually, the coverage is 30 to 60 days after and before, however it can vary from one company to another.
  • Coverage is also done for daycare procedures like cataract operation and varicose vein surgeries. 
  • Most health insurance policies provide coverage under AYUSH – Ayurveda, Yoga, Unani, Siddha, and Homoeopathy.
  • Some parents’ health insurance policies provide coverage for pre-existing diseases, but this coverage is only after a waiting period. Choose a policy with a lower waiting period.
  • The health insurance policies cover major surgeries like open heart surgeries, bariatric surgeries, and others. 

Exclusions under the policy

The health insurance policy does not cover these circumstances:

  • Any pre-existing injuries or illnesses
  • Diseases that are diagnosed within 30 days of the policy 
  • Self inflicted injuries
  • Overdose of drugs, intoxication, and alcohol 
  • Any expenses incurred on external aids like lenses and spectacles
  • Expenses relating to dental treatment
  • Any type of cosmetic surgeries or plastic surgeries
  • Expenses incurred on treatment of AIDS and HIV

How to choose the best health insurance policy

There are a large number of health plans available for parents, hence choose the best plan depending on the needs and requirements. Here are some factors to consider while selecting a health insurance policy:

  • Select a parents’ health insurance policy with maximum coverage, as elder parents are prone to illnesses. It is best to go through the policy in detail, and ensure that critical illnesses are covered.
  • Most health insurance policies provide coverage from 55 to 80 years of age. Select a plan where entry for older parents is also allowed, along with lifelong renewability.
  • The policies cover pre-existing diseases only after a long waiting period. Select a health insurance plan where the waiting period is less, and covers a lot of pre-existing diseases like diabetes and heart conditions.
  • As there are many policies, it is best to compare different policies available in the market. Select the policy that has the maximum benefits and the lowest premium costs. 
  • Check that there are reputed network hospitals of the insurer company in your locality.
  • Select a plan with the lowest premium. Also, go for an individual health insurance plan for parents as compared to a family floater plan. The premium for older people is higher, as they are more vulnerable to sickness. Hence, to reduce the premium of the family plan, select an individual plan.

Key takeaways

Select the best plan available for your parents, to safeguard them from illnesses and diseases in the future. Compare various health insurance plans and make an informed choice. After all, we all want to protect our parents’ health and ensure quality healthcare without any financial burden.

Uneeb Khan
Uneeb Khan
Uneeb Khan CEO at blogili.com. Have 4 years of experience in the websites field. Uneeb Khan is the premier and most trustworthy informer for technology, telecom, business, auto news, games review in World.

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