Purchasing adequate health insurance plans for parents is important to ensure that they have the best medical treatment without financial burden. Currently, the insurance market of India is flooded with health insurance plans for Insurance seekers who want to buy plans for parents. Moreover, many of these plans are specifically designed for elderly parents and senior citizens above the age of 60 years.
However, with an extensive range of plans available in the market, choosing the most appropriate plan can be a bit confusing. Thus, to help our readers know how to choose the best health insurance plan for parents, here we have discussed in detail the certain parameters to consider.
Factors to Consider While Purchasing Health Insurance for Parents
The following are the factors that one can consider while purchasing health insurance for parents:
Adequate Sum Insured Amount
Since parents are more vulnerable to health-related problems considering their age factor, an individual must choose a higher sum assured. Having adequate coverage will ensure that they get the best treatment in case of any medical emergency without getting worried about finances.
Health Insurance Coverage
Before zeroing in on a plan, it is very crucial to go through the benefits and coverage offered by the policy. Look for some important features like critical illness coverage, pre and post-hospitalization cost, policy tenure, in-patient hospitalization, daycare procedure, domiciliary hospitalization, Ayush treatment, etc.
A co-payment clause in a health insurance policy means the percentage (%) of the amount that the insured will pay on his own. The remaining expenses of the medical treatment are paid by the health insurance company. Suppose, if a policy has a co-payment clause of 20%, then for a claim of Rs.20 lakh the policyholder will need to pay Rs.2 lakh on his own, and the rest Rs.8 lakh will be paid by the insurer. So, while purchasing the policy, make sure to check the co-payment clause. You can also choose for no co-pay clause.
Pre-existing Diseases Cover
In case the policyholder’s parent suffers from any pre-existing illness, then it is only covered after the completion of the waiting period of 2-4 years. However, the policy’s waiting period may vary from insurer to insurer as per the plan opted. Thus, make sure to check the time period after which the pre-existing diseases will be covered in the health insurance plan for parents.
The premium paid towards the health insurance policy is applicable for tax deduction under Section 80D of the Income Tax Act. If an individual is paying a premium for himself and his parents, then the maximum limit on health insurance premiums is Rs. 50,000. If the parents are above the age of 60 years then the maximum limit on the premium that can be claimed for tax exemption is Rs. 75,000.
Compare Different Health Insurance Plans
To choose the best health insurance plan for parents make sure to compare the quotes of various plans online and choose the one that offers maximum coverage at a lower premium rate.
An individual must go through the list of network hospitals that are in collaboration with the insurance company they are picking. Make sure that the reputed hospitals in your surrounding are mentioned in the plan so that in case of emergency it is convenient to take them to the hospital.
What is Covered in a Health Insurance Policy for Parents?
Let’s take a look at what is covered under the health insurance plan for parents-
- Hospitalization Expenses- Any eventuality or illness can lead to excessive hospitalization costs. With a comprehensive health insurance plan, the financial burden of hospitalization expenses is taken care of by the insurer up to the coverage limit
- Daycare Procedure- Daycare treatments like a cataract operation and varicose veins surgery that does not need hospitalization for 24 hours are also covered by the insurer. The number of daycare procedures depends on the plan opted by an individual
- Pre and Post-Hospitalization Cost- The health insurance policy provides coverage for the expenses that occurred pre and post-hospitalization. Generally, it is 60 days and 30 days however, it may vary from insurer to insurer
- Pre-existing Illnesses- The health insurance company covers the pre-existing illness after completion of the waiting period. However, one can choose a plan that comes with a lower waiting period and provides maximum coverage for critical illnesses like diabetes, heart ailment, etc.
- Major Surgeries- Most medical insurance policies offer coverage for major surgeries, which involves high medical expenses like open-heart surgery, bariatric surgery, etc. In case of any such medical emergency, the policyholder can get their parents admitted to some of the best hospitals in India and get the operation done by renowned surgeons
- Ayush Benefits- Nowadays, Ayush treatments are covered by almost all health insurance companies, which include Ayurveda, Homeopathy, Unani, Siddha, etc.
- Renewability- A health insurance plan for parents generally comes with a lifetime renewal option.
Wrapping it Up!
You can consider the above-mentioned points while purchasing a health insurance plan for parents. However, make sure that you compare the benefits and features of various plans and choose the best plan as per your requirement and suitability.