Having a health insurance cover for your senior citizen parents will save you from running out of money or trying to arranging funds when unplanned medical emergencies strike.
We all want to provide the best possible healthcare to our parents. However, choosing the best health plan can be a daunting task. Even if one doesn’t have a separate healthcare policy when they retire, it is utmost important to get one because there are chances for a host of health-related problems to arise. Also, with the steep rise in the healthcare cost, without a health insurance policy, it is sure to leave a hole in your pocket. Having a health insurance cover for your senior citizen parents will save you from running out of money or trying to arranging funds when unplanned medical emergencies strike.
Experts suggest that while opting for healthcare facilities to your parents, ensure that there is no shortfall of funds. It is essential to get an adequate health insurance plan for your parents. With the plethora of options available in the market, there are certain things you should consider while choosing a good health insurance plan.
Here are some points to consider while choosing the right policy:
Parents’ health history
One should keep one’s parent’s health history handy so that when a claim arises, the insurance company honors it. Industry experts say, for senior citizen, all previous health-related diseases should be disclosed such as any ongoing related health issue, any symptoms, and diseases that are not formally diagnosed. Also, having an idea of the medical state of your parent’s can help you look through insurance policies that provide relevant coverage.
Go through the Fine Prints
Evaluate the policies available from various companies on a few parameters. Parameters that should be considered are co-pay, room rents/limits, surgery, and treatment limits. You might also come across plans that are surprisingly cheap, while choosing a plan for your parents. However, such low price policies may have various conditions and restrictions that will limit the usage of the plan significantly. Hence, read through the terms and conditions in the policy wordings carefully to understand the applicable limitations.
While deciding on the adequate sum insured one should ensure to factor in medical inflation and the health of the parents before arriving at the sum insured. Note that once the policy is issued and comes into effect, it might become difficult to increase the sum insured of the health insurance policy for your parents. Hence, the sum insured should be chosen assuming an inflation rate of 7 to 10 per cent annually, till the time insured turns 80.
Experts suggest one should give correct information while filling up the proposal form. Personal details needed while filling up the proposal form are details of your parents, their health status and history. The insurer then analyses the application and might also call in to understand more about your parent’s health conditions. Insurer generally asks such policyholders to undergo a medical check-up, after which the insurer can either issue a policy, increase or ask for an additional premium, or, can also decline your application.
The claiming process for your parents’ health insurance policy is the same standard process followed for all other health insurance policies. Claims are paid according to the terms and conditions of the policy bought such as cashless or on a reimbursement basis. Also, in the case of planned hospitalization, it is better to inform the insurer to ensure the claims experience is smooth.
If there are multiple policies for your parents from which you have a choice to make a claim from, firstly prefer employer-facilitated policies against your own personal insurance policy.