For a child, immaterial of age, parents are much important. With time when they grow older, they need more support from their sons and daughters. As per the conventional thought, the parents are the responsibility of a son, and hence, when it comes to their health as a son, one must be prepared to counter any situation. With age, the muscle mass of the body reduces, and it invites many more diseases. To have Health Insurance For Parents can be considered as a prudent decision on the part of a son. Many people prefer to have medical insurance for parents, but they are hardly aware of the ins and outs of the same and hence feel dilemma as for which company and policy one should go.
Guidelines that can help one get the best policy as per one’s budget and other factors
The age: Primarily, one needs to check the age of the parents. One needs to decide if he wants an individual policy for father and mother or floater policy where both are covered under one sum assured. The age is the main factor along with sum assured and diseases that determine the cost of the premium. With more age, inevitably, the premium shoots up. The pre-existing diseases and medical conditions of the parents also play a vital role while going for the policy. One needs to check these all factors before searching for the right policy.
Check various policies: After having the above factors checked, one needs to check the policies offered by various health insurance companies. Different companies in the market have different plans. One needs to consider factors such as maximum age limit, coverage of diseases, and the combined amount of sum assured in focus while checking the policies. Each policy has certain unique features that one must check. The upper limit of room tariff, cost of admission to hospital, pre-hospitalization, and post-hospitalization expenses, expenses for the consultation to experts, cost of the donor of organs, cost of implants and devices etc., are some of the prime factors that one needs to check in detail.
Here one needs to keep the age factor in mind primarily as many policies have upper limits of age, which may be 65, 70, or even 75. As the age grows, the diseases also increase, and if at that stage, one does not have insurance coverage, it can be troublesome. Hence, one needs to check that till what age his/her parents will be covered.
Sum assured: In many cases, the insurance companies offer a plan, but they have restricted some assurance. In such a case, if the treatment costs more, one may have to pay from his pocket also. Hence a prudent buyer will check this aspect first.
Medical tests and rate up: Each company, before offering the coverage, needs to know the medical condition of the policyholder so that it can understand the risk of a probable claim. In such a situation, the company asks for medical tests, and if found them not as per their parameters, it can reject the application or ask for an additional premium. This must be kept in mind before going for any particular company.
Compare the policies: In the market, one can find various companies offering insurance to senior citizens with different benefits. After going through the details of the policy, one needs to compare them in terms of premium, coverage till maximum age, the status of pre-existing diseases, various conditions such as room tariff and other expenses, medical checkups, and sum assured. For better comparison and true picture, one can check the facts on the internet or ask an expert to help.
Additional benefits: Many of the players in this market offer different benefits to policyholders in case there is no claim during the policy tenure. It can be in the form of no claim bonus or flat rate or premium. Though one can have benefit from income tax under section 80D if the parents are dependent, these benefits can prove extra to save a good amount on annual premium.
Have the true picture: Many times, people make a mistake in choosing the right policy as they judge it as per the premium amount only. One must remember that all the aspects of the policy must be checked before comparing them on the part of premium only. It will help the buyer to know the exact cost of the policy as one who offers high quote may have offered many benefits of leverage for sum assured and other conditions which may not be there in a policy with low sum assured.
After considering all these points, one can know the best policy that fits his requirement and go for the same. One can buy the policy online or offline also. With the payment of premium and submission of documents, one can have the desired policy with good coverage that can be availed for parents.