As your parents get older, their healthcare needs become a priority, and how to choose health insurance for parents for the best coverage involves carefully evaluating their medical needs and comparing the various policy options.
With increasing age, your parents are prone to health conditions such as Alzheimer's disease, hypertension, arthritis, and diabetes, among others. It means increased doctor visits, medical check-ups and chances of hospitalisation. Although insurance policies for elderly persons come at a higher premium, they can help to save money on their medical and hospital bills.
With a wide range of options available, choosing a good health insurance policy for parents can be challenging. This blog provides tips to simplify the process and help you make an informed decision.
Tips to Choose the Best Health Insurance for Parents
Compare medical expenses covered
Compare the various health insurance policy options, individual health insurance plans, family floater health policies and health insurance for senior citizens based on their features and benefits to ensure comprehensive coverage for your parent’s medical needs.
Consider the features, such as coverage for hospitalisation, pre and post-hospitalisation, domiciliary treatment, day care procedures and ambulance expenses.
Comparing these features and the applicable coverage benefits will help in identifying an ideal health insurance for parents that can be tailored to their specific requirements.
Check for the waiting period
The stipulated waiting period before you can make a claim is another important factor to be considered when choosing senior citizen health insurance plans.
Generally, the waiting period for pre-existing illnesses is four years. However, the stipulated waiting period can differ between the various insurance providers. Therefore, consider your parents' pre-existing medical conditions and the mandatory waiting period before you buy health insurance for your parents.
Remember, the shorter the waiting period, the better for the policyholder.
Check for the co-payment percentage
As per the co-payment clause, when making a claim, you will have to pay for the cost of a certain percentage of the medical bills from your pocket.
Let's say your policy comes with a 20% co-payment feature. Now, if the hospital bills of your elderly parents amount to ₹100,000, you have to pay ₹20,000 from your pocket. Only the remaining ₹80,000 will be borne by the insurance company.
Check if the percentage for co-payment is reasonable by comparing the different health insurance plan options.
Compare add-on options
While a standard
health insurance plan offers wide-ranging coverage options for hospitalisation, pre-hospitalisation and post-hospitalisation expenses, insurers also offer add-on options to enhance the coverage benefits.
Add-ons for critical illnesses, global emergency hospitalisation, additional coverage over and above the original sum insured, waiver of co-payment, and reduction or change in waiting period are some of the additional options you can consider for health insurance for parents.
Check for sub-limits
Health insurance plans generally have sub-limits on certain types of expenses, such as room rent, ambulance charges and a few treatment procedures. Choose a good health insurance policy for parents with reasonable sub-limits to make it affordable.
Determine the affordability
While comprehensive health insurance coverage is of utmost importance, the premium should be affordable for the long term.
Compare the health insurance options for parents and the premium rates of various insurance providers, then choose the one that offers the best value for money.
If your parents are healthy, you can provide details of their strong medical history, lifestyle practices and healthy diet routine. This can help reduce the premium compared to a senior citizen of the same age with abrupt lifestyle practices susceptible to serious health disorders. Here are a few
healthy heart exercises for parents.
Compare network hospitals
While cashless treatment for a medical condition is now applicable in the insurer’s network and non-network hospitals across India, treatment in a network hospital provides the advantage of quick claim processes.
Therefore, when you compare and choose the best health insurance for parents, ensure to check the number of network hospitals associated with the insurance provider and their proximity to your parents’ place.
It will ensure that they get access to timely treatments with the ease of swift claim processes.
Look out for medical check-up benefits
Health insurance plans offer the benefit of regular health check-ups for all insured persons in the policy. This helps not only to monitor your parents’ health regularly but also to diagnose medical ailments at the early stages and seek immediate treatment options.
Keep a note of the health insurance policy exclusions
The inclusions and exclusions of health insurance plans can vary between insurance providers. While we focus on the inclusions, it is equally important to know the exclusions to avoid unpleasant surprises during claim settlement.
Before deciding on a suitable health insurance plan, read through the policy document to learn about the diseases, medical conditions or treatment procedures not covered under the health insurance policy curated for your parents.
Determine the renewability option
Renewability is a key consideration for health insurance plans, especially for senior citizens. Unless there is a fraudulent involvement or any other practice against the law or terms and conditions, a health insurance policy for your parents should be eligible for lifelong renewability.
This means they can avail themselves of the same plan throughout their lifetime and not have to bother with buying a new policy. Check for this benefit to ensure they get coverage for their entire life regardless of their age.
Understand the claim process and know the claim settlement ratio
Understanding the claim settlement process and the requirements is a very important step in deciding on a good health insurance policy for parents. Registering the claim should be easily accessible and less time-consuming, followed by a quick validation and settlement process.
You can compare the claim settlement ratio and the customer testimonials to seek a reliable insurance provider for a smooth and efficient claims experience.
While benefits can seem appealing, compromising on reliability can lead to unpleasant experiences.
Make a note of the health insurance for parents tax benefits
When you buy health insurance for parents, you can avail of a tax deduction benefit under Section 80D of the Income Tax Act 1961. The deductible limit is ₹25,000 if they are under 60 years of age and ₹50,000 if they are 60 or older. Take advantage of this benefit to get money back in your hands while filing your income tax returns.
How to Buy Health Insurance Plans for Parents?
Step 1: Assess your parents’ health conditions
Before comparing the options for the best insurance for parents, assess your parents’ health conditions. This will help determine the extent and type of health insurance coverage needed to meet their medical needs.
You can consider chronic conditions such as hypertension, diabetes, etc., and medical history such as previous surgeries, treatment for critical illnesses and regular medications.
In addition, age-related issues that require immediate medical attention in the future should be considered.
Step 2: Compare the various health insurance product options for parents
Research and find the different insurance providers offering health insurance plans for senior citizens and compare the product options based on their features and benefits that will suit your parents’ medical needs.
Keep in mind the tips that we have discussed above to make a well-informed decision. Shortlist a few insurers and examine their reputation as a brand to choose the best insurance for parents.
Step 3: Examine the eligibility conditions
The eligibility criteria for applying for health insurance for parents vary between insurance providers. Based on these conditions, the premium rates can differ.
Examining these eligibility conditions, for example, the minimum age for entry, is crucial to deciding on the best insurance for parents at their current age.
Step 4: Determine the premium costs
After determining a suitable product, customise it as per your needs, for example, by including add-on options and calculating the applicable premium.
Step 5: Apply for the health insurance plan
Most insurance providers offer the option to apply for a health insurance plan online. Access the application form, fill out the essential details, upload the required documents and pay the applicable premium to claim the health insurance coverage benefits.
Ensure to disclose any medical condition and undergo a medical check-up if required to determine adequate coverage and benefit from timely claim settlements.
Wrapping Up
Choosing the best health insurance for parents is crucial to ensuring timely medical attention and without financial strain. We have discussed some tips to help you choose health insurance for parents that can be tailored to specific requirements.
From checking the waiting period, sub-limits, network hospitals and policy exclusions, every aspect is vital to deciding on the best insurance for parents. If you have decided to buy health insurance for parents, purchase it early to benefit from a wide range of coverage options at an affordable price.
After all, buying a health insurance policy for your ageing parents is the best gift you can give them. Reliance Health Insurance has several attractive health insurance plans offering the best coverage to senior citizens. So, what are you waiting for?
Frequently Asked Questions
Can I buy an individual health insurance plan for my parents on their behalf?
Yes, you can buy an individual health insurance plan for your parents and pay the applicable premium on their behalf.
What type of health insurance plan can I buy for my parents?
Insurance providers often provide wide-ranging health insurance product options for parents.
If they are less than 60 years of age and don’t have serious health concerns, you can consider buying a standard health insurance policy or including them in a family floater health insurance plan.
However, if they are above 60 years of age, it is highly recommended that they choose a health insurance plan exclusively available for senior citizens for better and more specific coverage options.
Can parents with pre-existing illnesses get a health insurance plan?
Yes, parents with pre-existing illnesses can get a health insurance plan. However, they can avail of the benefits upon the completion of the stipulated waiting period.