As per recent data, health care inflation in India stands near 15%. Consequently, with a sustained rise in medical costs and the growing number of life-threatening diseases, having a comprehensive medical policy becomes imperative for all ageing parents. In fact, only the best health insurance for parents proves most effective in providing extensive medical coverage in such a situation.
To ensure the same, individuals must make it a point to weigh in a few factors when buying a health insurance cover for their parents.
Factors to consider when buying a medical cover for parents
Having an idea about these policies helps to select comprehensive health insurance plan for parents –
- Plans with high sum insured
A high sum insured amount will help meet the cost of availing medical treatment and other related expenses easily. To ensure the same, individuals should look for online health insurance policies that extend a high sum insured, say up to Rs.20 lakh, to help policyholders account for medical expenses better.
One should also note that while comparing the sum insured, they should also factor in the cost of living in the city to make an informed choice.
- Existing medical conditions
Generally, most health insurance covers tend to exclude pre-existing health issues from the coverage plan. However, some leading insurance providers and aggregators often offer health insurance policies that come with a waiting period for existing conditions.
For instance, the Bajaj Allianz Health Insurance Policy brought by Bajaj Finserv comes with a waiting period of 2-4 years for pre-existing medical ailments. By factoring in this particular feature, individuals will be better positioned to account for their parents’ pre-existing medical conditions within the waiting period.
- Single or floater
A family floater extends coverage to the entire family within a single limit. For instance, a floater health insurance plan for a four-member family may come with coverage of Rs.5 lakh. Since the entire family is covered under one insurance plan, if one member’s treatment exhausts a larger part of the sum assured, it will leave only a limited amount to cover other family members’ treatment expenses.
On the other hand, a single health insurance policy accounts for one individual’s medical expenses, i.e., the policyholder. Note that a single insurance policy is more beneficial for ageing parents due to higher health-related risks involved.
- Claim settlement ratio
While looking for the best health insurance for parents, one should consider an insurance provider who has a high claim settlement ratio. Such a ratio indicates that the insurance provider is more likely to process their claim than reject it at the need of the hour. This, in turn, makes it a more suitable coverage plan to account for urgent requirements.
It signifies the share of the medical bill that policyholders have to bear from their pocket. The best insurance plan comes with a low co-payment amount and helps individuals account for expenses without straining current finances.
Additionally, one must make it a point to check the exclusions of the policy to determine the extent of coverage. By doing so, individuals will also be able to buy a health insurance policy that proves helpful during a medical emergency.
Subsequently, they should also find out the steps to raise a claim to seek the required assistance at the earliest. Individuals should also determine the applicable tax benefits under Section 80D on their insurance plan to claim them accordingly and save on the premium’s overall cost.
Note that insurance premiums are directly proportional to the policy buyer’s age, which means one is more likely to pay a higher premium when availing a cover for parents. Regardless, by comparing the policy premium and other vital features, individuals can easily pick the best health insurance for parents.