With an increase in age, health typically takes a back seat. Additionally, medical costs keep rising over time. Your responsibility is to get the best health insurance plan for your parents’ well-being because all they need in this circumstance is the appropriate health insurance policy. The greatest strategy to lower medical costs is hence to purchase health insurance.
However, selecting the best health insurance for your parents might be challenging due to the variety of plans and insurers. Hence, we are presenting you with this list of some practical advice that will help you in selecting the best health insurance option for your parents.
Choosing the Best Health Insurance for Your Parents: Some Advice
Tip 1: Choose a Comprehensive Plan.
There is no upper limit to coverage, but depending on your financial circumstances, you should check to see which company offers the most protection for the premium you pay. Just make sure to compare prices before choosing your parents health insurance. You can select an individual cover or a spouse cover depending on whether you are purchasing a health insurance plan for a single parent or both of your parents. A spouse cover may be more advantageous if you wish to cover both of your parents. Two people can be protected by a single policy. This greatly improves the convenience of premium payments. *
Tip 2: Be flexible
There are numerous policies, and each one has a distinct level of flexibility. Always choose a policy of this type that offers you a lot of choice with regard to the coverage, tenure, add-ons, insured amount, etc. A policy’s coverage can be improved through riders and benefits. Consider a health plan with riders like a daily hospital benefit, personal accident benefit, income benefit, waiver of premium rider, etc., as these can be useful in the event of a medical emergency for greater convenience. Keep in mind that a plan’s level of protection increases with the number of benefits it provides. *
Tip 3: Check for Pre-Existing Condition Coverage
First off, keep in mind that your parents may already have some pre-existing conditions like diabetes, high blood pressure, arthritis, etc., while purchasing medical insurance for them.
Check the insurance policy’s terms and conditions from the best health insurance company in India for information on pre-existing conditions, such as whether they are covered or not. If they are, make note of the waiting period for each condition, any co-payment requirements, etc. Decide on an insurance that includes a shorter waiting time, more pre-existing disease coverage, and a co-payment clause that you can choose to utilise or not. *
Tip 4: Restrictions on day-care hospitalisations
The procedures that can be finished at a hospital in less than 24 hours should also be taken into consideration. For instance, chemotherapy treatments, dialysis, and cataract surgery. Verify if there are any limitations on the number of daycare hospitalisations that the policy will cover. Keep in mind that although daycare centres are typically covered by senior health insurance plans, certain plans tend to limit the number of such facilities. *
Questions and Answers (FAQs)
The questions most people have regarding getting parents health insurance are listed below:
- Can I purchase a personal health insurance policy for my parents?
You can buy your parents an individual policy by paying the premium on their behalf.
- Can parents participate in a Family Floater Plan?
Parents may enrol in a Family Floater health insurance plan if they satisfy any applicable eligibility requirements, in which case the answer is yes.
- I want to add my parents to the insurance plan my employer offers. Is it possible?
It’s possible for parents to be covered through a policy provided by the employer.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.