Nisha, lives in the US, and was not able to see her parents in India for more than 2 years, thanks to the pandemic. When she finally made the trip, it was all tears of joy and a warm welcome. She was happy to finally see them and spend some quality time. However, Nisha realized that something was amiss – her parent’s health was degrading. On further prodding, she found out that their visits to the hospital had increased and a lot of their savings were also being exhausted due to healthcare costs.
A quick thought came to Nisha’s mind, and she realized how much better the situation would be if they had appropriate health insurance cover. Not only would they get uncompromised medical attention when they needed it the most, they would also not have to dig into their savings to cover costs. So, Nisha instantly took a wise decision and purchased a health plan for them.
Buying health insurance for your parents, is always wise. However, it is also important that you fully understand the factors involved.
Below, for your understanding, we have mentioned the factors that you must consider while purchasing health insurance for your parents. Have a look at the following:
- Know more about the insurer
It is important to look into the reputation of the insurance company providing policies for elders / senior citizens. Find out as much as you can about their services and timelines for – claim processing, query resolution, assistance for senior citizens, cashless treatment, etc. Also knowing about their claim process in advance could be an advantage to avoid any last minute hassles in case a claim has to be raised.
- Coverages offered
When it comes to the coverage of a health insurance policy that you are buying for your parents, there are 2 very important things that you must consider before you purchase: (1) it should have coverage benefits for pre-existing diseases because most often than not, parents would have some age related health conditions (2) it should have basic features like less waiting period and preventive healthcare benefits so that they can easily diagnose and treat health issues and don’t have to compromise on healthcare facilities.
- Claim process
The claim process of an insurance company should be hassle-free and quick. A smooth claim settlement process will keep your mind at peace and you can easily focus on your parent’s health.
- Renewability
Insurers may cap the entry age of the insured to a certain limit. If you choose an insurance company that has low entry age criteria, then you may not fit in this criterion and buy a policy for your parents. So, make sure to check the renewability option before buying the policy.
- Network hospital’s location
Network hospitals offer the advantage of a cashless facility. Hence, it is important that you know the exact location of your insurer’s network hospital. This way, if and when required, you can avail the best treatment without worrying about expenses since these will be directly settled with the hospital by your insurer. Also, cashless claims allow you to experience a quick and convenient claim settlement process.
- Cost of the insurance policy
Generally, the cost of a health insurance policy increases with age. Since parents’ age can be on the higher side, look for an insurance company that provides feature-rich health plans at a lower cost.
- Exclusions
Make sure to check the exclusions in detail. Because features not included in the policy will be borne by the policyholder. So, it is essential to understand what are the costs that you may have to bear.
- Additional coverage benefits
If there are certain things that are under the exclusions but you want coverage for them, you can take additional coverage for the same. Some health policies can be customized for more coverage. A few examples are – room rent waiver, outpatient department cover, hospital cash cover, etc.
Buying an insurance policy to cover your parents is a wise decision since healthcare needs increase with age. We are sure the factors mentioned here have been helpful and will go a long way in making sure you choose a plan that is best suited to your needs. You can check out some amazing health insurance plans for yourself and your family on the Bajaj Finserv App. What’s really advantageous is the fact that you have plans from some of the top insurers in India and can easily compare plans at one place before you buy. Â
Nisha, lives in the US, and was not able to see her parents in India for more than 2 years, thanks to the pandemic. When she finally made the trip, it was all tears of joy and a warm welcome. She was happy to finally see them and spend some quality time. However, Nisha realized that something was amiss – her parent’s health was degrading. On further prodding, she found out that their visits to the hospital had increased and a lot of their savings were also being exhausted due to healthcare costs.
A quick thought came to Nisha’s mind, and she realized how much better the situation would be if they had appropriate health insurance cover. Not only would they get uncompromised medical attention when they needed it the most, they would also not have to dig into their savings to cover costs. So, Nisha instantly took a wise decision and purchased a health plan for them.
Buying health insurance for your parents, is always wise. However, it is also important that you fully understand the factors involved.
Below, for your understanding, we have mentioned the factors that you must consider while purchasing health insurance for your parents. Have a look at the following:
- Know more about the insurer
It is important to look into the reputation of the insurance company providing policies for elders / senior citizens. Find out as much as you can about their services and timelines for – claim processing, query resolution, assistance for senior citizens, cashless treatment, etc. Also knowing about their claim process in advance could be an advantage to avoid any last minute hassles in case a claim has to be raised.
- Coverages offered
When it comes to the coverage of a health insurance policy that you are buying for your parents, there are 2 very important things that you must consider before you purchase: (1) it should have coverage benefits for pre-existing diseases because most often than not, parents would have some age related health conditions (2) it should have basic features like less waiting period and preventive healthcare benefits so that they can easily diagnose and treat health issues and don’t have to compromise on healthcare facilities.
- Claim process
The claim process of an insurance company should be hassle-free and quick. A smooth claim settlement process will keep your mind at peace and you can easily focus on your parent’s health.
- Renewability
Insurers may cap the entry age of the insured to a certain limit. If you choose an insurance company that has low entry age criteria, then you may not fit in this criterion and buy a policy for your parents. So, make sure to check the renewability option before buying the policy.
- Network hospital’s location
Network hospitals offer the advantage of a cashless facility. Hence, it is important that you know the exact location of your insurer’s network hospital. This way, if and when required, you can avail the best treatment without worrying about expenses since these will be directly settled with the hospital by your insurer. Also, cashless claims allow you to experience a quick and convenient claim settlement process.
- Cost of the insurance policy
Generally, the cost of a health insurance policy increases with age. Since parents’ age can be on the higher side, look for an insurance company that provides feature-rich health plans at a lower cost.
- Exclusions
Make sure to check the exclusions in detail. Because features not included in the policy will be borne by the policyholder. So, it is essential to understand what are the costs that you may have to bear.
- Additional coverage benefits
If there are certain things that are under the exclusions but you want coverage for them, you can take additional coverage for the same. Some health policies can be customized for more coverage. A few examples are – room rent waiver, outpatient department cover, hospital cash cover, etc.
Buying an insurance policy to cover your parents is a wise decision since healthcare needs increase with age. We are sure the factors mentioned here have been helpful and will go a long way in making sure you choose a plan that is best suited to your needs. You can check out some amazing health insurance plans for yourself and your family on the Bajaj Finserv App. What’s really advantageous is the fact that you have plans from some of the top insurers in India and can easily compare plans at one place before you buy.
