The escalating cost of medical treatment and its imperative need in senior years makes the purchase of a health plan mandatory for your parents. It turns your true financial savior in times of medical contingencies. With your parents aging; you might end up spending a sizeable chunk of money. But you can stop the drain by choosing the right health policy for them.
Today, you have several health policies available today that are specially designed for your parents. The key lies in choosing the most appropriate policy for them. You can do so by considering the following factors while purchasing any health insurance for them. Read on!
Age is the most important factor to consider while purchasing a health policy for your parents. It encompasses both entry and exit age. Ideally, the policy should have lifelong renewability. Moreover, you should buy a policy as early as possible for them as the premium amount rises exponentially with age.
In case you have both parents alive, it is better to take a policy that includes both spouses. The premium amount would be less than that if you purchased individual policies for them.
- Sum assured
Your parents are likely to be vulnerable to higher medical expenses. Hence, you need to verify that the sum assured can comfortably cover any possible medical expenses comfortably.
- Coverage of the policy
Not all diseases get covered under a Health Insurance Policy. Hence, you need to ensure comprehensive coverage. Find out the diseases covered by the policy including pre-existing diseases. Most policies cover pre-existing diseases after a specified waiting period. You also need to investigate the availability of coverage for critical illness and certain specified illness. Generally, you are able to procure it as an add-on with an extra premium amount. You can also get extra coverage to cover hospitalization costs for organ donation to cover all unexpected circumstances.
- Waiting period
All policies have a waiting period before it becomes eligible to be claimed and starts covering pre-existing or certain specified diseases. The waiting period can span from zero to four years. It is best to choose a policy that has a minimum waiting period and does not put you in any kind of financial risk.
Almost all health insurance plans for parents come with a co-payment clause. It means, that when faced with any medical expenditure, the insurance company would pay a certain percentage of it and the rest need to be paid by you. Your percentage can range from five percent to any extent comfortable to you. The higher is your co-payment percentile; the lower would be the premium amount that you need to pay. You also have the option to go for zero co-payment with a higher premium. You need to investigate this clause carefully and decide on the percentage that does not put you in any kind of strain.
- Network hospitals
A crucial factor to look into is the list of network hospitals enlisted in the health policy. You must have two to three of these network hospitals easily accessible to you. The biggest advantage of it is that your parents can avail of the cashless facility. This means that no payment would be required at the time of hospitalization. The bill would be settled directly between the hospital and the insurance company.
- Parents’ health history
It is always advisable to have your parents’ medical history handy while researching on various available health plans. This would help you choose the right plan with ease. Most insurance policies for parents require them to undergo a medical examination at the cost of the insurance company. With handy reports, you will not face any nasty surprises and can choose the best fit policy.
- Read the fine prints
It is imperative that you compare and contrast the available policies on different parameters like co-pay, sun-limits, the extent of coverage, caps on room rent, etc. This would prevent any nasty surprises being sprung on you at the time of making a claim.
- Total cost involved
You must carefully weigh this factor before making any decision. The cost does not involve only the premium amount that you need to pay but also the total cost that you would need to bear at the time of hospitalization. Both aspects should be affordable to you.
Our parents have nurtured us to be capable individuals of today. Hence, it is our responsibility to look after them. Simultaneously, we have our own responsibilities to execute. Selecting the right policy for your parents creates a win-win situation for all.