Parents Health Insurance: Factors to Consider

As years pass by, parents may become prone to varied diseases which might require medical attention at any time of the day. The high inflation rate has affected India's healthcare sector significantly, as the healthcare costs are increasing day by day. Nowadays, buying health insurance online or offline is not an expense but a necessary investment. It will act as a safety net against all types of financial strain related to the healthcare of your parents. To know more about parent health insurance policies and conditions, keep reading the article.

Factors to Consider When Buying Health Insurance for Parents

Remember, healthcare needs change depending on one's age. So, choosing the right health insurance plan for your parents is essential to ensure comprehensive coverage. In the below section, you will learn some factors that you must look into before buying parents health insurance.

1.Sum Insured

Looking into the sum insured (maximum claimable amount) is the most crucial factor that you cannot skip out. Senior citizens need frequent medical attention so, you must choose a sum insured, which will be enough for the healthcare needs of parents. So, conduct in-depth research and compare varied health plans to get the higher sum insured.

2.Coverage of the Insurance Plan

Choose a plan offering a wide array of inclusions because inadequate coverage can cost additional expenses. Healthcare needs of elderly personnel are much more extensive as they involve routine checkups, pre-existing diseases, chronic illness, OPD covers, dialysis covers, hospitalisation covers and much more. That is why buy a comprehensive parent health insurance plan to provide the best medical attention without worrying about any bills. 

3.Premium of the Insurance Plan

You must note that health insurance premium rates get higher with increasing age. So, before buying an insurance plan, you must conduct thorough research and compare the premium rates of varied health insurance companies. Look for a feature-rich insurance plan which comes with lower premium rates. However, everyone wants to provide the best healthcare to their parents, thus do not compromise in terms of inclusions. Determine a budget and start searching for an insurance plan accordingly.

4.Reputation of the Insurance Company

Insurance providers play a vital role in your life as they will settle bill payments for your planned or unexpected medical emergencies. In India, varied insurance companies are promising to offer comprehensive health plans. But, before investing so much money in a company, you must conduct thorough research about the insurer by reading online customer reviews. Aside, you must get an insight into their claim process, inclusions, sum insured, etc.

5.Location of Network Hospitals

Almost every insurance company ties up with a wide array of hospitals. One can easily opt for cashless options in any one of the network hospitals. Checking out the location of varied network hospitals is essential to have a clear idea during medical emergencies. At such hospitals, you will get the best medical assistance at lower costs. So, you must first take note of the hospitals near your parent’s neighbourhood and ask insurers about their network hospitals. During medical emergencies, proximity plays a huge role so, choose a health plan accordingly.

6.Waiting Periods

It is the total time duration, which policyholders have to wait before enjoying the insurance benefits. Almost every health insurance provider includes a waiting period with their medical insurance plans. However, the duration of the waiting period depends on the varied insurance company policies. You must choose an insurer that provides shorter or zero waiting periods with their health insurance plans.

7.Exclusions of the Policy

Most people think that having an insight into the inclusions is enough to decide which health plan to choose. But, it is not true because going through varied exclusions is equally crucial for choosing the best-suited health plan for your beloved parents. Medical expenses, which fall under exclusions will have to be paid from your pockets. Henceforth, understand all the exclusions and make an informed decision about buying a parents health insurance policy.

8.Claim Process

In times of emergencies, a complicated claiming process can be distressing. So, you must choose an insurer that offers an easy and quick claim process. Otherwise, you will have to be more involved in the claim process than spending time with your parents. For instance, ACKO offers a mobile application where you can easily file your claim within a few clicks. Choosing an insurer offering a digital and fast claim process will be more beneficial.

The Bottom Line

Along with all the above-stated factors, you must also look into the add-on covers, co-payment clauses, sub-limits, complementary health check-up covers, etc. You must note that if your parents are too old, search for a health policy which has a higher entry age. In India, almost all reputed insurance providers allow their policyholders to purchase plans up to the age of 65 years (minimum). Now that you are aware of important factors to consider while buying health insurance online or offline, make an informed decision.

If you have questions regarding the health insurance scheme for parents, feel free to contact ACKO.