The insurance market in India is flooded with healthcare plans for parents and senior citizens aged over 60 years. Many insurance companies also offer family floater health insurance policies designed for families with old-aged parents.
What is health insurance for parents?
As the name suggests, health insurance for parents is a customised plan that provides medical coverage to parents. Generally, such plans offer comprehensive coverage against medical expenses arising due to age-related illnesses. Also, health insurance for parents has a higher sum insured and comes with a wide range of benefits such as annual health check-ups, cashless treatment, etc., to help you manage the medical expenses without any hassles.
Tips for buying health insurance for parents
Buying a health insurance policy for parents is vital to ensure that you provide them with the best medical care without worrying about the cost. Therefore, to get the best health coverage for your parents, you must consider the following factors.
Since your parents may be more vulnerable to health risks because of their age, it is better to choose a policy with high sum assured so that you have enough financial cushion as and when needed. Also, if your policy has a high sum assured, you can keep your hard-earned savings intact even if your parents need prolonged treatment or they get admitted to a hospital multiple time.
Suppose any of your parents covered under the policy has a pre-existing medical condition, the insurance company will be liable to cover the expenses only after a specific gap, known as the waiting period. The waiting period may vary from policy to policy, and it can be different for different health conditions. However, the waiting period generally ranges from six months to four years. So, when you buy health insurance for parents, choose a plan with the lowest waiting period.
Most health insurance policies have a co-payment clause. It is the percentage of the amount you agree to pay during claim settlement. For example, if your policy has a 10% co-pay clause and you raise a request for ₹1 lakh, the insurer will pay ₹90,000, and you must pay the remaining amount from your pocket. If you cannot afford to pay, you can go for a policy with no co-pay clause.
Another critical thing to consider while buying a health insurance policy is the network hospital. Go through the list of network hospitals and check the ones located in your vicinity. Having this information will be handy during an emergency; you can rush to the nearest network hospital and use cashless treatment.
What is covered under health insurance for parents?
Health insurance for parents are generally comprehensive plans that cover:
- Hospitalisation expenses
- Pre- and post-hospitalisation expenses
- Day care procedures
- AYUSH (Ayurvedic, Yoga, Unani, Siddha, and Homoeopathy) treatment
- Accidental injuries
What is not covered under health insurance plans for parents?
All health insurance plans have specific exclusions, and you must know about them. Some of the standard exclusions are:
- Treatment for self-inflicted injuries
- Accidents or injuries caused due to alcohol consumption, drug overdose or any other intoxicating substance
- Plastic or cosmetic surgeries for beauty enhancement
- Treatment for injuries arising due to war, terrorist attacks
- Dental treatment, costs incurred on the purchase of spectacles or contact lenses
Buying a health insurance policy for parents is vital to get financial protection against medical expenses. Consider the various factors listed above to choose the right policy.