5 Things You Must Know Before Buying Health Insurance For Your Parents

facts before buying health insurance parents insurer policy coverage

Purchasing health insurance for your parents is a clever move. You should always remember about the sacrifices your parents made to bring you up. So if you are financially independent adult and living with retired old parents, make sure to buy one to cover the potential risks. The risk of life-threatening diseases and falling sick increases with age. When you see your parents crossing the major milestone of their age that is 60, you must pick health insurance for them to get ensured about their safety. This is a very risky stage of their life so, be prepared for any unexpected things, which can happen to anyone, unfortunately. These insurances cover numerous features like pre-existing disease coverage, cashless hospitalization, critical illness coverage, maximum sum security, as well as specific disease coverage such as stroke, cancer, etc. 

Pay Special Attention To Coverage

Get ensured regarding every detail of any medical insurance for your parents. Consider the factors like the maximum coverage of the insurance with every specific need of the individual. For example, a plan can be selected that covers some specific features like dialysis, chemotherapy as well as organ donation. Confirm the maximum cost implication, during the plan purchase, including the maximum benefits coverage for numerous treatments. The most vital features which you need to keep in your mind during any plan purchase are like: 

Entry Age And Renewal Age 

In India, the major number of insurance companies provides Mediclaim Policy to its senior citizens aged between sixty to seventy. According to this, you can avail the health insurance facility for your parents even after he or she crosses the age of sixty. There are also some insurance companies that have set some different regulations on age. So, be careful while choosing an option for your parents. Always make a clever move during choosing any policy and select the best policy that meets your criteria. 

The renewal age specifies the time span after which you must renew the health insurance policy of the senior citizen. You must confirm the age details and age consideration of your parents with your Mediclaim policy repeatedly with your company. There are insurance companies that offer varied services for different ages. So, always select the best that benefits you and your parents. 

Sum Assured Or Coverage Amount And Premiums 

Make a selection of the shield amount during any policy purchase. This coverage amount is known as the sum assured. This is the entire insured amount of the individual. Always choose the sum assured amount for making a selection of any health insurance policy for your parents. 

You must select an insurance policy supporting the major coverages. Get ensured about the inclusion of life-threatening disease coverage under this plan, considering the pre-existing illnesses as well. Always analyze the policy document for understanding the conditions. Confirm the policy coverage that considers the major type of diseases along with some further health conditions such as heart disease, diabetes, etc. 

As soon as the age increases, the premium of the insurance policies also rises the insurance plans are a bit expensive, as health decreases when you grow old. Thus, the charge of the premium rates also becomes high. There are some insurance companies that offer a low premium, with the same facilities. You should always make some clever search when selecting any insurance policies for your parents. 

Hospital Networks

The insurance companies have their own hospital networks. The policyholders can avail cashless treatments from these hospitals. The insurance companies also cover the medical expenses of those hospitals which do not belong to their network. These companies help you to avail of the treatment without paying the lumpsum hospital or medical bill. When you are selecting insurance for your parent, then get ensured, about the maximum hospital coverage of that company, especially those which are near to your locality. 

Separate Insurance Policy For Parents And Premiums

Always buy an individual insurance plan for each of your parents. Never buy a family floater plan, as this plan considers premium, which is based over the age of the eldest family member. The maximum renewal age is also depended over the age of the eldest family member. 

The Waiting Period

Your parents are identified as old policyholders, so you should always purchase a policy which possesses a minimum waiting period. Sometimes, the insurance companies provide some plan conditions that are long extended, and you must wait till that time gets over. So, always select some plans which are not too extended for your parents, as they are senior citizens. 

All these features are the basic points, which you are required to follow during any buy. Evaluate your requirements and assess the other substitutes for selecting the best policy among all for your loving parents.

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