Purchasing proper health insurance coverage for parents is critical to ensuring they receive the best medical treatment possible without incurring financial hardship. Currently, the Indian insurance industry is swamped with health insurance policies for those looking to acquire coverage for their parents. Furthermore, many of these plans are tailored to age parents and senior individuals over 60.
However, selecting the best-suited plan might be difficult with such a diverse choice of projects on the market. Thus, to assist our readers in determining how to choose the best health insurance plan for parents, we have explained in detail the many aspects to consider.
Considerations When Purchasing Health Insurance for Parents
The following criteria should be considered when acquiring health insurance for parents:
Amount Insured in Adequate Sum
Because parents are more prone to health-related problems due to their age, an individual should pick a more significant sum promised. Having appropriate coverage will guarantee that they receive the finest treatment possible in the event of a medical emergency without having to worry about expenses.
Health Insurance Protection
Before deciding on a plan, reviewing the benefits and coverage provided by the insurance is critical, look for essential sickness coverage, pre, and post-hospitalization costs, policy tenure, in-patient hospitalization, daycare process, domiciliary hospitalization, Ayush treatment, etc.
A co-payment provision in a health insurance contract denotes the proportion (%) of the cost the insured will pay on his own. The remaining medical treatment costs are covered by the health insurance company. For example, if a policy contains a 20% co-payment provision, the policyholder will have to pay Rs.2 lakh on his own, and the insurer will cover the remaining Rs.8 lakhs. So, while buying insurance, make sure to read the co-payment provision. You can also opt for a no-copay clause.
Coverage for Pre-Existing Diseases
If the policyholder’s parent has a pre-existing disease, it is only covered when the 2-4 year waiting period is completed. However, depending on the plan chosen, the policy’s waiting time may differ from insurer to insurer. As a result, ensure that the pre-existing disorders are covered in the health insurance plan for parents after a specific period.
The premium paid for health insurance coverage is deductible under Section 80D of the Income Tax Act. If a person pays a premium for himself and his parents, the maximum health insurance premium is Rs. 50,000.
Examine Various Health Insurance Plans
To get the finest health insurance plan for parents, compare quotes from numerous programs online and select the one that provides the most coverage at the lowest premium rate.
An individual must browse through the list of network hospitals that deal with their chosen insurance provider. Ensure that reputable hospitals in your area are specified in the plan so they can be taken to the hospital in an emergency.
Wrapping it Up!
Keep the points above in mind when shopping for a health insurance plan for parents. However, ensure that you examine several plans’ benefits and features and select the ideal method based on your needs and preferences.