10 Things to Consider While Choosing Health Insurance Plan for Parents

Health Insurance Plan for Parents
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Health Insurance Plan for Parents

Highlights

As the famous saying goes “health is wealth”, we all can’t agree more in the current times that being healthy takes the topmost priority over anything else in our lives.

As the famous saying goes "health is wealth", we all can't agree more in the current times that being healthy takes the topmost priority over anything else in our lives. People are realizing the importance of eating healthy and exercising regularly to regulate overall well-being.

Having said that, one cannot predict what's happening inside the body and many times falling prey to lifestyle diseases is unavoidable. Such times bring a lot of financial stress because the costs involved for even simple medical treatment have been on the rise. Getting yourself and your family a health insurance policy is what you need to cope with medical financial burdens.

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If you have elderly parents in the family and they don't have health insurance, then it's high time that you have them enrolled under one. With age, elderly ones are more prone to various ailments, so, let's take a look at some significant factors that you must look into before you decide to pick a health insurance policy for your parents.

1. Health History – Before you get the insurance policy, analyze and note all pre-existing health-related issues, based on that you can look for specific health insurance that can cater to their medical condition and provide necessary coverage. For example, if your parents are already diabetic, investing in diabetes health insurance that's specially designed for diabetic people would be a wise choice. It's a known fact that untreated diabetes can lead to slowly ruining the other vital organs, thus reducing the life expectancy rate.

2. Waiting Period- In the event of pre-existing medical conditions, most policies have a predefined waiting period like 2-3 years before those could be covered. Ensure to gain complete information on this to avoid unpleasant surprises in the future.

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3. Waiting Period- In the event of pre-existing medical conditions, most policies have a predefined waiting period like 2-3 years before those could be covered. Ensure to gain complete information on this to avoid unpleasant surprises in the future.

4. Renewal Limit- Most insurance policies have an upper cap for the age limit to renew the policy. Check for insurance that gives you an option to renew the policy to the maximum age limit or doesn't define any upper limit.

5. Inclusion & Exclusion – Not all ailments, treatments, or diagnoses get covered under health insurance. Read the terms and conditions properly to get a fair understanding of the conditions and events that are not covered.

6. Claim Settle Ratio- The main goal to get a health insurance policy is to aid in financial assistance when a medical emergency arises. The whole purpose gets defeated if you are unable to make use of the cashless transaction or reimbursement in a timely fashion.

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7. Easy Payment Method- Another aspect to check before you finalize the policy, is the ease of payment. Check if you can get an EMI option to pay the premium and how often you should make the payment to better plan your finances.

8. Network Hospitals- One should make sure to check the hospitals that have a tie-up with the insurer especially for cashless transactions, that are close by to the home and good medical facilities.

9. Annual Checkups- Like mentioned earlier, with age, illnesses are bound to happen. The best thing to do is to have annual checkups done for your parents to keep a tab on their health. Look for an insurance plan that allows free annual checkups without impacting the premium amount.

10. Cumulative Bonus -Most health insurance companies offer a cumulative bonus for staying fit and not filing any insurance claim. The benefit is granted in the form of a bonus, which is by increasing the sum insured without any changes to the premium amount. The percentage of the cumulative bonus depends on the insurance company and the plan chosen, however, in general terms, the cumulative bonus can lie anywhere between 5-10% of the total insured amount

Getting a good insurance policy for your parents is an effective and important way to extend good medical facilities and treatment. We suggest you compare various policies online and make an informed decision to enjoy maximum coverage for them and that's easy on your pocket too.

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