Health Insurance for Parents

Health Insurance for Parents: Buy mediclaim policy for parents

As our parents age, one thing that worries us constantly is their frail health and weak disposition with every passing year. The years of youth spent in establishing a career, bringing up the family and taking care of all responsibilities builds stress on the aging body and could lead to grave ailments over time. And this need not only affect the seniors; many people in their middle age or perhaps even younger are experiencing growing lifestyle health concerns, which could compound to troubling illnesses as it progresses.

Healthcare costs are growing exponentially year-on-year. The last thing one would want to worry about when organizing urgent medical attention for a parent who has taken ill is trying to figure out how to fund the hefty hospital bills. Our family’s health is always of utmost priority, no matter the cost. And the easiest way to lift the weight of financial woes off your shoulders is to invest in the best health insurance for parents that takes care of majority medical treatment costs without putting a dent in your personal savings.

Let us begin by understanding some important Factors to Keep in Mind before You Buy Best Mediclaim Policy for Parents:

  1. Lifecycle stage: Are the parents young and planning on growing their family? Or are they middle aged with teenage kids or young adult children? Or, are they elderly parents with specific medical concerns? The stage in the lifecycle of the parents is a determining factor of the kind of health insurance coverage they must have. For example, young parents might be keen on exploring maternity benefits in their plan for when they plan to have their next child. Senior citizens, on the other hand might focus more on critical illness coverages.
  2. Medical history: Do the parents have any ongoing medical issues? Or did they have a surgery or any healthcare situation in the past? The health condition of the parents will directly impact the premium payable, especially if they have any pre-existing diseases (likely to lead to some premium loading due to risks involved in insuring people with PED). That being said, it is crucial to be transparent with facts as nondisclosure could lead to medical claims rejection and out-of-pocket expenditure as a result.
  3. Location: Do the parents reside in a metro city or in a non-metro location? The place of residence will decide the amount of coverage you should go for (medical expenses are higher in cities than other locations) as well as the medical facilities available within your vicinity with the chosen insurance company.
  4. Type of policy: Are you younger parents who are looking for a base family floater plan? Or would you want to go for individual policies or critical illness insurance if you are middle aged? Perhaps you want to opt for a senior citizen health insurance policy of you are of age 60 years and above. The type of policy should be selected accordingly.
  5. Sum Insured Amount: Of course, the sum insured should be sufficient to cater to expected medical treatment. It is better to go for a higher amount than settle for a lower amount – in the event that the total hospitalization cost exceeds the sum insured amount, you will end up bearing the differential amount out-of-pocket which can be avoided by paying a little extra premium and taking a policy with more sum insured. Remember that you could also buy a super top-up plan along with your base health insurance plan for a higher sum total amount at a nominal aggregate premium payout.

Here are some crucial Health Insurance Features to Look Out For when Buying Health Insurance for Parents:

  1. Always choose an insurer who has a high Claim Settlement Ratio and hassle-free process with quick turnaround time.
  2. Make sure that there are enough Network Hospitals nearby where the parents live, so that they can get quick access and cashless admission into a good facility.
  3. The Scope of Coverage of the chosen plan should be wide enough to include pre-, in-patient and post-hospitalization expenses coverage, non-allopathic treatments such as AYUSH, OPD Care, all daycare procedures covered etc.
  4. The chosen health insurance plans for parents should allow enhancement of sum insured through reinstatement or restoration benefit, no-claim bonus etc.
  5. The best health insurance plan for parents should ideally have the lowest waiting period to enable coverage at the earliest.
  6. Ensure that the shortlisted policy has ample add-on options such as critical illness cover, maternity benefits etc. which you can select and buy as per your requirements for additional premium, to make the health insurance coverage more comprehensive.
  7. Always look the list of exclusions in the policy to cross-verify that your specific healthcare conditions or treatments are not left out.

Conclusion on Health Insurance for Parents

Health insurance is a complex product with a myriad of features, benefits, terms and conditions. Reviewing multiple plans for shortlisting a few and selecting the best health insurance policy for parents can be confusing for most of us. This is where SANA.Insure can help you by evaluating your household dynamics, prevailing health conditions, and expectations of insurance coverage, and choose the best health insurance plan for parents in India. Our portal, www.sana.insure, hosts detailed product features of 100+ health insurance products across individual, family floater, critical illness, maternity and senior citizen-oriented plans. You can easily view all the terms and conditions and other details in a snapshot, which will help you compare different policies and choose the best option.

You can also get in touch with a Health Insurance Expert at SANA.Insure who can guide you with the right inputs pertaining to your personal profile. Start a chat with our team over WhatsApp at 8278271818, or call us on 1800 202 8118.

Wish you a healthy and happy life!

About the Author

Vivek Narain is Specialist – Health Insurance with SANA Insurance Brokers Pvt. Ltd. (SANA.Insure) and Co-founder & Promoter of SANA Health Solutions Pvt. Ltd. (SANAHealth.Solutions). He has over 40 years of experience working in 23 countries for all stake holders in insurance (insurance companies as well as broking firms). He is focused on bringing about affordable health insurance and making insurance easy for the masses. Vivek has also shaped very large and dynamic multinational commercial risk transfer programs and large distribution models for micro insurance and auto insurance.

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