First of all a warm welcome to all of you on your favorite blog. In the previous post we had known "What is a Health Card" and "How to make it". Today in this post we will know which is the best health insurance plan for parents. So let's know
Are you planning to buy the best healthinsurance plan for your parents? Our Indian insurance market is currently flooded with health insurance plans for senior citizens or parents who are above 7 years of age.
Many insurance companies also offer family floater health insurance plans specially designed for families with senior citizens.
Taking a family floater med claim plan that covers your parents means paying higher premiums based on the age of the oldest parent.
The main reason for this is age versus health risks. As your parents get older, their risk increases and so does the likelihood of making a claim.
Best Health Insurance for Parents
Why do you need to take health insurance cover for your parents?
It is important to take a good health insurance cover for your parents so that they get the best treatment without any financial hassles.
So to buy the best health insurance plan for your parents, you should keep in mind the following points-
Health Insurance Coverage
Knowing the benefits of policy coverage is very important.
Important points like policy term, a time before and after hospitalization, critical illness cover, daycare procedure, inpatient hospitalization, AYUSH treatment, domiciliary hospitalization etc.
Reasonable Insurance Money
Since your parents are more likely to get sick because of their age, then you should go for an expensive insurance plan.
With this, your parents will be treated in a better way without any financial hassles.
Chronic Illness Cover
If your parents have any chronic diseases then they will be covered only after the waiting period, which is mostly 2 to 4 years.
This may vary from one insurance company to another and from plan to plan. You should keep in mind the time period for covering chronic illness in your family health insurance plan.
This is the percentage you have to give yourself. The remaining medical expenses are covered by the health insurance company.
For example, if your policy has a pay close of 20%, it means that on a claim of Rs 10 lakh, you will have to pay Rs 2 lakh from your fund and the insurance company will provide Rs 8 lakh as a claim.
If you want, you can also take a close on Noco.
Health insurance premiums that you pay for your parents are eligible for tax exemption under section 80D.
If you are paying the premium for yourself and your parents are below 60 years of age then the total car benefit on health insurance premium will be ₹ 50000.
If the age of your parents is more than 60 years, then this limit increases to ₹ 75000. However, it may change according to the tax limit.
What is covered in the health insurance policy taken for your parents?
The cost of hospitalization can burn a hole in anyone's pocket. Having a health insurance policy can protect you from the following expenses:
Hospitalization Expenses: Hospitalization expenses due to an illness or an accident can be very high. With a comprehensive health insurance policy, your insurance company can cover the cost of your hospitalization up to the coverage limit.
Pre and post-hospitalization expenses: Health insurance companies also cover pre and post-hospitalization expenses. Mostly it can be 30 days and 60 days, but it can also vary from one insurance company to another insurance company.
Day Care Procedure: The cost of daycare treatment like varicose vein surgery, cataract operation, which does not require 24 hours hospitalization, is also borne by the insurance company. Daycare procedures are limited according to the plan.
AYUSH Benefits: Nowadays, many health insurance policies also cover expenses on AYUSH treatments like Ayurveda, Homeopathy, Unani Siddha, etc.
Chronic diseases: Chronic diseases are also news after a certain waiting period. However, you can opt for a plan with a shorter waiting period which gives you coverage against maximum diseases like heart disease, diabetes etc.
Major surgery: Many health insurance plans also cover expensive major surgeries like bariatric surgery, open-heart surgery, etc. wherein you can enroll your parents in the best hospitals in India and abroad (if your plan allows it). And get them treated by reputed surgeons.
Renewal:Health insurance plans mostly come with a lifetime renewal option, and whenever you have one for your parents, then lifelong renewal is the right option.
What is not covered in health insurance for your parents?
Knowing the cover of a health insurance policy is very important. Below are some situations in which the insurance company will not cover your medical expenses:
· Any past injury
· Illness diagnosed within 30 days of policy commencement
· Any other treatment other than allopathy
· Self-inflicted injury or mental illness
· By doing more drinking and intoxication, etc.
· Expenses incurred on the purchase of glasses, lenses, and other external accessories
· (In case of an accident) any dental treatment
· Expenses incurred on the treatment of HIV/AIDS
· Joint replacement surgery treatment after 2 years waiting period
· Any plastic or aesthetic surgery
· Treatment of any injury caused by war, terrorist attack, external enemy, military
How do we get the best health insurance plan for our parents?
Since there are many health insurance plans available for your senior parents, you can choose the right plan according to your needs and convenience.
You can opt for any of the above-mentioned plans or can also go for other senior citizen health insurance plans which can provide the best medical treatment to your parents in their golden years.
Before that, some points that you should remember while buying health insurance for your aging parents:
Maximum Coverage: When you buy health insurance for your parents, it is important that you take into account the things implied and excluded in the policy.
You should go for a plan that covers multiple diseases for your parents. Because in this age there is more possibility of serious disease, then it must be colored.
You should also keep in mind that the most important diseases are covered.
Entry Age: Many insurance companies offer coverage from 55 to 80 years. But there are many plans whose entry age is more than 60 years.
You should choose a plan that allows entry at an older age and has no upper age limit and a lifetime renewal provision.
Waiting Period: All chronic diseases are covered only after a long waiting period. So choose a plan that has a short waiting period and gives coverage against many diseases like heart disease, diabetes etc.
Different Health Insurance: Compare Plans - There is no doubt that everyone wants to buy the best insurance plan for their parents.
But to get the best plan, you should take your final decision by comparing and comparing the many health insurance plans available in the market.
Network Hospitals: Before committing to your insurance company, you should also check the list of network hospitals of that insurance company.
Keep in mind that major hospitals are near you and are in the plan so that you can easily take them to the hospital in case of emergency.
Insurance Premium: The insurance premium is determined on the age of the person and as the age of the person increases, so does his premium.
That is why the premium for senior citizen health insurance is higher than other health insurance plans . Therefore, taking an individual health insurance plan for senior citizens is a better option than a family floater plan.
Policy Words: On the first reading you will find all the words in the health insurance policy document in a different language but still it is very important to read and understand the terms and conditions of the policy.
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