What is health insurance for parents?
If your parents are dependent on you, health insurance is an essential tool for being financially prepared for medical contingencies that may arise due to old age. These policies help cover the expenses of hospitalisation and treatment for age-related illnesses, ensuring your parents receive appropriate care and live well without causing a financial strain on you in the future. Read on to learn how to select the best mediclaim policy for parents.
How to choose the best health insurance for parents?
Choosing the best medical insurance for parents in India is a decision that requires consideration of various factors, including:
- Coverage: You should be on the lookout for policies that provide overall cover, which includes hospitalisation, pre- and post-hospitalisation expenses, daycare procedures, and treatment. The policy should also ideally cover critical illness.
- Sum insured: It is better to opt for a higher assured sum to get ample coverage on increasing healthcare costs. For senior citizens, the assured sum should be at least 10 to 15 lakhs.
- Insurance network: The best medical insurance for parents should have access to a vast network of hospitals. It is also essential to check whether your parents’ residence is close to a hospital within the network to avoid delays in treatment.
- Pre-existing conditions: Inquire about the waiting period for pre-existing diseases. Some policies now cover them from day one.
- High claim settlement: It may be advantageous to select a reputable insurance with a high claim settlement ratio and easy claim process.
- Renewability and flexibility: The best health policy for parents should provide lifelong renewability and flexibility to ensure enhanced and continuous coverage.
- Add-on benefits: Check for plans that provide additional benefits like annual health check-ups, domiciliary treatment and AYUSH coverage.
Types of health insurance plans for parents
There are many different types of health insurance packages out there that cater to the needs of the parents.
- Individual plan: These cover a single person and provide them with full coverage as per their health needs. This is usually recommended if your parents are below the age of 60.
- Family floater plan: This type of insurance covers your entire family, including your parents, under one plan.
- Senior citizen health insurance: There are special plans known as senior citizen plans, which have been crafted to provide coverage against age-related illnesses, especially for those above 60 years. These often come with unique benefits such as yearly health check-ups, and cashless hospitalisation at network hospitals.
How to buy health insurance for parents?
Purchasing the best parental health insurance online is a pretty straightforward process. You can start by researching insurance plans and comparing their benefits and premiums. Once you’ve locked down on a policy that suits your needs, you must apply for it through the insurer’s official website or contact a policy agent. But before you start filling out the form, ensure you have all the necessary documents, such as personal identification and medical history. Some insurance companies may ask you for a medical examination if you’re an older applicant.
Conclusion
Investing in the best medical insurance policy for parents in India ensures they live a healthy life without facing financial stress. Given the escalating healthcare expenses, robust health coverage provides essential peace of mind, knowing your parents are well-protected. Carefully evaluating options based on plan benefits and premiums helps select a policy that best meets your family’s needs.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.