Which is the Best Health Insurance for Parents
Reasons for choosing a health plan for parents
It is difficult to obtain health insurance by the parents by themselves.Retired people receive lesser or no income. This makes it difficult to pay off medical bills or expenses.Contingencies or emergencies are difficult to predict. Hence it will require a huge outlay of funds.
Points to remember :
Age factor
The Health insurance plan with the maximum age and medical cover shall be chosen. Most companies don’t renew the insurance policy after a particular age. So it is important to look at renewal and entry age while choosing a health plan.
Health cover
Higher face value would substantiate higher health cover. Higher the sum insured , better the insurance policy is.This will benefit us in terms of coverage.Because medical expenses are at highest point as age progresses.
Existing medical conditions
Health Insurance policy mentions the time period for making claim. Hence insured has to wait before claiming the medical expenses. These medical expenses are pertaining to Pre- existing Medical conditions. This is a very important factor to check in health insurance. Broad hospital network With old age , it is difficult to travel far away .Hence ,one should choose a health insurance policy with broader network for hospitalization. It ensures hospitals to be located in vicinity. Premium Generally the premium increases as the age increases.That makes higher premium for the older ones.However, different insurance companies quote different premiums .These can be easily compared for choosing a reasonable premium policy. Co payment clause Most of the insurance policies have copayment clause. This would require the insured to pay for a part of the medical expenses. Remember to check this clause while choosing health insurance This will save a lot of surprises at emergency situations.
Popular Health Insurance Plans and their features
Silver health – Bajaj Allianz
Pre existing illness covered from second yearCare procedure for 130 days coveredCashless claim settlement at more than 5000 hospitalsCovers pre hospital and post hospitalization expensesClaim disbursement in fast and speedy way
Red Carpet Health insurance – Star Health Insurance
Pre Insurance tests not mandatoryPre existing medical illness covered from second yearInsured treated as out patients at recognized hospitalsSum insured upto Rs 10 lakhsAssured lifetime policy renewal
Varishtha Mediclaim – National Insurance
Cash less facility available at network hospitalsPre and post hospitalization expenses reimbursed.Pre Existing illness covered form second yearMaximum renewable age is 90 years
CONCLUSION In India, Parents are considered to be responsibility of the children in old age. So it is important to start from an early stage by investing into descent health plan. It will save a lot in terms of premium outlay and ensures higher health coverage. Recommended Articles
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