With advancements in medicine, the average life expectancy of Indians has increased to quite a large extent. This is good news for one and all. Unfortunately, there has been a simultaneous rise in the rate of inflation, which in turn has rendered medical treatments very expensive.
As a son or daughter, you are obviously concerned about the health of your parents. Alongside, you would like to gain proper coverage for the costs associated with their medical treatment and health management. This is where a good health insurance for the elderly comes into play.
Given below are some important things to know as you go about your quest for the perfect healthcare insurance plan for your parents.
Ensure That All Major Diseases Are Covered
Extent of coverage
While selecting a health insurance plan, it is essential to ensure that you shortlist the ones that include most major diseases. The protection on offer should encompass a wide gamut of illnesses, especially the ones that are pre-existing in your parents.
In the terminology used by health insurance providers, pre-existing illnesses are usually referred to those diseases that have impacted your parents in the past or are being treated for currently.
The waiting period for pre-existing diseases
The pre-existing illnesses are generally covered after a pre-defined duration, which is termed as the waiting period. For example, the period of waiting for lifestyle ailments like diabetes may extend to 2 years or more under some plans.
In case there is some common disease running in the immediate family, you must aim to get cover from the health insurance company for the same.
Critical illnesses coverage in health insurance
You may want to look for an insurance plan that provides cover for critical illnesses like the first diagnosis of malignancy or cancer, heart attacks, paralysis, stroke, brain tumour, kidney failure, irreversible coma, etc.
It is important to go through the fine prints and exceptions to understand more about the illnesses that will not be covered under the plan undertaken by you.
Understanding the co-payment and coverage in treatment
Insurance companies often impose certain restrictions pertaining to the age and health risk factors that they have to cope with in case of senior citizens. In case of your parents as well, the risks posed to the health insurance company increases proportionately.
Given this scenario, you have to understand the built-in regulations in terms of payment and coverage that are laid down to act as a buffer.
The health cover or the sum assured is the expected amount of reimbursement that will be paid in lieu of medical treatment costs incurred as per actuals. The amount of reimbursement will be in line with the pre-defined sum as assured under the health insurance selected by you.
A plan with a larger sum assured will give you a bigger amount for taking care of medical emergencies. It is a good idea to opt for a plan that provides the maximum possible coverage at the lowest costs.
Cost of insurance for parents
Do remember that the insurance costs for your parents will be higher in comparison to the costs of a health insurance plan purchased for yourself. As mentioned earlier, the higher cost of coverage pertains to the high risk that is attributed to senior citizens by insurance providers. You may like to check out a family floater health insurance plan that would provide insurance coverage for all family members, including your parents.
Go through the terms and conditions carefully as some plans impose restrictions on the age of seniors and their premiums have to be worked out accordingly.
Purchase health insurance for seniors online
While the traditional insurance purchase and comparison channels would allow you to buy the plan of your choice through locally-based insurance providers, the online channels would open up more avenues for you. Therefore, it is recommended that you research your health insurance plan online on sites like Coverfox.com, compare the plans that suit the health insurance needs of your parents, and make a well-informed purchase.
Soon, you will gain access to premium rebates, secure transactions, and convenience of purchase/renewal of health insurance for parents without moving out of your comfort zone!