Obtain Medical Insurance for Parents and Become Familiar with Its Benefits
Updated On Apr 27, 2022
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The constantly rising medical inflation and limited or no scope of regular income could leave your parents in financial distress during the golden years of their lives. That’s why it’s vital to buy an appropriate health insurance policy for them. Thankfully, many insurance companies in India also provide the option to include dependent parents in a floater policy.
Why Should You Buy A Health Insurance Policy For Your Parents?
Here are some more benefits of buying a health insurance policy for your parents:
Lifetime Medical coverage
Health insurance policies for parents usually come with lifetime renewability options. It means that by buying such policies, you can ensure that your parents stay protected with medical coverage until their death.
High sum insured
Keeping in mind the additional healthcare needs of elderly people, health insurance policies for parents usually have a high sum insured. Hence, it allows you to get sufficient coverage for your parents and ensure that funds are never a roadblock in availing the best possible treatment.
Coverage for pre-existing diseases
As your parents grow old, their bodies become frail and less immune to diseases. Hence, they might suffer from certain diseases or illnesses at the time of buying the policy. A parental insurance policy covers pre-existing diseases, albeit with a waiting period of 24 to 48 months.
Coverage for critical illnesses
The prevalence of critical illnesses such as cancer, heart attack, stroke, etc., is much higher in elderly people. A health policy for parents provides financial coverage against the treatment of such life-threatening illnesses.
Important Things To Look At While Buying Health Insurance For Parents In India
Several factors go behind determining the appropriate health insurance policy for your parents. Here are a few things you should look at while availing health insurance for parents:
Maximum entry age
While many insurers offer health insurance for parents in India, they usually put a cap on the maximum entry age for the insured person. Usually, it’s 70 or 80 years maximum for most of the policies. Before buying a policy, ensure that your parents are eligible for it.
Waiting period
Usually, there is a These plans are designed to provide health insurance coverage to the entire family. You can buy a single family floater plan and include all your family members in it, including your parents. period of two to four years after which a health insurance policy starts covering the acceptable pre-existing diseases. You should go for the policy with a minimum waiting period.
Coverage for critical illnesses
It’s best to ensure your parents are covered for critical illnesses such as heart attack, cancer, stroke, kidney failure etc. Most insurance plans cover hospitalisation expenses for such illnesses. To get additional lump sum benefit, you can also opt for a critical illnesses add-on.
Lifetime renewability option
Few insurance providers restrict the renewability of health insurance policies up to a certain age only. It’s better to opt for the policy which comes with an option of lifetime renewability.
Claim settlement ratio of the insurer
The claim settlement ratio of the insurer determines its ability to settle the claims of its policyholders successfully. Go for the insurer with the highest claim settlement ratio to ensure that you do not have to face any hassles at the time of claim.
Conclusion
The claim settlement ratio of the insurer determines its ability to settle the claims of its policyholders successfully. Go for the insurer with the highest claim settlement ratio to ensure that you do not have to face any hassles at the time of claim.
Also read- Health Insurance Covers A Variety Of Illnesses.
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