Nobody else in this world can take up your parent’s place. They strive hard to bring you up and give you a healthy and prosperous life. But when they cross the age of 60 and above, it becomes your responsibility as their child, to buy a health insurance policy for them. If you are wondering, “Where would I find the best health insurance policies in India for my elderly parents?” Well, it isn’t as difficult as it appears! With a lot of websites providing an easy online comparison of such Mediclaim policies, it has become easier than ever to pick the best for your parents.
Amid the growth of critical illnesses succumbing to their age and environmental hazards in the country, Mediclaim is no more a choice, it has become a necessity! Your parents at this age will no longer be active earning members. Simply put they will either have to foot a hospitalization bill form their pension or savings. In dire situations, they will have to seek financial assistance from their children.
Before you jump in and start looking out for a Mediclaim policy for them, it makes sense to get acquainted with some vital tips that can help you to pick the most beneficial one:
Things to Consider before Buying Mediclaim in India for your parents:
Age Limit
It’s important to secure your aging parents’ health for the long run. Look for a policy that offers coverage to senior citizens between the age group of 60-80 years and allows for subsequent renewals. If you want to give them a protected health insurance plan, you can pick the Mediclaim policy offering renewal for lifelong or with the maximum age limit.
Critical Illnesses
It can be a devastating time for anyone, if any, of the family members is diagnosed with critical illnesses like cancer, kidney or renal failure, heart ailments or stroke. But to counter the financial turmoil, taking up a critical illness plan, which covers such conditions can be a life savior for your parents. You can look at SBI medical insurance plan that offers coverage up to Rs. 50 lakhs.
Cost of Insurance
In comparison to an individual health insurance plan, the cost of the premium of a senior citizen Mediclaim policy will always be higher. It is mainly because of the risk that elderly people pose to the insurance company. And, it’s not always sensible to buy the cheapest health insurance plan, as it would mean lesser benefits and coverage.
Pre-Existing Illnesses
No Mediclaim will cover all the health problems. Read the clauses, inclusions, and exclusions along with terms and conditions, to ensure maximum coverage. Make sure, that the policy includes those ailments which your parents already have and continue to cover in the long run or at least for few years of the policy.
Age of Renewal
So, every insurance company allows policy renewal up to a specific age. Your parent’s medical insurance plan will mention the maximum age for policy renewal i.e. the renewal age. Just like the entry age, it also differs between insurers and plans. So, it is advisable to compare the various offerings from the different insurer before zeroing down on to a policy.
Sum assured
The health coverage that is provided is equal to the sum assured amount. The insurer will compensate the medical expenses incurred up to the amount assured. So, high sum assured means larger medical coverage. Undoubtedly, it will be sensible to opt for a maximum cover for your elderly parents.
Family Floater vs Individual Plan
The coverage provided in a family floater plan will be lesser than the coverage your parents will receive from an individual plan. Moreover, an individual senior citizen plan would be a more viable option from a cost-versus-benefit outlook. So, select an individual plan as it will offer maximum coverage to your aging parents.
Network Hospitals
While picking an insurance policy, remember to check if the insurer has a wide network of hospitals. For instance, SBI health insurance plans offer cashless hospitalization services in more than 4,400 hospitals PAN India. Similarly, you can pick the insurance company of your choice that offers cashless claim settlement option in case of an unprecedented hospitalization.
Here’s a recap of what to look for:
- List of network hospitals
- Inclusions during hospitalization like medication, overall treatment fees, ambulance, and room charges etc.
- If it covers special treatments like chemotherapy, dialysis, etc.
- Post-discharge medical expenses, though the number of days may vary as per the amount of policy
- All the former illnesses which your parents might have should be covered since the beginning. Apart from the diseases for which Mediclaim is not provided immediately, but after one year, from the commencement of the health insurance policy
- Do not go for a very economical health insurance plan, as it may not be of any use in the future. Look for a policy which gives your elderly parents maximum coverage from the diseases which are on priority in your checklist.
Over to You!
Giving your parents a secured healthcare treatment can be the best expression of love, care, and security towards them. Choose the best senior citizen health insurance which suits your needs and your parent’s health requirements in near future.
There is no one fit-to-all policy, but you would need to analyze what is inevitable and what is avoidable. Your parents’ gifted you this life, it’s time you can secure their life and health by buying a suitable Mediclaim policy.