In the Indian context, parental care is an essential part of the family system. From a very young age, we see our parents take care of their parents and make it part of our things to do in the future. However, over the past decade or so, we have seen many changes to this system – children travelling abroad for education, young adults moving to different parts of the world for their careers, and even senior citizens wanting to live an independent life and make the most of their golden years. With these changes becoming a part of our mainstream life, parental care may at times take the back seat. But that does not mean that it can be neglected. With age, seniors become more and more prone to illnesses and their need for medical attention only keeps increasing. For such times, it is always a great idea to show foresight and purchase a health insurance plan for parents.
Today, we’re talking about the factors that you must keep in mind when choosing a parents’ health insurance plan.
Benefits of parents’ health insurance
Below are the key benefits of health insurance for parents:
With insurance, your parents can get the option of lifelong renewal.
Both pre- and post-hospitalisation expenses are covered for a stipulated time in the policies. This way you can be covered both at the time of diagnosis and recovery.
Most leading insurers have good claim settlement ratios and will close your claims in time without any hassles.
Parents’ health insurance: What to expect
If you are purchasing a plan for your parents who are already senior citizens, there are 2 ways to take this forward – 1) Add them to your family floater plan and 2) Buy them plans that are specifically designed for senior citizens. Either way, there are a few points to note here: Pre-entrance check-ups may be conducted by the insurer before issuing health insurance for parents above 60.
The premium for the plans could be higher given the fact that the coverage required is extensive and the policyholder belongs to a high-risk age group.
Make sure to check for the waiting periods of specific health conditions, especially those that are historically present in your family tree. Waiting periods could range from 30 days of initial waiting period to almost 4 years for some specific diseases.
Do check to see if the plan covers an annual health check-up, which will become a huge advantage with age.
- A lot of health insurance policies cover daycare treatments that do not require hospitalisation for 24 hours. This is crucial to have to cover costs for specific treatments/ procedures like chemotherapy or dialysis.
- A health policy may have a co-payment option, which means that a portion of the claim will have to be paid by the policyholder. This also means that you will have to pay a lower premium.
The reimbursement claim process for parents’ health insurance plan
To file a claim for health insurance for parents, you can follow these steps:
Step 1: Pay all required bills and keep the original invoices intact
Step 2: Send the treatment documents and the invoices to the insurance company after hospital discharge
Step 3: The insurer will verify all claims and shared documents
Step 4: The insurance provider will reimburse the claim amount to the policyholder’s bank account.
The cashless claim process for parents’ health insurance plan
Step 1: Carefully fill up the pre-authorisation form at any of the network hospitals.
Step 2: The network hospital will communicate to the insurer, which will then provide a status update.
Step 3: After pre-authorisation approval, proceed with the hospitalisation.
Step 4: The Insurance company will directly settle the amount with the network hospital once the patient is discharged.
Things to look at when buying parents’ health insurance policy
Before buying medical insurance plans for parents, individuals should consider the following factors:
Individuals need to carefully assess the coverage options of a health plan for parents. Check the daycare coverage, pre- and post-hospitalisation expense coverage, critical illness coverage, AYUSH treatment, in-patient hospitalisation, domiciliary hospitalisation, and others.
Pre-existing waiting period
If the insured individuals have parents with critical illness, then they should check the waiting period for pre-existing illness cover. This waiting period usually varies across insurance companies, and one should choose a plan with a lower waiting period.
Substantial sum insured
One should purchase a policy that comes with a higher sum insured. This will help in getting adequate financial coverage at times of medical emergencies.
One should also check the sub-limits for coverage in health insurance for parents. Individuals should choose a policy that has zero or lower sub-limits. Sub-limits will reduce the amount you receive as compensation. The lower the sub-limits, the higher would be the reimbursement amount.
Some parents’ medical insurance policies might have a co-payment clause. This implies that the insured individual will have to pay a portion of the treatment cost when raising the claim. It can lead to out-of-pocket expenses. So, one needs to look for a policy that has a 0% co-payment.
Why choose parents’ health insurance policy from Bajaj Finance?
If you are looking for the best health insurance plans for parents, you can consider Bajaj Finance. Here’s why.
Coverage is available for emergency or planned hospitalisation depending on the chosen sum insured.
Vast chain of network garages
One can get hassle-free service from any of the network garages that are spread across the country.
Sum insured options
There are multiple options for the sum insured available. One can choose plans as per their needs and budget.
You can opt for both cashless claim settlement and reimbursement facilities as per your convenience.
Peace of mind
The health insurance for parents will provide financial protection in the event of any medical emergency of parents. This will help in providing peace of mind and let you focus on treatment and recovery.