Essential factors to consider when purchasing health insurance for parents
Before buying medical insurance plans for parents, individuals should consider the following factors:
- Coverage
Make sure that the health insurance for parents provides sufficient coverage for all healthcare needs, including pre-existing illnesses and hospitalisation expenses. Look for policies that cover consultation fees, diagnostic tests, ambulance charges, and more. Also, check if they cover critical illnesses, AYUSH treatment, domiciliary hospitalisation, and others.
- Pre-existing waiting period
Check the waiting period for pre-existing illnesses, as it can vary from one policy to another. Policies with shorter waiting periods prove more beneficial, as they can provide coverage for pre-existing illnesses from day one.
- Substantial sum insured
Choose policies with extensive sum insured, as it can provide higher coverage and lower financial burden in case of medical emergencies. This will help in getting adequate financial coverage when required.
- Sub-limit
Check if there are any sub-limits mentioned in the policy, as it can put a cap on certain expenses such as room rent, surgical fees, and more.
- Co-payment
Co-payment in health insurance is a certain amount that a policyholder pays along with the insurer. Opt for policies with a lower co-payment percentage, as it can reduce your overall financial burden. Some medical insurance for parents might have a co-payment clause.
- Waiting periods
When purchasing health insurance for your parents, it's essential to understand the waiting periods, especially for pre-existing conditions and specific treatments. These periods can vary from a few months to several years, during which claims may not be eligible, impacting the policy’s usefulness.
- Premiums
Premiums are a critical factor, as they determine the cost of the policy. The premiums for parents’ health insurance may be higher due to age and potential health risks. Ensure that the premium is affordable while providing adequate coverage for your parents' medical needs.
- Exclusions
It is crucial to review the exclusions in the policy, as certain medical conditions or treatments may not be covered. Make sure to carefully examine the fine print to avoid any surprises during the claim process.
- Claim process
A straightforward and transparent claim process is vital to ensure timely reimbursement. Opt for insurers with a reputation for easy claim submission and fast processing, making it less stressful when medical emergencies arise.
- Claim settlement ratio
The claim settlement ratio indicates the insurer’s efficiency in settling claims. A higher ratio suggests a higher likelihood of smooth claims approval and prompt settlement, ensuring that your parents receive the financial support they need during medical emergencies.
How to buy health insurance for your parents?
You can buy comprehensive health insurance for parents on Bajaj Finance Insurance Mall. Here’s a step-by-step guide to buying a health insurance plan.
Step 1: Click here to open our online application form.
Step 2: Fill in the application form with your basic details or the person that you want to insure. Provide your name, gender, and mobile number. Also, date of birth, and residential PIN code.
Step 3: Now click on ‘Get Quote’ to proceed.
Step 4: From the list of policies shown, choose your preferred family health insurance plan by clicking the ‘Buy Now’ button placed under each plan. You can further modify the insured amount, policy term, and plan type to get a list of policies tailored to your preference.
Step 5: Based on the plan you choose, you may get the option to select the policy term and premium amount.
Step 6: Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.
Step 7: Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).
Step 8: Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.
Step 9: Verify if the previously filled details are correct. Click on the ‘Proceed’ button to visit the payment page.
Step 10: Make the payment through net banking, UPI, debit, or credit card to buy the policy.
After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within from 5 to 7 working days.
You will also receive an SMS confirmation immediately after the payment processed successfully.
You can also access your policy details through the My Account section within 5-7 days after purchase.
Should you include your parents as dependents or buy a separate health insurance policy?
While including parents as dependents may seem convenient, purchasing a separate health insurance policy offers comprehensive coverage tailored to their specific needs.
Categories
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Adding Parents as Dependents under Family Health Insurance
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Buying Individual Health Insurance for Parents
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Sum insured
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The sum insured is shared among all family members, which might be insufficient for your parents' medical emergencies.
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The entire sum insured is exclusively available for your parents, ensuring adequate coverage during emergencies or planned hospitalisation.
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Scope of coverage
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Coverage may not fully cater to your parents' specific health requirements.
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Coverage is specifically tailored to meet all of your parents' healthcare needs effectively.
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Premiums
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Adding parents increases the family policy premium significantly.
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Premiums are determined by your parents' medical history and the coverage selected.
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How to file a claim for parents’ health insurance?
Here are two ways that you can make a claim for parents’ health insurance plan.
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 getting discharged from the hospital.
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.
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 before the patient gets discharged.
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.
- Extensive coverage
Coverage is available for emergency or planned hospitalisation depending on the chosen sum insured.
- Vast chain of network hospitals
One can get hassle-free service from any of the network hospitals 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.
- Claim process
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.
What is not covered under a parents health insurance policy?
Here’s what is not covered by a health insurance plan for parents.
- Treatments for self-inflicted injuries or attempted suicide
- Injuries suffered in acts of war or terrorism
- Treatment of illness due to substance abuse, alcohol consumption, drugs or any other addictions
Conclusion
Given the rising cost of healthcare, securing adequate health insurance for your parents is a practical necessity. By choosing a policy that addresses their specific needs, including pre-existing conditions, you ensure their well-being and protect your family's financial stability.
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