Aging is an inevitable process. It is not something that you can stop. Although even if you can’t stop it, you can provide your parents with all the possible best healthcare you can. You can ensure the security of their future by availing your parents of the best health insurance for parents. However, not knowing how to choose health insurance might lead you in making a mistake. This blog will acknowledge some essential points that you must look into while buying insurance for your parents.
Things to Keep in Mind While Selecting Health Insurance for Your Parents
Numerous health insurance for families is available in the market. However, there are only a few which might fulfill all your demands. The crucial points which you should look into while opting for insurance are mentioned below:
- Co-payment – With this option, you share your expenses with your insurer. For instance, if the co-payment is 30% and the claim that is approved is Rs. 4 Lakhs, then the amount you need to pay is Rs. 1,20,000. Note that the entire bill won’t be covered by the insurer.
- Room Rent – Comprehensive policies don’t have any limitations for room rent. However, if your policy has a limitation for room rent of Rs 5,000 and the charges of the hospital are Rs. 10,000 per day then you’ll have to pay the remaining rent.
- Waiting Period – Several insurers might have one to two years of waiting periods for PEDs. Opt for that one that has the least waiting period. If you pay extra, then some companies might offer you a cover of Day One for PEDs.
- Disease-specific Limit – There might be certain disease-specific limitations in insurance policy covers. For example, for diseases like hernia and cataracts, a policy might pay a cover percentage, but not for some other diseases.
- Restoration Benefit – It reinstates the amount insured once you have exhausted it through the policy year. For instance, if you claimed an amount of Rs. 5 Lakhs in your first claim, you are still eligible to claim another Rs. 5 Lakhs on your second claim.
Health Insurance vs Healthcare Fund:
If affording health insurance for parents becomes arduous for you because your parents are above 60, then you can start investing in building up a fund for medical emergencies. Rather than paying heavy premiums, you can simply invest an affordable amount in a convenient investment avenue to ensure the security of your parents’ old age and lessen your burden at the same time. You can even make use of a health insurance premium calculator to analyze whether you can afford the insurance amount. A health insurance premium calculator will help you decide the amount you can afford for the premium.
Concerned about high premiums on your health insurance for family? There are a few ways to reduce these payments. Here’s a look at some of these methods –
Top-ups: Some health insurance plans, such as super top-up plans, are health insurance policies that can be availed of as standalone plans on their own. They offer higher coverage than regular covers and the top can usually be activated after removing the deductibles paid by you.
Deductibles: Deductibles refer to the amount that will be borne by the policyholder in the event of hospitalisation. The remainder of the amount will be paid by the insurance company. If you opt for an insurance cover with deductibles, your premium amount will decrease significantly. So, deductibles are a great way to reduce payments.
You must keep in mind to follow up on the key points before opting for an insurance policy. Planning your parents’ future life ahead of time will make their old age much more hassle-free and blissful. Now wouldn’t you want to give back to them by properly taking care of them in their time of need? You can even take the help of a health insurance premium calculator to ensure the right policy for them. For securing your parents’ health, you can avail of Aditya Birla Health Insurance that comes at attractive interest rates, flexible repayment, and an easy application process.