Old age brings with itself a vast array of ailments which may require extensive treatments. Comprehensive health insurance coverage is a necessity these days more than a luxury given how expensive medical treatments have become. There are several options available in the market to take care of the medical expenses incurred by senior citizens.
It’s evident that you should take your parents health insurance with utmost seriousness. As they grow older, the risk of them being prone to diseases or ailments increases proportionately. A health insurance cover is paramount in such situations as it will allow them to avail the best healthcare with having to worry about the financial consequences.
Research is the key to procuring the best health insurance plans for parents. There are numerous options that you can choose from if you are adequately informed. Given below are a few considerations that you should make before finalising.
Things to consider before availing a parents health insurance scheme
There are many factors that one must consider to get the best healthcare coverage for your parents. Here are a few of them.
· Medical history
It’s critical that you are entirely aware of your parents’ medical history before opting for health insurance. It’s advisable that you do not rely completely on their knowledge of medical history and get a full check-up done beforehand. It will give you a clear idea of the ailments that they might be suffering from and help you choose an appropriate plan. Even the insurer requires that information for a wholesome picture. (Most insurers conduct their own medical tests to be sure.)
· Group insurance policies
Many people enjoy the benefits of being enrolled into a group health insurance policy from Bajaj Finserv and avoid paying the premium of a separate parents’ health insurance scheme. However, these employer-sanctioned group policies are often inadequate to meet the healthcare requirements and expenses of a senior citizen. It’s more prudent to opt for a dedicated plan for your parents and not leave anything to chance.
· Exclusions
Although most such health insurance schemes offer comprehensive coverage, there are invariably some exclusions that you should be aware of. Common points of exclusion include non-allopathic medicines, diseases contracted during the initial few days of coverage, AIDS, self-inflicted wounds and drug/alcohol induced illnesses.
· Pre-existing conditions
Most health insurance policies do not cover pre-existing conditions. However, a majority of these policies have a wait-in period of 2 to 4 years. After this period, existing conditions are covered. Meanwhile, your parents will still be covered for all other types of hospitalisation costs.
Important: It is advisable to opt for a critical illness plan from Bajaj Finserv in case of pre-existing terminal diseases like cancer, renal failure and paralysis.
· Medical conditions, or lack thereof
The type and amount of medical insurance coverage for parents should be arrived at after carefully evaluating their existing medical conditions. Don’t be lulled into thinking that your parents do not need insurance coverage if they don’t have any current ailments. At an advanced age, these issues are unpredictable and can hit at any time. It pays to remain prepared.
All these factors should be taken into serious consideration when you are out to buy health insurance. The health of parents is not something to be taken lightly, and extensive insurance coverage can go a long way to ensure that their life post-retirement is free of worries.