Subhead: Plan your parent’s health insurance the soonest. An increase in the age can raise the premium, thereby making it important to opt for a health insurance plan.
Our parents have nurtured us throughout our lives and made us independent. But, as they age even they need care and medical assistance. As parents grow, they become vulnerable to various ailments. Hence, having medical insurance is a wiser move. There are a plethora of companies in the market that offer health insurance for senior citizens once they age 60 years and above.
Health insurance for senior citizens offers numerous features such as cashless treatment, critical illness coverage and specific cover for diseases such as cancer and heart disorders. The health insurance plans for senior citizens are tailor-made for elderly people and come at higher premiums. To opt for the best health insurance for parents, you must know about its features and how it works.
Claim Settlement Ratio
In this case, the ratio of the number of claims paid to the customers by the insurance company to the total number of claims. Make sure you should opt for health insurance from insurers that provide 90% claim settlement ratio.
Individual or Family Floater Health Plan:
If you are thinking to opt for health insurance plans for family, then you can opt for a family floater plan. This insurance plan is available to the entire family with a single limit that can be used by any family member. As an example, if you opt for a family floater for 5 lakh, any member can use this amount and claim a huge amount in a particular year. Then, other members are not able to avail it. Whereas, an individual health insurance plan provides coverage for an individual and the plan can be bought in his or her name. Hence, it is not advisable to opt for plans because of the parent’s age and risk factors. It is better to opt for a separate health insurance plan.
Renewability:
According to the guidelines given by the Insurance Regulatory and Development Authority of India (IRDAI), senior citizens up to the age of 65 years are eligible for lifelong renewability of the health insurance plans. If there is a limit on the maximum age, the parents would not be able to take the benefit of the plan in older age. Hence, it is important to consider the maximum renewal age of the health insurance plan. In the case of misinterpretation of facts and false information, the renewability can be rejected.
Pre-existing Ailments:
When buying health insurance for parents, be sure to check if they need to undergo some medical tests. Even if the insurer has not undergone medical tests before buying an insurance plan, this can be beneficial as you are sure of its hassle-free claim in the future.
Waiting Period
If you are buying a senior citizen’s health insurance, make sure you check the waiting period for making a claim. This is important as for certain ailments the pre-existing illness can be 1 year or 2 years or even more depending on the plan provided by the insurer. Make sure you share all the relevant details related to your parent’s pre-existing conditions. In case of accidental hospitalization, the insured can claim as there is no waiting period.
Co-payment:
Every health insurance plan comes with a co-payment that is bought by the senior citizens. This implies that the insured has to pay a certain percentage of medical bills as mentioned in the policy. As an example, if the health insurance plan has a co-pay ratio of 20%. Take a case when the total expenses come out to be INR 60,000. In this case, the insured is supposed to pay INR 12000 and the remaining amount INR 48,000 will be paid by the insurer.
Religare Health Insurance provides 20% co-payment on every claim if the age of the insured is 61 years or more.
Takeaway
Health insurance plan for senior citizens offers various medical expenses such as detailed health check-up, pre and post-hospitalization expenses. Not only this, but there are also a lot of additional benefits such as coverage on extra family members. Care Senior- a comprehensive health insurance plan for senior citizens offers coverage to a maximum of 6 people.
Whether your parents have a source of income in their post-retirement period, it is important as a child to take care of your parent’s future. Religare Health Insurance offers mediclaim insurance that not only caters to the need of the parents but also reduces their financial burden.
