With expensive medical advancements and sky-rocketing hospital bills, it becomes imperative to buy a health insurance not only for you but for your parents too. As they say its "Payback Time".
You must have done an extensive research to find the best policy for your parents but are you sure it was all required to get the right one? Well, here we are going to list down simple but significant points that will help you make the right choice, and also help your parents at the time they need it the most.
Point 1 - Room Rent Limit
All health insurance policies come with a specific limit on hospital room rents. This tiny clause of your health policy can end up becoming a major pain for you. Do you know how? Because hospital charges are different (for the same treatment) depending upon the type of the room (general, private, deluxe or shared, etc.) you have chosen. Please ensure that you check private room rents in your native place and decide on a policy accordingly. Room rents are rising by 14% YOY.
Point 2 – Co-Payment Clause
You have to pay a part of the claim if your policy has a co-pay, the amount may vary from 10% to 30% of the total hospital bill. So consider a policy with lower percentage or no co-pay even if you have to pay a slightly higher premium.
Point 3 – No Claim Bonus
If you do not claim anything for a year after you buy the policy, you are entitled to a no-claim bonus for that year and your sum assured will increase. The increase varies from 50 % to 100 % over a period of 5 to 10 years depending upon the policy you have taken. Buy a policy that gives you a high no-claim bonus.
Point 4 – Sum Assured (Please choose a correct plan keeping in mind inflation)
Do you realise that health cover bought now will seem inadequate after a few years as inflation would have reduced the value of your cover? Also, every year the cost of medical treatment is going up by 14%. Buy a sizeable cover.
Point 5 – Entry Age & Renewal Age
There is an entry age restriction for some senior citizen health policies. You can only enter some policies till you are 65 or 70 years. Few policies can be bought at any age provided you are in good health . Despite the age at the time of taking the policy, all policies are renewable for life.
Point 6 – Pre-Existing Diseases
Go for parent's health policies that cover pre-existing ailments faster. Generally, health Policies cover pre-existing diseases in 4 years, some policies with a higher premium also cover the same in 1 or 2 years. If the ailment is severe, then they might never cover the same.
Point 7 – Pre-Policy Medical Check-up
Taking your parents for a medical check-up before you buy health insurance gives them an added advantage. This way you will not be hassled in the event of a claim.
We always advise our customers to do a thorough research and compare plans before purchasing a policy. If you have any doubts you can contact us at 8655986559 or email your query to email@example.com.