Having your parents' health insurance is a thoughtful way to protect their health and your finances. However, with numerous plans available, selecting the best health insurance for parents can be a daunting task.
Here are a few key factors to consider when purchasing the best health insurance for parents in India:
1. Coverage
Look for a plan that provides the maximum coverage for your parents. It can include:
- Accidental & Illness Hospitalisation Expenses - Look for insurance providers who offer coverage for accidents or illnesses, which cover unforeseen circumstances and protect you in case of medical expenses resulting from an accident or an illness.
- Pre and Post-Hospitalisation Expenses - Along with the expenses incurred in due course of your treatment, look for a policy that covers pre and post-hospitalisation expenses.
- Annual Health Check-Up Expenses - Annual health check-ups for the elderly are a prerequisite to ensure ideal health conditions, as they reduce the chances of being diagnosed with a fatal disorder.
- Major Surgeries - Any major surgeries are associated with high-value expenses. Make sure such charges are covered through your health insurance policy for parents, ensuring no compromise is made when it comes to such treatment.
- Psychiatric Illness Treatment - Psychiatric treatment is slowly overcoming social stigmas and gaining popularity in the country, so go for a policy which covers expenses if you are hospitalised for Psychiatric treatment.
- No Room Rent Capping - Room rent can be a cause for concern when it comes to seeking treatment from the premium hospitals across the country. With no capping on room rents, you can easily afford a private room for your parents if they have to be hospitalised for a prolonged term.
2. Critical Illness Benefits
Severe heart problems, cancer, end-stage lung and liver failure, kidney-related problems, etc. qualify as critical illness cover. Treatment for such medical conditions starts from Rs. 1 Lakh on average and can go up to Rs. 10 Lakh or more.
Opting for critical illness coverage proves beneficial in such cases, as comprehensive coverage is extended with high sum insured guarantee. All hospitalisation expenses and post-release expenses are covered in such scenarios, along with surgical charges.
3. Affordability
Make sure that the premiums you pay towards the health insurance policy for your parents that you choose are affordable and do not pose a burden on your finances.
Compare the coverage, sum insured, and premiums offered by different health insurance providers to make an informed decision.
4. Cashless Treatment
Cashless treatment is one of the most important benefits provided under a health insurance policy.
With this benefit, insurance providers pay for your treatment charges directly to the network hospital where your parents are admitted. Therefore, look for a policy with a comprehensive network of hospitals.
5. Zero Co-payment Option
There are insurance policies which require you to pay a percentage of the treatment costs incurred, while the insurance provider covers the rest. Since the treatment expenses incurred towards your parents can be quite high, it is best to look for a policy without the co-payment clause.
6. Claim Settlement Ratio
Claim settlement ratio refers to the number of claims settled by your insurance provider against the total number of claims raised.
High claim settlement is one of the primary factors to keep an eye on to make sure that your claim is not rejected in case of an emergency.
7. Comprehensive Pre-Existing Illness Coverage
With most pre-existing illness coverage benefits offered by health insurance policies, you have to serve a waiting period before you can raise a claim. It is, therefore, pertinent to look for policies that have a minimal waiting period for coverage of pre-existing illnesses.
You should also review the number of illnesses covered to ensure that your policy offers you maximum benefits.
8. Add-on Benefits
Apart from the features mentioned above, you should also look for add-on covers that can make your policy better-rounded. Some of them include:
- Zone Upgrade Add-on
- Daily hospital Cash add-on cover
- Alternative treatment care cover (AYUSH) includes expenses incurred for Ayurveda, Yoga, Unani, Naturopathy treatment, etc.
9. Easy Claim Process
Typically, insurance providers offer two options for settling claims. These are:
- Settlement for cashless claims
- Reimbursement for claims raised
Regardless of your option, you must ensure that the process for settling claims is uncomplicated. With most insurance providers shifting their claim process online, it has become much easier than before to raise claims.
10. Review the Company’s Reputation
Finally, don’t forget to check the customer reviews and testimonials for your insurance provider on social media sites, through Google reviews, etc. to make sure that you avail the best services for your healthcare plan.
