How to Buy Health Insurance for Parents?

Gone are the days when people would look at the insurance providers with disapproval. Today, people understand the importance of a good insurance cover and don’t mind paying a decent premium for attractive benefits.

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Although every adult should get themselves covered by a good health insurance plan, the senior citizens need it the most. The following are some of the tips on finding an ideal health insurance plan for parents/senior citizens:

Entry Age

The entry age considered by most insurance companies for senior citizens is 60-80 years. However, some companies don’t offer insurance coverage for people 69 years of age or more.

If you are willing to shell out money for a higher premium then you can also consider private insurance providers such as Max Bupa which offer insurance plans for people of all ages.

Existing Illnesses

If a policyholder has existing illnesses, i.e. the diseases that exist as they buy the insurance cover, then these are usually covered 2-3 years after taking the policy. However, some policies such as National Insurance’s Varistha Senior Citizen Policy don’t cover existing diseases at all.

Premium and Sum Assured

Premium and sum assured are the most important factors to consider in an insurance policy. While the former stands for the amount you pay for the policy on an annual basis, the latter is the amount of coverage (the amount the insurance provider will bear the medical expenses) you get in return.

Premiums for health policies for senior citizens are high due to high-risk. The coverage is also typically capped at Rs. 1 lakh or Rs. 2 lakhs for the same reason. However, you can choose a private company and get better coverage, albeit at a higher premium.

When choosing an insurance policy, be sure to check the list of hospitals and medical institutes that are covered by the provider, the list of diseases covered, and whether there is a cap on hospital bills, etc.