The majority of people reading this article are probably financially self-sufficient adults whose parents have retired or are soon to retire. As they grow older, it becomes increasingly important for them to be covered by medical insurance.
We all know that it is best to be prepared for unforeseeable events that can happen to anyone, especially when our loved ones are involved. There is medical insurance for parents specifically designed for them, allowing you to make their life more tranquil and secure.
As children, it is our responsibility to look after them and one of the best ways to do that is by investing in medical insurance for parents. Let’s understand more about how it works:
Here are some of the benefits and features of medical insurance for parents:
- Hospitalization and medical services are available cash-free in several network hospitals;
- Eligibility for tax benefits premium payments for medical insurance;
- Some health insurance packages for parents include cashless treatment plus a daily allowance;
- Medical insurance for parents is covered by domiciliary hospitalization;
- The policyholder has a free look period during they can decide whether or not to acquire the policy;
- Annual health check-up eligibility;
- Option for a hassle-free policy renewal;
- Sum insured is reloaded upon non-claim procedures for a year.
What are the exclusions in medical insurance for parents?
Here are some of the services that parents’ health insurance plans do not cover, and you should be aware of:
- Until the waiting period is over, a medical history of pre-existing illnesses/injuries must be provided;
- Illnesses discovered or developed within 30 days of parents acquiring health insurance should be informed to the health insurance company;
- Any treatment that isn’t allopathic;
- Expenses incurred as a result of self-inflicted injuries;
- Expenses incurred for the treatment of drug addiction;
- Expenses for dental treatment, lenses, or spectacles, unless they were incurred as a result of an accident;
- Injuries sustained as a result of any conflict;
- Cosmetic surgery is a procedure that is used to improve, not cure; hence, it is not covered under medical insurance for parents.
How to choose the best medical insurance for parents?
1. Obtain a Sufficient Sum Insured
If you live in a metropolitan city, the cost of treatment might be a little too expensive, and your sum covered should preferably be in the range of 7 to 10 lacs for an individual. So, if you’re searching for a family policy to cover your husband and children, a sum insured with a higher limit on a floater basis is ideal.
Co-pay your hospital expenses if you want to save money on health insurance rates. You and your health insurance can share medical bill payments so you don’t have to pay a high premium.
3. A Large Hospital Network
Check to see if the insurance provider has a large network of hospitals. If your insurance carrier has a list of nearby hospitals or medical facilities, you will be able to receive cashless care. However, you can also read about Care Insurance’s medical insurance for parents as they have a large network of hospitals.
4. Help with No Sub-Limits
Typically, your medical costs are determined by the sort of room you have and the ailment you have. It is recommended that you purchase medical insurance for parents with no sub-limits on hospital room rent so that you can select the hospital room that best suits your needs.
5. Examine the Waiting Times
While you are waiting for the medical insurance for parents plan to start, you will not be covered. Before purchasing a health insurance plan online, look for policies with shorter waiting periods for pre-existing conditions and maternity benefits.
6. A reputable brand
Always go with a health insurance provider with an excellent track record on the market. You should also consider the company’s customer base and claims-paying ability to determine whether the brand will respect any future claims you may make.
Medical insurance for parents is a smart health plan that is specifically tailored to meet the medical demands of senior citizens. It financially protects them from illnesses and medical treatments that are common among the elderly. Furthermore, they have a lower price than other health insurance plans, underscoring why they are an excellent choice for any senior people.
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