Before you buy a medical cover for your parents, you need to consider the below-mentioned factors to get the maximum benefit out of your policy.
Entry age: Most of the health insurers have set an entry age criterion to become eligible for buying a health plan. However, the entry age guidelines vary from one insurer to another. The age of the policy seeker plays a great role in deciding the premium of the policy.
The extent of coverage: While buying a health care plan for your parents, make sure to select a plan that offers extensive coverage. Always pick a plan that promises adequate coverage against various critical illnesses, particularly pre-existing diseases. You should pay attention to what type of diseases are covered under the policy to get the maximum benefit. It is must to review the terms and conditions mentioned in your policy.
Waiting period: Most of the health insurance comes with the waiting period. During this period, any treatment costs incurred due to pre-existing illness would not be covered. So, before buying a health plan for your parents, it is always a good idea to be aware of the waiting period.
Sum insured: The total sum insured plays a crucial role while purchasing health cover. It is the amount that your insurer will reimburse against medical expenses incurred at the time of taking a treatment. So, when buying a health cover for your parents, go for a higher sum insured, as you will receive a larger amount to cover medical emergencies.
Renewal age: Renewal age is the time when your health plan renews again. Certain health insurance plans allow renewal until a specific age only, after which the policy cannot be renewed. However, this age limit for renewal varies from one company to another. So, you need to pick such a plan for your parents that best suits their health requirements.
Network hospitals: While selecting a health insurer, you should always pick a health plan that covers a wide network of hospitals. This makes it easier for you to avail of the benefit of a cashless claim settlement.
Individual versus family floater: The coverage that your parents will receive under an individual health insurance policy will be higher than the coverage received from a family floater plan. Additionally, an individual plan will also be more viable from a cost-versus-benefit perspective. So, pick an individual plan to provide maximum protection to your parents.
Purchasing a health insurance cover for your parents is a prudent and effective way to safeguard them against any disease or critical illness. Keeping a note of these points will help you to make an informed decision while selecting the best health care plan for them.