Featured Image Caption: Health Insurance Selection Tips
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Well, a good amount of people is aware of the perks of health insurance and why it is important to have one. According to a survey report of 1400 people under the age group of 25 to 35 years, 75% claim they have health insurance. But at least 45% claim they opted to get a tax reduction, so they do not pay much attention to the requirements. However, people need to understand the basic necessity of an insurance policy and pick one. Accordingly, while choosing a health insurance plan online for senior citizens, keeping the following things into consideration is of utmost importance.
The insurance coverage
First and foremost, check the insurance coverage as it plays a huge role in deciding which one will be the best. The right policy is the one including post and pre-hospitalization, daycare procedures, critical illness cover, in-patient hospitalization, domiciliary hospitalization, Ayush treatment, etc. If every aspect you require is not included in a particular policy, look at other choices. Do not pick the wrong one as it may not be fruitful for you if you come across an uncertain illness or health emergency which requires expensive medication.
Pre-existing diseases cover
If the senior citizen has some pre-existing medical condition, the same will not be covered under the insurance before the waiting period has been completed. The time can be something in between two to four years. However, your objective is to choose insurance coverage with the least waiting period. It is an essential parameter to check for while opting for health insurance for parents.
Multiple insurance plans
In the Indian market, several insurance plans are there and it is offered by the top companies. The essential aspect is to understand which one will be the right choice for your parents. Here, you have to consider the surgeries your parents need to undergo, present medical status, and many other things.
A thumb rule is to choose an insurance coverage of Rs 10 to 20 lakhs each based on which place they are living. For a better understanding, speak with the professionals of the top insurance company. They can guide you to pick up the right plan for your parents serving the financial assistance.
Do not delay
The sooner you purchase the policy, the more finances you can save. It is better to choose a plan for parents when you are young. With the age, the premium also increases, giving restricted coverage to diseases. The insurance companies claim that with time, the numbers of buyers have increased, so it’s better to avail the policy for your parents right now.
The number of health clinics being covered
Some health insurance policies do not cover all the hospitals available in your area. It is a vital parameter, but some people do not pay much attention to it. Always check the name of the hospitals and see if the one you get treatment from is covered. All the aspects hold the same importance so if you miss out on one, it may not give the right coverage to your parents.
Tax benefits
Under section 80D, everyone knows that the health insurance premiums offer tax benefits. Paying a premium for your parents below the age of 60 years, you receive a certain concession. In case they are above 60 years, you will get more tax benefits.
What the policy does not cover?
Knowing what the insurance policy does not cover is equally important as what it does. It can be a specific type of illness, a disease diagnosed a month or 30 days of policy inception, self-inflicted injuries, expenses related to lenses, spectacles, overconsumption of alcohol, drug overdose, plastic surgeries, etc. Having the details of all these things will give you an idea of what your policy would not cover.
The entry age
The senior-citizen health insurance covers from 55 to 80 years, but in some policies, the entry age is 60 years. Opt for a policy that does not have any cap on the age limit. In that way, it would be better for you to pick the right one for your parents.
Read through the policy
Read through the entire policy and understand every terminology written there. If you do not understand a single concept, ask about the same. Unless you are sure of anything, it is better not to sign on any paper.
Final thoughts
Before your parents become too old and start facing health issues, avail the best health insurance plan. Several plans are there for the elderly, and finding the right one would be tough. Additionally, you can ask your friends or cousins to have one for their parents to save themselves from sudden expenses. With that, they can enjoy many other perks and save some finances as well.
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