It is always advisable to buy health insurance early to avail benefits of low premium and a longer period of financial security. However, some people realize the need to pay for health insurance much later, e.g., our parents who show interest in investing in health insurance policies only after their health deteriorates with passing age. Health insurance plans for parents are available at most insurers are doling out new schemes regularly to grab a larger share of the consumer market.
While one decides to choose and buy health insurance for parents, it is necessary to keep the following points in mind.
Medical History of Parents:
Are your parents already being treated for any pre-existing illnesses? Had your parents been diagnosed with any serious disorder in the past? It is imperative to furnish all medical details prior to investing in any kind of life or health insurance policy as per the regulations of the Insurance Regulatory and Development Authority of India (IRDAI). Before you pay for health insurance plans for parents, make sure that you are aware of their medical history so that you may provide accurate and complete information while applying for necessary insurance.
Compare to Choose:
Like all other things that people compare before buying, one must consider comparing the various health insurance plans available in the market before zeroing on the one that makes the right fit. To compare and contrast the benefits of each health insurance policy along with their premium charges, one may look for details shared by various insurers on their websites. Alternatively, one may also browse details on portals of famous insurance aggregators and select the ideal health insurance policy for parents that allows scope for comprehensive coverage at nominal costs.
Renewal Age and Sum Assured:
There is one another area where you need to give attention and that is the renewal time of the plan. In addition to this, check the amount up to which the plan reimburses you of the expenses for the coverage offered. The greater the sum assured, the lesser your parents have to pay on their own. However, when the sum insured increases, so does the premium.
Clarity During the Application Process:
While filling the proposal form to avail health insurance plan for parents, it is important that you share complete and accurate details required to be filled in the form. Incomplete or inaccurate information may result in the insurer rejecting the application for insurance citing poor documentation. Policyholders will also find it difficult to make claims for expenses incurred during treatment if they had failed to submit specific medical details in the proposal form.
Medical Check Up:
Not all, but some insurers insist on getting their policyholders thoroughly checked by a medical practitioner at a hospital of their choice to verify all information shared in the proposal form. Ensure that you are available during the entire medical process to avoid the probability of any potential discrepancy during the application process.
Seeking Second Opinion:
One may be dissatisfied with the medical process carried out in hospitals at the behest of the insurer. In such a scenario, one may seek a second medical opinion with another doctor to confirm the results preliminarily observed. Complete the procedure for buying health insurance for parents only if you are convinced of the results.
If your parents are senior citizens who had not invested in any health insurance plan prior to this, they can opt for health insurance plans for senior citizens. The premiums may be high in such plans as aged people are more prone to illnesses or disorders, thus, incurring greater costs of hospitalization. Such plans cater exclusively to senior citizens looking to financially secure themselves from rising medical costs by paying regular premiums to their choice of health insurance provider.
Summary: Health insurance taken for self or parents is nothing short of investment. Like all other investments that must be done after securing complete information about the benefits and costs involved, one must take care to read all the details carefully before buying health insurance.