A Step-By-Step Guide On Choosing The Best Health Insurance Plan For Your Parents – The population of people aged 60 years or above is expected to touch 194 million by 2031.
Considering this, it is prudent that this particular population segment is vulnerable to diseases
and requires timely medical assistance. Moreover, there are substantial financial burdens
during a health emergency with the rising medical inflation. To avoid this, you should obtain
health insurance for parents and elders and receive coverage benefits.
As of 2021, around 514 million people across India were covered under health insurance
schemes. Several reputed insurance companies offer attractive deals on health insurance plans.
However, to choose the best policy for parents, one can consider following the below-
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Points to keep in mind while choosing the best health insurance for your parents
Choosing the best insurance policy for parents can be tedious as several insurers and their
respective plans are available in the Indian market. To make this job easier, potential buyers
can consider comparing insurance plans online and check the following points to receive
• The plan should allow a high level of sum insured
A sum insured in a health insurance policy is the maximum cap on total costs that can be
covered in a year against any medical emergency. An increase in the sum insured means an
insurer will pay higher in case of claims. While zeroing in on this aspect, individuals planning to
obtain insurance for their parents should choose an amount after factoring in the location of
their parents. For instance, a low sum insured amount will be sufficient if they live in a small
city. However, in the case of metropolitan cities, they will need more sum insured as the costs
of medical treatments are higher here.
Nevertheless, it is wise to opt for a plan that allows a high level of sum insured as elderly
persons are more prone to diseases and sickness and tend to claim more.
• Choose a plan with a low waiting period for pre-existing ailments
Some health insurance plans come with a certain waiting period after which the benefits kick in.
These waiting periods are ideally for pre-existing diseases. In this regard, buyers purchasing
insurance plans for their parents should go for a plan that has a low waiting period. It will allow
them to get hospitalised without hassle during a pre-existing ailment.
• There should be lifelong renewability
With age, the incidence of diseases and ailments increases. Therefore, one should obtain health
insurance with lifetime renewability to avoid financial liability. It implies that they will continue
receiving coverage benefits during medical treatments.
• The co-pay ratio should be the lowest
A certain percentage of the claim amount paid by an individual before the insurer settles the
remaining amount during health insurance claims is the co-pay ratio. Therefore, individuals
obtaining insurance for their parents should avoid plans with higher co-pay amounts for a
hassle-free claim settlement. In addition, paying a higher co-pay amount can become difficult
for elderly persons as they are prone to file more claims.
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• The claim settlement process of the plan should be easy and cashless
Insurers settle claims against health insurance plans in either reimbursement or cashless mode
as per an insured person’s choice. Ideally, buyers purchasing insurance policies for elderly
persons should go for a cashless facility where they do not need to pay cash upfront during
health emergencies. Additionally, it is practical to opt for an insurance provider who seamlessly
settles claim amounts. In this regard, an online claim process is preferable as one does not need
to stand in long queues for insurance claims.
Furthermore, individuals should go for an insurer with a high claim settlement ratio.
Make the most of the Arogya Sanjeevani Policy
To secure basic healthcare needs for parents, one can select the Arogya Sanjeevani policy as it
offers coverage benefits for families on a floater basis. This policy covers all the essential
pointers mentioned above and is also available at an affordable premium. IRDAI first introduced
this plan on April 1st, 2020. Since then, many insurance companies have been offering this
Further, under this policy, one can cover medical expenses up to Rs.5 lakhs. Moreover, this
insurance policy provides a range of coverage benefits, including AYUSH, modern treatments,
etc. As this plan is available as both individual and family floater policies, individuals planning to
get insurance for their parents can make the most out of this.
Under the current circumstances, health insurance policies are emerging as a powerful financial
management tool in India. This demand is the burden of several health issues and chronic
medical conditions among every age group. However, elderly persons are more susceptible to
health complications compared to younger generations. Keeping this in mind, one should factor
in the aforementioned pointers while obtaining health insurance for older people.
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