What Should You Consider While Buying Health Insurance for Parents?
No matter what age you are, getting health insurance is a good idea. But it may be more important for older people. This is because as people get older, their bodies become more likely to have health problems. The older someone is, the more likely it is that they will get sick and end up in the hospital, which will cost money for treatment. By getting a comprehensive policy for your elderly parents, you can protect their finances. Read on to find out more about getting your parents’ health insurance.
The list below shows you what you should think about when buying health insurance for your parents.
- How well-known is the insurance company
When you talk about health insurance for parents, an insurance company must provide quick service. A policyholder may not be there to handle a claim for his or her parents in person. In this case, the reputation and speed of the insurer are important.
- What the insurance will cover
Plans for parents’ health insurance must cover everything because not having enough coverage could lead to extra costs. It should have basic features like shorter waiting periods for diseases that were already there, coverage for mental illness, coverage for conditions that come with getting older, preventive health care benefits, and so on. *
- Locations of hospitals in the network
As part of the health insurance benefits at a network hospital, you can get care without having to pay cash. So, you need to know the exact location of the hospital in your insurer’s network. This way, you can get the best care for a low price. Plus, cashless claims allow you to experience a convenient and quick claim settlement process.
- How much are policy premium expenses
Most of the time, the expenses for health insurance go up as you get older. Since parents can be older, look for an insurance company that offers health plans with more benefits at a lower price. *
You have to pay for any medical costs that your parent’s health insurance doesn’t cover. So, it’s important to know exactly what the health plan doesn’t cover. Always read the policy document all the way through on the health insurance app.
- Benefits for extra coverage
Some plans for health insurance can be changed to cover more. Some examples of health insurance add-ons are Room Rent Waiver, Critical Illness Insurance, Outpatient Department (OPD) Cover, Hospital Cash Cover, and Personal Accident add-on. *
- Claim process
The process for making a claim with an insurance company should be easy and quick. If you don’t, you’ll have to spend more time on the health insurance for your parents claims than on your parents’ health. Choose an insurance company whose claims process is easy, digital, and clear. *
- Value-added services
Value-added services for health insurance have become more popular over the past few years. You can help your parents stay healthy by giving them benefits like teleconsultations, free health checks, health monitoring services, etc. *
- Tax benefits
The Income Tax Act says that you can write off the cost of buying health insurance for your parents. Check the details on bajaj health insurance app. **
- The ability to start over
Insurers may put a limit on how old a person can be when they sign up. You will need to research this before you get health insurance for your parents. The bajaj health insurance app can help you with this.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.