As we grow older, so do our parents. They become more vulnerable to medical issues and illnesses, which might cause them to go through certain treatments. These treatments are quite expensive, and can put a financial burden on the family. Health insurance for parents makes sure that they get the best medical attention at affordable rates, and without creating any financial liability.
Medical insurance is designed to cover the medical requirements of our parents, and provides complete coverage for medical conditions, annual health checkups, low waiting periods, and cashless treatments.
Considering getting health insurance for parents? Read ahead to know everything about this insurance policy.
Things to keep in mind while selecting a Health Insurance for Parents
Before opting for a medical insurance policy for elderly parents, keep the following factors in mind:
- Select a health insurance provider who has a high claim settlement ratio, as this ensures that they will fulfil their promise of settlements. Also, make sure that the provider has a good reputation.
- Pre-existing diseases like heart problems are covered only after expiry of a waiting period. In some policies, the waiting period has to expire before a claim can be made. Select health insurance for parents that have a low waiting period.
- Some medical insurance policies have a limit on the rent of the hospital room. Select a policy where such a cap does not exist, so you can enjoy treatment in a private and single AC room each time.
- Ensure that the policy is affiliated with a huge network of hospitals, so you can avail treatment at any hospital.
- Some health insurance policies have low premiums, but copayment, where you will have to pay for a percentage of the medical treatment. Select a plan accordingly.
Importance of Health Insurance for Parents
Health insurance for parents is important as it safeguards the elderly parents from diseases and illnesses.
- Insured can avail cashless benefits at network hospitals
- Hospital expenses are covered if the insured is admitted
- Ambulance charges are covered
- Medical expenses up to 30 days prior to hospitalisation, and up to 60 days after hospitalisation are covered
- Doctor’s fee is covered, within a specified time period
- Specific diseases are covered, within specified limits
Inclusions of the Health Insurance for Parents
These medical insurance policies cover the following:
- Hospitalisation expenses like nursing and doctor fees, bed charges, ICU fees, and room charges
- Hospitalisation fees in relation to certain amounts of mental illnesses
- Medical expenses incurred within 30 days pre hospitalisation, and 60 days post hospitalisation
- Medical expenses for treatments that require hospitalisation for less than 24 hours like varicose vein surgery or cataract operations
- If medical treatment has to be done at home with doctor’s approval, the expenses incurred in this regard
- Coverage for organ donor expenses
- AYUSH benefits like Ayurveda, Yoga, Unani, Siddha, and Homoeopathy
- Coverage for specific diseases within specific limits
Exclusions of the policy
There are some of the features that are excluded in the health insurance for parents:
- Pre-existing diseases are not covered, before expiry of the waiting period
- Any illnesses or diseases within 30 days of purchase of the policy
- Self inflicted injuries
- Drug or alcohol abuse
- Dental treatment, unless it’s an emergency
- Costs of external aids like lenses or spectacles
- Any injuries arising due to war
- Cosmetic or plastic surgery
- Treatment of HIV or AIDS
Claim settlement procedure
The medical insurance claim procedure is extremely simple, and can be either cashless or via reimbursement.
Cashless claim settlement
To make cashless claims, follow this procedure:
- Fill out the pre-authorisation form at the hospital
- Once the form has been filled, the hospital will inform the insurance company for approval or rejection of the same
- Once the insurer has given a pre-authorisation approval, the insured can be hospitalised
- During discharge, the insurance company will settle the hospital bills directly
Reimbursement claim settlement
To make a reimbursement claim, the procedure is:
- You are required to pay the hospital bills first and keep the original bills
- At the time of discharge, submit the documents and the bills to the insurance company
- The medical insurance company will now review the claim via the submitted documents
- Once the claim has been passed, the claim amount will be transferred to the bank account directly.
It is important to get health insurance for parents, as it provides them with quality medical benefits. Compare the benefits and features of various plans available, and make the best decision depending on your needs and requirements.
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