Human psychology is such that medical emergencies always happen to other people, probably because it is too depressing a thing to think about. However, we all know the truth it is best to be prepared for such unforeseen things that can unfortunately happen to anyone, especially if our loved ones are at stake. There are special health insurance plans dedicated to parents, giving you an opportunity to make their lives more peaceful and safer.
Most of us don't do this but now it is probably our turn to take care of them and in turn you ensure you don't break the bank, if they fall ill. Works well, if you plan well.
So do for yourself and for them a favour. Don't delay - research well and buy them good health insurance. It is the only tool that paves way for a happy and financially stress free retirement.
So, what do you look for in your parent's health insurance plan? That's o.k., do not stress yourself. Here goes your check list:
What You Should Look For?
AGE LIMIT: If it provides cover for anyone over the age of 60 and permits entry right up to the age of 80 and guaranteed renewal thereafter. The points of senior citizen health insurance comparison can be max age at renewability.
Why?: You want to cover your parents for as long as it's possible. The older one gets, more the expenses mount. Hence, when picking a plan for your folks, check till what age the plan can be renewed. Options are few, going wrong once could mean not being able to get health insurance later.
PRE EXISTING ILLNESS: It should be covered subject to terms and conditions. No senior citizen health insurance in India will cover everything from the word go. It's tricky to cover health for older people. So a lot of clauses exist, which exclude certain pre-exisitng conditions or ailments. You need to check that after running the policy for a few years, do such illnesses start getting covered?
Why?: You need to ensure that the exclusion list is the smallest possible. Smallest possible when you buy and has potential to become smaller after a few continuous years of coverage. Older you get, multiple conditions or ailments spring up. A smaller exclusion list could be a life saver then.
CRITICAL ILLNESS COVERAGE: The Critical Illnesses or treatments like Coronary Artery Surgery, Cancer, Renal Failure and Stroke are not only emotionally hard to handle but financially too, they can take a huge toll. These big ones are dangerous as normal plans are never enough to handle them. Especially, if you are looking for quality health care. Look for a critical illness top-up with your basic senior citizen health insurance. These top-ups come at small price compared to the basic plan, but that small price is truly small in the scheme of things.