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Covering the whole family’s health insurance has become a mandatory part of the cycle, and getting a medical cover for the elderly parents is a must. After seeing the rising trend of the healthcare rates in our country, health insurance is the only way out to save ourselves from unforeseen financial stress.
It has now become essential for the whole family to get health insurance, especially the parents. Now the insurance provider provides monetary benefits and ensures that the policyholder is transported to the hospital via an air ambulance or a road, whichever is required.
Such benefits attract the potential policyholder towards the insurance companies. But let us understand what all things are to be considered before buying parents health insurance.
Factors To Consider Before Buying The Health Insurance
Health History
It is very important to know the pre-existing ailments if your parents have any. Because while filling up the application, it has to be informed along with any ongoing diseases. It is better to know any of such issues so that it becomes easier for you to fill the application form.
It is better to keep the information handy to make it easier to compare it with other health insurance policies. Keeping it handy also helps while claiming the settlement amount.
Sum Assured
The sum assured should be enough to cover all the pre and post-hospitalization-related expenses. The sum assured should not be over-valued also, as it can go to waste, and the premiums are high if the sum assured is high.
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It is advisable to take enough time to compare the policies thoroughly which are available in the market. Then select the best one and not the first one.
Hospitalization Expenses
The hospitalization coverage is given to the policyholder for the medical expenses incurred during the hospitalization period. The coverage includes all the expenses, the bed charges, doctors fee, nurse charges, etc.
Some insurers have sub-limit in their policy. The policyholder will have to be very well aware of the situation, and the sub-limit can be on the doctor’s fee or some other expense. The policyholder should check the terms and conditions properly before the purchase.
Disclosure
Half information should not be conveyed to the insurer, and the company should not be misinformed about the existing diseases. Every detail provided to the insurer should be correct.
Any misinformation can be held against you while claiming the settlement and can create difficulties while getting the claim. There should be full disclosure of the information to the insurer.
Waiting Period
The policyholder can claim for settlement only after the waiting period is over. It has to be compared very closely among all the policies to select the one with the least waiting period. That could be a better option than the health insurance policy, which has a higher waiting period.
Hospital Network
You wouldn’t want your elderly parents to travel a lot for medical treatments. To overcome that factor, choose the insurer with a better network of hospitals, especially the nearest to the residence.
Conclusion
Read the terms and conditions carefully before opting out for a health insurance policy for your parents. Make sure to compare all the policies that are available with the insurers. Remember the points mentioned above while comparing the different approaches, and you need to research well and find all these important points in a single policy.
You can also check out Bajaj Finserv’s website for more health insurance policies with some outstanding features and great coverage packages with low premiums.
