Finding the best health insurance for your parents is not easy, as there are many factors involved. With the increasing medical and hospitalization expenses, buying health insurance for senior citizens is imperative for your elderly parents. Old age comes with its own set of problems as people become more vulnerable to health risks making it vital to have a good health insurance for senior citizens.
Go for Maximum Health Insurance Coverage
Today, many companies are offering various health insurance plans for family or an individual. In case of health insurance for senior citizens, you might find limitations on the amount of sum insured. It is recommended to choose the insurance policy, which will provide maximum coverage and minimum exclusions. Specific illnesses and surgeries of your parents can also be a wise parameter to select the right health insurance.
Pre-Existing Ailments
Health insurance policy has a “waiting period”, the time duration for which the health insurance company does not provide the coverage of pre-existing ailments. However, there are certain health insurance plans where coverage varies with diseases.
The insurance policy with the minimum waiting period might be best for your parents. The desirable things in health insurance plans for family are smooth and quick provision and coverage.
Co-Pay Ratio
When a senior citizen buys an insurance plan, every health insurance company adds to it the co-pay feature. Co-pay refers to the percentage of the amount that you have to pay from your own pocket on the claimable expenses. A high co-pay leads to a high expense. Therefore, it is recommended to look out for a plan with a low co-pay ratio.
Claim Settlement Process
Health insurance companies settle the claim in two ways, either by a cashless facility or through reimbursement. In a cashless facility, the insurance company directly settles your medical bills, but in the reimbursement facility, you bear the costs by yourself and the insurance company reimbursesthem later. The preferred way to get the claim settled is by getting a cashless claim through the in-house department of the company.A cashless insurance claim can only be made at network hospitals that are affiliated with your insurance provider.
Few health insurance companies have also launched senior citizen plans. It can work well for your parents along with taking care of all the criterions that you have on the list. Before buying a plan, it is always recommended to compare coverage and features of the plans. By buying the most appropriate health insurance plan for your parents, you can make your parent’s future safe and hassle-free.
Many providers have launched health insurance for senior citizens that caters to the very specific requirements of that particular segment. A senior citizen plan is recommended if you are buying a policy for your Mom and Dad. The above parameters will help you to choose the best plan. You can even compare different plans online before settling on one.
