How to Select Healthcare for Parents

The premium collection in health insurance in India has nearly tripled in the last eight years. Despite this consistent growth, there are around 40 crore Indians who have no access to health insurance. The relatively recent growth also signifies that health insurance has not been a priority for most Indians until recent decades. Chances are that your parents too, didn’t consider it during their active years. If so, is it too late to get them under a health insurance cover now?

Age No Bar in Mediclaim

The Insurance Regulatory and Development Authority of India (IRDAI) has asked all insurance companies to design products for policy buyers of all ages. This includes senior citizens, even ones with pre-existing medical conditions. This supersedes the earlier threshold of 65 years, as the upper entry age of policy buyers for health insurance in India.

With advancing age, senior citizens face various age-related health complications. They often need medical attention for issues like hypertension, diabetes, joint pain, eyesight problems and so on. In the absence of health insurance, they often have to rely on savings or family members to cover the medical costs. Add to this the fact that most parents face a reduced income flow as senior citizens.

Anyone, regardless of age, is eligible to buy a health insurance policy - IRDAI

Buying Healthcare for your Parents

Here are some of the factors that you must keep in mind while selecting healthcare coverage for your parents.

1. Premium – Almost everyone buying a health insurance policy compares the premiums quoted by different insurers. You must do the same while buying a policy for your parents.
2. Coverage offered – Do check the coverage you get for the premium quoted. It includes the total sum assured, the extent of pre- and post-hospitalisation expenses covered, ambulance service, teleconsultation, critical illness coverage and so on.
3. Exclusions – Cross-check your parent’s existing medical conditions with the exclusions from the policy. While procedures like cosmetic surgery are commonly excluded, the policy must not exclude any procedure which your parent is using or is likely to use.
4. Claim and settlement – It is important that the insurer has a seamless and preferably digital claim process. The option of cashless hospitalisation must be available. Make sure that your shortlisted insurer has a healthy claim settlement percentage.
5. Reputation of the insurer – Apart from the claim settlement ratio of the insurer, also learn about the insurer’s reputation and track record. Consult with friends, read customer reviews and assess their market presence to ensure that you are selecting a reliable insurance company.
6. Network hospitals – Your parents may have specific preferences when it comes to the medical facility. Besides, the network hospital list must include the ones in your proximity that you are likely to use in emergency cases. Do note that many insurers also maintain a list of excluded or blacklisted hospitals. Your preferred healthcare service provider must not be on your insurer’s excluded hospital list.
7. Pre-existing conditions – Give an accurate declaration of your parent’s pre-existing medical conditions to avoid complications during claim processing. Not disclosing pre-existing conditions is frowned upon by insurers. It may lead to rejection of a claim or even termination of the policy. Also, ensure that these conditions are not part of exclusions to the policy, or have a prolonged waiting period.
8. Renewability – If you can buy a policy with lifetime renewability, it is a big plus. Policies with limited renewability can leave your parent uninsured at a very vulnerable age in the future. Therefore, you should look for lifelong valid plans rather than the ones that cannot be renewed after, say, 75 or 80 years.
9. Limits and copayments – Insurers may have sub-limits on certain expenses which means that the out-of-pocket expenses would increase beyond a limit. You must check if these sub-limits are acceptable to you. Copayments also require you to pay from your pocket, but opting for copayments can reduce your premium amount. Therefore, try to strike a balance between the copayment amount and the premium.
10. Waiting period – A senior citizen would likely have one or more pre-existing medical conditions. It is recommended that such medical conditions are disclosed to the insurer. The insurer defines a waiting period during which claims against such pre-existing conditions are not entertained. The shorter the waiting period, the better it is for your parent’s mediclaim coverage.
11. Additional requirement – Consider the additional needs of your parent when it comes to medical insurance. If they travel often, make sure that their health plan accommodates treatments during domestic and overseas stays. You should also go through the optional riders offered by the insurer and select the ones that are relevant for your parents.

Do your parents prefer and use alternative medicines to treat their medical ailments? Check if your insurer provides Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy (AYUSH) coverage.

Securing your Parent’s Medical Future

As your parent enter the medically vulnerable phase of their life, buying health insurance for them can be the most apt gift. It will protect their finances and encourage them to go for the best medical attention without worrying about the costs. Select the perfect health insurance plan for your parents today!

https://www.policybazaar.com/health-insurance/parents/#:~:text=Ideally%2C%20the%20best%20health%20insurance,payment%2C%20cashless%20treatment%2C%20etc.
https://www.forbes.com/advisor/in/health-insurance/health-insurance-statistics/#:~:text=During%20the%20lockdown%2C%20the%20healthcare,9.9%25%20growth%20in%20July%202021.&text=Health%20insurance%20market%20in%20India%20was%20growing%20at%20a%20CAGR,in%20the%20pandemic%20time%20period.
https://www.statista.com/statistics/657154/vaue-of-health-permuim-by-sector-india/#:~:text=Health%20insurance%20premium%20in%20India%20FY%202016%2D2023%2C%20by%20sector&text=In%20the%20fiscal%20year%20of,to%20nearly%20252%20billion%20rupees. https://www.acko.com/health-insurance/factors-to-consider-while-buying-the-parents-health-insurance-policy/#3-location-of-network-hospitals