There are different details to be checked when selecting a health insurance for your parents. Let us go through details of aspects you must check in this Indian Money review of health insurance plans.
Health Insurance for Parents
Age Limit | Pre-existing Illness | Co-payment
Factor #1: Age Limit
Select a plan where entry is allowed up to 60 years and make sure the plan provides guaranteed and lifetime renewability. This is due to the fact that many insurance companies do not allow renewal of a plan after a specific age limit.
Here, it is important to keep note of the fact that as per IRDA guidelines, a senior citizen can take a health insurance up to the age of 65.
Factor #2: Pre-existing Illness
According to C S Sudheer, IndianMoney.com Bangalore CEO, you must ensure that the plan you are selecting will be covering critical illnesses and pre-existing disorders.
Additionally, you need to choose a health insurance in which waiting period for pre-existing diseases is lowest.
Factor #3: Co-payment
Only few companies agree on insuring senior citizens if no one is selected for co-payment. Co-payment refers to mode of payment where it is necessary for insured to pay specific amount out of the claimed amount.
Some of the insurers make it compulsory for senior citizens to opt-in for co-payment if the person is above a specific age. You need to keep note of the fact that if a plan is selected with co-payment then the premium stays low.
According to Indian Money review of health insurance plans, one thing you should keep note of is that avoid plans where co-payment amount is very high since in such situation you will have to bear a high cost when a claim occurs.
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