How to select Medical Insurance for my parents?
The age old adage, aging like fine wine is not always the case. Age, when it happens, brings along with it a number of illness and diseases. These in turn, bring a huge medical bill attached to them which more often than not causes a huge financial strain on the family. For people looking to get medical insurance for parents, should consider doing so while their parents are still considerably young because with age, the premium increases and the coverage provided by the policy on diseases, is restricted.
As mentioned above, the sooner the medical insurance is purchased, the less strain on the finances. There are a number of companies in the market that are in the business of providing health insurance but no two plans are the same and market research is important before selecting the best health insurance in India. The most basic fundamental thing that one should keep in mind is to go for a plan that provides the maximum coverage and has the minimum exclusions.
There are a number of things that one should keep in mind and consider before selecting a plan. A few of the pointers that will have in making a sound decision are listed below:
Coverage against pre-existing diseases – different plans has different terms and conditions about pre-existing diseases of the person getting insured. Some of them either excludes it permanently or only includes if after a certain waiting period have passed. The waiting period usually ranges from two to four years. It is important to check these details as the need for hospitalization might arise during the waiting period depending upon the seriousness of the disease, but the insurance company might reject the claim. Also, there is another clause included in this which states that any disease which is contracted within thirty days of buying the insurance policy will not be included in the coverage. The coverage varies from disease to disease depending upon the plan.
Clause on the co-pay amount option – the co-pay amount, in the language of the insurance companies, simply means the percentage of the hospital bill that the company will pay for and the percentage that the family or the individual will have to pay for. Plans with a higher co-pay amount should ideally be avoided.
Claim settlement ratio – this is the ratio of the number of claims that is paid to the customer by the insurance company as against the total number of claims put forth. A policy that offers at least around 90% claim settlement ratio should be chosen. This information is usually available on the website of the company under the public disclosure's section or can be directly asked to the agent.
Single plan or floater plan – there are two kinds of plans available under the health insurance policy. The floater plan usually covers the health of the entire family with a single limit that can be availed by a single member should the need arise. A single plan on the other hand provides medical coverage only for an individual. It is always better to go for a single plan while buying it for parents or people of age because the risk of diseases and medical emergencies tends to be on the higher side.
As children, it is our moral duty and responsibility to look after our parents, especially in areas concerning their health and a good medical insurance in plan often proves to be a good investment for both the parties.