Securing Your Family’s Health: A Guide to Choosing the Right Insurance for You and Your Parents

Importance of Health Insurance- An Overview

Pandemic has taught us how crucial it is to have a good Health Insurance policy for you and your loved ones. Moreover, the soaring cost of medical expenses, hospitalisation costs and the need for access to good medical facilities can prove to be extremely strenuous financially without the right coverage. This is why, having Health Insurance for Parents or your family can be a blessing in a situation of medical emergency. A comprehensive Health Coverage not only gives you the confidence to face unfortunate health concerns in a confident manner but also takes care of you financially by keeping you safe from rising medical treatment prices.

Importance of Health Insurance for Parents

As you grow older and become more responsible, you need to remember that your parents are growing old as well. And as your parents age, the chances of developing health complications increase as well. With age, problems like diabetes, cataract, osteoarthritis, dementia etc., can leave you and your parents vulnerable without the right insurance coverage protecting you as well as your parents. When you choose a Health Insurance Policy specifically catering to the needs of your parents, you can live a stress-free life knowing you are covered financially in case of a medical emergency.

In India, when you choose a comprehensive Health Insurance for Parents, you not only get higher sum insured but added benefits like daycare treatments, hospitalisation expenses, annual health checkups, home treatments as well as lifetime renewability.

Why Opt For a Customised Health Insurance Plan for Parents

Most often than not, people choose a policy that covers the entire family including their parents, spouses as well as children. However, your parents need the best insurance policy once they reach the age of 50 years or more. A dedicated Health Insurance Policy for Your Parents can help you get better coverage and treatment options.

Factors to Consider When Choosing Health Insurance For Parents

When you look for a Health Insurance Policy for your parents, there are certain factors you should look out for before finalising your choice. These include:

High Insurance Coverage: Always choose a plan that offers high Health Insurance coverage. Ask the lender whether the policy covers both pre and post hospitalisation costs or only the basic hospitalisation costs. Choose a cover paying attention to age, needs of your parents and the rising medical costs.

Look Out For The Co-payment Clause: Most parent health insurance policies will have a co-payment clause, which means the insured will have to bear a portion of the claim. The details are specified in the policy itself, so research well and choose a plan that works for you the best.

Check the Registered Network Hospitals: This is extremely important as medical emergencies do not come with a notice. Aged individuals may require immediate medical assistance as compared to young, healthy people. Ensure that you choose a plan that covers a large number of hospitals across various cities if possible.

Check Waiting Periods for Pre-existing Illness: Most of the insurance companies have a waiting period before they provide coverage for a pre-existing ailment or illness and in some cases a Health Insurance Plan may not cover a pre-existing illness at all. In case your parents suffer from a pre-existing health concern, inform the insurance provider, ensure that the ailment is covered and the waiting period is not too long.

Choose a Policy with a Simple Claim Process: Go for a provider with a good reputation in the market with a positive and high claim settlement ratio. Make sure that the policy and the insurance company you choose has an easy claim settlement process so that you do not waste too much time or effort on following up on a claim.

Check the Comprehensiveness of the Policy: With progressing age, regular health check-ups, diagnostic tests as well as doctor’s visit become more frequent. To support these type of expenses you need a Health Insurance plan that provides cover for these costs as well.

Remember that Health Insurance Plans for Parents are usually more expensive. This is why it is a good idea to go for a separate policy for your parents and a different policy for yourself.

Lifestyle-related diseases are on the rise. Thus, eating right, exercising, and ensuring quality sleep become necessary to stay fit. However, if there’s a health scare, a comprehensive health insurance policy will provide much-needed financial assistance and offer timely professional medical assistance. Check out ACKO’s health plans for a hassle-free insurance experience.

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