Things to remember while buying Health Insurance plan

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Health Insurance
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Things to remember while buying Health Insurance
plan You may have come across a myriad of
options when it comes to buying health insurance
plans for yourself. But when it comes to buying a
health policy for your parents, who happen to be
60 or above, the same cannot be said. This is
simply because the older you are, higher are the
chances of falling sick, thus increasing the
risk factor for the insurance company. However,
insurers do realize that this segment of
consumers also form a large part of the market
and are in need of adequate insurance cover.
Thus, they have come up with products that are
more suited for senior citizens. But how do you
choose what is best for your parents?
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Well, we share a few factors that you need to
keep in mind while buying a health insurance
policy for your parents. Waiting period for
pre-existing disease Now, since the
policyholders, in this case, are old, hence, it
is important to see if the policy has a lower
waiting period. This is so because in this case,
if the policyholders have any existing
conditions, then it will take time for coverage
and should the condition worsen to manifest into
an illness earlier then they may have issues. For
instance,
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Star Diabetes Safe has a waiting period of a good
four years as opposed to Reliquarys Health
Insurance Care Freedom, Max Health Insurance
Heartbeat Gold Plan or LT's My Health Med sure
Prime plans that have a waiting period of two
years. So, if tomorrow if you have bought a
health policy and your parents have pre-existing
illness worsens and they are admitted in a
hospital, their health policy will hardly be of
any use since the waiting for existing illnesses
is high. Hence, a lower waiting period is a
critical factor to consider while buying a health
policy for your parents.
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Features A health plan for a senior citizen must
have features that suit their needs. So, you must
watch out for important features that actually
have higher cost implications. These include
benefits under room rent limit or capping for
various treatments or ailments. Look out for what
all is covered by the healthy policy. For
instance, an expensive treatment such as organ
donation that may easily cost anywhere between Rs
3-4 lakh must be covered. There are plans that
provide such specific features. To give you an
example, Cigna Pro Health Protect SB02 covers the
organ transplant treatment up to the sum insured.
If these sub-limits are low or these features are
absent, you may end up paying higher amount from
your pocket.
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Co-payment This is an important point to
remember. Usually, while buying health plans for
older members of the family, some insurer keep
co-payment requirement i.e. you would have to
bear some portion of the medical expenses as and
when incurred. The reason for the same is
insurers want to mitigate their risk of
underwriting a senior citizen - who is much more
likely to require medical services and treatment
frequently. You might ask - why opt for a
co-payment insurance plan? The reason being some
of these plans may have features that suit your
requirements.
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As such, the co-payment requirement is typically
a minimum of 20 from the insurer. However, some
plans offer reduction in the co-payment
requirement with renewal of the plan every year.
For instance, Max Health Insurance Heartbeat Gold
Plan has 20 co-pay, after the age of 65 years,
which is reduced by 5 on every renewal. So if
the first year, its 20 co-pay, the second time
you renew the policy, it will be 15 co-payment.
Similarly, LT's Med sure Prime has 25
co-payment, after the age of 70.
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To conclude, these are some basic parameters that
one needs to remember while buying a health
insurance for your parents or the eldest member
of the family. Know your needs and weigh your
options to make the best bet. Source
http//www.businesstoday.in/opinion/columns/money
-today/things-to-remember-while-buying-health-insu
rance-plan/story/237628.html
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