In their sunset years, our parents not only need a lot of love and care, but also a security net that will ensure their health and medical requirements are taken care of, in the best possible way. Though the insurance sector is replete with choices for medical policies for senior citizens, it makes sense to go for a standalone policy which will hold off expenses in the long run instead of opting for a family cover or a group cover with restricted coverage and choices. When you take a standalone policy for your parents, you can look for an option which caters specifically to the needs of senior citizens.
The other benefit of choosing a standalone health cover for parents is that it offers more flexibility in choosing the sum insured and larger covers when compared to riders which are clubbed with other policies.
In today's time, advancing age comes with significantly escalated medical costs. Adding to this, there are issues like group insurances cover expenses within an ambit of only Rs 2-3 lakh or a co-payment clause in group cover where you may have to co-pay the premium along with your company, unforeseen expenses, decrease in surplus money with passage of time, you can definitely burn a hole in your pocket. So it only makes sense to opt for a good health insurance policy for your parents.
Parameters for choosing the best policy
Most companies offer coverage to parents / senior citizens aged between 60-80 years, in India. But it's a good idea to buy a policy earlier if you can. Here is a list which can help you in selecting the right policy as per your need:
· Always opt for a policy where policy with higher sum assured. It will work in your favour.
· It's a good idea to choose a policy which offers maximum renewal age. It saves time and a lot of effort.
· Take a stock of your budget and choose a policy that gives your parents maximum coverage in terms of critical illness and even if they have a history of pre-existing diseases.
· Some policies cover pre-existing diseases within 1 year. Opt for the one with least waiting period.
How your parents benefit
· Critical illness is covered
· Coverage of pre-existing diseases
· Ambulance & attendant services
· Tax benefits
· Hospital costs like room rent, prescription drugs, lab tests, services and devices that aid recovery
· Other hospitalization costs
Your biggest denominator should be choosing a policy with an extensive coverage of critical ailments because that will be your biggest safety net.
Always evaluate your future goals and then zero down to a policy. While buying these polices always read the fine print and compare existing policies --premium, benefits, disadvantages, sops, terms and conditions--to see what suits your needs the best. It's always best to buy an insurance policy online as it saves time, is cost effective and is a transparent option.
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