Greetings To Our Readers!
“Health is wealth” had read this line in textbooks while in junior school, but honestly, understood the importance of this saying, during this pandemic. The only positive thing about this current COVID pandemic is that it made people realize the importance of eating healthy and exercising regularly to regulate overall well-being.
With the increasing uncertainty around, it’s hard, for anyone to establish the fact that he is healthy and no disease can impact him. In fact, the reality today is, falling prey to lifestyle diseases is unavoidable.
With the new diseases evolving, the costs to get these diseases treated are also rising. The only way to prepare yourself for such a financial call anytime is to get yourself and your family a health insurance policy.
Health insurance becomes of utmost importance for your elderly parents. This is because with the growing age elderly people are more prone to various ailments. They often get sick, and the medical cost increases. The solution is, get the best health insurance plan for your parents!
Well, there are certain factors that must be considered before if you are planning to pick up a health insurance policy for your elderly! Let us discuss these factors.
Check Out The Medical History And Pick a Relatable Health Insurance Plan…
Before you meet a health insurance agent and plan to buy a health insurance plan for your parent, analyze their past medical history and note down the pre-existing ailment.
Doing this will help you know about the pre-existing ailment and in accordance with that, you must pick up a health insurance plan that provides special coverage for pre-existing ailments.
For example, if your parents are already diabetic, investing in diabetes health insurance that's specially designed for diabetic people would be a wise choice.
Check Out The Waiting Period Conditions…
Almost every health insurance plan comes with a waiting period for pre-existing ailments, which means only after a certain period, the coverage for pre-existing disease will be allowed. This condition becomes a surprise for most as they forgot to enquire about the same while buying the health insurance policy.
Thus, it is advised, do not to skip, and gain the must-to-know information related to the policy before you buy it, be it the waiting period or any other details!
Check Out The Renewal Limit…
Health insurance plan for elder people often has certain limits, that also confine the benefits to the insurer. Most insurance policies have an upper cap for the age limit to renew the policy. Check for insurance that gives you an option to renew the policy to the maximum age limit or doesn't define any upper limit.
Check Out The Inclusion/ Exclusion In the Policy…
Health insurance for a parent or even for individuals, do not provide cover for all ailments, treatments, or diagnoses. Thus, before you pick up a health insurance policy for your parent, Read the terms and conditions properly.
Do get a fair about the disease or diagnoses, that would not be covered by the health insurance policy that you're picking up for your parents. Research and try picking up the best health insurance with maximum benefits for your parents.
Check Out The Easy Payments Option….
Most of the health insurance policies today, provide the EMI option to pay the premium. This kind of option typically eases out the process of premium payment and lets you plan your finances better.
So, do check whether the health insurance policy you are buying for your parent, gets you an EMI option to pay the premium!
Check Out The Network Hospitals In The Policy…
One should make sure to check the hospitals that have a tie-up with the insurer especially for cashless transactions, that are close by to the home and have good medical facilities.
Let Us Sum Up!
Your Parent has become old and more prone to a number of diseases that generally troubles in old ages. Not only this, but at old age, their pre-existing ailment might also trouble more and may require regular checks ups or treatment. All these incur costs, that if not planned might harm your finances.
Thus, getting a good insurance policy for your parents is an effective and important way to extend good medical facilities and treatment.
We also suggest, do not buy a health insurance plan for your parent instantly, but do thorough research by yourself, compare various policies online and make an informed decision to enjoy maximum coverage for your parents.
For any kind of query, you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).