Having to deal with ageing parents and their health issues can be a daunting task. While we want them to be hale and hearty for as long as they can, time does eventually catch up. A health insurance plan can alleviate some of your worries during such times. There are many options in the market, including ACKO family health insurance, which can be a suitable option for your parents and the rest of your family. There are a few things to keep in mind before fully committing to a health insurance plan, though, so that you can get the best out of it for your parents. Here’s how to choose the best health insurance policy for your parents.
This is the first and most crucial step you need to take in your journey to secure your parents’ health. Factors such as age, pre-existing conditions, and critical illnesses will give you an idea of what kind of plan you may need to choose for your parents. Their history of hospitalisations and surgeries is also important to keep track of. Make a list of the specialities that they may require in the present and future as well.
Once you have taken note of certain specifics, look for plans that suit your parents’ health needs. There are several options in the market, including individual health insurance plans, family floater plans, senior citizen plans, and critical illness plans. If your parents are 60 or older, then a senior citizen health insurance plan would be ideal for them. If not, you can either opt for an individual plan or bring them into your family floater plan.
As we age, we tend to develop certain chronic conditions that would require long-term care in terms of medication and treatments, besides leading to other health concerns. If you have older parents, especially those who are senior citizens, chances are they have developed one of these conditions. Health insurers have a waiting period in place for pre-existing conditions.
This could range anywhere between 1 and 3 years and varies from insurer to insurer. It also depends on the plan you opt for. During the waiting period, the cost of any treatment related to the pre-existing disease will come out of your pocket. The insurer will step in and provide coverage once the waiting period ends. So pick a plan that has the shortest waiting period.
Critical illnesses are life-threatening and require sustained treatments and prolonged care. They are often very expensive to treat. As parents age, the chances of them developing a critical illness increase. If your parents already have a critical illness or are at risk of developing one, it might be better to opt for a critical illness plan on top of a standard health insurance plan.
A normal health insurance plan does provide a certain degree of protection against critical illnesses. But since treatments for a critical illness can be expensive, a comprehensive plan that is specifically geared towards these illnesses would be a better option for your parents. Both plans can work in tandem to ensure that your parents get the best possible care.
Another factor you must consider when looking for the best health insurance policy for parents is the insurer’s network hospitals. A network hospital is where you can opt for cashless treatments. Hence, a wide range of network hospitals that cover important specialities such as cardiology, neurology, geriatric care, emergency care, and ICU is a must. Network hospitals must be located in your immediate vicinity or be easily accessible to your parents. You must also consider your budget and ensure that a good chunk of the network hospitals under your insurer cater to it.
There are certain features that you need to look out for in a health insurance plan. Coverage for day care treatments, high sum insured, add-ons, riders, co-payment clauses, and room rent caps are some of the finer details you need to sift through to see what fits your parents’ healthcare needs best.
The claim settlement ratio is an indicator of how your claims will be settled by the insurer. The higher the claim settlement ratio, the better your chances. There’s no point in taking an insurance plan with an abysmal claim settlement ratio. So always research potential insurers and choose one that has a satisfactory claim settlement ratio.
Parents need special attention and care as they grow older. Getting the best health insurance plan on the market can help them age with grace and confidence. Start as early as possible to ensure that you can get good coverage for a reasonable premium.
Note to the Reader: This article has been created by HT Brand Studio on behalf of ACKO health insurance. The information provided is intended solely for informational purposes and does not constitute medical advice or endorsement. Please consult a registered medical practitioner for personalized medical advice or before making any decisions regarding your health conditions or treatment options.
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