“Health is like money; we never have a true idea of its value until we lose it.” These words by Josh Billings are the essence of life. You could have all the material luxuries, but if your health does not permit you to enjoy them, then it’s all futile.
Humans have a tendency to postpone buying health insurance because we believe it invites the bad omen of ill health. However, being prepared is far better than being sorry. Apart from insuring ourselves, two of the best gifts we can give our aged parents is our care and a solid health insurance plan that will ensure they don’t have to worry about finances when health issues crop up. It is essential to do a detailed research before buying a health insurance policy. Here are some of the things that you need to check before buying a senior citizen health insurance:
1. Age: Check the age limit and premium for various health insurance plans before you decide on one that suits your parents’ needs. Since options for renewal of senior citizen health insurance are few, making an informed decision is absolutely critical.
2. Illness: If your parents suffer from an illness, you need to check if it is covered in the health insurance policy. There are quite a few clauses about pre-existing illnesses that need to be studied carefully. The ideal policy will have a small list of illnesses that are excluded. The more ailments covered, the better the policy.
3. Extra: Check if the health insurance policy covers hospitalisation charges, ambulance charges, and medical expenses before and even after hospitalisation.
Benefits of buying health insurance for your parents
i. Senior citizen health insurance plans generally allow the flexibility to insure a sum that is feasible to the policyholder or premium payer.
ii. You can insure both your parents with the same policy.
iii. Cashless treatments and quick settlements are being offered by a lot of insurance companies.
iv. Healthcare expenses are on the rise. A policy takes away the financial strain and allows the patient and their family to focus on health and wellness.
v. Lastly, you can avail tax benefits for insurance policies taken for senior citizens under Section 80C of the Income Tax Act, 1961.
How to choose the perfect health insurance policy?
· Consult an expert to understand what best suits your needs.
· Do ample research and compare policies to understand what is available in the market.
· Read the fine print of the policy to avoid disappointment later.
· Look for policies that don’t have much waiting period.
· Companies that allow insurers to buy and pay premium for health insurance online, get an edge over others. This is especially valuable if you’re abroad or don’t stay with your parents.
Please note that some uninsured facilities are alternate treatments, dental expenses, self-inflicted injuries, treatment for Aids, etc.