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Health Insurance

border line 5 Important Things to Consider Before Buying Medical Insurance Policy for Your Parents border line


The cost of healthcare is escalating every year. Treatments, surgeries and post-operative checkups are predicted to get more expensive in future. The rising cost of health care coupled with inflation can set back any family financially during a medical emergency.
Which is why now more than ever it’s essential to buy a medical insurance policy for your parents. Aged parents, particularly, could end up spending significant amounts of money at the hospital during a medical emergency and subsequent hospitalization.
In order to avoid shelving heaps of cash, here are five things to seriously consider while buying health insurance plans for family:

  • Age for entry
    Most health insurance companies offer policies for senior citizens but also state the maximum age of entry. Usually, the maximum age is set to 70 years. Which is why it’s imperative that your parents purchase a policy by 69 years of age. However, to be safe rather than sorry, procure a policy for the entire family as soon as possible.
  • Waiting period
    Waiting period refers to the time it takes for the policy holder to report a claim. It is always a good idea to be aware of the waiting period for your parents’ medical insurance policy so as to avoid any confusion later.
  • Does the policy have a sub-limit on special treatments?
    No matter how high a premium you pay for your parents’ health insurance, some health insurance companies are known to set a sub-limit for certain treatments. For example, you may be able to claim only rupees 40,000 for a hernia operation despite being insured for 5 lakh rupees. The premium may be high but because the company has set a sub-limit, you cannot claim more money on the cost of operation.
    While buying health insurance plans for family, ensure that you buy one that has no sub-limits for special treatments even if the premium is high. Always take time to read the fine print of your policy’s terms and conditions.
  • Renewal age
    Every health insurance provider will set a maximum age beyond which a policy holder cannot renew their policy. However, some providers do offer lifetime renewal. Always opt for a lifetime renewal plan while scouring for the best medical insurance policy for your parents.
  • Covering pre-existing diseases
    Health insurance companies rarely cover treatment costs of pre-existing diseases in the first year of the policy. However, most start covering the cost associated with a pre-existing disease or medical condition in the second year of the policy.
    It is important to conduct a meticulous research, read the terms and conditions and compare policies before purchasing one for your parents. Always take into account their medical history, existing health problems and current financial situation before buying a medical insurance policy. A little research on your part will go a long way in selecting the best policy for them.