Healthcare is becoming increasingly unaffordable owing to the rising cost of treatment in the recent years. Take the story of, Ramesh Sharma who retired two years back. While Ramesh had saved a lot in terms bonds, deposits, shares and accumulated wealth to support his lifestyle, but the dynamics got affected when he had to go through angioplasty. He was forced to pay a hefty bill from his pocket since he did not invest in a health insurance and always thought it was a waste of time to invest in it in old age.
You do not want your beloved parents to face a similar situation! Do invest in a health insurance and save your parents and yourself from a financial setback in unforeseen situations. Before you buy health insurance for your parents, here are few points you must consider:
1. Entry Age
Most of the health insurance companies offer health insurance for to senior citizens upto an age of 70 years. Therefore ensure that your parents opt for one before crossing 69 as they will not be eligible for a policy after that.
2. Renewal Age
Renewal age is the maximum age upto which a person can renew the policy. Some insurance companies define a particular age beyond which they do not renew the customer’s policy. However, Bajaj Allianz’s Silver Health Plan especially catering to senior citizens offers lifetime renewal to its customers.
3. Pre-existing Diseases
Pre-existing diseases are covered after the policy has been in force for a certain number of years. This period varies from one health insurance company to another. Bajaj Allianz covers pre-existing diseases from the second year of the policy.
4. Waiting Period
The policyholder has to wait for a certain period before claiming. This is called the waiting period. Always ensure that you are well aware of the waiting period before buying a health insurance policy.
Some health insurance companies specify some limit to certain treatments. For e.g., a customer may only be able to claim for Rs. 20,000 for a cataract surgery despite having a sum insured of three lakh. Ensure that you take policies without such sub-limits even though the premium might be higher.
6. Free Look Period
Certain health insurance companies provide you a certain time period during which a person is entitled to get the premium back in case he cancels the policy. Bajaj Allianz offers a free look period of 15 days from the day of receipt of the policy document. If the policyholder has any objections to any of the terms and conditions, he has the option of cancelling the policy.
Your parents certainly deserve the best! A great health insurance plan catering to their needs is the best gift you can give to them. Before you buy the gift of security for your parents, do take these factors into account. Take a look at the best health insurance plan for senior citizens available!