Thinking of Getting Insurance For Elderly Parents? Don’t Ignore These Seven Valuable Points!
When your parents become older and reach the stage of senior citizens, keeping them healthy becomes your topmost priority. Today, with the rampant availability of health insurance plans for parents, it has become easier to take care of healthcare expenses. However, there are now various options available for such insurance plans, and now it has become difficult to choose the right plan for your parents.
Whether you are 29 or 49, you must buy a health insurance plan for your parents so that you can secure their future. But not all insurance plans are created equal. However, you can get the best one for yourself by following these points.
The first thing to take note of is to check the range of coverage. Tick off the expense list that a senior citizen health insurance plan will cover.
Some factors include pre-hospitalization, hospitalization, and post-hospitalization that need to be all there in the coverage. Of course, the plan needs to cover the various health issues and diseases that may plague your parents in the later years.
Post Hospitalization Expenses
If one of your parents gets hospitalized, ensure there is immediate reimbursement of the policyholder’s expenses. And it would help if you did this as soon as they are discharged from the hospital. You should make sure the medication is directly related to the illness or injury.
Usually, the post-hospitalization eligibility criteria are 60 -90 days. However, now there may be an exception to the rule as far as the insurance for senior citizens is concerned. The post-hospitalization period has come down. A few of the plans assure that the post-hospitalization coverage must be 7 to 10 percent of the claimed amount. Keep a close tab on the term applicable before making the purchase.
Restrictions On Hospitalization
Some procedures take less than 24 hours at a hospital. For instance, health conditions such as cataracts, dialysis, chemotherapy, and more do not require more than a day of hospitalization.
Although most health insurance for senior citizens mostly covers daycare facilities, few do not. Before buying a health insurance policy, check about the number of daycare facilities that come under the radar of the policy.
Cover for Pre-Existing Illness:
Your parents may already be suffering from one or two pre-existing illnesses. So when you buy a policy, keep a close look for the various term and conditions of the pre-existing diseases. These may include certain specific rules such as the waiting period for each of them, look for the loopholes in the co-payment clauses of each of them.
Another important point to look for is your co-payment clause. Whether you will have to pay for each claim is a crucial detail. Ensure that the payment amount from your end must be down to the minimum. Ensure you select an insurance provider who makes you pay the minimum co-payment amount.
Another important point to note in the medical policy for parents is the waiting period, especially when it comes to specific pre-existing diseases. Most of the insurance providers have their predefined range. Generally, the waiting period for each of the pre-existing diseases is four years.
You need to check the hidden terms and conditions before signing on the dotted line on the sheet. This will ensure a smoother process right from the hospitalization to the discharge of the patients. And you will be able to reimburse the expenses without much of a struggle.
Check for Sub-Limits
Some of the plans come with sub-limits, including room rent, ambulance charges, few treatment options, and more. It is always advisable to choose a plan with the best sub-limits. It is always important to take a look at some of the other additional benefits on offer. You need to get value for the money you pay and get the best for your parent.
Senior citizen health insurance provides the best financial coverage for healthcare to your parents. Do the responsible and smart thing and get insurance for your parents early on in life. Life is uncertain, and it is always important to brace yourself for the bumps ahead. And with the perfect health insurance plan, you will be ready for any health care issue that your parents might battle in old age.
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