Factors To Verify If Your Parents Are Insured Correctly
India has many medical insurance options that are convenient to find through health insurance apps. Young people, seniors in their 50s or 60s, super seniors, and older adults over 80 can have plans tailored to them. Family plans exist too.
When picking health insurance for parents, it’s important to choose a plan carefully to get enough coverage. This article will help you compare health insurance policies from different providers.
You can also do so by downloading health insurance apps. A health insurance policy covers your medical costs, including those for hospital stays, surgeries, routine exams, treatment, and medications.
Since medical costs are high, medical insurance is important. To avoid out-of-pocket costs, health insurance pays hospital bills, Monthly premiums are less costly than medical bills. *
- Regular Examinations
Your parents’ health insurance pays for their medical bills, which gives them the freedom to be financially independent. Most of the time, all that is needed is a regular checkup, which is often covered by health insurance. *
- Individual Health Insurance: It provides health insurance benefits and medical coverage for a single person. If a policy offers medical help of Rs. 5 lakhs, the full money will only be used for that one person’s medical costs. *
- Family Floater Health Insurance: It protects several people, including elderly parents. If a policy falls under this category and offers Rs. 5 lakhs coverage, the total amount can be utilised to cover the aggregate medical costs of all members. *
- Health Management Organisation Plans: A primary care physician must be selected to receive all of the complimentary services under an HMO plan. Only in cases where your primary care physician makes a referral can you visit a specialist for free. The most popular health insurance programme is this one.
- Preferred Provider Organisation Plan: Under a PPO plan, the insured person receives services directly from the business’s network without going through a referral. There are annual deductibles available for services rendered outside of the network.
- Exclusive Provider Organisation Plan: With an EPO plan, all services, except for emergencies, are provided within the company’s network, and the insured can use all facilities in that network.
- Point of Service Plans: A POS plan lets you choose a primary doctor for free routine exams but allows you to see other providers. After copayments and deductibles, you may have to pay.
How to Evaluate Medical Insurance Plans:
Weigh out the services provided by different insurance companies, for instance, through the Bajaj Health Insurance app, to find the best fit. Here are some points to consider when making your decision.
- Premium: Premiums are monthly payments to the insurance company for health insurance benefits. Covers reflect the insurance coverage’s maximum medical claim amount. Compare plans to find the most coverage at the lowest price. *
- Pre-Existing Condition Waiting Time:
Under most health insurance plans, there is a waiting period before you can receive coverage for pre-existing conditions, including pregnancy. Plans with shorter waiting periods would be desirable in this situation. *
- Major Critical Conditions Covered:
Major critical conditions, including diabetes, organ transplants, bypass surgery, etc., are covered. It’s crucial to understand your parents’ precise medical status and any potential ailments. *
- Renewal Age:
Each health insurance policy has a maximum renewal age. Only those under this age can renew their insurance. Most insurance contracts have a maximum age of 80. *
- Network Hospitals:
Each health insurance plan has a network of hospitals where you can receive medical care and submit claims for reimbursement. The plan works better with a larger network. *
There are many possibilities on the market. You can learn about ours on the Bajaj Health Insurance app. Be sure to make well-informed decisions about your parent’s medical insurance.
* Standard T&C Apply
‘Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘