YOUR MONEY: Assess the kind of health cover your parents need

If there is one lesson the pandemic has taught us, it is that health insurance is a necessity, not a luxury. It is now necessary for every person to protect themselves and their family members, especially parents, adequately by availing a comprehensive health cover.

If you are thinking of buying health insurance for your parents, here are five things to consider:

Company reputation
It is crucial to choose a reliable provider as well as to figure out the difference between various covers. You can search for online platforms that allow you to compare health care policies as well as look up customer reviews about the insurance company. This will give you an idea of their customer service, their claim settlement ratio as well as the reputation of the insurance provider. Pay attention to coverage, exclusions, deductibles, and any limitations.

Optimal coverag
Healthcare needs often increase with increasing age. As parents age, they may face various health issues, as well as increased risk of diseases such as diabetes, hypertension, heart disease etc. When considering insurance for aged parents, it is important to assess their specific needs, financial situation and choose a plan attuned to the needs of senior citizens.

With old age, the premium on health insurance increases significantly. Look for a policy which offers features like minimal waiting period on pre-existing illnesses, mental health cover, cover for age-related conditions, domiciliary treatments and preventive healthcare cover at an affordable cost. Some plans offer you additional covers and value-added services.

Location of hospitals
Cashless claims offer the dual benefit of easy and affordable access to the best treatment as well as quick settlement. Choose a policy that includes the widest network of hospitals, specifically in your parents’ residential locality.

Claims process
While choosing a policy, look for a comprehensive policy as well as a company that has a track record of simple and seamless claims procedure, extensive cashless network. Consider an insurance provider that offers digital and completely transparent claim resolutions.

Renewal process
The age limit for purchasing insurance for seniors varies depending on the type of insurance and the insurance company’s policies. Therefore, look for a policy with a high entry age and check the renewability option and process before you finalise the policy. This will enable you to renew the policy easily after a fixed period of time without any hassle.

The writer is chief distribution officer, Future Generali India Insurance

LOOKING FOR COVER

Go for a health plan with a high entry age Be sure about the renewability terms Check for minimal waiting period on pre-existing illnesses