Our parents do everything they can to look after us throughout childhood and even adulthood, right? And it’s only natural that as we get older and become financially independent, we continue to look for ways to help care for our parents.
Parents’ Health Insurance Policy
- Pre-Existing Condition Terms And Conditions
First, remember that your parents may already have pre-existing conditions like diabetes, high blood pressure, arthritis, etc. when purchasing medical insurance. Check the insurance policy’s terms and conditions for information on pre-existing conditions, such as whether they are covered. If they are, note each state’s waiting period, co-payment requirements, etc. *
2. Payment Of Hospitalization Costs For Patients
The insurance provider provides inpatient hospitalisation health insurance coverage for the policyholder’s medical costs incurred when admitted to the network hospital for more than 24 hours. It should ideally pay for all network hospital costs, including those for nurses, doctors, specialists, and medications.*
Ensure you pay your health insurance premium well on time for uninterrupted coverage.
3. Examining The Waiting Period, The Co-Payment, The Sub-Limits, And The Exclusions
When buying a policy for your parents, it is crucial to read the wording to comprehend the waiting period, co-payment, exclusions, and sub-limits. *
- Co-Payment Provision
Co-payment, as the name implies, is a provision that requires you to cover a portion of the cost of an insurance claim out of your pocket. Therefore, when you file a claim, you are responsible for a part of the cost—perhaps 20% or 30%—while the insurance company covers the remainder. *
- Waiting Period
This is similar to a hibernation period where insurance claims are not allowed. This clause usually applies if you already have a medical condition. Typically, the waiting period for any health insurance policy can range from one year to four years.*
- Exclusions
The exclusions should be the next area of emphasis. Many medical insurance policies have exclusions, including medical conditions or healthcare costs that the policy does not cover, especially for senior citizens. It is preferable to read the policy’s fine print to comprehend these. *
- Sub-limits
A sub-limit is a ceiling on the amount a policyholder can submit as a claim for a specific cost or procedure. You must pay for any sum that exceeds that offer. Health insurance plans frequently have sublimits, even for senior citizens.*
4. Restrictions On Costs Incurred After Hospitalization
As the name implies, this deals with paying any costs incurred by the policyholder following network hospital discharge. These costs must be directly related to the condition for which the patient was admitted, such as an illness or injury. The typical post-hospitalization eligibility period for medical insurance policies is between 60 and 90 days.*
5. Limitations On Hospitalizations For Daycare
The procedures that can be finished at a network hospital in less than 24 hours should also be considered—for instance, chemotherapy treatments, dialysis, and cataract surgery. Verify if there are any limitations on the number of daycare hospitalisations that the policy will cover.*
You can always utilise a health insurance premium calculator to understand the appropriate level of coverage for your needs and those of your family.
* 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.
