Health Insurance Plans

pays for your hospital bills for diagnostics, surgery etc.

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Health Insurance for Parents

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TYPES OF HEALTH PLANS

  • Individual health plan and family floater plan
  • Critical Illness Insurance plan

HEALTH INSURANCE FOR FAMILY

A single health plan for the whole family is economical if there are less health issues and less risks of getting ill. Under any health plan, family is defined as the policyholder, spouse, dependent children and dependent parents. This family health plan is available for people between age 18 and 59. Employed male children and married female children are excluded from cover of this policy. Premiums paid under this health plan are exempt from income tax.

BENEFITS OF Health Insurance PLANS:

  • All medical expenses for all family members are covered in a single plan.
  • Provides cover for most of the common illnesses and cashless service options further help reduce the economic burden to a great extent.

HOW TO IDENTIFY BEST HEALTH PLAN FOR PARENTS?

  • Analyze Term limits

  • Most of the health plans have an upper Age Limit beyond which, the renewal of the policy is not possible. Identify and choose the policy with maximum entry age. Also check the policy which offers comprehensive cover for people over the specified age limit.

  • Cover of pre-existing diseases

  • Ensure that the policy covers disease like diabetes and hypertension. The insurance companies frame conditions and higher premiums for customers with pre-existing diseases. Read the policy document carefully before investing.

  • Cashless facility

  • This cover has also become a boon for health plan customers. Instead of claiming Reimbursement at a later stage the insurance company can be made to settle the medical expenses directly. Choose and decide carefully whether to avail this cover as it has several complications.

  • Mandatory medical tests

  • Most of the insurance companies insist on conducting medical tests to calculate customer risks. If a customer has more health troubles than their policy estimated list, the customer is denied health plan. Inquire for such tests and their eligibility criteria before applying for it. And inquire if expenses of those tests are borne by the company or you have to pay for it. What are the reimbursement options and limits of such tests and what is the probability of assurance of the health plan.

COMPARE AND CHOOSE

It is always safe to compare and decide upon the best plan before investment. Parental health gets covered in family health plans as well; therefore the necessity of investing in an independent policy is entirely the applicant’s discretion. If there is a need for more elaborate health cover and if the frequency of health claims by parents is high; it would be wise to invest in independent parental health plans.

THINGS TO REMEMBER

  • If the Insurer denies health plan, the reason for it has to be provided in writing to the applicant.
  • Do not invest in policies that do not cover pre-existing as well as critical illnesses.
  • Choose the policy that provides the maximum entry age limit.
  • Choose between policies that offer maximum cover irrespective of age limit.