What is the Best Health Insurance Plan For Parents?

Cost of healthcare goes up and that makes it all the more important to have health insurance in place not only for yourself and your little ones but also for your parents. As they age and grow older, they will have medical issues that might prove expensive to treat. If your parents are not already covered you could consider the best health insurance plan for them.

Importance of health insurance
Treatments and hospitalization are expensive these days and you never know when any member of your family might be hospitalized. High costs could throw your finances out of gear and you could end up with debt. When it comes to aged persons in the family like your parents, you can expect them to be vulnerable to illnesses that may require them to be hospitalized. Have you planned for that eventuality? If you opt for the best health insurance plan for your parents then you need have no financial worries should a sudden hospitalization rear its ugly head over the horizon. You or your parents will have no worries about going broke or into debt.

The best health insurance plan for seniors
With over 25 insurance companies offering various types of health cover you will have several options when it comes to choosing the best health insurance plan for your parents. From basic to full coverage, there are plenty of options. One insurance company offers a plan for people in the age group of 60 to 75 with lifelong renewals and coverage for pre-existing diseases with a sum assured of up to Rs. 5 lakhs. Another company offers a similar plan with the pre-existing diseases condition coming into effect after 1 year. One of the best plans has no restrictions about age qualification but the pre-existing disease coverage comes into effect after 4 years and a correspondingly lower benefit of Rs. 3 lakhs.

Companies offering best health insurance plan for parents
Though there over 25 companies, you will find good deals from Bajaj Alliance Health Insurance, Max Bupa Insurance, United India Insurance, Apollo Munich Insurance and Star Health Insurance with more or less similar terms, making them the companies offering the best health insurance plans.

Points to keep in mind
When you set out to select one from the best health insurance plans available, you could keep in mind the following:

• Maximum coverage amount: Opt for the policy that offers maximum coverage for a given premium, including critical illness and pre-existing conditions.
• Renewal age: This is important. If a company refused insurance cover past a certain age, it is no good. Opt for a plan that has the maximum renewal age, preferably one with no limits at all.
• Pre-existing disease coverage: This is where you have to consider the best health insurance plan carefully since some companies cover within 1 year while others have 4 years as the period. Pick a plan with the shortest period.
• Exclusions: Be careful with this one and go for cover with the minimum special exclusions and special conditions that would nullify benefit of health insurance for parents.
• Co-payment: If you look closely at the pre-existing disease terms you will find that they are also linked to co-payment as is the age factor. Pick the plan with the lowest amount of co-payment. Co-payment means that you will have to bear part of the cost and that the insurance company does not fully reimburse all expenses.

It does involve efforts since there are so many companies offering the best health insurance plans for parents and you have to cross check each point before you can decide. One way to simplify the process is to go through turtlemint with its panel of experts to advise you and from where you can also buy insurance online.

Author Bio: This article is written by Sanjana Rao, content writer for Turtlemint.com. She is a content enthusiast and is determined to encourage people to be informed and compare and buy best health insurance plan

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