How to choose the best Health Insurance for my parents in India?

All our life our parents look after us and after a certain age and time, it is our turn to look after them and ensure that they lead a comfortable life from all aspects. Apart from the emotional support that a child gives, one of the best ways to give back to our parents is to see that they have the best health insurance plan which is going to look after them in the years to come and ease the financial stress on the family.

The soaring prices of medical expenses makes it more of a necessity to have the best health insurance for parents and spouse alike as any help on the financial help during uncertain times is always welcome. There are different health insurance plans for citizens below the age of 60 and separate once they reach that age and become senior citizens however there are a lot of benefits that are common between the two.

Some of the features that a good health insurance should cover are listed below:

  • Protection and preparation against any unplanned medical expenses that may arise.
  • Bear the high expenses of any medical facility that might be availed.
  • Offer lower premiums as compared to other insurance plans.
  • Provide coverage for any sort of health related cost in an extensive manner.
  • The claim process should be simple and free of hassle.
  • The chances of a claim being rejected should be on the lower side.
  • The waiting period against pre-existing illness should be on the minimum side.
  • The plan should offer maximum age renewal as certain policies and benefits change with the age of an individual and specifically more so when they enter the senior citizen bracket.
  • The claim settlement ratio should be on the higher side as this ensures that the chances of a claim being rejected in on the lower side.
  • The network of hospitals covered under the policy should be of repute and offer good quality medical facilities. It is always better to have a hospital in the network that one is comfortable with.
  • The benefits should be available for the person at a lower premium rate as compared to other policies in the market.
  • It should have the option of a critical illness cover which is an add-on rider which can be opted for by paying an extra premium.
  • The benefits should be able to be extended when the individual falls under the bracket of senior citizen and is eligible for the benefits extended to an individual between the ages of 60 – 80 years of age.

This is not a complete list of the things that one should look at and consider at the time of purchasing insurance policy which will take care of the health related expenses of an individual.

The needs and expectations of each person vary and should be made tangible in terms of what is derived out of the insurance plan.

One might opt for plans that are separate for each individual of the family or might opt for a plan that covers the entire family. It is always better to opt for a plan that covers all the members of the family because the premium is also comparatively low and the sum that is assured is higher.

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