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Tips To Choose Best Mediclaim Policy For Your Parents


Picking the right Mediclaim policy is as important as getting a policy at all. This is even more true for senior citizens, as they may have ongoing medical expenses. The great number of policies available in the market may make it challenging to select the best one for your parents. Let us assure you it is not that difficult a task once you know what to look for. Here are a few tips to help you pick the Mediclaim policy for your parents.

  • Buy a health insurance plan today

One should buy health insurance plan as early as possible. IRDAI mandates that all health insurance policies offer lifelong renewal. The next best time is today. As the age, the options available to them get severely limited. The other advantage of getting a health insurance policy early is that the waiting period on pre-existing illnesses may not have a significant impact on the coverage.

  • Get the highest possible coverage

Different insurers provide different level of coverage. You should compare various policies and choose one with maximum coverage and minimum exclusion. Also, consider specific treatments and surgeries your parents may need, and ensure those are included in the coverage without a long waiting period. Remember, that a slightly higher premium today will let you access the best healthcare for your parents, when the need arises.

  • Cover for pre-existing ailments

There is a high probability that your parents have pre-existing ailments. Be honest about these when applying for an insurance cover. Most insurers have a waiting period for pre-existing conditions. This could range from 1 year to 4 years. Ideally, you should choose the policy with the minimum waiting period. In fact, some policies designed for senior citizens cover pre-existing illnesses from day 1. But such policies could be forbiddingly costly for some. A way out is to select a policy that has different waiting periods for different pre-existing illnesses. With such policies, you could choose to get coverage for the most critical expenses earlier than other.

  • Co-payment options

Almost all health insurance plans for senior citizens has a co-payment clause. Co-pay means that a part of the health expenses will have to be borne by the insured, regardless of the class of expense. Look for policies that have a low co-pay ratio instead of policies that have a high co-pay ratio just to reduce the premiums. Remember that paying a little more in premiums today could save a lot more in time of an emergency.

  • Claim settlement process

Make sure that the policy you have selected offers a cashless settlement. This facility is only available in hospitals that have tied up with the insurer. Therefore, check that sufficient network hospitals are present in the area your parents live in. It is also important to check that the hospital that your parents go for regular treatment is part of the network hospitals the insurer provides cashless settlement at.

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